631 Nerita St Unit A-5 · Sanibel, FL 33957

$649,000

2 bd · 2.0 ba · 1,200 sqft · Condo · 114 Days on market

Built 1975 Excellent condition $541/sqft · 22% below area Est $830k · 22% under $1100/mo HOA · 14% of rent

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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 +19.0/30.0
• ARV discount +15.0/15.0
• 1% rule +7.2/10.0
• Schools +6.9/10.0
• DSCR +6.0/10.0
• Condition / age +4.8/5.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to your slice of paradise at Coquina Beach—where coastal elegance meets effortless island living. This beautifully renovated ground-floor condo offers the perfect blend of style, comfort, and convenience, all just steps from the sugar-white sands and sparkling Gulf waters that make Sanibel Island so special. Step inside to discover a light-filled, coastal-inspired interior designed with both relaxation and entertainment in mind. The open-concept floor plan creates a seamless flow between the kitchen, dining, and living areas, while thoughtfully selected finishes and upgrades elevate the entire space.

Key facts

• $1,100 HOA
• Parking
• Community pool

Tags

• GROUND-FLOOR LOCATION
• TWO EXTERIOR STORAGE CLOSETS
• OPEN-CONCEPT FLOOR PLAN
• LUSH TROPICAL LANDSCAPING

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $649k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $250 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $649k).
• Recommended offer: $591k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 2.5% 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: 562 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 $7,926/mo this rent would consume 77% 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 $4k of loan paydown is wiped out by about $19k 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.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($591k) is reasonable based on typical stale-listing flexibility.

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 $590,590 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — 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: 1.22% ✓
• Cap rate: 7.54%
• Cash-on-cash: 4.46%
• DSCR: 1.20
• GRM: 6.8

CMA / ARV

• ARV (median comp): $830,117
• List price: $649,000
• Delta: -21.82%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
610 Donax St #233	0.10mi	2/2.0	1,238 (+3%)	0mo	$760,000	$614	90
979 E Gulf Dr #162	0.20mi	2/2.0	1,184 (-1%)	17mo	$880,000	$743	74
1246 Fulgur St #306	0.22mi	2/2.0	1,100 (-8%)	3mo	$590,000	$536	74
979 E Gulf Dr Unit D472	0.27mi	2/2.0	1,184 (-1%)	20mo	$855,000	$722	69
1299 Middle Gulf Dr #243	0.25mi	2/2.0	1,394 (+16%)	0mo	$650,000	$466	63
738 Donax St	0.20mi	2/2.0	1,380 (+15%)	18mo	$599,000	$434	50
845 E Gulf Dr #121	0.55mi	2/2.0	983 (-18%)	0mo	$700,000	$712	49
1401 Middle Gulf Dr Unit 204T	0.50mi	3/2.0 (+1)	1,451 (+21%)	0mo	$1,200,000	$827	46
1610 Middle Gulf Dr Unit B3	0.91mi	2/2.0	937 (-22%)	0mo	$370,000	$395	40
845 E Gulf Dr #1342	0.56mi	2/2.0	983 (-18%)	20mo	$840,000	$855	32
1154 Harbor Cottage Ct	0.95mi	3/2.0 (+1)	1,493 (+24%)	17mo	$1,150,000	$770	21
641 Periwinkle Way Unit B5	1.20mi	2/1.0	1,000 (-17%)	20mo	$340,000	$340	19

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: -13.5%
• Equity multiple: 0.51×
• Total profit: $-88,217
• Equity at exit: $96,768

10-year hold

• IRR: -4.3%
• Equity multiple: 0.71×
• Total profit: $-52,058
• Equity at exit: $56,114

Cash invested: $181,720 (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: 1 active · 5 under contract
• Median asking: $850,000 ($607/sqft)
• Median days on market: 174 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +13.9% 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: 562
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $7,926 medium
• Mortgage (P&I): −$3,403
• Tax est. 1.5%: −$811 /mo · $9,735/yr
• Insurance: −$270
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,100
• Vacancy / Maint / Mgmt: −$1,664
• Net cashflow: $250

Break-even live

Break-even rent $7,610

Max offer price $649,000

Occupancy floor 92%

Sensitivity live

Price	-10% $698	-5% $474	+0% $250	+5% $25	+10% $-199
Rent	-10% $-377	-5% $-64	+0% $250	+5% $563	+10% $876
Rate	-1.0pp $576	-0.5pp $415	base $250	+0.5pp $81	+1.0pp $-90

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: $162,250
• Closing costs: $19,470
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	73d	1	0.64mi
1992 Roseate Ln Unit 414 Sanibel, FL	2.0	1.0	900	$1,400	$1.56	52d	1	1.41mi

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Has homeowners associationMonthly association fee of $1,100Association covers management, cable TV, irrigation water, legal/accounting, grounds maintenance, pest control, recreation facilities, reserve fund, sewer, trash and waterCommunity features include non-gated grounds, tennis courts, pickleball, beach access/rights, barbecue and picnic areas, pool and on-site management40 units in the community

Exterior

• Parking: Assigned parking (one space)
• Security: Smoke detector(s)
• Utilities: Public waterPublic sewerCable availableMunicipal irrigation
• Home design: Single-storyEntry level 1Property is a resaleFaces north
• Construction: Built with block, concrete and wood sidingShingle roof
• Exterior features: LanaiPorchScreened porchStorageTennis court(s)Community poolSecurity/high impact doorsSouth exposureZero lot lineDead end lotGravel road

Interior

• Kitchen: DishwasherDisposalIcemakerMicrowaveRangeRefrigeratorRefrigerator with ice maker
• Bedrooms: Split bedrooms
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric)Central air conditioning (electric)Ceiling fan(s)
• Interior features: Breakfast barFamily/Dining room combinationLiving/Dining roomShower onlySeparate showerCable TVWindow treatmentsSplit bedroomsFurnishing negotiableSingle hung and sliding windows with impact glassWindow coverings
• Laundry & utility: WasherDryerInside laundry

HOA detail $1,100/mo · $13,200/yr condo

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

Listing history 40 events

1. 2026-07-30
   days on market $649,000 Active 114 DOM
2. 2026-07-28
   days on market $649,000 Active 113 DOM
3. 2026-07-26
   days on market $649,000 Active 111 DOM
4. 2026-07-24
   days on market $649,000 Active 109 DOM
5. 2026-07-23
   days on market $649,000 Active 108 DOM
6. 2026-07-22
   days on market $649,000 Active 107 DOM
7. 2026-07-21
   days on market $649,000 Active 106 DOM
8. 2026-07-18
   days on market $649,000 Active 103 DOM
9. 2026-07-18
   days on market $649,000 Active 102 DOM
10. 2026-07-16
    days on market $649,000 Active 101 DOM
11. 2026-07-15
    days on market $649,000 Active 100 DOM
12. 2026-07-14
    days on market $649,000 Active 99 DOM
13. 2026-07-13
    days on market $649,000 Active 98 DOM
14. 2026-07-13
    days on market $649,000 Active 97 DOM
15. 2026-07-12
    days on market $649,000 Active 96 DOM
16. 2026-07-10
    days on market $649,000 Active 95 DOM
17. 2026-07-09
    days on market $649,000 Active 94 DOM
18. 2026-07-07
    days on market $649,000 Active 92 DOM
19. 2026-07-06
    days on market $649,000 Active 91 DOM
20. 2026-07-05
    days on market $649,000 Active 90 DOM
21. 2026-07-02
    days on market $649,000 Active 87 DOM
22. 2026-07-01
    days on market $649,000 Active 86 DOM
23. 2026-06-30
    days on market $649,000 Active 85 DOM
24. 2026-06-29
    days on market $649,000 Active 84 DOM
25. 2026-06-28
    days on market $649,000 Active 83 DOM
26. 2026-06-25
    days on market $649,000 Active 79 DOM
27. 2026-06-22
    days on market $649,000 Active 77 DOM
28. 2026-06-22
    days on market $649,000 Active 76 DOM
29. 2026-06-17
    days on market $649,000 Active 72 DOM
30. 2026-06-16
    days on market $649,000 Active 71 DOM
31. 2026-06-15
    days on market $649,000 Active 70 DOM
32. 2026-06-13
    days on market $649,000 Active 68 DOM
33. 2026-06-10
    days on market $649,000 Active 65 DOM
34. 2026-06-09
    days on market $649,000 Active 64 DOM
35. 2026-06-07
    days on market $649,000 Active 62 DOM
36. 2026-06-03
    days on market $649,000 Active 58 DOM
37. 2026-06-02
    days on market $649,000 Active 57 DOM
38. 2026-06-01
    days on market $649,000 Active 56 DOM
39. 2026-06-01
    days on market $649,000 Active 55 DOM
40. 2026-04-06
    listed $649,000 Active

ⓘ 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 · 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: $95,106
• − Mortgage interest: −$36,354
• − Property taxes: −$9,735
• − Insurance: −$8,364
• − Repairs & maintenance: −$7,608
• − Management: −$7,608
• − HOA: −$13,200
• − Depreciation: −$18,880
• Taxable loss: −$6,644
• Est. tax savings @ 24.0%: +$1,594
• After-tax cash flow: $4,589/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 · 13 photos

Excellent 95/100 None rehab

This beautifully renovated ground-floor condo offers stunning beachfront views and modern coastal design, making it an ideal investment property.

Value-add opportunities

• Both Beachfront location — High demand for beachfront properties ↑
• Both Modern interior design — Appeals to both buyers and renters ↑
• Both Landscaping and curb appeal — Enhances curb appeal and property value ↑

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

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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%

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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%

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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

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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

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Has homeowners associationMonthly association fee of $1,100Association covers management, cable TV, irrigation water, legal/accounting, grounds maintenance, pest control, recreation facilities, reserve fund, sewer, trash and waterCommunity features include non-gated grounds, tennis courts, pickleball, beach access/rights, barbecue and picnic areas, pool and on-site management40 units in the community

Exterior

• Parking: Assigned parking (one space)
• Security: Smoke detector(s)
• Utilities: Public waterPublic sewerCable availableMunicipal irrigation
• Home design: Single-storyEntry level 1Property is a resaleFaces north
• Construction: Built with block, concrete and wood sidingShingle roof
• Exterior features: LanaiPorchScreened porchStorageTennis court(s)Community poolSecurity/high impact doorsSouth exposureZero lot lineDead end lotGravel road

Interior

• Kitchen: DishwasherDisposalIcemakerMicrowaveRangeRefrigeratorRefrigerator with ice maker
• Bedrooms: Split bedrooms
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric)Central air conditioning (electric)Ceiling fan(s)
• Interior features: Breakfast barFamily/Dining room combinationLiving/Dining roomShower onlySeparate showerCable TVWindow treatmentsSplit bedroomsFurnishing negotiableSingle hung and sliding windows with impact glassWindow coverings
• Laundry & utility: WasherDryerInside laundry

Price history

1 event — show timeline

• 2026-04-06 Listed $649,000 FORTMLS