1171 Seagrape Ln · Sanibel, FL 33957

$1,550,000

2 bd · 2.0 ba · 1,528 sqft · MultiFamily public records · 89 Days on market

Built 1953 0.43 ac lot

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Why this score? — see what drove the C+ 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 +27.5/30.0
• DSCR +9.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This quaint and unique duplex is located on an oversized parcel featuring almost half an acre of land on Sanibel's charming and historic east end. The near-beach location is just steps down a shell drive to a day in the sand and sun. The east end location offers great proximity to the historic lighthouse and beach, Sanibel's fishing pier, shops and restaurants. Sanibel's miles of bike paths are just outside your front door to enjoy exploring all that Sanibel has to offer. The property sustained damage and water intrusion from Hurricane Ian. All wet debris has been removed and the property is ready for a new and refreshed look. Rebuild as-is for a great rental property or family compound, or start fresh and build an amazing new home where the design options are plentiful. The lot is large enough to design a beautiful new near beach dream home. Whether restoring, rebuilding or rejuvenating, this location is second to none and will be ready to enjoy when Sanibel is back better than ever.

Key facts

• New kitchens
• Screened-in porch
• Updated bathrooms

Tags

• FULLY RENOVATED COASTAL DUPLEX
• UPDATED RESIDENCES
• NEW KITCHENS
• UPDATED BATHROOMS
• BRAND-NEW WOOD DECK
• SCREENED-IN PORCH

Property features AI

Finance

• Other: Property sits on approximately 0.4304 acres; Lot dimensions approximately 125 x 150 (per survey); Part of a 2-unit complex; 1 unit per floor; 1 floor in building
• HOA & community: No maintenance fees; No community amenities; Non-gated community (see remarks)

Exterior

• Parking: 2+ parking spaces
• Security: Impact resistant doors; Impact resistant windows
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential single-family / duplex; Elevated wood-frame construction; Rear exposure facing west; Built in 1953; Metes and bounds
• Construction: Stucco exterior finish; Metal roof; Wood frame construction; Elevated foundation; Originally built in 1953
• Exterior features: Deck; Patio; Room for pool; Oversize, regular lot

Interior

• Kitchen: Range; Microwave; Refrigerator / Refrigerator-Freezer / Icemaker
• Bedrooms: 4 bedrooms; Master bedroom on ground level
• Flooring: Laminate flooring
• Bathrooms: 3 full bathrooms; Master bath with shower only
• Heating & cooling: Central electric heat; Central electric cooling; Ceiling fans
• Interior features: High-speed internet available; Smoke detectors; Window coverings; Dining areas for family and living; Screened lanai/porch; Guest bath; Laundry in residence; Furnished negotiable; Other floor plan
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $1.55M.

Deal economics

• At list price, monthly cash flow is $4k ($50k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.55M).
• Recommended offer: $1.46M (6.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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 $11k of loan paydown is wiped out by about $46k 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 $434k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($1.46M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y 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 $825k; list at $1.55M implies a 88% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• 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 $1,457,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1953 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.17% ✓
• Cap rate: 9.85%
• Cash-on-cash: 12.71%
• DSCR: 1.57
• GRM: 7.1

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: 0.9%
• Equity multiple: 1.03×
• Total profit: $14,482
• Equity at exit: $231,110

10-year hold

• IRR: 10.5%
• Equity multiple: 1.82×
• Total profit: $354,576
• Equity at exit: $134,016

Cash invested: $434,000 (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: 7.1×

Monthly cashflow live

• Estimated rent: $18,200 medium
• Mortgage (P&I): −$8,128
• Tax from tax record: −$1,006 /mo · $12,069/yr
• Insurance: −$646
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,822
• Net cashflow: $4,171

Break-even live

Break-even rent $12,920

Max offer price $1,550,000

Occupancy floor 72%

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: $387,500
• Closing costs: $46,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
424 Lagoon Dr Sanibel, FL	3.0	2.0	1704	$18,200	$10.68	24d	1	0.22mi

Listing history 28 events

1. 2026-06-17
   days on market $1,550,000 Active 89 DOM
2. 2026-06-16
   days on market $1,550,000 Active 88 DOM
3. 2026-06-15
   days on market $1,550,000 Active 87 DOM
4. 2026-06-13
   days on market $1,550,000 Active 85 DOM
5. 2026-06-10
   days on market $1,550,000 Active 82 DOM
6. 2026-06-09
   days on market $1,550,000 Active 81 DOM
7. 2026-06-07
   days on market $1,550,000 Active 79 DOM
8. 2026-06-03
   days on market $1,550,000 Active 75 DOM
9. 2026-06-02
   days on market $1,550,000 Active 74 DOM
10. 2026-06-01
    days on market $1,550,000 Active 73 DOM
11. 2026-06-01
    days on market $1,550,000 Active 72 DOM
12. 2026-03-20
    listed $1,550,000 Active
13. 2023-08-14
    soldstatus $825,000
14. 2023-08-01
    soldstatus $825,000 Closed 999-char remark

    Show marketing remark (999 chars)

    This quaint and unique duplex is located on an oversized parcel featuring almost half an acre of land on Sanibel's charming and historic east end. The near-beach location is just steps down a shell drive to a day in the sand and sun. The east end location offers great proximity to the historic lighthouse and beach, Sanibel's fishing pier, shops and restaurants. Sanibel's miles of bike paths are just outside your front door to enjoy exploring all that Sanibel has to offer. The property sustained damage and water intrusion from Hurricane Ian. All wet debris has been removed and the property is ready for a new and refreshed look. Rebuild as-is for a great rental property or family compound, or start fresh and build an amazing new home where the design options are plentiful. The lot is large enough to design a beautiful new near beach dream home. Whether restoring, rebuilding or rejuvenating, this location is second to none and will be ready to enjoy when Sanibel is back better than ever.

15. 2023-07-14
    status Pending 999-char remark

    Show marketing remark (999 chars)

    This quaint and unique duplex is located on an oversized parcel featuring almost half an acre of land on Sanibel's charming and historic east end. The near-beach location is just steps down a shell drive to a day in the sand and sun. The east end location offers great proximity to the historic lighthouse and beach, Sanibel's fishing pier, shops and restaurants. Sanibel's miles of bike paths are just outside your front door to enjoy exploring all that Sanibel has to offer. The property sustained damage and water intrusion from Hurricane Ian. All wet debris has been removed and the property is ready for a new and refreshed look. Rebuild as-is for a great rental property or family compound, or start fresh and build an amazing new home where the design options are plentiful. The lot is large enough to design a beautiful new near beach dream home. Whether restoring, rebuilding or rejuvenating, this location is second to none and will be ready to enjoy when Sanibel is back better than ever.

16. 2023-05-16
    price $999,000 999-char remark

    Show marketing remark (999 chars)

    This quaint and unique duplex is located on an oversized parcel featuring almost half an acre of land on Sanibel's charming and historic east end. The near-beach location is just steps down a shell drive to a day in the sand and sun. The east end location offers great proximity to the historic lighthouse and beach, Sanibel's fishing pier, shops and restaurants. Sanibel's miles of bike paths are just outside your front door to enjoy exploring all that Sanibel has to offer. The property sustained damage and water intrusion from Hurricane Ian. All wet debris has been removed and the property is ready for a new and refreshed look. Rebuild as-is for a great rental property or family compound, or start fresh and build an amazing new home where the design options are plentiful. The lot is large enough to design a beautiful new near beach dream home. Whether restoring, rebuilding or rejuvenating, this location is second to none and will be ready to enjoy when Sanibel is back better than ever.

17. 2023-04-05
    listed $1,195,000 Active 999-char remark

    Show marketing remark (999 chars)

    This quaint and unique duplex is located on an oversized parcel featuring almost half an acre of land on Sanibel's charming and historic east end. The near-beach location is just steps down a shell drive to a day in the sand and sun. The east end location offers great proximity to the historic lighthouse and beach, Sanibel's fishing pier, shops and restaurants. Sanibel's miles of bike paths are just outside your front door to enjoy exploring all that Sanibel has to offer. The property sustained damage and water intrusion from Hurricane Ian. All wet debris has been removed and the property is ready for a new and refreshed look. Rebuild as-is for a great rental property or family compound, or start fresh and build an amazing new home where the design options are plentiful. The lot is large enough to design a beautiful new near beach dream home. Whether restoring, rebuilding or rejuvenating, this location is second to none and will be ready to enjoy when Sanibel is back better than ever.

18. 2009-02-14
    listed $725,000
19. 2007-08-13
    historical
20. 2006-08-13
    listed $895,000
21. 2005-02-18
    soldstatus $719,000
22. 2005-02-08
    soldstatus $719,000
23. 2005-02-08
    price $729,000
24. 2004-04-20
    soldstatus $599,000
25. 2004-04-15
    soldstatus $599,000
26. 1998-12-22
    soldstatus $275,000
27. 1995-08-25
    soldstatus $470,000
28. 1993-02-01
    soldstatus $227,500

ⓘ 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: $12,069 · $1,006/mo
• Projected year-2 tax: $12,865 · $1,072/mo
• Expected delta: +$796/yr (+$66/mo · 6.6%)

ⓘ 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

Taxation est. · year 1

• Rental income: $218,400
• − Mortgage interest: −$86,824
• − Property taxes: −$12,069
• − Insurance: −$12,868
• − Repairs & maintenance: −$17,472
• − Management: −$17,472
• − Depreciation: −$45,091
• Taxable income: $26,603
• Est. tax owed @ 24.0%: −$6,385
• After-tax cash flow: $43,673/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

+581.3% since first listed

17 events — show timeline

• 2026-03-20 Listed $1,550,000 NAPLESMLS
• 2023-08-14 Sold (Public Records) $825,000 Public Records
• 2023-08-01 Sold (MLS) $825,000 FORTMLS
• 2023-07-14 Pending — FORTMLS
• 2023-05-16 Price Changed $999,000 FORTMLS
• 2023-04-05 Listed $1,195,000 FORTMLS
• 2009-02-14 Listed $725,000 NAPLESMLS
• 2007-08-13 Listing Removed — FORTMLS
• 2006-08-13 Listed $895,000 FORTMLS
• 2005-02-18 Sold (Public Records) $719,000 Public Records
• 2005-02-08 Price Changed $729,000 FORTMLS
• 2005-02-08 Sold (MLS) $719,000 FORTMLS
• 2004-04-20 Sold (Public Records) $599,000 Public Records
• 2004-04-15 Sold (MLS) $599,000 FORTMLS
• 1998-12-22 Sold (Public Records) $275,000 Public Records
• 1995-08-25 Sold (Public Records) $470,000 Public Records
• 1993-02-01 Sold (Public Records) $227,500 Public Records

Property tax history

+8.3%/yr

Latest (2025): $12,069 · +4.6% YoY. Source: county tax records.