979 E Gulf Dr Unit C303 · Sanibel, FL 33957

$785,000

2 bd · 2.0 ba · 1,184 sqft · Condo public records · 477 Days on market

Built 1975 $1100/mo HOA · 10% 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 +26.5/30.0
• DSCR +9.0/10.0
• 1% rule +8.4/10.0
• 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

This exquisite third-floor end unit has been completely remodeled and offers the ideal blend of modern luxury and coastal charm. Boasting stainless steel appliances, a spacious breakfast bar and a seamless open concept floor plan, this condominium is designed for comfort and style. The beautiful flooring enhances the space, creating a bright and airy atmosphere throughout. Vaulted ceilings with inlaid wood and clerestory windows soar above, adding a unique touch of elegance and natural light to every room. The top-floor location offers an unparalleled sense of privacy and grandeur. From the large screened lanai, enjoy serene glimpses of the Gulf, perfect for relaxing or entertaining guests.

Key facts

• Clerestory windows
• Vaulted ceilings
• Inlaid wood

Tags

• STAINLESS STEEL APPLIANCES
• BREAKFAST BAR
• OPEN CONCEPT FLOOR PLAN
• VAULTED CEILINGS
• INLAID WOOD
• CLERESTORY WINDOWS

Property features AI

Finance

• Financial info: Pets allowed with conditions; maximum pet weight 25 lbs; additional pet info provided in attachments
• HOA & community: Homeowners association with monthly fee; Monthly association fee listed as $1,100; Association covers management, legal/accounting, grounds maintenance, pest control, recreation facilities, and trash; Community amenities include beach rights/access, clubhouse, pool, tennis courts, pickleball, shuffleboard, and management; Community has 168 units; Elevator in community; Non-gated community

Exterior

• Parking: Assigned parking (one space)
• Utilities: Public water; Public sewer; Cable available; Municipal irrigation
• Home design: Condominium / multi-story building with 4 total stories; Entry level is on level 3; Resale property; Faces west
• Construction: Built-up, flat, and tile roof
• Exterior features: Deck; Lanai; Porch; Screened porch; Beachfront gulf exposure; East exposures; Has view

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bedrooms: Screened porch listed as a room type
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Vaulted ceilings; Breakfast bar; Living/dining room combination; Separate shower (shower only); Other interior features; Sliding windows; Furnished
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $785k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $785k).
• Recommended offer: $691k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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 $5k of loan paydown is wiped out by about $24k 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 477 days — a 12% lower offer ($691k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $135k; list at $785k implies a 481% 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→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $690,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 477 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 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: 1.34% ✓
• Cap rate: 9.45%
• Cash-on-cash: 11.27%
• DSCR: 1.50
• GRM: 6.2

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: -2.7%
• Equity multiple: 0.90×
• Total profit: $-22,006
• Equity at exit: $117,046

10-year hold

• IRR: 7.1%
• Equity multiple: 1.54×
• Total profit: $118,838
• Equity at exit: $67,872

Cash invested: $219,800 (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: 6.2×

Monthly cashflow live

• Estimated rent: $10,500 medium
• Mortgage (P&I): −$4,117
• Tax from tax record: −$687 /mo · $8,249/yr
• Insurance: −$327
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,100
• Vacancy / Maint / Mgmt: −$2,205
• Net cashflow: $1,637

Break-even live

Break-even rent $8,427

Max offer price $785,000

Occupancy floor 79%

Sensitivity live

Price	-10% $2,082	-5% $1,860	+0% $1,637	+5% $1,415	+10% $1,193
Rent	-10% $808	-5% $1,223	+0% $1,637	+5% $2,052	+10% $2,467
Rate	-1.0pp $2,033	-0.5pp $1,837	base $1,637	+0.5pp $1,434	+1.0pp $1,227

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: $196,250
• Closing costs: $23,550
• 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	0.42mi

HOA detail condo

• Monthly dues: $1,100 · $13,200/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-17
   days on market $785,000 Active 477 DOM
2. 2026-06-16
   days on market $785,000 Active 476 DOM
3. 2026-06-16
   days on market $785,000 Active 475 DOM
4. 2026-06-13
   days on market $785,000 Active 473 DOM
5. 2026-06-09
   days on market $785,000 Active 469 DOM
6. 2026-06-07
   days on market $785,000 Active 467 DOM
7. 2026-06-02
   days on market $785,000 Active 462 DOM
8. 2026-06-01
   days on market $785,000 Active 461 DOM
9. 2026-06-01
   days on market $785,000 Active 460 DOM
10. 2026-04-21
    price $785,000
11. 2025-08-01
    price $849,000
12. 2025-02-25
    listed $899,000 Active
13. 2009-04-24
    soldstatus $135,000
14. 2003-04-01
    soldstatus $80,000
15. 2003-04-01
    soldstatus $80,071
16. 1990-05-15
    soldstatus $39,900

ⓘ 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: $8,249 · $687/mo
• Projected year-2 tax: $8,249 · $687/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 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 · 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: $126,000
• − Mortgage interest: −$43,972
• − Property taxes: −$8,249
• − Insurance: −$9,044
• − Repairs & maintenance: −$10,080
• − Management: −$10,080
• − HOA: −$13,200
• − Depreciation: −$22,836
• Taxable income: $8,539
• Est. tax owed @ 24.0%: −$2,049
• After-tax cash flow: $17,598/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

+1867.4% since first listed

7 events — show timeline

• 2026-04-21 Price Changed $785,000 FORTMLS
• 2025-08-01 Price Changed $849,000 FORTMLS
• 2025-02-25 Listed $899,000 FORTMLS
• 2009-04-24 Sold (Public Records) $135,000 Public Records
• 2003-04-01 Sold (Public Records) $80,071 Public Records
• 2003-04-01 Sold (Public Records) $80,000 Public Records
• 1990-05-15 Sold (Public Records) $39,900 Public Records

Property tax history

+2.3%/yr

Latest (2025): $8,249 · +1071.9% YoY. Source: county tax records.