827 E Gulf Dr Unit K8 · Sanibel, FL 33957

$599,900

2 bd · 2.0 ba · 967 sqft · Condo public records · 189 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 +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

Gulf views from this two bedroom/two bath turnkey condo at Sanibel Arms West. Sanibel Arms West is a favorite for renters and owners coming down to enjoy the winter. Located on Sanibel's east end, this complex offers a wide, shell laden beach, large pool, clubhouse, community room & internet, grills, extra storage, tennis courts, exercise room & shuffleboard. Known for excellent rentals, the onsite rental office is the best around with a 10.5% split. Open kitchen looks out to the screen lanai with partial gulf views. Decorated in light coastal colors, this unit is being sold with everything needed but your toothbrush to enjoy the Sanibel lifestyle. Unit also features a stack washer & dryer with two porches. One in front facing the gulf and another small balcony off the master bedroom. Current owners have owned and maintained the until since the 90's. Light and bright unit with upstairs corner location allowing for better views.

Key facts

• Quartz countertops
• Renovated kitchen
• Steps from the beach

Tags

• BREATHTAKING GULF VIEWS
• STEPS FROM THE BEACH
• RENOVATED KITCHEN
• QUARTZ COUNTERTOPS
• WHITE SHAKER CABINETS
• VINYL PLANK FLOORING

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Monthly association fee; Association covers management, insurance, internet, legal/accounting, grounds maintenance, pest control, recreation facilities, reserve fund and trash; Community amenities include beach rights, boat dock, beach access, boat ramp, bike storage, clubhouse, barbecue/picnic area, pickleball, pool, shuffleboard, storage, sidewalks, tennis courts; 104 units in the community; Boat facilities

Exterior

• Parking: Assigned parking; Guest parking; Paved parking; One assigned space
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Cable available
• Home design: 2-story property; Entry level: 2; Resale property; Faces northwest; Has a view
• Construction: Block, concrete and stucco construction; Metal roof
• Exterior features: Security/high-impact doors; Outdoor grill; Storage; Tennis court(s); Community pool; Balcony; Lanai; Porch; Screened porch; Canal access to the Gulf; Southeast exposure; Municipal irrigation; Paved road

Interior

• Kitchen: Dishwasher; Freezer; Garbage disposal; Microwave; Range; Refrigerator
• Bedrooms: Includes a screened porch and a great room
• Flooring: Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: Breakfast bar; Built-in features; Living/dining room; Separate shower; Shower only; High speed internet; Single-hung windows with impact glass; Furnished
• Laundry & utility: Washer; Dryer; Laundry inside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $600k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $600k).
• Recommended offer: $528k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.4% 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; 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 $18k 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 $168k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 189 days — a 12% lower offer ($528k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $99k (14%) 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→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $527,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 189 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: 1.75% ✓
• Cap rate: 11.36%
• Cash-on-cash: 18.08%
• DSCR: 1.80
• 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: 5.8%
• Equity multiple: 1.23×
• Total profit: $38,254
• Equity at exit: $89,447

10-year hold

• IRR: 15.4%
• Equity multiple: 2.26×
• Total profit: $211,668
• Equity at exit: $51,868

Cash invested: $167,972 (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: $10,500 medium
• Mortgage (P&I): −$3,146
• Tax est. 1.5%: −$750 /mo · $8,998/yr
• Insurance: −$250
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,618
• Vacancy / Maint / Mgmt: −$2,205
• Net cashflow: $2,105

Break-even live

Break-even rent $7,836

Max offer price $599,900

Occupancy floor 75%

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: $149,975
• Closing costs: $17,997
• 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	23d	1	0.07mi

HOA detail condo

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

Listing history 20 events

1. 2026-06-17
   days on market $599,900 Active 189 DOM
2. 2026-06-16
   days on market $599,900 Active 188 DOM
3. 2026-06-15
   days on market $599,900 Active 187 DOM
4. 2026-06-13
   pricedays on market $599,900 Active 185 DOM
5. 2026-06-10
   days on market $670,050 Active 182 DOM
6. 2026-06-09
   days on market $670,050 Active 181 DOM
7. 2026-06-07
   days on market $670,050 Active 179 DOM
8. 2026-06-02
   days on market $670,050 Active 174 DOM
9. 2026-06-01
   days on market $670,050 Active 173 DOM
10. 2026-06-01
    days on market $670,050 Active 172 DOM
11. 2026-05-12
    price $670,050
12. 2026-02-23
    price $690,050
13. 2025-12-10
    listed $699,050 Active
14. 2025-07-27
    historical
15. 2025-04-04
    listed $775,000 Active
16. 2022-09-21
    soldstatus $850,000
17. 2022-09-19
    soldstatus $850,000 Closed 959-char remark

    Show marketing remark (959 chars)

    Gulf views from this two bedroom/two bath turnkey condo at Sanibel Arms West. Sanibel Arms West is a favorite for renters and owners coming down to enjoy the winter. Located on Sanibel's east end, this complex offers a wide, shell laden beach, large pool, clubhouse, community room & internet, grills, extra storage, tennis courts, exercise room & shuffleboard. Known for excellent rentals, the onsite rental office is the best around with a 10.5% split. Open kitchen looks out to the screen lanai with partial gulf views. Decorated in light coastal colors, this unit is being sold with everything needed but your toothbrush to enjoy the Sanibel lifestyle. Unit also features a stack washer & dryer with two porches. One in front facing the gulf and another small balcony off the master bedroom. Current owners have owned and maintained the until since the 90's. Light and bright unit with upstairs corner location allowing for better views.

18. 2022-08-22
    status Pending 959-char remark

    Show marketing remark (959 chars)

    Gulf views from this two bedroom/two bath turnkey condo at Sanibel Arms West. Sanibel Arms West is a favorite for renters and owners coming down to enjoy the winter. Located on Sanibel's east end, this complex offers a wide, shell laden beach, large pool, clubhouse, community room & internet, grills, extra storage, tennis courts, exercise room & shuffleboard. Known for excellent rentals, the onsite rental office is the best around with a 10.5% split. Open kitchen looks out to the screen lanai with partial gulf views. Decorated in light coastal colors, this unit is being sold with everything needed but your toothbrush to enjoy the Sanibel lifestyle. Unit also features a stack washer & dryer with two porches. One in front facing the gulf and another small balcony off the master bedroom. Current owners have owned and maintained the until since the 90's. Light and bright unit with upstairs corner location allowing for better views.

19. 2022-07-12
    listed $889,000 Active 959-char remark

    Show marketing remark (959 chars)

    Gulf views from this two bedroom/two bath turnkey condo at Sanibel Arms West. Sanibel Arms West is a favorite for renters and owners coming down to enjoy the winter. Located on Sanibel's east end, this complex offers a wide, shell laden beach, large pool, clubhouse, community room & internet, grills, extra storage, tennis courts, exercise room & shuffleboard. Known for excellent rentals, the onsite rental office is the best around with a 10.5% split. Open kitchen looks out to the screen lanai with partial gulf views. Decorated in light coastal colors, this unit is being sold with everything needed but your toothbrush to enjoy the Sanibel lifestyle. Unit also features a stack washer & dryer with two porches. One in front facing the gulf and another small balcony off the master bedroom. Current owners have owned and maintained the until since the 90's. Light and bright unit with upstairs corner location allowing for better views.

20. 1995-03-02
    soldstatus $260,000

ⓘ 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 ≥113°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: −$33,604
• − Property taxes: −$8,998
• − Insurance: −$8,118
• − Repairs & maintenance: −$10,080
• − Management: −$10,080
• − HOA: −$19,416
• − Depreciation: −$17,452
• Taxable income: $18,252
• Est. tax owed @ 24.0%: −$4,381
• After-tax cash flow: $20,876/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

+157.7% since first listed

10 events — show timeline

• 2026-05-12 Price Changed $670,050 FORTMLS
• 2026-02-23 Price Changed $690,050 FORTMLS
• 2025-12-10 Listed $699,050 FORTMLS
• 2025-07-27 Listing Removed — FORTMLS
• 2025-04-04 Listed $775,000 FORTMLS
• 2022-09-21 Sold (Public Records) $850,000 Public Records
• 2022-09-19 Sold (MLS) $850,000 FORTMLS
• 2022-08-22 Pending — FORTMLS
• 2022-07-12 Listed $889,000 FORTMLS
• 1995-03-02 Sold (Public Records) $260,000 Public Records

Property tax history

-15.2%/yr

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