805 E Gulf Dr Unit 8A · Sanibel, FL 33957

$675,000

2 bd · 2.0 ba · 967 sqft · Condo public records · 12 Days on market

Built 1971 $1196/mo HOA · 11% of rent

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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 +29.6/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Welcome to your slice of paradise on Sanibel Island. This fully and impeccably remodeled 2-bedroom, 2-bath condo is nestled within one of the island's most beloved resort communities — the iconic Sanibel Arms — perfectly positioned on the coveted east end. Enjoy tranquil canal views with a peek at the shimmering Gulf waters from your own private sanctuary. The residence has been thoughtfully decorated with soothing coastal hues, breezy décor, and premium finishes throughout — including brand-new appliances, custom cabinetry, luxury flooring, and designer furnishings that capture the effortless elegance of island living. Rest easy with impact glass windows and slider

Key facts

• Private boat dock
• Direct gulf access
• Impact glass windows

Tags

• CANAL VIEWS
• IMPACT GLASS WINDOWS
• IN-UNIT LAUNDRY
• PRIVATE BOAT DOCK
• DIRECT GULF ACCESS
• TROPICAL LANDSCAPING

Property features AI

Finance

• Financial info: Pets allowed conditionally (maximum 2, must be well behaved)
• HOA & community: Homeowners association with on-site management; Association fee approximately $1,196 monthly; Association covers management, insurance, irrigation water, legal/accounting, grounds maintenance, pest control, recreation facilities, reserve fund, sewer, trash and water; Community amenities include beach rights, beach access, boat dock, pool and storage; Community of 64 units; Non-gated community

Exterior

• Parking: Assigned common parking (one space)
• Security: Security/high impact doors; Smoke detector(s)
• Utilities: Public water; Public sewer; Cable available; High-speed internet available
• Home design: 2-story building; Entry level: 2; Resale property; Faces north
• Construction: Built of block, concrete and stucco; Built-up and flat roof
• Exterior features: Outdoor grill; Lanai; Porch (screened); Community pool; Canal access to the Gulf; South exposure; Has a view; Municipal irrigation; Smoke detectors

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bedrooms: Guest quarters; Screened porch (additional room type); Great room (additional room type)
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Impact glass windows with window coverings; Furnished; Living/dining room; Tub with shower; Window treatments
• Laundry & utility: Laundry inside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $675k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $675k).
• Cap rate 10.6% 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: schools A+, 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.
• 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 $20k 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 $189k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $455k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $675,000

Questions for the listing agent

1. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.56% ✓
• Cap rate: 10.62%
• Cash-on-cash: 15.46%
• DSCR: 1.69
• GRM: 5.4

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: 2.7%
• Equity multiple: 1.10×
• Total profit: $19,647
• Equity at exit: $100,645

10-year hold

• IRR: 12.4%
• Equity multiple: 1.99×
• Total profit: $186,457
• Equity at exit: $58,362

Cash invested: $189,000 (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: 5.4×

Monthly cashflow live

• Estimated rent: $10,500 medium
• Mortgage (P&I): −$3,540
• Tax est. 1.5%: −$844 /mo · $10,125/yr
• Insurance: −$281
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,196
• Vacancy / Maint / Mgmt: −$2,205
• Net cashflow: $2,008

Break-even live

Break-even rent $7,959

Max offer price $675,000

Occupancy floor 76%

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: $168,750
• Closing costs: $20,250
• 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	23d	1	0.13mi

HOA detail condo

• Monthly dues: $1,196 · $14,352/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-18
   days on market $675,000 Active 12 DOM
2. 2026-06-17
   days on market $675,000 Active 11 DOM
3. 2026-06-16
   days on market $675,000 Active 10 DOM
4. 2026-06-15
   days on market $675,000 Active 9 DOM
5. 2026-06-13
   days on market $675,000 Active 7 DOM
6. 2026-06-10
   days on market $675,000 Active 4 DOM
7. 2026-06-09
   days on market $675,000 Active 3 DOM
8. 2026-06-08
   days on market $675,000 Active 2 DOM
9. 2026-06-07
   remarks 674-char remark
10. 2026-06-07
    listed $675,000 Active 1 DOM

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

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 · 28 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: −$37,810
• − Property taxes: −$10,125
• − Insurance: −$8,494
• − Repairs & maintenance: −$10,080
• − Management: −$10,080
• − HOA: −$14,352
• − Depreciation: −$19,636
• Taxable income: $15,423
• Est. tax owed @ 24.0%: −$3,701
• After-tax cash flow: $20,391/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

+39.2% since first listed

4 events — show timeline

• 2026-06-06 Listed $675,000 FORTMLS
• 2003-01-07 Sold (Public Records) $455,000 Public Records
• 2002-12-26 Sold (MLS) $455,000 FORTMLS
• 2002-10-28 Price Changed $485,000 FORTMLS

Property tax history

-14.7%/yr

Latest (2025): $1,025 · -0.4% YoY. Source: county tax records.