2777 W Gulf Dr #104 · Sanibel, FL 33957

$889,000

2 bd · 2.0 ba · 1,276 sqft · Condo public records · 6 Days on market

Built 1976 $913/mo HOA · 5% 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

Come see this beautifully remodeled 2-bedroom, 2-bathroom condo located on Sanibel Island. Recently renovated in the summer of 2024, this stunning property offers modern elegance and coastal charm, featuring top-of-the-line finishes and an open, airy layout that invites relaxation and comfort. As you step inside, you’ll be greeted by a spacious living area with fresh paint, new flooring, and abundant natural light pouring through large windows. The gourmet kitchen has been fully updated with brand-new stainless steel appliances, custom cabinetry, and sleek quartz countertops, perfect for preparing meals or entertaining guests. The dining area seamlessly flows into the living room, cre

Key facts

• Gourmet kitchen
• Views of the pool
• Steps from the beach

Tags

• REMODELED CONDO
• GOURMET KITCHEN
• PRIVATE SCREENED LANAI
• VIEWS OF THE POOL
• STEPS FROM THE BEACH

Property features AI

Finance

• Other: Pets allowed conditionally (call); maximum 1 pet up to 30 lbs
• Financial info: Community of 45 units
• HOA & community: Homeowners association with quarterly fee; Association amenities include beach rights and access, pool, spa/hot tub, tennis and shuffleboard courts, management and beach access; Association services cover management, cable TV, insurance, irrigation water, legal/accounting, grounds maintenance, pest control, recreation facilities, reserve fund, sewer, trash and water

Exterior

• Parking: Assigned covered parking; Underground parking; Attached carport with 1 space; One covered space
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Cable available; Irrigation with reclaimed water
• Home design: Resale property; Entry level: 1; Northeast facing; 3 stories total
• Construction: Insulated concrete forms construction; Stucco exterior; Built-up and flat roof
• Exterior features: Electric shutters; Tennis courts; Lanai; Porch; Screened patio/porch; Community pool; Beach front Gulf waterfront; Southwest exposure; Zero lot line; Paved road

Interior

• Kitchen: Dishwasher; Range; Self-cleaning oven; Microwave; Refrigerator; Freezer; Disposal
• Bedrooms: Guest quarters
• Flooring: Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Impact glass windows; Window coverings and treatments; Breakfast bar; Built-in features; Dual sinks; Entrance foyer; Combined living/dining area; Pantry; Tub with shower; Cable TV; Walk-in closet(s)
• Laundry & utility: Washer; Dryer; Laundry inside unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $889k.

Deal economics

• At list price, monthly cash flow is $8k ($91k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $889k).
• Cap rate 17.1% 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; 2 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 $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 $249k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 4y 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.

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→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $889,000

Questions for the listing agent

1. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.14% ✓
• Cap rate: 17.09%
• Cash-on-cash: 38.55%
• DSCR: 2.72
• GRM: 3.9

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: 32.4%
• Equity multiple: 2.36×
• Total profit: $339,155
• Equity at exit: $132,553

10-year hold

• IRR: 39.4%
• Equity multiple: 4.70×
• Total profit: $920,623
• Equity at exit: $76,864

Cash invested: $248,920 (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: 3.9×

Monthly cashflow live

• Estimated rent: $19,054 medium
• Mortgage (P&I): −$4,662
• Tax est. 1.5%: −$1,111 /mo · $13,335/yr
• Insurance: −$370
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$913
• Vacancy / Maint / Mgmt: −$4,001
• Net cashflow: $7,569

Break-even live

Break-even rent $9,472

Max offer price $889,000

Occupancy floor 55%

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: $222,250
• Closing costs: $26,670
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	23d	1	0.61mi
2445 W Gulf Dr Unit 32E Sanibel, FL	2.0	2.0	1243	$18,000	$14.48	23d	1	0.68mi

HOA detail condo

• Monthly dues: $913 · $10,956/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-18
   days on market $889,000 Active 6 DOM
2. 2026-06-17
   days on market $889,000 Active 5 DOM
3. 2026-06-16
   days on market $889,000 Active 4 DOM
4. 2026-06-15
   days on market $889,000 Active 3 DOM
5. 2026-06-13
   remarks 693-char remark
6. 2026-06-13
   listed $889,000 Active 1 DOM

ⓘ 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 ≥112°F today · 25 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: $228,648
• − Mortgage interest: −$49,798
• − Property taxes: −$13,335
• − Insurance: −$9,564
• − Repairs & maintenance: −$18,292
• − Management: −$18,292
• − HOA: −$10,956
• − Depreciation: −$25,862
• Taxable income: $82,550
• Est. tax owed @ 24.0%: −$19,812
• After-tax cash flow: $71,021/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

+850.8% since first listed

15 events — show timeline

• 2026-06-12 Listed $889,000 FORTMLS
• 2026-04-30 Listing Removed — FORTMLS
• 2026-01-16 Price Changed $899,000 FORTMLS
• 2025-11-03 Listed $950,000 FORTMLS
• 2025-09-08 Listing Removed — FORTMLS
• 2024-11-27 Listed $1,100,000 FORTMLS
• 2024-05-02 Listing Removed — FORTMLS
• 2024-03-18 Listed $999,000 FORTMLS
• 2022-08-08 Sold (Public Records) $850,000 Public Records
• 2022-08-05 Sold (MLS) $850,000 FORTMLS
• 2022-06-16 Pending — FORTMLS
• 2022-06-13 Listed $874,900 FORTMLS
• 2021-12-30 Sold (Public Records) $740,000 Public Records
• 1991-05-03 Sold (Public Records) $280,000 Public Records
• 1978-05-01 Sold (Public Records) $93,500 Public Records

Property tax history

-12.2%/yr

Latest (2025): $1,761 · -0.4% YoY. Source: county tax records.