698 Spartina Ct · Sanibel, FL 33957

$849,900

3 bd · 2.0 ba · 1,759 sqft · SingleFamily public records · 146 Days on market

Built 2010 0.52 ac lot Est $874k · at est.

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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 +26.8/30.0
• DSCR +9.2/10.0
• ARV discount +8.8/15.0
• 1% rule +6.9/10.0
• 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

Beautiful Subdivision, Oversized Lot On Cul-de-sac With Lake Views. Wonderful Value! Ready To Build You Home. Restriction On Size Of Home. Call Ellie For Details.

Key facts

• Native vegetation
• Caged pool
• Fully landscaped

Tags

• CAGED POOL
• FULLY LANDSCAPED
• NATIVE VEGETATION

Property features AI

Finance

• Other: Lot is irregularly shaped (dimensions: 173 x 116 x 158 x 145); Lot size approximately 0.52 acres; Has a view
• Financial info: Pets allowed
• HOA & community: Beach rights; Non-gated community; Association fee listed as 0

Exterior

• Parking: Attached carport (1 covered space)
• Security: Security / high impact doors
• Utilities: Public water; Public sewer; Cable available
• Home design: 2-story home; South-facing; Pillar/post/pier foundation; Resale property
• Construction: Metal roof; Aluminum siding
• Exterior features: Security / high impact doors; Storage; Lanai; Porch (screened); In-ground private pool; Riverfront view; North exposure

Interior

• Kitchen: Dishwasher; Disposal; Icemaker; Microwave; Refrigerator; Refrigerator with ice maker
• Flooring: Wood flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Impact glass windows; Cathedral ceilings; Breakfast bar; Separate shower; Bathtub; Living/dining room layout; Furnished
• Laundry & utility: Washer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $850k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $850k).
• Recommended offer: $748k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.6% 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 $25k 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 146 days — a 12% lower offer ($748k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y ago; this cycle's ask has dropped $119k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $170k; list at $850k implies a 400% 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→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $747,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 146 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.19% ✓
• Cap rate: 9.56%
• Cash-on-cash: 11.68%
• DSCR: 1.52
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $874,223
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
731 Durion Ct	0.14mi	3/2.0	1,748 (-1%)	6mo	$999,000	$572	88
547 Chert Ct	0.21mi	3/2.5	1,790 (+2%)	21mo	$889,000	$497	68
4049 Coquina Dr	0.42mi	3/2.0	1,670 (-5%)	12mo	$350,000	$210	62

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.9%
• Equity multiple: 0.93×
• Total profit: $-17,070
• Equity at exit: $126,723

10-year hold

• IRR: 7.8%
• Equity multiple: 1.59×
• Total profit: $141,248
• Equity at exit: $73,484

Cash invested: $237,972 (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: 7.0×

Monthly cashflow live

• Estimated rent: $10,076 medium
• Mortgage (P&I): −$4,457
• Tax from tax record: −$832 /mo · $9,985/yr
• Insurance: −$354
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,116
• Net cashflow: $1,890

Break-even live

Break-even rent $7,683

Max offer price $849,900

Occupancy floor 76%

Sensitivity live

Price	-10% $2,371	-5% $2,131	+0% $1,890	+5% $1,649	+10% $1,409
Rent	-10% $1,094	-5% $1,492	+0% $1,890	+5% $2,288	+10% $2,686
Rate	-1.0pp $2,318	-0.5pp $2,106	base $1,890	+0.5pp $1,670	+1.0pp $1,446

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: $212,475
• Closing costs: $25,497
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
707 Durion Ct Sanibel, FL	3.0	2.5	1306	$12,000	$9.19	24d	1	0.06mi
548 Boulder Dr Sanibel, FL	3.0	3.0	1969	$6,500	$3.30	24d	1	0.22mi

Listing history 20 events

1. 2026-05-03
   status Pending
2. 2026-04-15
   price $849,900
3. 2026-03-08
   price $899,900
4. 2026-02-09
   status Active
5. 2026-01-29
   status Pending
6. 2025-11-27
   price $969,900
7. 2025-11-26
   listed $969,000 Active
8. 2018-04-05
   historical
9. 2017-09-24
   status Active
10. 2017-09-18
    price $770,000
11. 2017-05-02
    historical
12. 2017-04-09
    price $849,900
13. 2017-03-17
    price $865,000
14. 2017-02-07
    price $895,000
15. 2016-11-10
    listed $924,900 Active
16. 2001-03-23
    soldstatus $170,000
17. 2001-03-21
    soldstatus $170,000 162-char remark

    Show marketing remark (162 chars)

    Beautiful Subdivision, Oversized Lot On Cul-de-sac With Lake Views. Wonderful Value! Ready To Build You Home. Restriction On Size Of Home. Call Ellie For Details.

18. 2000-12-31
    price $190,000 162-char remark

    Show marketing remark (162 chars)

    Beautiful Subdivision, Oversized Lot On Cul-de-sac With Lake Views. Wonderful Value! Ready To Build You Home. Restriction On Size Of Home. Call Ellie For Details.

19. 1990-01-04
    soldstatus $135,000
20. 1989-12-01
    soldstatus $135,000

ⓘ 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: $9,985 · $832/mo
• Projected year-2 tax: $9,985 · $832/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 3/10 Moderate
• 🌡 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: $120,907
• − Mortgage interest: −$47,608
• − Property taxes: −$9,985
• − Insurance: −$9,368
• − Repairs & maintenance: −$9,673
• − Management: −$9,673
• − Depreciation: −$24,724
• Taxable income: $9,877
• Est. tax owed @ 24.0%: −$2,371
• After-tax cash flow: $20,310/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

+529.6% since first listed

20 events — show timeline

• 2026-05-03 Pending — FORTMLS
• 2026-04-15 Price Changed $849,900 FORTMLS
• 2026-03-08 Price Changed $899,900 FORTMLS
• 2026-02-09 Relisted — FORTMLS
• 2026-01-29 Pending — FORTMLS
• 2025-11-27 Price Changed $969,900 FORTMLS
• 2025-11-26 Listed $969,000 FORTMLS
• 2018-04-05 Listing Removed — FORTMLS
• 2017-09-24 Relisted — FORTMLS
• 2017-09-18 Price Changed $770,000 FORTMLS
• 2017-05-02 Listing Removed — FORTMLS
• 2017-04-09 Price Changed $849,900 FORTMLS
• 2017-03-17 Price Changed $865,000 FORTMLS
• 2017-02-07 Price Changed $895,000 FORTMLS
• 2016-11-10 Listed $924,900 FORTMLS
• 2001-03-23 Sold (Public Records) $170,000 Public Records
• 2001-03-21 Sold (MLS) $170,000 FORTMLS
• 2000-12-31 Price Changed $190,000 FORTMLS
• 1990-01-04 Sold (Public Records) $135,000 Public Records
• 1989-12-01 Sold (Public Records) $135,000 Public Records

Property tax history

+0.6%/yr

Latest (2025): $9,985 · +2.8% YoY. Source: county tax records.