200 Periwinkle Way #231 · Sanibel, FL 33957

$650,000

2 bd · 2.0 ba · 1,578 sqft · Condo public records · 200 Days on market

Built 1976 $1422/mo HOA · 8% 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 MLS

ENJOY WATER VIEWS IN THIS UPDATED UNIT WITH STAINLESS STEEL APPLIANCES. THE LANAI AND PATIO HAVE FANTASTIC VIEWS OF THE BAY, SANIBEL BRIDGES, AND CAUSEWAY. A LARGE COOK'S KITCHEN. REMODELED SHOWERS IN BOTH BATHROOMS. USE THE DEN FOR UNEXPECTED GUESTS OR AN OFFICE TO WORK IN. FURNISHED WITH EXCEPTIONS, THIS UNIT HAS A TROPICAL FEEL FOR COMFORT AND ENTERTAINING. WALK TO THE BEACH AND STEPS TO THE FISHING PIER. DON'T MISS THIS ONE!!!

Key facts

• Private beach
• Bayfront living
• Tile flooring

Tags

• PRIVATE BEACH
• SHORT WALK TO LIGHTHOUSE
• IMPACT-RESISTANT WINDOWS
• LUXURY VINYL PLANK FLOORING
• TILE FLOORING
• BAYFRONT LIVING

Property features AI

Finance

• Financial info: Pets allowed with conditions (owners only); maximum pet weight 35 lbs
• HOA & community: Homeowners association with management; Monthly HOA fee of $1,422; HOA covers management, insurance, irrigation water, legal/accounting, grounds maintenance, pest control, recreation facilities, sewer, trash, and water; Community amenities include clubhouse, pool, and tennis courts; Community features include elevator and non-gated access

Exterior

• Parking: Assigned deeded parking; Guest parking available; Paved parking; One assigned space
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Cable available
• Home design: Condominium (multi-unit community of 69 units); 3 stories; Entry level: 2; East-facing; Has a view; Resale property
• Construction: Insulated Concrete Forms construction; Stucco exterior; Built-up and flat roof
• Exterior features: Courtyard; Security/high impact doors; Tennis courts; Open porch; Porch; Community pool; Pond on lot; Zero lot line; Paved road

Interior

• Kitchen: Dishwasher; Disposal; Icemaker; Microwave; Range; Refrigerator; Refrigerator with ice maker
• Bedrooms: Den
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Separate shower
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Impact glass windows with window coverings; Dual sinks; Entrance foyer; Living/dining room; Separate shower (shower only); Cable TV; Window treatments; Split bedrooms; Furnished
• Laundry & utility: Washer; Dryer; Laundry inside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $650k.

Deal economics

• At list price, monthly cash flow is $8k ($99k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $650k).
• Recommended offer: $572k (12.0% below list) — sets the bar for market timing.
• Cap rate 22.3% 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 $4k of loan paydown is wiped out by about $20k 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 $182k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 200 days — a 12% lower offer ($572k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y ago; this cycle's ask has dropped $100k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $572,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 200 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 1976 — 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: 2.80% ✓
• Cap rate: 22.27%
• Cash-on-cash: 57.08%
• DSCR: 3.54
• GRM: 3.0

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: 52.5%
• Equity multiple: 3.31×
• Total profit: $420,142
• Equity at exit: $96,917

10-year hold

• IRR: 57.8%
• Equity multiple: 6.75×
• Total profit: $1,046,065
• Equity at exit: $56,200

Cash invested: $182,000 (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: 3.0×

Monthly cashflow live

• Estimated rent: $18,200 medium
• Mortgage (P&I): −$3,409
• Tax from tax record: −$620 /mo · $7,439/yr
• Insurance: −$271
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,422
• Vacancy / Maint / Mgmt: −$3,822
• Net cashflow: $8,230

Break-even live

Break-even rent $7,782

Max offer price $650,000

Occupancy floor 50%

Sensitivity live

Price	-10% $8,598	-5% $8,414	+0% $8,230	+5% $8,046	+10% $7,862
Rent	-10% $6,792	-5% $7,511	+0% $8,230	+5% $8,949	+10% $9,668
Rate	-1.0pp $8,557	-0.5pp $8,395	base $8,230	+0.5pp $8,062	+1.0pp $7,890

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: $162,500
• Closing costs: $19,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
424 Lagoon Dr Sanibel, FL	3.0	2.0	1704	$18,200	$10.68	24d	1	0.50mi

HOA detail condo

• Monthly dues: $1,422 · $17,064/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-05-04
   status Active
2. 2026-04-30
   historical
3. 2026-04-10
   price $650,000
4. 2025-11-03
   listed $750,000 Active
5. 2025-06-12
   historical
6. 2025-01-24
   listed $819,500 Active
7. 2015-06-08
   price $640,000 434-char remark

   Show marketing remark (434 chars)

   ENJOY WATER VIEWS IN THIS UPDATED UNIT WITH STAINLESS STEEL APPLIANCES. THE LANAI AND PATIO HAVE FANTASTIC VIEWS OF THE BAY, SANIBEL BRIDGES, AND CAUSEWAY. A LARGE COOK'S KITCHEN. REMODELED SHOWERS IN BOTH BATHROOMS. USE THE DEN FOR UNEXPECTED GUESTS OR AN OFFICE TO WORK IN. FURNISHED WITH EXCEPTIONS, THIS UNIT HAS A TROPICAL FEEL FOR COMFORT AND ENTERTAINING. WALK TO THE BEACH AND STEPS TO THE FISHING PIER. DON'T MISS THIS ONE!!!

8. 2015-06-08
   soldstatus $640,000

   Show marketing remark (434 chars)

   ENJOY WATER VIEWS IN THIS UPDATED UNIT WITH STAINLESS STEEL APPLIANCES. THE LANAI AND PATIO HAVE FANTASTIC VIEWS OF THE BAY, SANIBEL BRIDGES, AND CAUSEWAY. A LARGE COOK'S KITCHEN. REMODELED SHOWERS IN BOTH BATHROOMS. USE THE DEN FOR UNEXPECTED GUESTS OR AN OFFICE TO WORK IN. FURNISHED WITH EXCEPTIONS, THIS UNIT HAS A TROPICAL FEEL FOR COMFORT AND ENTERTAINING. WALK TO THE BEACH AND STEPS TO THE FISHING PIER. DON'T MISS THIS ONE!!!

9. 2015-06-05
   soldstatus $640,000 Sold 434-char remark

   Show marketing remark (434 chars)

   ENJOY WATER VIEWS IN THIS UPDATED UNIT WITH STAINLESS STEEL APPLIANCES. THE LANAI AND PATIO HAVE FANTASTIC VIEWS OF THE BAY, SANIBEL BRIDGES, AND CAUSEWAY. A LARGE COOK'S KITCHEN. REMODELED SHOWERS IN BOTH BATHROOMS. USE THE DEN FOR UNEXPECTED GUESTS OR AN OFFICE TO WORK IN. FURNISHED WITH EXCEPTIONS, THIS UNIT HAS A TROPICAL FEEL FOR COMFORT AND ENTERTAINING. WALK TO THE BEACH AND STEPS TO THE FISHING PIER. DON'T MISS THIS ONE!!!

10. 2015-06-02
    price $670,000 434-char remark

    Show marketing remark (434 chars)

    ENJOY WATER VIEWS IN THIS UPDATED UNIT WITH STAINLESS STEEL APPLIANCES. THE LANAI AND PATIO HAVE FANTASTIC VIEWS OF THE BAY, SANIBEL BRIDGES, AND CAUSEWAY. A LARGE COOK'S KITCHEN. REMODELED SHOWERS IN BOTH BATHROOMS. USE THE DEN FOR UNEXPECTED GUESTS OR AN OFFICE TO WORK IN. FURNISHED WITH EXCEPTIONS, THIS UNIT HAS A TROPICAL FEEL FOR COMFORT AND ENTERTAINING. WALK TO THE BEACH AND STEPS TO THE FISHING PIER. DON'T MISS THIS ONE!!!

11. 2015-04-24
    status Pending With Contingencies 434-char remark

    Show marketing remark (434 chars)

    ENJOY WATER VIEWS IN THIS UPDATED UNIT WITH STAINLESS STEEL APPLIANCES. THE LANAI AND PATIO HAVE FANTASTIC VIEWS OF THE BAY, SANIBEL BRIDGES, AND CAUSEWAY. A LARGE COOK'S KITCHEN. REMODELED SHOWERS IN BOTH BATHROOMS. USE THE DEN FOR UNEXPECTED GUESTS OR AN OFFICE TO WORK IN. FURNISHED WITH EXCEPTIONS, THIS UNIT HAS A TROPICAL FEEL FOR COMFORT AND ENTERTAINING. WALK TO THE BEACH AND STEPS TO THE FISHING PIER. DON'T MISS THIS ONE!!!

12. 2015-02-09
    listed $670,000 Active 434-char remark

    Show marketing remark (434 chars)

    ENJOY WATER VIEWS IN THIS UPDATED UNIT WITH STAINLESS STEEL APPLIANCES. THE LANAI AND PATIO HAVE FANTASTIC VIEWS OF THE BAY, SANIBEL BRIDGES, AND CAUSEWAY. A LARGE COOK'S KITCHEN. REMODELED SHOWERS IN BOTH BATHROOMS. USE THE DEN FOR UNEXPECTED GUESTS OR AN OFFICE TO WORK IN. FURNISHED WITH EXCEPTIONS, THIS UNIT HAS A TROPICAL FEEL FOR COMFORT AND ENTERTAINING. WALK TO THE BEACH AND STEPS TO THE FISHING PIER. DON'T MISS THIS ONE!!!

13. 2005-06-22
    soldstatus $595,000
14. 1991-07-11
    soldstatus $241,500
15. 1976-07-01
    soldstatus $81,400

ⓘ 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: $7,439 · $620/mo
• Projected year-2 tax: $7,439 · $620/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 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥113°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: $218,400
• − Mortgage interest: −$36,410
• − Property taxes: −$7,439
• − Insurance: −$8,368
• − Repairs & maintenance: −$17,472
• − Management: −$17,472
• − HOA: −$17,064
• − Depreciation: −$18,909
• Taxable income: $95,266
• Est. tax owed @ 24.0%: −$22,864
• After-tax cash flow: $75,897/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

+698.5% since first listed

15 events — show timeline

• 2026-05-04 Relisted — FORTMLS
• 2026-04-30 Listing Removed — FORTMLS
• 2026-04-10 Price Changed $650,000 FORTMLS
• 2025-11-03 Listed $750,000 FORTMLS
• 2025-06-12 Listing Removed — FORTMLS
• 2025-01-24 Listed $819,500 FORTMLS
• 2015-06-08 Price Changed $640,000 FORTMLS
• 2015-06-08 Sold (Public Records) $640,000 Public Records
• 2015-06-05 Sold (MLS) $640,000 FORTMLS
• 2015-06-02 Price Changed $670,000 FORTMLS
• 2015-04-24 Pending — FORTMLS
• 2015-02-09 Listed $670,000 FORTMLS
• 2005-06-22 Sold (Public Records) $595,000 Public Records
• 1991-07-11 Sold (Public Records) $241,500 Public Records
• 1976-07-01 Sold (Public Records) $81,400 Public Records

Property tax history

+2.7%/yr

Latest (2025): $7,439 · +714.9% YoY. Source: county tax records.