2311 W Gulf Dr #13 · Sanibel, FL 33957

$1,039,000

2 bd · 2.0 ba · 1,083 sqft · Condo public records · 170 Days on market

Built 1979 $1748/mo HOA · 10% 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 +30.0/30.0
• 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 MLS

Rare opportunity!! Be whisked away to a tropical oasis the moment you step inside as unobstructed vistas of the shimmering waters of the Gulf are all you see. Designed to maximize the experience of seaside living, this 2 bedroom, 2 bath, plus den property is truly paradise found. New kitchen boasts custom cabinets, granite counters, tile backsplash, breakfast bar, trey ceiling, and task lighting. Dining/Living area flows seamlessly with the fully tiled screened lanai offering tremendous space for relaxation or entertaining. Master suite features soothing island colors, carpet and sliders to the lanai allowing the refreshing trade winds and soothing sounds of lapping waves to be enjoyed anytime. With only 14 units in the building, this property offers quiet beachfront living on West Gulf Drive. Owners and guests enjoy a Gulf front heated pool, tennis, and elevator. Sanibel's bike path is close at hand allowing exploration of over 26 miles of shared use paths. Owner pets are allowed

Key facts

• Designer kitchen
• Gulf front sanctuary
• Direct beach access

Tags

• GULF FRONT SANCTUARY
• DESIGNER KITCHEN
• EXPANSIVE SCREENED LANAI
• PANORAMIC GULF VIEWS
• DIRECT BEACH ACCESS
• BEACHFRONT POOL

Property features AI

Finance

• Other: Community pool; Tennis courts
• Financial info: Pets allowed conditionally (call) — maximum 1 pet up to 35 lbs
• HOA & community: Has homeowners association; Quarterly association fee; Association covers management, cable TV, insurance, irrigation water, legal/accounting, grounds maintenance, pest control, reserve fund, sewer, trash, and water; Community amenities include beach rights and access, barbecue and picnic areas, pool, tennis courts, and management; Community has 14 units; Elevator in building; Non-gated community

Exterior

• Parking: Common parking
• Security: Smoke detectors; Security/high-impact doors
• Utilities: Public water; Public sewer; Cable available; High-speed internet available; Irrigation fed by reclaimed water
• Home design: Single-story; Entry level: 1; North-facing; Resale property; Has view
• Construction: Block, concrete, and stucco construction; Built-Up and flat roof
• Exterior features: Lanai / screened patio/porch; Patio; Porch; Screened outdoor living area; Sprinkler/irrigation system; Security/high-impact doors; Patio

Interior

• Kitchen: Refrigerator; Range; Microwave; Dishwasher; Disposal
• Bedrooms: Guest quarters (separate space)
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms; Separate shower and shower-only configuration; Dual sinks
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Breakfast bar; Built-in features; Dual sinks; Combined living and dining area; Custom mirrors; Pantry; Shower (separate, shower-only); Cable TV; Bar area; Split bedroom layout; Single-hung and sliding windows; Unfurnished
• Laundry & utility: Washer and dryer inside the unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $1.04M.

Deal economics

• At list price, monthly cash flow is $6k ($68k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.04M).
• Recommended offer: $914k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.3% 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; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $7k of loan paydown is wiped out by about $31k 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 $291k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 170 days — a 12% lower offer ($914k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 21y ago; this cycle's ask has dropped $60k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $914,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 170 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 1979 — 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: 1.70% ✓
• Cap rate: 13.30%
• Cash-on-cash: 25.02%
• DSCR: 2.11
• GRM: 4.9

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: 16.4%
• Equity multiple: 1.66×
• Total profit: $191,722
• Equity at exit: $154,918

10-year hold

• IRR: 25.0%
• Equity multiple: 3.18×
• Total profit: $633,270
• Equity at exit: $89,834

Cash invested: $290,920 (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: 4.9×

Monthly cashflow live

• Estimated rent: $17,650 medium
• Mortgage (P&I): −$5,449
• Tax from tax record: −$248 /mo · $2,982/yr
• Insurance: −$433
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,748
• Vacancy / Maint / Mgmt: −$3,706
• Net cashflow: $5,639

Break-even live

Break-even rent $10,512

Max offer price $1,039,000

Occupancy floor 63%

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: $259,750
• Closing costs: $31,170
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2445 W Gulf Dr Unit 32E Sanibel, FL	2.0	2.0	1243	$18,000	$14.48	23d	1	0.13mi
2445 W Gulf Dr Unit 47B Sanibel, FL	2.0	2.0	1243	$20,000	$16.09	23d	1	0.19mi
1992 Roseate Ln Unit 414 Sanibel, FL	2.0	1.0	900	$1,400	$1.56	3d	1	1.05mi

HOA detail condo

• Monthly dues: $1,748 · $20,976/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 28 events

1. 2026-06-17
   days on market $1,039,000 Active 170 DOM
2. 2026-06-16
   days on market $1,039,000 Active 169 DOM
3. 2026-06-15
   days on market $1,039,000 Active 168 DOM
4. 2026-06-13
   days on market $1,039,000 Active 166 DOM
5. 2026-06-10
   days on market $1,039,000 Active 163 DOM
6. 2026-06-09
   days on market $1,039,000 Active 162 DOM
7. 2026-06-07
   days on market $1,039,000 Active 160 DOM
8. 2026-06-02
   days on market $1,039,000 Active 155 DOM
9. 2026-06-01
   days on market $1,039,000 Active 154 DOM
10. 2026-06-01
    days on market $1,039,000 Active 153 DOM
11. 2026-03-31
    price $1,039,000
12. 2026-02-25
    price $1,069,000
13. 2025-12-29
    listed $1,099,000 Active
14. 2021-06-07
    soldstatus $938,000
15. 2021-06-04
    soldstatus $938,000 Closed 997-char remark

    Show marketing remark (997 chars)

    Rare opportunity!! Be whisked away to a tropical oasis the moment you step inside as unobstructed vistas of the shimmering waters of the Gulf are all you see. Designed to maximize the experience of seaside living, this 2 bedroom, 2 bath, plus den property is truly paradise found. New kitchen boasts custom cabinets, granite counters, tile backsplash, breakfast bar, trey ceiling, and task lighting. Dining/Living area flows seamlessly with the fully tiled screened lanai offering tremendous space for relaxation or entertaining. Master suite features soothing island colors, carpet and sliders to the lanai allowing the refreshing trade winds and soothing sounds of lapping waves to be enjoyed anytime. With only 14 units in the building, this property offers quiet beachfront living on West Gulf Drive. Owners and guests enjoy a Gulf front heated pool, tennis, and elevator. Sanibel's bike path is close at hand allowing exploration of over 26 miles of shared use paths. Owner pets are allowed

16. 2021-04-21
    status Pending 997-char remark

    Show marketing remark (997 chars)

    Rare opportunity!! Be whisked away to a tropical oasis the moment you step inside as unobstructed vistas of the shimmering waters of the Gulf are all you see. Designed to maximize the experience of seaside living, this 2 bedroom, 2 bath, plus den property is truly paradise found. New kitchen boasts custom cabinets, granite counters, tile backsplash, breakfast bar, trey ceiling, and task lighting. Dining/Living area flows seamlessly with the fully tiled screened lanai offering tremendous space for relaxation or entertaining. Master suite features soothing island colors, carpet and sliders to the lanai allowing the refreshing trade winds and soothing sounds of lapping waves to be enjoyed anytime. With only 14 units in the building, this property offers quiet beachfront living on West Gulf Drive. Owners and guests enjoy a Gulf front heated pool, tennis, and elevator. Sanibel's bike path is close at hand allowing exploration of over 26 miles of shared use paths. Owner pets are allowed

17. 2021-03-18
    price $949,000 997-char remark

    Show marketing remark (997 chars)

    Rare opportunity!! Be whisked away to a tropical oasis the moment you step inside as unobstructed vistas of the shimmering waters of the Gulf are all you see. Designed to maximize the experience of seaside living, this 2 bedroom, 2 bath, plus den property is truly paradise found. New kitchen boasts custom cabinets, granite counters, tile backsplash, breakfast bar, trey ceiling, and task lighting. Dining/Living area flows seamlessly with the fully tiled screened lanai offering tremendous space for relaxation or entertaining. Master suite features soothing island colors, carpet and sliders to the lanai allowing the refreshing trade winds and soothing sounds of lapping waves to be enjoyed anytime. With only 14 units in the building, this property offers quiet beachfront living on West Gulf Drive. Owners and guests enjoy a Gulf front heated pool, tennis, and elevator. Sanibel's bike path is close at hand allowing exploration of over 26 miles of shared use paths. Owner pets are allowed

18. 2021-02-15
    status Active 997-char remark

    Show marketing remark (997 chars)

    Rare opportunity!! Be whisked away to a tropical oasis the moment you step inside as unobstructed vistas of the shimmering waters of the Gulf are all you see. Designed to maximize the experience of seaside living, this 2 bedroom, 2 bath, plus den property is truly paradise found. New kitchen boasts custom cabinets, granite counters, tile backsplash, breakfast bar, trey ceiling, and task lighting. Dining/Living area flows seamlessly with the fully tiled screened lanai offering tremendous space for relaxation or entertaining. Master suite features soothing island colors, carpet and sliders to the lanai allowing the refreshing trade winds and soothing sounds of lapping waves to be enjoyed anytime. With only 14 units in the building, this property offers quiet beachfront living on West Gulf Drive. Owners and guests enjoy a Gulf front heated pool, tennis, and elevator. Sanibel's bike path is close at hand allowing exploration of over 26 miles of shared use paths. Owner pets are allowed

19. 2021-02-04
    historical 997-char remark

    Show marketing remark (997 chars)

    Rare opportunity!! Be whisked away to a tropical oasis the moment you step inside as unobstructed vistas of the shimmering waters of the Gulf are all you see. Designed to maximize the experience of seaside living, this 2 bedroom, 2 bath, plus den property is truly paradise found. New kitchen boasts custom cabinets, granite counters, tile backsplash, breakfast bar, trey ceiling, and task lighting. Dining/Living area flows seamlessly with the fully tiled screened lanai offering tremendous space for relaxation or entertaining. Master suite features soothing island colors, carpet and sliders to the lanai allowing the refreshing trade winds and soothing sounds of lapping waves to be enjoyed anytime. With only 14 units in the building, this property offers quiet beachfront living on West Gulf Drive. Owners and guests enjoy a Gulf front heated pool, tennis, and elevator. Sanibel's bike path is close at hand allowing exploration of over 26 miles of shared use paths. Owner pets are allowed

20. 2021-01-22
    listed $979,000 Active 997-char remark

    Show marketing remark (997 chars)

    Rare opportunity!! Be whisked away to a tropical oasis the moment you step inside as unobstructed vistas of the shimmering waters of the Gulf are all you see. Designed to maximize the experience of seaside living, this 2 bedroom, 2 bath, plus den property is truly paradise found. New kitchen boasts custom cabinets, granite counters, tile backsplash, breakfast bar, trey ceiling, and task lighting. Dining/Living area flows seamlessly with the fully tiled screened lanai offering tremendous space for relaxation or entertaining. Master suite features soothing island colors, carpet and sliders to the lanai allowing the refreshing trade winds and soothing sounds of lapping waves to be enjoyed anytime. With only 14 units in the building, this property offers quiet beachfront living on West Gulf Drive. Owners and guests enjoy a Gulf front heated pool, tennis, and elevator. Sanibel's bike path is close at hand allowing exploration of over 26 miles of shared use paths. Owner pets are allowed

21. 2019-06-30
    historical
22. 2018-12-31
    listed $919,000 Active
23. 2018-07-31
    historical
24. 2018-02-12
    listed $949,000 Active
25. 2006-05-11
    soldstatus $925,000
26. 2005-10-05
    listed $949,000
27. 1980-03-01
    soldstatus $150,000
28. 1979-07-01
    soldstatus $115,000

ⓘ 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: $2,982 · $248/mo
• Projected year-2 tax: $8,624 · $719/mo
• Expected delta: +$5,642/yr (+$470/mo · 189.2%)

ⓘ 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 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥112°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: $211,795
• − Mortgage interest: −$58,200
• − Property taxes: −$2,982
• − Insurance: −$10,314
• − Repairs & maintenance: −$16,944
• − Management: −$16,944
• − HOA: −$20,976
• − Depreciation: −$30,225
• Taxable income: $55,211
• Est. tax owed @ 24.0%: −$13,251
• After-tax cash flow: $54,413/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

+803.5% since first listed

18 events — show timeline

• 2026-03-31 Price Changed $1,039,000 FORTMLS
• 2026-02-25 Price Changed $1,069,000 FORTMLS
• 2025-12-29 Listed $1,099,000 FORTMLS
• 2021-06-07 Sold (Public Records) $938,000 Public Records
• 2021-06-04 Sold (MLS) $938,000 FORTMLS
• 2021-04-21 Pending — FORTMLS
• 2021-03-18 Price Changed $949,000 FORTMLS
• 2021-02-15 Relisted — FORTMLS
• 2021-02-04 Listing Removed — FORTMLS
• 2021-01-22 Listed $979,000 FORTMLS
• 2019-06-30 Listing Removed — FORTMLS
• 2018-12-31 Listed $919,000 FORTMLS
• 2018-07-31 Listing Removed — FORTMLS
• 2018-02-12 Listed $949,000 FORTMLS
• 2006-05-11 Sold (Public Records) $925,000 Public Records
• 2005-10-05 Listed $949,000 FORTMLS
• 1980-03-01 Sold (Public Records) $150,000 Public Records
• 1979-07-01 Sold (Public Records) $115,000 Public Records

Property tax history

-8.9%/yr

Latest (2025): $2,982 · -0.4% YoY. Source: county tax records.