647 Rabbit Rd · Sanibel, FL 33957

$899,998

3 bd · 2.0 ba · 1,376 sqft · SingleFamily public records · 367 Days on market

Built 1984 0.33 ac lot

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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
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• 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

Virtually untouched by Ian, this charming 3 bedroom/2 bath elevated home features deeded beach access at the end of the street. This is one of the island's most unpopulated and quiet beaches. Interior photos are accurate! The home is in move-in condition. The Old Florida feel is enhanced by the white vaulted cypress wood-planked ceiling in the living area and the wood floors in most of the house. Enjoy spectacular views of the Sanibel River with its abundant wildlife from upper and lower level screened porches and amazing sunsets over the preserve. Welcome each day with beautiful sunrises from the front porch. The ground level contains a 2-car garage and extra storage space, which can be easily configured to accommodate additional vehicles. This is an ideal vacation home or a wonderful place to live on the island year-round. Combining preserve and water views with close proximity to the beach and a mid-island location, this is the home that you have been waiting for!

Key facts

• Sanibel river
• Deeded beach access
• New a/c unit

Tags

• DEEDED BEACH ACCESS
• CUSTOM POOL
• SCREENED IN LANAI
• SANIBEL RIVER
• NEW A/C UNIT
• SODDED YARD

Property features AI

Finance

• Other: Property type: Residential; Single unit, single floor building
• HOA & community: No HOA maintenance assessed; Community amenities include beach access; Non-gated community

Exterior

• Parking: Under-building closed parking; Attached 2-car garage
• Security: Impact-resistant storm protection (doors and windows); Smoke detectors
• Utilities: Central water; Central sewer; Cable available; Reclaimed irrigation
• Home design: Single-family residence on stilts (elevated/piling); Built in 1984; Rear exposure faces west; Located in the Sanibel River community
• Construction: Wood frame construction; Metal roof; Elevated/piling foundation (stilts)
• Exterior features: Patio; Below-ground private pool; Impact-resistant windows and doors; Wood siding

Interior

• Kitchen: Electric cooktop; Dishwasher; Disposal; Microwave; Refrigerator; Pantry
• Bedrooms: 3 bedrooms
• Flooring: Parquet; Tile; Wood
• Bathrooms: 2 full bathrooms; Master bath with combo tub and shower
• Heating & cooling: Central electric heat; Central electric cooling; Ceiling fans
• Interior features: Cable prewire; High-speed internet available; Pantry; Smoke detectors; Vaulted ceiling; Window coverings; Dining area integrated with living space (Great Room); Screened lanai/porch; Turnkey furnished; Six ceiling fans
• Laundry & utility: Washer; Dryer; Laundry in residence

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $900k.

Deal economics

• At list price, monthly cash flow is $3k ($38k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $900k).
• Recommended offer: $792k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.1% 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; 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 $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 $252k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 367 days — a 12% lower offer ($792k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $300k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $720k; 25% 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→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $791,998 (12.0% below list)

Questions for the listing agent

1. It's been on market 367 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: 1.33% ✓
• Cap rate: 11.09%
• Cash-on-cash: 17.13%
• DSCR: 1.76
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $584,800
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
575 Hideaway Ct	0.19mi	3/2.5	1,430 (+4%)	13mo	$607,500	$425	71

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: 5.7%
• Equity multiple: 1.22×
• Total profit: $56,295
• Equity at exit: $134,193

10-year hold

• IRR: 15.2%
• Equity multiple: 2.23×
• Total profit: $309,955
• Equity at exit: $77,815

Cash invested: $251,999 (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: $12,000 medium
• Mortgage (P&I): −$4,720
• Tax from tax record: −$789 /mo · $9,466/yr
• Insurance: −$375
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,520
• Net cashflow: $3,170

Break-even live

Break-even rent $7,987

Max offer price $899,998

Occupancy floor 69%

Sensitivity live

Price	-10% $3,679	-5% $3,425	+0% $3,170	+5% $2,915	+10% $2,660
Rent	-10% $2,222	-5% $2,696	+0% $3,170	+5% $3,644	+10% $4,118
Rate	-1.0pp $3,623	-0.5pp $3,399	base $3,170	+0.5pp $2,937	+1.0pp $2,699

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: $225,000
• Closing costs: $27,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
707 Durion Ct Sanibel, FL	3.0	2.5	1306	$12,000	$9.19	25d	1	0.32mi

Listing history 22 events

1. 2026-06-17
   days on market $899,998 Active 367 DOM
2. 2026-06-16
   days on market $899,998 Active 366 DOM
3. 2026-06-16
   days on market $899,998 Active 365 DOM
4. 2026-06-13
   pricestatusdays on market $899,998 Active 363 DOM
5. 2026-05-21
   status Pending With Contingencies
6. 2026-03-24
   price $995,000
7. 2025-10-02
   status Active
8. 2025-07-23
   price $1,095,000
9. 2025-05-19
   listed $1,200,000 Active
10. 2023-05-10
    soldstatus $720,000
11. 2023-04-26
    soldstatus $720,000 Closed 981-char remark

    Show marketing remark (981 chars)

    Virtually untouched by Ian, this charming 3 bedroom/2 bath elevated home features deeded beach access at the end of the street. This is one of the island's most unpopulated and quiet beaches. Interior photos are accurate! The home is in move-in condition. The Old Florida feel is enhanced by the white vaulted cypress wood-planked ceiling in the living area and the wood floors in most of the house. Enjoy spectacular views of the Sanibel River with its abundant wildlife from upper and lower level screened porches and amazing sunsets over the preserve. Welcome each day with beautiful sunrises from the front porch. The ground level contains a 2-car garage and extra storage space, which can be easily configured to accommodate additional vehicles. This is an ideal vacation home or a wonderful place to live on the island year-round. Combining preserve and water views with close proximity to the beach and a mid-island location, this is the home that you have been waiting for!

12. 2023-04-07
    status Pending 981-char remark

    Show marketing remark (981 chars)

    Virtually untouched by Ian, this charming 3 bedroom/2 bath elevated home features deeded beach access at the end of the street. This is one of the island's most unpopulated and quiet beaches. Interior photos are accurate! The home is in move-in condition. The Old Florida feel is enhanced by the white vaulted cypress wood-planked ceiling in the living area and the wood floors in most of the house. Enjoy spectacular views of the Sanibel River with its abundant wildlife from upper and lower level screened porches and amazing sunsets over the preserve. Welcome each day with beautiful sunrises from the front porch. The ground level contains a 2-car garage and extra storage space, which can be easily configured to accommodate additional vehicles. This is an ideal vacation home or a wonderful place to live on the island year-round. Combining preserve and water views with close proximity to the beach and a mid-island location, this is the home that you have been waiting for!

13. 2023-04-03
    listed $725,000 Active 981-char remark

    Show marketing remark (981 chars)

    Virtually untouched by Ian, this charming 3 bedroom/2 bath elevated home features deeded beach access at the end of the street. This is one of the island's most unpopulated and quiet beaches. Interior photos are accurate! The home is in move-in condition. The Old Florida feel is enhanced by the white vaulted cypress wood-planked ceiling in the living area and the wood floors in most of the house. Enjoy spectacular views of the Sanibel River with its abundant wildlife from upper and lower level screened porches and amazing sunsets over the preserve. Welcome each day with beautiful sunrises from the front porch. The ground level contains a 2-car garage and extra storage space, which can be easily configured to accommodate additional vehicles. This is an ideal vacation home or a wonderful place to live on the island year-round. Combining preserve and water views with close proximity to the beach and a mid-island location, this is the home that you have been waiting for!

14. 2022-06-20
    historical
15. 2022-06-13
    price $799,000
16. 2022-06-03
    listed $819,000 Active
17. 2021-10-28
    soldstatus $701,500
18. 2021-10-27
    soldstatus $701,500 Closed
19. 2021-10-16
    status Pending
20. 2021-10-15
    listed $699,000 Active
21. 1981-05-01
    soldstatus $22,000
22. 1978-07-01
    soldstatus $17,500

ⓘ 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: $9,466 · $789/mo
• Projected year-2 tax: $9,466 · $789/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 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: $144,000
• − Mortgage interest: −$50,414
• − Property taxes: −$9,466
• − Insurance: −$9,618
• − Repairs & maintenance: −$11,520
• − Management: −$11,520
• − Depreciation: −$26,182
• Taxable income: $25,280
• Est. tax owed @ 24.0%: −$6,067
• After-tax cash flow: $31,972/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

+5585.7% since first listed

18 events — show timeline

• 2026-05-21 Pending — BEARMLS
• 2026-03-24 Price Changed $995,000 BEARMLS
• 2025-10-02 Relisted — BEARMLS
• 2025-07-23 Price Changed $1,095,000 BEARMLS
• 2025-05-19 Listed $1,200,000 BEARMLS
• 2023-05-10 Sold (Public Records) $720,000 Public Records
• 2023-04-26 Sold (MLS) $720,000 FORTMLS
• 2023-04-07 Pending — FORTMLS
• 2023-04-03 Listed $725,000 FORTMLS
• 2022-06-20 Listing Removed — FORTMLS
• 2022-06-13 Price Changed $799,000 FORTMLS
• 2022-06-03 Listed $819,000 FORTMLS
• 2021-10-28 Sold (Public Records) $701,500 Public Records
• 2021-10-27 Sold (MLS) $701,500 FORTMLS
• 2021-10-16 Pending — FORTMLS
• 2021-10-15 Listed $699,000 FORTMLS
• 1981-05-01 Sold (Public Records) $22,000 Public Records
• 1978-07-01 Sold (Public Records) $17,500 Public Records

Property tax history

+8.3%/yr

Latest (2025): $9,466 · +2.8% YoY. Source: county tax records.