1220 Morningside Pl · Sanibel, FL 33957

$2,999,000

2 bd · 2.0 ba · 988 sqft · MultiFamily public records · 224 Days on market

Built 1958 1.16 ac lot

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Why this score? — see what drove the F 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).

• 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
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Gorgeous property offering two remodeled duplexes with a pool, on over an acre of prime Sanibel Island real estate. Just steps to the beach, bay, lighthouse, and the east-end's restaurants and shops. Lush landscaping offers privacy for the entire property and genuine old Sanibel ambiance. Four units total, offering two and one bedroom suites, each with new kitchens, with open and screened lanais. A large pool area and expansive outdoor deck with grills and lounge chairs allow residents to have a tranquil island lifestyle. Wonderful opportunities as an investment property, family compound or new development as two large single family homes.

Key facts

• Tropical foliage
• Screened porches
• 1.16 acre lot

Tags

• SCREENED PORCHES
• SPARKLING RESORT-STYLE POOL
• ON-SITE LAUNDRY FACILITIES
• VERSATILE OUTBUILDING
• LIGHTHOUSE BEACH PARK
• TROPICAL FOLIAGE

Property features AI

Finance

• Other: Pets allowed
• HOA & community: Community amenities: barbecue, picnic area, pool; Non-gated community; No association fee reported

Exterior

• Utilities: Public water; Public sewer; Cable available; Municipal irrigation
• Home design: Residential property (resale)
• Construction: Shingle roof; Wood siding and wood frame construction; See remarks for additional construction details
• Exterior features: Deck; In-ground private pool (community noted in remarks)

Interior

• Flooring: Tile flooring; Wood flooring
• Bathrooms: Five full bathrooms
• Heating & cooling: Central electric heating; Central electric cooling
• Interior features: Impact glass windows

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.5-bath units multifamily listed at $3.00M.

Deal economics

• At list price, monthly cash flow is $-14k ($-170k/yr) — negative. Per door: $-7k/mo.
• To cash-flow at today's rent, offer at most $495k (83.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $612k (79.6% below list).
• Recommended offer: $495k (83.5% below list) — sets the bar for cash-flow.
• Cap rate 0.8% vs local median 3.8% in Sanibel — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 $21k of loan paydown is wiped out by about $90k 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 224 days — a 12% lower offer ($2.64M) is reasonable based on typical stale-listing flexibility.
• 3 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 $1.80M; list at $3.00M implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1958 — 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→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $495,068 (83.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 224 days. Have you received any prior offers? Is the seller open to a 83% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 0.20% ✗
• Cap rate: 0.79%
• Cash-on-cash: -19.65%
• DSCR: 0.13
• GRM: 40.8

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: -58.6%
• Equity multiple: -0.65×
• Total profit: $-1,389,689
• Equity at exit: $447,161

10-year hold

• IRR: —
• Equity multiple: -1.83×
• Total profit: $-2,376,466
• Equity at exit: $259,299

Cash invested: $839,720 (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 →

ZIP-level market 33957

• Home prices YoY: -15.7%
• Active inventory: 526
• Price-to-rent: 81.6×

Monthly cashflow live

• Estimated rent: $6,125 medium
• Mortgage (P&I): −$15,727
• Tax from tax record: −$1,610 /mo · $19,317/yr
• Insurance: −$1,250
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,286
• Net cashflow: $-14,174

Break-even live

Break-even rent $24,067

Max offer price $495,068

Occupancy floor —

Sensitivity live

Price	-10% $-12,477	-5% $-13,325	+0% $-14,174	+5% $-15,023	+10% $-15,872
Rent	-10% $-14,658	-5% $-14,416	+0% $-14,174	+5% $-13,932	+10% $-13,690
Rate	-1.0pp $-12,664	-0.5pp $-13,411	base $-14,174	+0.5pp $-14,951	+1.0pp $-15,742

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	2.5	$6,126
Total (2 units)			$6,125

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: $749,750
• Closing costs: $89,970
• 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	25d	1	0.90mi

Listing history 23 events

1. 2026-06-17
   days on market $2,999,000 Active 224 DOM
2. 2026-06-16
   days on market $2,999,000 Active 223 DOM
3. 2026-06-16
   days on market $2,999,000 Active 222 DOM
4. 2026-06-13
   days on market $2,999,000 Active 220 DOM
5. 2026-06-09
   days on market $2,999,000 Active 216 DOM
6. 2026-06-07
   days on market $2,999,000 Active 214 DOM
7. 2026-06-02
   days on market $2,999,000 Active 209 DOM
8. 2026-06-01
   days on market $2,999,000 Active 208 DOM
9. 2026-06-01
   days on market $2,999,000 Active 207 DOM
10. 2026-01-05
    price $2,999,000
11. 2025-11-05
    listed $3,100,000 Active
12. 2022-01-07
    soldstatus $1,800,000
13. 2022-01-05
    soldstatus $1,800,000 Closed 647-char remark

    Show marketing remark (647 chars)

    Gorgeous property offering two remodeled duplexes with a pool, on over an acre of prime Sanibel Island real estate. Just steps to the beach, bay, lighthouse, and the east-end's restaurants and shops. Lush landscaping offers privacy for the entire property and genuine old Sanibel ambiance. Four units total, offering two and one bedroom suites, each with new kitchens, with open and screened lanais. A large pool area and expansive outdoor deck with grills and lounge chairs allow residents to have a tranquil island lifestyle. Wonderful opportunities as an investment property, family compound or new development as two large single family homes.

14. 2021-11-11
    status Pending 647-char remark

    Show marketing remark (647 chars)

    Gorgeous property offering two remodeled duplexes with a pool, on over an acre of prime Sanibel Island real estate. Just steps to the beach, bay, lighthouse, and the east-end's restaurants and shops. Lush landscaping offers privacy for the entire property and genuine old Sanibel ambiance. Four units total, offering two and one bedroom suites, each with new kitchens, with open and screened lanais. A large pool area and expansive outdoor deck with grills and lounge chairs allow residents to have a tranquil island lifestyle. Wonderful opportunities as an investment property, family compound or new development as two large single family homes.

15. 2021-11-07
    listed $2,000,000 Active 647-char remark

    Show marketing remark (647 chars)

    Gorgeous property offering two remodeled duplexes with a pool, on over an acre of prime Sanibel Island real estate. Just steps to the beach, bay, lighthouse, and the east-end's restaurants and shops. Lush landscaping offers privacy for the entire property and genuine old Sanibel ambiance. Four units total, offering two and one bedroom suites, each with new kitchens, with open and screened lanais. A large pool area and expansive outdoor deck with grills and lounge chairs allow residents to have a tranquil island lifestyle. Wonderful opportunities as an investment property, family compound or new development as two large single family homes.

16. 2015-12-17
    soldstatus $1,024,000
17. 2015-12-16
    price $1,024,000 545-char remark

    Show marketing remark (545 chars)

    Gorgeous property and setting offering over an acre of prime Sanibel Island real estate. Beautifully designed landscaping that privatizes and surrounds old Sanibel ambiance. Four units within two duplexes offering two and one bedroom options with full kitchens, open and screened decking that surrounds wonderful pool area optimizing the island life style. 300’ of frontage a short walk to beach, restaurants, and lighthouse. All fully furnished and comfortably updated great family compound and/or investment and development opportunities

18. 2015-12-15
    soldstatus $1,024,000 Sold 545-char remark

    Show marketing remark (545 chars)

    Gorgeous property and setting offering over an acre of prime Sanibel Island real estate. Beautifully designed landscaping that privatizes and surrounds old Sanibel ambiance. Four units within two duplexes offering two and one bedroom options with full kitchens, open and screened decking that surrounds wonderful pool area optimizing the island life style. 300’ of frontage a short walk to beach, restaurants, and lighthouse. All fully furnished and comfortably updated great family compound and/or investment and development opportunities

19. 2015-12-15
    price $1,198,000 545-char remark

    Show marketing remark (545 chars)

    Gorgeous property and setting offering over an acre of prime Sanibel Island real estate. Beautifully designed landscaping that privatizes and surrounds old Sanibel ambiance. Four units within two duplexes offering two and one bedroom options with full kitchens, open and screened decking that surrounds wonderful pool area optimizing the island life style. 300’ of frontage a short walk to beach, restaurants, and lighthouse. All fully furnished and comfortably updated great family compound and/or investment and development opportunities

20. 2015-10-14
    status Pending With Contingencies 545-char remark

    Show marketing remark (545 chars)

    Gorgeous property and setting offering over an acre of prime Sanibel Island real estate. Beautifully designed landscaping that privatizes and surrounds old Sanibel ambiance. Four units within two duplexes offering two and one bedroom options with full kitchens, open and screened decking that surrounds wonderful pool area optimizing the island life style. 300’ of frontage a short walk to beach, restaurants, and lighthouse. All fully furnished and comfortably updated great family compound and/or investment and development opportunities

21. 2015-03-04
    listed $1,198,000 Active 545-char remark

    Show marketing remark (545 chars)

    Gorgeous property and setting offering over an acre of prime Sanibel Island real estate. Beautifully designed landscaping that privatizes and surrounds old Sanibel ambiance. Four units within two duplexes offering two and one bedroom options with full kitchens, open and screened decking that surrounds wonderful pool area optimizing the island life style. 300’ of frontage a short walk to beach, restaurants, and lighthouse. All fully furnished and comfortably updated great family compound and/or investment and development opportunities

22. 1998-09-15
    soldstatus $340,000
23. 1998-08-27
    soldstatus $340,000

ⓘ 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: $19,317 · $1,610/mo
• Projected year-2 tax: $24,892 · $2,074/mo
• Expected delta: +$5,575/yr (+$465/mo · 28.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 · 27 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: $73,500
• − Mortgage interest: −$167,991
• − Property taxes: −$19,317
• − Insurance: −$20,114
• − Repairs & maintenance: −$5,880
• − Management: −$5,880
• − Depreciation: −$87,244
• Taxable loss: −$232,925
• Est. tax savings @ 24.0%: +$55,902
• After-tax cash flow: $-114,188/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

+782.1% since first listed

14 events — show timeline

• 2026-01-05 Price Changed $2,999,000 FORTMLS
• 2025-11-05 Listed $3,100,000 FORTMLS
• 2022-01-07 Sold (Public Records) $1,800,000 Public Records
• 2022-01-05 Sold (MLS) $1,800,000 FORTMLS
• 2021-11-11 Pending — FORTMLS
• 2021-11-07 Listed $2,000,000 FORTMLS
• 2015-12-17 Sold (Public Records) $1,024,000 Public Records
• 2015-12-16 Price Changed $1,024,000 FORTMLS
• 2015-12-15 Price Changed $1,198,000 FORTMLS
• 2015-12-15 Sold (MLS) $1,024,000 FORTMLS
• 2015-10-14 Pending — FORTMLS
• 2015-03-04 Listed $1,198,000 FORTMLS
• 1998-09-15 Sold (Public Records) $340,000 Public Records
• 1998-08-27 Sold (Public Records) $340,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $19,317 · -5.5% YoY. Source: county tax records.