845 E Gulf Dr #1521 · Sanibel, FL 33957

$749,000

2 bd · 2.0 ba · 981 sqft · Condo public records · 88 Days on market

Built 1974 $1386/mo HOA · 13% of rent

---

Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +27.0/30.0
• DSCR +9.3/10.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Coastal Canal-Front Living at Its Finest in Sanibel Moorings! Welcome to your slice of paradise at Sanibel Moorings—where island charm meets effortless coastal living. This beautifully appointed 2-bedroom, 2-bath ground-level condo offers the perfect blend of comfort, convenience, and waterfront lifestyle. Step inside to discover a light-filled, coastal-inspired interior designed to relax and recharge. The open-concept living and dining area flows seamlessly to your private outdoor space, where tranquil canal views create the perfect backdrop for morning coffee on the dock or evening unwinding. The thoughtfully designed kitchen offers ample storage and functionality, making it easy t

Key facts

• Ground level access
• Canal front living
• Tranquil canal views

Tags

• CANAL FRONT LIVING
• PRIVATE OUTDOOR SPACE
• TRANQUIL CANAL VIEWS
• THOUGHTFULLY DESIGNED KITCHEN
• GROUND LEVEL ACCESS
• LUSH TROPICAL LANDSCAPING

Property features AI

Finance

• Other: On-site management; Pets allowed conditionally (call), maximum 1 pet with breed/restriction notes
• HOA & community: Homeowners association with monthly fee; Association fee includes management, cable TV, insurance, irrigation water, legal/accounting, grounds maintenance, pest control, recreation facilities, reserve fund, sewer, trash, and water; Community features: non-gated; Community has 122 units; Association amenities: beach rights, boat dock, beach access, boat ramp, business center, clubhouse, fitness center, barbecue/picnic area, pickleball, pool, boat slip, spa/hot tub, storage, tennis courts

Exterior

• Parking: Assigned parking; Guest parking; Paved surface; One assigned space
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Cable available; Municipal irrigation
• Home design: Condominium/two-story building; Entry level: 1; Faces south; Zero lot line; North exposure noted
• Construction: Insulated Concrete Forms construction; Stucco exterior; Built-up and flat roof
• Exterior features: Courtyard; Security/high impact doors; Storage; Lanai/porch (screened); Community pool

Interior

• Kitchen: Dishwasher; Disposal; Icemaker; Microwave; Range; Refrigerator (with ice maker)
• Bedrooms: Screened porch listed as a room type
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Impact glass windows with coverings; Furnished; Breakfast bar; Dual sinks; Combined living and dining area; Shower only with separate shower; Cable TV; Window treatments

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $749k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $749k).
• Recommended offer: $704k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 3.8% in Sanibel — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 67/100 on livability (#541 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: housing D+, amenities F, commute F.
• Lee (suburban): math 47% / reading 50% proficiency, ranked #42 of 73 in FL (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: The Sanibel School (math 92% / reading 92%, grade A+, #5 of 2,144 statewide, top 0%, 289 students, 12% FRL); South Fort Myers High School (math 23% / reading 30%, grade F, #489 of 667 statewide, top 74%, 1,917 students, 50% FRL) — zoned schools average 31% FRL vs 57% district-wide (26 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 526 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Lee County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($704k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $220k; list at $749k implies a 240% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $704,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.40% ✓
• Cap rate: 9.65%
• Cash-on-cash: 11.98%
• DSCR: 1.53
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.8%
• Equity multiple: 0.93×
• Total profit: $-14,085
• Equity at exit: $111,678

10-year hold

• IRR: 8.0%
• Equity multiple: 1.61×
• Total profit: $128,796
• Equity at exit: $64,760

Cash invested: $209,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 33957

• Home prices YoY: -15.7%
• Active inventory: 526
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $10,500 medium
• Mortgage (P&I): −$3,928
• Tax from tax record: −$575 /mo · $6,895/yr
• Insurance: −$312
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,386
• Vacancy / Maint / Mgmt: −$2,205
• Net cashflow: $1,668

Break-even live

Break-even rent $8,389

Max offer price $749,000

Occupancy floor 79%

Sensitivity live

Price	-10% $2,092	-5% $1,880	+0% $1,668	+5% $1,456	+10% $1,244
Rent	-10% $838	-5% $1,253	+0% $1,668	+5% $2,083	+10% $2,497
Rate	-1.0pp $2,045	-0.5pp $1,858	base $1,668	+0.5pp $1,474	+1.0pp $1,276

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $187,250
• Closing costs: $22,470
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
827 E Gulf Dr Unit G8 Sanibel, FL	2.0	2.0	1040	$10,500	$10.10	25d	1	0.09mi

HOA detail condo

• Monthly dues: $1,386 · $16,632/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-22
   days on market $749,000 Active 88 DOM
2. 2026-06-17
   days on market $749,000 Active 84 DOM
3. 2026-06-16
   days on market $749,000 Active 83 DOM
4. 2026-06-15
   days on market $749,000 Active 82 DOM
5. 2026-06-13
   days on market $749,000 Active 80 DOM
6. 2026-06-10
   days on market $749,000 Active 77 DOM
7. 2026-06-09
   days on market $749,000 Active 76 DOM
8. 2026-06-07
   days on market $749,000 Active 74 DOM
9. 2026-06-03
   days on market $749,000 Active 70 DOM
10. 2026-06-02
    days on market $749,000 Active 69 DOM
11. 2026-06-01
    days on market $749,000 Active 68 DOM
12. 2026-06-01
    days on market $749,000 Active 67 DOM
13. 2026-03-25
    listed $749,000 Active
14. 1997-08-20
    soldstatus $220,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $6,895 · $575/mo
• Projected year-2 tax: $6,895 · $575/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥113°F today · 27 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $126,000
• − Mortgage interest: −$41,956
• − Property taxes: −$6,895
• − Insurance: −$8,864
• − Repairs & maintenance: −$10,080
• − Management: −$10,080
• − HOA: −$16,632
• − Depreciation: −$21,789
• Taxable income: $9,705
• Est. tax owed @ 24.0%: −$2,329
• After-tax cash flow: $17,687/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Lee
• NCES district ID: 1201080
• Math proficiency: 47% ▼ -11.00%
• Reading proficiency: 50% ▼ -4.00%
• Median HH income: $49,518
• Composite: 41.49/100
• National rank: #3458
• State rank: #42 of 73 in FL

Livability — Sanibel

• Score: 67/100
• State rank: #541
• US rank: #10166

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment A+ Housing D+ Health & safety D- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sanibel, FL
• City population: 6,402
• Population (ZIP): 6,402

Population outlook (Lee County) Hauer SSP2

• Today (2025): 871,946 people
• By 2030: 955,468 · +9.6%
• By 2040: 1,113,587 · +27.7%
• By 2050: 1,256,891 · +44.1%
• By 2075: 1,560,270 · +78.9%
• By 2100: 1,726,848 · +98.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Asian 1%
• Common ancestry: Italian 4% Romanian 4% Slovak 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 96% English-only · German/W. Germanic 1% Spanish 1% French/Haitian/Cajun 1%

Political lean MEDSL · Lee

• 2024 margin: Strong R (+28.4) · D 35.5% · R 63.9%
• 2008→2024 swing: -18.0pp toward R · 2008: -10.4pp · 2024: -28.4pp
• All cycles: 2024: R+28.4 2020: R+19.2 2016: R+20.4 2012: R+16.6 2008: R+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -93.08%
• Current HPI: 501.0
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+240.5% since first listed

2 events — show timeline

• 2026-03-25 Listed $749,000 FORTMLS
• 1997-08-20 Sold (Public Records) $220,000 Public Records

Property tax history

+2.0%/yr

Latest (2025): $6,895 · +734.7% YoY. Source: county tax records.