2777 W Gulf Dr #309 · Sanibel, FL 33957

$1,100,000

2 bd · 2.0 ba · 1,276 sqft · Condo public records · 207 Days on market

Built 1976 $913/mo HOA · 5% 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 +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

-Top floor, corner unit with great gulf views from both the living room and the master bedroom. The courtyard has been upgraded with new landscaping and pavers. The outside of the building was recently painted. An owner may have a pet. New water heater 2015, new A/C about 2008. Electric shutters in the lani all other windows have manual shutters.

Key facts

• Quartz countertops
• Gourmet kitchen
• Top-floor residence

Tags

• PANORAMIC GULF VIEWS
• TOP-FLOOR RESIDENCE
• GOURMET KITCHEN
• QUARTZ COUNTERTOPS
• DESIGNER TILE BACKSPLASH
• SOFT-CLOSE CUSTOM CABINETRY

Property features AI

Finance

• Financial info: Pets allowed conditionally (owner approval), maximum 1 pet up to 30 lbs; contact for details
• HOA & community: Homeowners association with quarterly fee; Association fee covers insurance, irrigation water, legal/accounting, grounds maintenance, pest control, reserve fund, sewer, trash, and water; Community amenities include beach rights/access, cabana, pickleball, pool, storage, tennis courts, and management; Elevator in building; Non-gated community; 45 units in the community

Exterior

• Parking: Assigned underground parking; Attached carport with 1 covered space; One parking space
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Cable available; High-speed internet available
• Home design: Condominium in a 3-story building; Entry level: 3; Faces north; Resale property
• Construction: Concrete and stucco construction; Built-up/flat roof; Raised foundation with pillar/post/pier
• Exterior features: Courtyard; Storage; Community tennis court(s); Community pool; Beachfront access; South exposures; Is waterfront; Municipal irrigation; Paved road

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bedrooms: Entry level: 3 (bedrooms on level 3 if applicable)
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: Impact glass windows with window coverings; Dual sinks; Living/dining room; Separate shower (shower only); Cable TV ready; Walk-in closet(s); Window treatments; Split bedroom floor plan; Unfurnished
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $1.10M.

Deal economics

• At list price, monthly cash flow is $6k ($73k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $1.10M).
• Recommended offer: $968k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.4% 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; 2 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 $8k of loan paydown is wiped out by about $33k 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 $308k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 207 days — a 12% lower offer ($968k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $765k; 44% 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→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $968,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 207 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: 1.73% ✓
• Cap rate: 13.43%
• Cash-on-cash: 25.47%
• DSCR: 2.13
• GRM: 4.8

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: 17.1%
• Equity multiple: 1.69×
• Total profit: $212,092
• Equity at exit: $164,014

10-year hold

• IRR: 25.6%
• Equity multiple: 3.24×
• Total profit: $690,392
• Equity at exit: $95,108

Cash invested: $308,000 (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: 4.8×

Monthly cashflow live

• Estimated rent: $19,054 medium
• Mortgage (P&I): −$5,769
• Tax est. 1.5%: −$1,375 /mo · $16,500/yr
• Insurance: −$458
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$913
• Vacancy / Maint / Mgmt: −$4,001
• Net cashflow: $6,111

Break-even live

Break-even rent $11,318

Max offer price $1,100,000

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: $275,000
• Closing costs: $33,000
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2445 W Gulf Dr Unit 47B Sanibel, FL	2.0	2.0	1243	$20,000	$16.09	23d	1	0.61mi
2445 W Gulf Dr Unit 32E Sanibel, FL	2.0	2.0	1243	$18,000	$14.48	23d	1	0.68mi

HOA detail condo

• Monthly dues: $913 · $10,956/yr
• Likely covers: waterelectriclandscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 28 events

1. 2026-06-17
   days on market $1,100,000 Active 207 DOM
2. 2026-06-16
   days on market $1,100,000 Active 206 DOM
3. 2026-06-16
   days on market $1,100,000 Active 205 DOM
4. 2026-06-13
   days on market $1,100,000 Active 203 DOM
5. 2026-06-09
   days on market $1,100,000 Active 199 DOM
6. 2026-06-07
   days on market $1,100,000 Active 197 DOM
7. 2026-06-02
   days on market $1,100,000 Active 192 DOM
8. 2026-06-01
   days on market $1,100,000 Active 191 DOM
9. 2026-06-01
   days on market $1,100,000 Active 190 DOM
10. 2026-02-26
    price $1,100,000
11. 2025-11-21
    listed $1,150,000 Active
12. 2025-07-31
    historical
13. 2025-03-28
    price $1,150,000
14. 2025-02-13
    price $1,195,000
15. 2025-01-20
    listed $1,275,000 Active
16. 2016-08-07
    price $765,000 348-char remark

    Show marketing remark (348 chars)

    -Top floor, corner unit with great gulf views from both the living room and the master bedroom. The courtyard has been upgraded with new landscaping and pavers. The outside of the building was recently painted. An owner may have a pet. New water heater 2015, new A/C about 2008. Electric shutters in the lani all other windows have manual shutters.

17. 2016-05-02
    soldstatus $765,000
18. 2016-04-29
    price $799,000 348-char remark

    Show marketing remark (348 chars)

    -Top floor, corner unit with great gulf views from both the living room and the master bedroom. The courtyard has been upgraded with new landscaping and pavers. The outside of the building was recently painted. An owner may have a pet. New water heater 2015, new A/C about 2008. Electric shutters in the lani all other windows have manual shutters.

19. 2016-04-29
    soldstatus $765,000 Sold 348-char remark

    Show marketing remark (348 chars)

    -Top floor, corner unit with great gulf views from both the living room and the master bedroom. The courtyard has been upgraded with new landscaping and pavers. The outside of the building was recently painted. An owner may have a pet. New water heater 2015, new A/C about 2008. Electric shutters in the lani all other windows have manual shutters.

20. 2016-03-31
    status Pending 348-char remark

    Show marketing remark (348 chars)

    -Top floor, corner unit with great gulf views from both the living room and the master bedroom. The courtyard has been upgraded with new landscaping and pavers. The outside of the building was recently painted. An owner may have a pet. New water heater 2015, new A/C about 2008. Electric shutters in the lani all other windows have manual shutters.

21. 2016-01-16
    listed $799,000 Active 348-char remark

    Show marketing remark (348 chars)

    -Top floor, corner unit with great gulf views from both the living room and the master bedroom. The courtyard has been upgraded with new landscaping and pavers. The outside of the building was recently painted. An owner may have a pet. New water heater 2015, new A/C about 2008. Electric shutters in the lani all other windows have manual shutters.

22. 2015-12-12
    historical
23. 2015-07-11
    listed $799,000 Active
24. 2006-05-09
    soldstatus $905,000
25. 2006-05-02
    soldstatus $905,000
26. 2006-01-13
    price $949,000
27. 1996-04-03
    soldstatus $335,000
28. 1989-01-01
    soldstatus $257,000

ⓘ 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 · 25 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: $228,648
• − Mortgage interest: −$61,617
• − Property taxes: −$16,500
• − Insurance: −$10,618
• − Repairs & maintenance: −$18,292
• − Management: −$18,292
• − HOA: −$10,956
• − Depreciation: −$32,000
• Taxable income: $60,372
• Est. tax owed @ 24.0%: −$14,489
• After-tax cash flow: $58,846/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

+328.0% since first listed

19 events — show timeline

• 2026-02-26 Price Changed $1,100,000 FORTMLS
• 2025-11-21 Listed $1,150,000 FORTMLS
• 2025-07-31 Listing Removed — FORTMLS
• 2025-03-28 Price Changed $1,150,000 FORTMLS
• 2025-02-13 Price Changed $1,195,000 FORTMLS
• 2025-01-20 Listed $1,275,000 FORTMLS
• 2016-08-07 Price Changed $765,000 FORTMLS
• 2016-05-02 Sold (Public Records) $765,000 Public Records
• 2016-04-29 Sold (MLS) $765,000 FORTMLS
• 2016-04-29 Price Changed $799,000 FORTMLS
• 2016-03-31 Pending — FORTMLS
• 2016-01-16 Listed $799,000 FORTMLS
• 2015-12-12 Listing Removed — FORTMLS
• 2015-07-11 Listed $799,000 FORTMLS
• 2006-05-09 Sold (Public Records) $905,000 Public Records
• 2006-05-02 Sold (MLS) $905,000 FORTMLS
• 2006-01-13 Price Changed $949,000 FORTMLS
• 1996-04-03 Sold (Public Records) $335,000 Public Records
• 1989-01-01 Sold (Public Records) $257,000 Public Records

Property tax history

-13.4%/yr

Latest (2025): $1,761 · -0.4% YoY. Source: county tax records.