1919 Olde Middle Gulf Dr #401 · Sanibel, FL 33957

$875,000

2 bd · 2.0 ba · 1,071 sqft · Condo public records · 96 Days on market

Built 1979 $1350/mo HOA · 11% 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 +28.3/30.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• 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

With a tennis court in your front yard, a tropical pool in your backyard and the Gulf of Mexico just beyond - the best of Sanibel is at your fingertips! This first-floor corner unit is located at scenic Sandpiper Beach, a quiet 27-unit beachfront complex nestled next to the Perry Tract Nature Preserve. Settle in and stay awhile! The 1,100+ sqft unit boasts two spacious bedrooms and bathrooms. Sip your coffee on the balcony while enjoying peaceful views of the beach, pool, and lush landscaping. Serve dinner on the screened porch, inside at the dining room table, or even at the kitchen bar. A stackable washer and dryer makes it easy to do a load of towels after a day at the beach. Assigned covered parking is under the unit, plus a spacious exterior storage closet for your bikes and beach gear. The unit offers steady rental income, and is in a great location for biking the shaded trails on Sanibel Island!

Key facts

• Screened porch
• Corner unit
• First elevated floor

Tags

• CORNER UNIT
• FIRST ELEVATED FLOOR
• BEACHFRONT COMMUNITY
• SCREENED PORCH
• WELL EQUIPPED KITCHEN
• STACKABLE WASHER AND DRYER

Property features AI

Finance

• Other: Pets allowed with conditions (owners only; pet height limit under 15 inches at shoulder)
• Financial info: Community of 27 units; Association fee: $1,350 monthly
• HOA & community: Homeowners association (monthly fee); HOA fee includes management, water, sewer, trash, street lights, irrigation water, grounds maintenance, pest control, internet, legal/accounting; Association amenities include pool, tennis courts, shuffleboard, storage, bike storage, beach rights/access, barbecue/picnic area, management

Exterior

• Parking: Assigned underground/attached garage with 1 covered space; Guest parking available; One designated space
• Utilities: Public water; Public sewer; Cable available; High-speed internet available; Underground utilities; Municipal irrigation
• Home design: 2 stories; Entry level: 2; North-facing; Raised foundation; Has a view; Waterfront on the Gulf; Private road frontage
• Construction: Block, concrete and stucco construction; Shingle roof; Built as resale property
• Exterior features: Outdoor grill; Storage; Tennis court(s); Community pool; Beach access / beach rights; Shuffleboard court; Barbecue and picnic area; Bike storage

Interior

• Kitchen: Microwave; Range; Dishwasher; Refrigerator
• Flooring: Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Sliding windows; Dual sinks; Combined living and dining area; Cable TV available; High-speed internet available; Furnished; See remarks / other interior features
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $875k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $875k).
• Recommended offer: $796k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.1% 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 $26k 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 $245k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 96 days — a 9% lower offer ($796k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y 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 $750k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $796,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 96 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 1979 — 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: 1.35% ✓
• Cap rate: 10.12%
• Cash-on-cash: 13.67%
• DSCR: 1.61
• 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: 1.0%
• Equity multiple: 1.04×
• Total profit: $9,611
• Equity at exit: $130,465

10-year hold

• IRR: 10.7%
• Equity multiple: 1.84×
• Total profit: $205,426
• Equity at exit: $75,654

Cash invested: $245,000 (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: 6.2×

Monthly cashflow live

• Estimated rent: $11,844 medium
• Mortgage (P&I): −$4,589
• Tax from tax record: −$262 /mo · $3,144/yr
• Insurance: −$365
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,350
• Vacancy / Maint / Mgmt: −$2,487
• Net cashflow: $2,365

Break-even live

Break-even rent $8,850

Max offer price $875,000

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: $218,750
• Closing costs: $26,250
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1992 Roseate Ln Unit 414 Sanibel, FL	2.0	1.0	900	$1,400	$1.56	3d	1	0.68mi
2445 W Gulf Dr Unit 32E Sanibel, FL	2.0	2.0	1243	$18,000	$14.48	24d	1	0.92mi
2445 W Gulf Dr Unit 47B Sanibel, FL	2.0	2.0	1243	$20,000	$16.09	24d	1	0.98mi

HOA detail condo

• Monthly dues: $1,350 · $16,200/yr
• Likely covers: landscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-17
   days on market $875,000 Active 96 DOM
2. 2026-06-16
   days on market $875,000 Active 95 DOM
3. 2026-06-15
   days on market $875,000 Active 94 DOM
4. 2026-06-13
   days on market $875,000 Active 92 DOM
5. 2026-06-10
   days on market $875,000 Active 89 DOM
6. 2026-06-09
   days on market $875,000 Active 88 DOM
7. 2026-06-07
   days on market $875,000 Active 86 DOM
8. 2026-06-03
   days on market $875,000 Active 82 DOM
9. 2026-06-02
   days on market $875,000 Active 81 DOM
10. 2026-06-01
    days on market $875,000 Active 80 DOM
11. 2026-06-01
    days on market $875,000 Active 79 DOM
12. 2026-03-13
    listed $875,000 Active
13. 2021-03-09
    soldstatus $750,000
14. 2021-03-01
    soldstatus $750,000 Closed 915-char remark

    Show marketing remark (915 chars)

    With a tennis court in your front yard, a tropical pool in your backyard and the Gulf of Mexico just beyond - the best of Sanibel is at your fingertips! This first-floor corner unit is located at scenic Sandpiper Beach, a quiet 27-unit beachfront complex nestled next to the Perry Tract Nature Preserve. Settle in and stay awhile! The 1,100+ sqft unit boasts two spacious bedrooms and bathrooms. Sip your coffee on the balcony while enjoying peaceful views of the beach, pool, and lush landscaping. Serve dinner on the screened porch, inside at the dining room table, or even at the kitchen bar. A stackable washer and dryer makes it easy to do a load of towels after a day at the beach. Assigned covered parking is under the unit, plus a spacious exterior storage closet for your bikes and beach gear. The unit offers steady rental income, and is in a great location for biking the shaded trails on Sanibel Island!

15. 2021-01-15
    status Pending 915-char remark

    Show marketing remark (915 chars)

    With a tennis court in your front yard, a tropical pool in your backyard and the Gulf of Mexico just beyond - the best of Sanibel is at your fingertips! This first-floor corner unit is located at scenic Sandpiper Beach, a quiet 27-unit beachfront complex nestled next to the Perry Tract Nature Preserve. Settle in and stay awhile! The 1,100+ sqft unit boasts two spacious bedrooms and bathrooms. Sip your coffee on the balcony while enjoying peaceful views of the beach, pool, and lush landscaping. Serve dinner on the screened porch, inside at the dining room table, or even at the kitchen bar. A stackable washer and dryer makes it easy to do a load of towels after a day at the beach. Assigned covered parking is under the unit, plus a spacious exterior storage closet for your bikes and beach gear. The unit offers steady rental income, and is in a great location for biking the shaded trails on Sanibel Island!

16. 2021-01-15
    status Active 915-char remark

    Show marketing remark (915 chars)

    With a tennis court in your front yard, a tropical pool in your backyard and the Gulf of Mexico just beyond - the best of Sanibel is at your fingertips! This first-floor corner unit is located at scenic Sandpiper Beach, a quiet 27-unit beachfront complex nestled next to the Perry Tract Nature Preserve. Settle in and stay awhile! The 1,100+ sqft unit boasts two spacious bedrooms and bathrooms. Sip your coffee on the balcony while enjoying peaceful views of the beach, pool, and lush landscaping. Serve dinner on the screened porch, inside at the dining room table, or even at the kitchen bar. A stackable washer and dryer makes it easy to do a load of towels after a day at the beach. Assigned covered parking is under the unit, plus a spacious exterior storage closet for your bikes and beach gear. The unit offers steady rental income, and is in a great location for biking the shaded trails on Sanibel Island!

17. 2021-01-14
    status Pending 915-char remark

    Show marketing remark (915 chars)

    With a tennis court in your front yard, a tropical pool in your backyard and the Gulf of Mexico just beyond - the best of Sanibel is at your fingertips! This first-floor corner unit is located at scenic Sandpiper Beach, a quiet 27-unit beachfront complex nestled next to the Perry Tract Nature Preserve. Settle in and stay awhile! The 1,100+ sqft unit boasts two spacious bedrooms and bathrooms. Sip your coffee on the balcony while enjoying peaceful views of the beach, pool, and lush landscaping. Serve dinner on the screened porch, inside at the dining room table, or even at the kitchen bar. A stackable washer and dryer makes it easy to do a load of towels after a day at the beach. Assigned covered parking is under the unit, plus a spacious exterior storage closet for your bikes and beach gear. The unit offers steady rental income, and is in a great location for biking the shaded trails on Sanibel Island!

18. 2021-01-06
    price $775,000 915-char remark

    Show marketing remark (915 chars)

    With a tennis court in your front yard, a tropical pool in your backyard and the Gulf of Mexico just beyond - the best of Sanibel is at your fingertips! This first-floor corner unit is located at scenic Sandpiper Beach, a quiet 27-unit beachfront complex nestled next to the Perry Tract Nature Preserve. Settle in and stay awhile! The 1,100+ sqft unit boasts two spacious bedrooms and bathrooms. Sip your coffee on the balcony while enjoying peaceful views of the beach, pool, and lush landscaping. Serve dinner on the screened porch, inside at the dining room table, or even at the kitchen bar. A stackable washer and dryer makes it easy to do a load of towels after a day at the beach. Assigned covered parking is under the unit, plus a spacious exterior storage closet for your bikes and beach gear. The unit offers steady rental income, and is in a great location for biking the shaded trails on Sanibel Island!

19. 2020-09-21
    listed $789,000 Active 915-char remark

    Show marketing remark (915 chars)

    With a tennis court in your front yard, a tropical pool in your backyard and the Gulf of Mexico just beyond - the best of Sanibel is at your fingertips! This first-floor corner unit is located at scenic Sandpiper Beach, a quiet 27-unit beachfront complex nestled next to the Perry Tract Nature Preserve. Settle in and stay awhile! The 1,100+ sqft unit boasts two spacious bedrooms and bathrooms. Sip your coffee on the balcony while enjoying peaceful views of the beach, pool, and lush landscaping. Serve dinner on the screened porch, inside at the dining room table, or even at the kitchen bar. A stackable washer and dryer makes it easy to do a load of towels after a day at the beach. Assigned covered parking is under the unit, plus a spacious exterior storage closet for your bikes and beach gear. The unit offers steady rental income, and is in a great location for biking the shaded trails on Sanibel Island!

20. 2011-06-07
    soldstatus $610,000 531-char remark

    Show marketing remark (531 chars)

    Beautifully remodeled 2 BR/2 BA first floor corner unit with wonderful direct Gulf views. Kitchen has raised panel cabinets, newer appliances, breakfast bar and lighted tray ceiling. Tile in kitchen, living room and screened lanai. Remodeled baths with tile floors and glass shower enclosures. A/C replaced in 2009. Fully furnished in Island style with plantation shutters. Large exterior storage room and assigned parking under building. Quiet 27 unit complex on 13 acres along the Gulf of Mexico. Rental income $35,230. for 2010.

21. 2011-06-06
    soldstatus $610,000
22. 2011-03-25
    price $649,500 531-char remark

    Show marketing remark (531 chars)

    Beautifully remodeled 2 BR/2 BA first floor corner unit with wonderful direct Gulf views. Kitchen has raised panel cabinets, newer appliances, breakfast bar and lighted tray ceiling. Tile in kitchen, living room and screened lanai. Remodeled baths with tile floors and glass shower enclosures. A/C replaced in 2009. Fully furnished in Island style with plantation shutters. Large exterior storage room and assigned parking under building. Quiet 27 unit complex on 13 acres along the Gulf of Mexico. Rental income $35,230. for 2010.

23. 1994-06-02
    soldstatus $315,000
24. 1991-04-05
    soldstatus $245,000

ⓘ 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: $3,144 · $262/mo
• Projected year-2 tax: $7,262 · $605/mo
• Expected delta: +$4,118/yr (+$343/mo · 131.0%)

ⓘ 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: $142,130
• − Mortgage interest: −$49,014
• − Property taxes: −$3,144
• − Insurance: −$9,494
• − Repairs & maintenance: −$11,370
• − Management: −$11,370
• − HOA: −$16,200
• − Depreciation: −$25,455
• Taxable income: $16,084
• Est. tax owed @ 24.0%: −$3,860
• After-tax cash flow: $24,522/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

+257.1% since first listed

13 events — show timeline

• 2026-03-13 Listed $875,000 FORTMLS
• 2021-03-09 Sold (Public Records) $750,000 Public Records
• 2021-03-01 Sold (MLS) $750,000 FORTMLS
• 2021-01-15 Pending — FORTMLS
• 2021-01-15 Relisted — FORTMLS
• 2021-01-14 Pending — FORTMLS
• 2021-01-06 Price Changed $775,000 FORTMLS
• 2020-09-21 Listed $789,000 FORTMLS
• 2011-06-07 Sold (MLS) $610,000 FORTMLS
• 2011-06-06 Sold (Public Records) $610,000 Public Records
• 2011-03-25 Price Changed $649,500 FORTMLS
• 1994-06-02 Sold (Public Records) $315,000 Public Records
• 1991-04-05 Sold (Public Records) $245,000 Public Records

Property tax history

-8.3%/yr

Latest (2025): $3,144 · -0.4% YoY. Source: county tax records.