827 E Gulf Dr Unit L2 · Sanibel, FL 33957

$650,000

2 bd · 2.0 ba · 967 sqft · Condo public records · 195 Days on market

Built 1974 $1618/mo HOA · 15% 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 +28.8/30.0
• 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

Beautifully remodeled and fully updated, this 2-bedroom, 2-bath middle-floor unit offers exceptional Gulf views and an unbeatable location within Sanibel Arms West. Step right out the back door to the community pool, grills, and fitness room, making it easy to enjoy the amenities. Just a few steps out the front door brings you to the Gulf of Mexico, where miles of pristine beach await. This turnkey condominium features high-end furnishings, an open kitchen with generous owner-storage, and top-quality appliances throughout. A new stackable washer and dryer adds convenience, while the layout provides excellent privacy with a guest bedroom designed as an en-suite with its own attached bath. Th

Key facts

• Community pool
• Pristine beach
• High-end furnishings

Tags

• GULF VIEWS
• COMMUNITY POOL
• FITNESS ROOM
• PRISTINE BEACH
• HIGH-END FURNISHINGS
• OPEN KITCHEN

Property features AI

Finance

• Other: Pets not allowed
• Financial info: Community contains 104 units
• HOA & community: Homeowners association with monthly fee; Monthly association fee covers management, cable TV, insurance, irrigation water, laundry, legal/accounting, grounds maintenance, pest control, recreation facilities, reserve fund, sewer, trash and water; Community amenities include beach rights, beach access, boat dock, clubhouse, fitness center, laundry, barbecue and picnic area, pool, tennis and pickleball courts, shuffleboard, storage

Exterior

• Parking: Assigned paved parking; One assigned space plus guest parking
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Cable available; High-speed internet available; Municipal irrigation
• Home design: Condo/Multifamily building; Two-story building; Entry on level 1; Northeast-facing unit; Resale property
• Construction: Built with insulated concrete forms and stucco; Built-up and flat roof
• Exterior features: Lanai/porch (screened); Storage; Security/high impact doors; Beachfront gulf waterfront; Southwest exposure; Paved road access; Zero lot line

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Refrigerator with ice maker; Icemaker
• Bedrooms: Guest quarters
• Flooring: Tile flooring
• Bathrooms: Two full bathrooms; Shower-only configuration with separate shower
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Furnished; Impact glass windows with coverings; Breakfast bar; Combined living and dining area; Separate shower (no tub); Cable TV; Window treatments
• Laundry & utility: Washer and dryer provided; Laundry in a common area

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $650k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $650k).
• Recommended offer: $572k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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; 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 $4k 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 $182k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 195 days — a 12% lower offer ($572k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $257k; list at $650k implies a 153% 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→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $572,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 195 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 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: 1.62% ✓
• Cap rate: 10.33%
• Cash-on-cash: 14.41%
• DSCR: 1.64
• GRM: 5.2

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: 1.2%
• Equity multiple: 1.04×
• Total profit: $8,084
• Equity at exit: $96,917

10-year hold

• IRR: 11.0%
• Equity multiple: 1.86×
• Total profit: $157,001
• Equity at exit: $56,200

Cash invested: $182,000 (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: 5.2×

Monthly cashflow live

• Estimated rent: $10,500 medium
• Mortgage (P&I): −$3,409
• Tax est. 1.5%: −$812 /mo · $9,750/yr
• Insurance: −$271
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,618
• Vacancy / Maint / Mgmt: −$2,205
• Net cashflow: $1,758

Break-even live

Break-even rent $8,274

Max offer price $650,000

Occupancy floor 78%

Sensitivity live

Price	-10% $2,208	-5% $1,983	+0% $1,758	+5% $1,534	+10% $1,309
Rent	-10% $929	-5% $1,344	+0% $1,758	+5% $2,173	+10% $2,588
Rate	-1.0pp $2,086	-0.5pp $1,924	base $1,758	+0.5pp $1,590	+1.0pp $1,419

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: $162,500
• Closing costs: $19,500
• 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	24d	1	0.05mi

HOA detail condo

• Monthly dues: $1,618 · $19,416/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-17
   days on market $650,000 Active 195 DOM
2. 2026-06-16
   days on market $650,000 Active 194 DOM
3. 2026-06-15
   days on market $650,000 Active 193 DOM
4. 2026-06-13
   days on market $650,000 Active 191 DOM
5. 2026-06-09
   days on market $650,000 Active 187 DOM
6. 2026-06-07
   days on market $650,000 Active 185 DOM
7. 2026-06-02
   days on market $650,000 Active 180 DOM
8. 2026-06-01
   days on market $650,000 Active 179 DOM
9. 2026-06-01
   days on market $650,000 Active 178 DOM
10. 2025-12-04
    listed $650,000 Active
11. 1998-01-07
    soldstatus $257,000
12. 1985-05-01
    soldstatus $135,000

ⓘ 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 ≥112°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: −$36,410
• − Property taxes: −$9,750
• − Insurance: −$8,368
• − Repairs & maintenance: −$10,080
• − Management: −$10,080
• − HOA: −$19,416
• − Depreciation: −$18,909
• Taxable income: $12,986
• Est. tax owed @ 24.0%: −$3,117
• After-tax cash flow: $17,985/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

+381.5% since first listed

3 events — show timeline

• 2025-12-04 Listed $650,000 FORTMLS
• 1998-01-07 Sold (Public Records) $257,000 Public Records
• 1985-05-01 Sold (Public Records) $135,000 Public Records

Property tax history

-14.8%/yr

Latest (2025): $907 · -0.4% YoY. Source: county tax records.