220 Palm Lake Dr · Sanibel, FL 33957

$899,999

2 bd · 3.0 ba · 1,774 sqft · SingleFamily public records · 15 Days on market

Built 1987 0.35 ac lot

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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

Charming Beach Cottage with Attached Studio – Steps from the Sand Welcome to your island oasis! This inviting property features a two-bedroom plus den, two-bathroom main house designed with elevated ceilings, a cozy wood-burning fireplace, and a spacious layout that blends comfort with coastal charm. An enclosed lanai seamlessly connects the main house to a private studio, which offers an additional one-room suite with its own bathroom—perfect for guests, an office, or a retreat space. The outdoor kitchen area, while in need of renovation, offers endless potential for customization, allowing you to create the perfect space for entertaining after a day at the beach. Nestled just

Key facts

• Outdoor kitchen area
• Island oasis
• Private studio

Tags

• ATTACHED STUDIO
• ENCLOSED LANAI
• OUTDOOR KITCHEN AREA
• PRIVATE STUDIO
• ISLAND OASIS

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: Community is non-gated; Community beach access and beach rights

Exterior

• Parking: Attached 2-car garage
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Cable available; High-speed internet available
• Home design: Single-story; Raised foundation; Vinyl siding construction; Metal roof; Resale property; Faces west
• Construction: Vinyl siding; Metal roof; Raised foundation; Built as single-story
• Exterior features: Lanai; Screened porch; Porch; Room for pool; No additional exterior features listed; East exposure; Has view

Interior

• Kitchen: Dishwasher; Electric cooktop; Self-cleaning oven; Microwave; Refrigerator; Freezer; Garbage disposal
• Bedrooms: Den; Screened porch
• Flooring: Carpet; Tile
• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Breakfast bar; Family/Dining room; French doors; Fireplace; Kitchen island; Living/Dining room; Separate shower (shower only); Cable TV; Walk-in closets; Split bedrooms; Jalousie windows; Furnished
• Laundry & utility: Washer; Dryer; Inside laundry

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath single-family listed at $900k.

Deal economics

• At list price, monthly cash flow is $6k ($71k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $900k).
• Recommended offer: $886k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.7% 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; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $6k of loan paydown is wiped out by about $27k 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 $252k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($886k) is reasonable based on typical stale-listing flexibility.
• 7 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 $520k; list at $900k implies a 73% gain — meaningful room to come down on a strong offer.

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 $886,499 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.72% ✓
• Cap rate: 14.73%
• Cash-on-cash: 30.14%
• DSCR: 2.34
• 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: 22.3%
• Equity multiple: 1.91×
• Total profit: $230,387
• Equity at exit: $134,193

10-year hold

• IRR: 30.3%
• Equity multiple: 3.72×
• Total profit: $685,912
• Equity at exit: $77,815

Cash invested: $252,000 (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: $15,489 medium
• Mortgage (P&I): −$4,720
• Tax from tax record: −$813 /mo · $9,755/yr
• Insurance: −$375
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,253
• Net cashflow: $5,902

Break-even live

Break-even rent $8,018

Max offer price $899,999

Occupancy floor 57%

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: $225,000
• Closing costs: $27,000
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	24d	1	0.88mi
2445 W Gulf Dr Unit 32E Sanibel, FL	2.0	2.0	1243	$18,000	$14.48	24d	1	0.96mi
548 Boulder Dr Sanibel, FL	3.0	3.0	1969	$6,500	$3.30	24d	1	1.49mi

Listing history 10 events

1. 2026-06-18
   days on market $899,999 Active 15 DOM
2. 2026-06-17
   days on market $899,999 Active 14 DOM
3. 2026-06-16
   days on market $899,999 Active 13 DOM
4. 2026-06-15
   days on market $899,999 Active 12 DOM
5. 2026-06-13
   days on market $899,999 Active 10 DOM
6. 2026-06-10
   days on market $899,999 Active 7 DOM
7. 2026-06-09
   days on market $899,999 Active 6 DOM
8. 2026-06-08
   days on market $899,999 Active 5 DOM
9. 2026-06-07
   remarks 687-char remark
10. 2026-06-07
    listed $899,999 Active 4 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: $9,755 · $813/mo
• Projected year-2 tax: $9,755 · $813/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 2/10 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: $185,871
• − Mortgage interest: −$50,414
• − Property taxes: −$9,755
• − Insurance: −$9,618
• − Repairs & maintenance: −$14,870
• − Management: −$14,870
• − Depreciation: −$26,182
• Taxable income: $60,162
• Est. tax owed @ 24.0%: −$14,439
• After-tax cash flow: $56,389/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

+2068.7% since first listed

25 events — show timeline

• 2026-04-09 Listing Removed — FORTMLS
• 2026-02-21 Price Changed $899,999 FORTMLS
• 2026-02-06 Price Changed $949,000 FORTMLS
• 2025-10-24 Price Changed $999,000 FORTMLS
• 2025-07-11 Relisted — FORTMLS
• 2025-07-09 Listing Removed — FORTMLS
• 2025-04-10 Price Changed $1,109,000 FORTMLS
• 2025-02-21 Price Changed $1,159,999 FORTMLS
• 2025-01-10 Listed $899,999 FORTMLS
• 2025-01-09 Listed $1,199,999 FORTMLS
• 2024-07-31 Listing Removed — FORTMLS
• 2024-04-01 Price Changed $1,099,000 FORTMLS
• 2024-01-19 Listed $1,199,000 FORTMLS
• 2023-12-31 Listing Removed — FORTMLS
• 2023-09-27 Price Changed $1,225,000 FORTMLS
• 2023-06-16 Listed $1,239,000 FORTMLS
• 2023-06-03 Listing Removed — FORTMLS
• 2022-12-03 Listed $1,450,000 FORTMLS
• 2015-06-01 Sold (Public Records) $520,000 Public Records
• 2015-05-26 Listing Removed — FORTMLS
• 2015-04-01 Price Changed $575,000 FORTMLS
• 2015-03-21 Price Changed $580,000 FORTMLS
• 2015-02-27 Price Changed $585,000 FORTMLS
• 2015-01-07 Listed $599,999 FORTMLS
• 1984-05-01 Sold (Public Records) $41,500 Public Records

Property tax history

+3.3%/yr

Latest (2025): $9,755 · +20.4% YoY. Source: county tax records.