Is 200 Periwinkle Way #132 in Sanibel, FL a good investment?

CashFlowRE grades it B with a 18.4% cap rate and $4,591/mo modeled cash flow at a $499,000 list price. See the full underwriting and recommended offer on the page.

What is the cap rate for 200 Periwinkle Way #132?

The modeled cap rate is 18.4% — annual NOI divided by price, using CashFlowRE's rent and expense estimates.

What would this property rent for?

Estimated market rent is $12,434/month, from CashFlowRE's rent model.

B Composite 74.95

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 +6.9/10.0
Condition / age +4.8/5.0
Livability +3.4/5.0
Rent growth +2.5/5.0
Appreciation +0.0/10.0

$499,000

200 Periwinkle Way #132 · Sanibel, FL 33957

2 bd · 2.0 ba · 1,607 sqft · Condo public records · 546 Days on market

Built 1976 Excellent condition $311/sqft · 58% below area $1422/mo HOA · 11% of rent

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks MLS

Nearly 1600 square feet of living space 2/2+ den + screened lanai, laundry room, eat in kitchen and rare slightly elevated porch/deck off the master bedroom giving condo a wide view of the bay from deck . Popular residential complex offering clubhouse, pool , tennis and abundant private and community storage . Views of bay beach and steps to the East end gulf beach. Best price per square footage. Lighthouse complex looks fabulous. Great alternative to an East end home. Owner allowed one pet up to 35 lb. Plantation shutters, tile. Shows very well.

Key facts

Private porch
Tennis court
Serene bay views

What this means for you Summary

Snapshot

This is a 2-bed/2.0-bath condo listed at $499k. Condition is rated excellent.

Deal economics

At list price, monthly cash flow is $5k ($55k/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($12k rent vs $499k).
Recommended offer: $439k (12.0% below list) — sets the bar for market timing.
Cap rate 18.4% 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 $12,434/mo this rent would consume 122% 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 $3k of loan paydown is wiped out by about $15k 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 $140k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

It's been on market 546 days — a 12% lower offer ($439k) is reasonable based on typical stale-listing flexibility.
2 sale attempts since 11y ago; this cycle's ask has dropped $150k (23%) 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→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $439,120 (12.0% below list)

Questions for the listing agent

It's been on market 546 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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?
Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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?
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.
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.
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: 2.49% ✓
Cap rate: 18.36%
Cash-on-cash: 43.09%
DSCR: 2.92
GRM: 3.3

CMA / ARV

ARV (median comp): $1,201,677
List price: $499,000
Delta: -58.47%
Verdict: UNDERPRICED
Comps: 6 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 (+2%)	20mo	$1,150,000	$704	58
1010 Kings Crown Dr	1.05mi	3/3.0 (+1)	1,597 (-1%)	9mo	$1,025,000	$642	48
651 E Gulf Dr #111	1.00mi	3/2.0 (+1)	1,542 (-4%)	26mo	$1,460,000	$947	33
1154 Harbor Cottage Ct	1.18mi	3/2.0 (+1)	1,493 (-7%)	19mo	$1,150,000	$770	33
976 Sand Castle Rd	1.29mi	3/3.0 (+1)	1,698 (+6%)	35mo	$859,000	$506	27
950 Sand Castle Rd	1.39mi	3/2.0 (+1)	1,773 (+10%)	32mo	$870,000	$491	23

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: 35.8%
Equity multiple: 2.52×
Total profit: $212,823
Equity at exit: $74,403

10-year hold

IRR: 42.6%
Equity multiple: 5.06×
Total profit: $567,048
Equity at exit: $43,144

Cash invested: $139,720 (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: lowest-priced of the active set
ARV vs active asking: +89.2% 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: 3.3×

Monthly cashflow live

Estimated rent: $12,434 medium interval (Pro) →
Mortgage (P&I): −$2,617
Tax from tax record: −$559 /mo · $6,706/yr
Insurance: −$208
Flood insurance flood zone: −$427 /mo · $5,118/yr
HOA: −$1,422
Lot rent: −$0
Vacancy / Maint / Mgmt: −$2,611
Net cashflow: $4,591

Break-even live

Break-even rent $6,623

Max offer price $499,000

Occupancy floor 58%

Sensitivity live

Price	-10% $4,873	-5% $4,732	+0% $4,591	+5% $4,450	+10% $4,308
Rent	-10% $3,609	-5% $4,100	+0% $4,591	+5% $5,082	+10% $5,573
Rate	-1.0pp $4,842	-0.5pp $4,718	base $4,591	+0.5pp $4,462	+1.0pp $4,330

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: $124,750
Closing costs: $14,970
Club membership (one-time): —
Reserves months: —
Total cash needed: —

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Short-term bridge; refi at stabilization.

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: conditional (call; owners only restrictions)
HOA & community: Monthly association feeAssociation services include management, cable TV, internet, grounds maintenance, security and trashCommunity amenities: beach rights, beach access, bike storage, clubhouse, pool, tennis courts, managementCondo-hotel community with elevator; near hotel/motel; non-gated69 units in community

Exterior

Parking: Assigned parkingAttached carportOne covered space (carport)
Security: Smoke detector(s)
Utilities: Cable availablePublic waterPublic sewer
Home design: Condominium unit3 storiesEntry level: 1Has viewFaces eastResale condition
Construction: Block, concrete and stucco constructionBuilt-up and flat roof
Exterior features: DeckTennis court(s)Lanai (open)Porch (screened)

Interior

Kitchen: DishwasherDisposalIcemakerMicrowaveRangeRefrigeratorRefrigerator with ice maker
Bedrooms: Den (flex space)Screened porch (additional room)Great room
Flooring: Vinyl
Bathrooms: 2 full bathrooms
Heating & cooling: Central heating (electric)Central air (electric)
Interior features: Impact glass windowsFamily/dining roomLiving/dining roomPantryHigh speed internetSeparate showerShower-only bath(s)Unfurnished
Laundry & utility: WasherDryerLaundry inside

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

Likely covers: pool
Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

2026-09-24

days on market $499,000 Active 546 DOM
2026-09-23

days on market $499,000 Active 545 DOM
2026-09-22

days on market $499,000 Active 544 DOM
2026-09-21

days on market $499,000 Active 543 DOM
2026-09-17

days on market $499,000 Active 539 DOM
2026-09-13

days on market $499,000 Active 535 DOM
2026-09-13

days on market $499,000 Active 534 DOM
2026-09-11

days on market $499,000 Active 533 DOM
2026-09-05

days on market $499,000 Active 527 DOM
2026-09-04

days on market $499,000 Active 526 DOM
2026-08-31

days on market $499,000 Active 522 DOM
2026-08-28

days on market $499,000 Active 519 DOM
2026-08-26

days on market $499,000 Active 517 DOM
2026-08-24

days on market $499,000 Active 515 DOM
2026-08-23

days on market $499,000 Active 514 DOM
2026-08-21

days on market $499,000 Active 512 DOM
2026-08-20

days on market $499,000 Active 511 DOM
2026-08-19

days on market $499,000 Active 510 DOM
2026-08-18

days on market $499,000 Active 509 DOM
2026-08-16

days on market $499,000 Active 507 DOM
2026-08-15

days on market $499,000 Active 506 DOM
2026-08-13

days on market $499,000 Active 504 DOM
2026-08-10

days on market $499,000 Active 501 DOM
2026-08-09

days on market $499,000 Active 500 DOM
2026-08-06

days on market $499,000 Active 497 DOM
2026-08-05

days on market $499,000 Active 496 DOM
2026-08-04

days on market $499,000 Active 495 DOM
2026-07-26

days on market $499,000 Active 486 DOM
2026-07-24

days on market $499,000 Active 484 DOM
2026-07-23

days on market $499,000 Active 483 DOM
2026-07-22

days on market $499,000 Active 482 DOM
2026-07-21

days on market $499,000 Active 481 DOM
2026-07-18

days on market $499,000 Active 478 DOM
2026-07-18

days on market $499,000 Active 477 DOM
2026-07-16

days on market $499,000 Active 476 DOM
2026-07-15

days on market $499,000 Active 475 DOM
2026-07-13

days on market $499,000 Active 473 DOM
2026-07-13

days on market $499,000 Active 472 DOM
2026-07-12

days on market $499,000 Active 471 DOM
2026-07-10

days on market $499,000 Active 470 DOM
2026-07-10

days on market $499,000 Active 469 DOM
2026-07-07

days on market $499,000 Active 467 DOM
2026-07-06

days on market $499,000 Active 466 DOM
2026-07-05

days on market $499,000 Active 465 DOM
2026-07-02

days on market $499,000 Active 462 DOM
2026-07-01

days on market $499,000 Active 461 DOM
2026-06-30

days on market $499,000 Active 460 DOM
2026-06-29

days on market $499,000 Active 459 DOM
2026-06-28

days on market $499,000 Active 458 DOM
2026-06-25

days on market $499,000 Active 454 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: $6,706 · $559/mo
Projected year-2 tax: $6,706 · $559/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

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income: $149,211
− Mortgage interest: −$27,952
− Property taxes: −$6,706
− Insurance: −$7,614
− Repairs & maintenance: −$11,937
− Management: −$11,937
− HOA: −$17,064
− Depreciation: −$14,516
Taxable income: $51,485

Your marginal tax rate % combined federal + state — saved on this device

Est. tax owed @ 24.0%: −$12,356
After-tax cash flow: $42,735/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

Excellent 95/100 None rehab

This well-maintained and updated townhouse is in excellent condition, with no visible repairs or maintenance needed. It offers a great location with stunning views and ample space for relaxation and entertainment.

Components & finishes AI

Roof metal · good Flooring hardwood Counters solid surface Appliances white HVAC central · new lt5

Value-add opportunities

Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters. ↑
Both Updating the flooring — Replacing worn-out flooring can improve the overall look and feel of the property, making it more appealing to potential buyers and renters. ↑

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

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
#159 Carrier Global Palm Beach Gardens $22.2B #376 Roper Technologies Sarasota $6.8B
Insurance	2	$17B
#348 Fidelity National Financial Jacksonville $12.1B #494 Brown & Brown Daytona Beach $4.6B
Retail	1	$60B
#71 Publix Super Markets Lakeland $60.2B
Technology Distribution	1	$58B
#73 TD Synnex Clearwater $58.5B
Homebuilding	1	$35B
#185 Lennar Miami $35.4B
Technology Manufacturing	1	$35B
#122 Jabil St. Petersburg $34.7B

Price history

+130.0% since first listed

10 events — show timeline

2026-01-26 Price Changed $499,000 FORTMLS
2025-08-27 Price Changed $529,900 FORTMLS
2025-03-27 Listed $649,000 FORTMLS
2015-04-27 Price Changed $475,000 FORTMLS
2015-04-27 Sold (Public Records) $475,000 Public Records
2015-04-27 Sold (MLS) $475,000 FORTMLS
2015-04-21 Price Changed $497,000 FORTMLS
2015-03-23 Pending — FORTMLS
2015-03-10 Listed $497,000 FORTMLS
1993-05-04 Sold (Public Records) $217,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $6,706 · +634.7% YoY. Source: county tax records.

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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