200 Periwinkle Way #225 · Sanibel, FL 33957

$749,000

2 bd · 2.0 ba · 1,578 sqft · Condo public records · 173 Days on market

Built 1976 Good condition $475/sqft · 35% below area Est $1.158M · 35% under $1422/mo HOA · 12% of rent

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.9/10.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Iconic Lighthouse Pointe Condo's. This direct bayfront 2 bedroom 2 bathroom with a den has gorgeous ever changing bay views in this 2nd floor unit. New carpeting throughout and ready for the new owner to make it their own. New hurricane shutters over sliding doors in living room & the Primary room. Walk out to the Bay or walk directly across the street to the beach. The Iconic Sanibel Lighthouse is just a stroll down the beach and some of the best shelling Sanibel has to offer. Easy off and on the Islands being on the lighthouse end of Sanibel.

Key facts

• Bayfront
• Bay views
• Walk out to the bay

Tags

• BAYFRONT
• HURRICANE SLIDING DOORS
• BAY VIEWS
• WALK OUT TO THE BAY

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $749k).
• Recommended offer: $659k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.7% vs local median 2.6% 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: 582 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 15,411 units permitted in Lee County in 2024 (4,686 in 5+ unit buildings).
• At $12,323/mo this rent would consume 120% of the median local household income ($123k/yr) — very limited rent-growth headroom before tenants either downsize or default.

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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $210k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 173 days — a 12% lower offer ($659k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $92k; list at $749k implies a 714% 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→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $659,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 173 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — 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: 1.65% ✓
• Cap rate: 11.66%
• Cash-on-cash: 19.17%
• DSCR: 1.85
• GRM: 5.1

CMA / ARV

• ARV (median comp): $1,158,033
• List price: $749,000
• Delta: -35.32%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1101 Seagrape Ln Unit 5A	0.37mi	3/2.0 (+1)	1,633 (+4%)	20mo	$1,150,000	$704	55
1010 Kings Crown Dr	1.05mi	3/3.0 (+1)	1,597 (+1%)	9mo	$1,025,000	$642	47
651 E Gulf Dr #111	1.00mi	3/2.0 (+1)	1,542 (-2%)	26mo	$1,460,000	$947	36
1154 Harbor Cottage Ct	1.18mi	3/2.0 (+1)	1,493 (-5%)	19mo	$1,150,000	$770	35
976 Sand Castle Rd	1.29mi	3/3.0 (+1)	1,698 (+8%)	35mo	$859,000	$506	23
950 Sand Castle Rd	1.39mi	3/2.0 (+1)	1,773 (+12%)	32mo	$870,000	$491	19

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 8.0%
• Equity multiple: 1.32×
• Total profit: $66,076
• Equity at exit: $111,678

10-year hold

• IRR: 17.4%
• Equity multiple: 2.44×
• Total profit: $302,210
• 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 →

Active competition Active MLS

• For sale now: 2 active
• Median asking: $624,850 ($395/sqft)
• Median days on market: 182 d
• This list price: 100% of active listings are priced below it
• ARV vs active asking: +85.7% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 33957

• Home prices YoY: -15.7%
• Active inventory: 582
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $12,323 medium
• Mortgage (P&I): −$3,928
• Tax from tax record: −$723 /mo · $8,672/yr
• Insurance: −$312
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,422
• Vacancy / Maint / Mgmt: −$2,588
• Net cashflow: $2,924

Break-even live

Break-even rent $8,622

Max offer price $749,000

Occupancy floor 71%

Sensitivity live

Price	-10% $3,348	-5% $3,136	+0% $2,924	+5% $2,712	+10% $2,500
Rent	-10% $1,951	-5% $2,438	+0% $2,924	+5% $3,411	+10% $3,898
Rate	-1.0pp $3,302	-0.5pp $3,115	base $2,924	+0.5pp $2,730	+1.0pp $2,533

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
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
424 Lagoon Dr Sanibel, FL	3.0	2.0	1704	$18,200	$10.68	119d	1	0.50mi
434 Lagoon Dr Sanibel, FL	2.0	2.0	1360	$6,000	$4.41	10d	1	0.50mi

Property features AI

Finance

• Financial info: Pets allowed conditionally (call), maximum 2 pets, max weight 35 lbs
• HOA & community: Has homeowners associationMonthly association fee of $1,422HOA covers association management, cable TV, insurance, irrigation water, legal/accounting, grounds maintenance, pest control, sewer, trash and waterCommunity amenities include beach rights, beach access, clubhouse, bike storage, storage, and managementCommunity features: Elevator, non-gated69 units in the community

Exterior

• Parking: Assigned parking (one space)
• Security: Smoke detector(s)Security/high-impact doors
• Utilities: Cable availablePublic water (assessment paid)Sewer (assessment paid)
• Home design: Condominium / multi-unit community3 stories totalEntry level: 2Faces westResale property
• Construction: Block, concrete and stucco constructionBuilt-up and flat roof
• Exterior features: Security/high-impact doorsOpen patioPorchSmoke detectorsEast exposureHas viewBay-front waterfront

Interior

• Kitchen: DishwasherFreezerDisposalMicrowaveRefrigeratorEat-in kitchenPantryBreakfast bar
• Bedrooms: Den
• Flooring: CarpetLaminateTile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric)Central airCeiling fans
• Interior features: Sliding windowsBreakfast barBuilt-in featuresEntrance foyerEat-in kitchenCombined living/dining roomPantryTub/showerUnfurnished
• Laundry & utility: Washer hookup insideDryer hookup insideWasherDryer

HOA detail $1,422/mo · $17,064/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-09-24
   days on market $749,000 Active 173 DOM
2. 2026-09-23
   days on market $749,000 Active 172 DOM
3. 2026-09-22
   days on market $749,000 Active 171 DOM
4. 2026-09-21
   days on market $749,000 Active 170 DOM
5. 2026-09-18
   days on market $749,000 Active 167 DOM
6. 2026-09-17
   days on market $749,000 Active 166 DOM
7. 2026-09-14
   days on market $749,000 Active 163 DOM
8. 2026-09-13
   days on market $749,000 Active 162 DOM
9. 2026-09-13
   days on market $749,000 Active 161 DOM
10. 2026-09-11
    days on market $749,000 Active 160 DOM
11. 2026-09-05
    days on market $749,000 Active 154 DOM
12. 2026-09-04
    days on market $749,000 Active 153 DOM
13. 2026-09-03
    days on market $749,000 Active 152 DOM
14. 2026-08-31
    days on market $749,000 Active 149 DOM
15. 2026-08-28
    days on market $749,000 Active 146 DOM
16. 2026-08-26
    days on market $749,000 Active 144 DOM
17. 2026-08-24
    days on market $749,000 Active 142 DOM
18. 2026-08-23
    days on market $749,000 Active 141 DOM
19. 2026-08-22
    days on market $749,000 Active 140 DOM
20. 2026-08-21
    days on market $749,000 Active 139 DOM
21. 2026-08-20
    days on market $749,000 Active 138 DOM
22. 2026-08-19
    days on market $749,000 Active 137 DOM
23. 2026-08-18
    days on market $749,000 Active 136 DOM
24. 2026-08-16
    days on market $749,000 Active 134 DOM
25. 2026-08-15
    days on market $749,000 Active 133 DOM
26. 2026-08-13
    days on market $749,000 Active 131 DOM
27. 2026-08-12
    days on market $749,000 Active 130 DOM
28. 2026-08-11
    days on market $749,000 Active 129 DOM
29. 2026-08-10
    days on market $749,000 Active 128 DOM
30. 2026-08-09
    days on market $749,000 Active 127 DOM
31. 2026-08-07
    days on market $749,000 Active 125 DOM
32. 2026-08-06
    days on market $749,000 Active 124 DOM
33. 2026-08-05
    days on market $749,000 Active 123 DOM
34. 2026-08-04
    days on market $749,000 Active 122 DOM
35. 2026-08-03
    days on market $749,000 Active 121 DOM
36. 2026-07-30
    days on market $749,000 Active 116 DOM
37. 2026-07-28
    days on market $749,000 Active 115 DOM
38. 2026-07-26
    days on market $749,000 Active 113 DOM
39. 2026-07-24
    days on market $749,000 Active 111 DOM
40. 2026-07-23
    days on market $749,000 Active 110 DOM
41. 2026-07-22
    days on market $749,000 Active 109 DOM
42. 2026-07-21
    days on market $749,000 Active 108 DOM
43. 2026-07-18
    days on market $749,000 Active 105 DOM
44. 2026-07-18
    days on market $749,000 Active 104 DOM
45. 2026-07-16
    days on market $749,000 Active 103 DOM
46. 2026-07-15
    days on market $749,000 Active 102 DOM
47. 2026-07-14
    days on market $749,000 Active 101 DOM
48. 2026-07-13
    days on market $749,000 Active 100 DOM
49. 2026-07-13
    days on market $749,000 Active 99 DOM
50. 2026-07-12
    days on market $749,000 Active 98 DOM

ⓘ 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: $8,672 · $723/mo
• Projected year-2 tax: $8,672 · $723/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 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥113°F today · 26 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: $147,881
• − Mortgage interest: −$41,956
• − Property taxes: −$8,672
• − Insurance: −$8,864
• − Repairs & maintenance: −$11,830
• − Management: −$11,830
• − HOA: −$17,064
• − Depreciation: −$21,789
• Taxable income: $25,876
• Est. tax owed @ 24.0%: −$6,210
• After-tax cash flow: $28,882/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.

Condition & rehab AI · 9 photos

Good 80/100 Cosmetic rehab Est. rehab $7,890–$23,670 screening

This 2nd floor beachfront townhouse is in good condition with minimal repairs needed. It offers a great location and direct bay views, making it an attractive investment opportunity.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Clean windows — Improves natural light and enhances curb appeal ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

C Composite school gradezoned avg 68/100

Zoned Schools

Elementary The Sanibel School A+ FL #5/2,144 Nat'l #94/41,679 High Cypress Lake High School D- FL #228/667 Nat'l #6,809/17,239

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

C Composite livability gradescore 67/100

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
• County: Lee · 871,946 people
• City population: 6,402
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 6,402
• Household income: $122,730
• Rent vs Own: 8.4% rent · 91.6% own
• Severe rent burden: 3% of renters

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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%

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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%

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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

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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

Property features AI

Finance

• Financial info: Pets allowed conditionally (call), maximum 2 pets, max weight 35 lbs
• HOA & community: Has homeowners associationMonthly association fee of $1,422HOA covers association management, cable TV, insurance, irrigation water, legal/accounting, grounds maintenance, pest control, sewer, trash and waterCommunity amenities include beach rights, beach access, clubhouse, bike storage, storage, and managementCommunity features: Elevator, non-gated69 units in the community

Exterior

• Parking: Assigned parking (one space)
• Security: Smoke detector(s)Security/high-impact doors
• Utilities: Cable availablePublic water (assessment paid)Sewer (assessment paid)
• Home design: Condominium / multi-unit community3 stories totalEntry level: 2Faces westResale property
• Construction: Block, concrete and stucco constructionBuilt-up and flat roof
• Exterior features: Security/high-impact doorsOpen patioPorchSmoke detectorsEast exposureHas viewBay-front waterfront

Interior

• Kitchen: DishwasherFreezerDisposalMicrowaveRefrigeratorEat-in kitchenPantryBreakfast bar
• Bedrooms: Den
• Flooring: CarpetLaminateTile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric)Central airCeiling fans
• Interior features: Sliding windowsBreakfast barBuilt-in featuresEntrance foyerEat-in kitchenCombined living/dining roomPantryTub/showerUnfurnished
• Laundry & utility: Washer hookup insideDryer hookup insideWasherDryer

Price history

+714.1% since first listed

2 events — show timeline

• 2026-04-02 Listed $749,000 FORTMLS
• 1976-07-01 Sold (Public Records) $92,000 Public Records

Property tax history

+0.9%/yr

Latest (2025): $8,672 · +850.0% YoY. Source: county tax records.