845 E Gulf Dr #611 · Sanibel, FL 33957

$569,000

2 bd · 2.0 ba · 981 sqft · Condo public records · 61 Days on market

Built 1974 $1386/mo HOA · 13% 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

This two bedroom two bath is a tropical island retreat located in the Gulf Front Community of Sanibel Moorings! Cheerfully decorated and appointed with all the comforts of home. The kitchen features light bright work space with a large pass through to the living and dining area. Screened lanai walks out to the gardens and is an ideal place to enjoy the tropical breeze. This income producing condo has it all. Enjoy Sanibel's world famous beaches and bring your boat and explore the sparkling waters of the Gulf of Mexico. Relax and unwind in Sanibel’s only Botanical Gardens. Award certified in 2010 by the American Public Gardens Association, the Moorings gardens covers 6 acres and tours with the Master Gardner are offered weekly. The Moorings also offer many social events for owners and guests including a weekly continental breakfast in season, and special holiday festivities. The Sanibel Moorings are located on Sanibel’s desirable East End offering easy on & off island access, and only a short bike ride to shopping, dining and entertainment. With a beach front location, canal access for boating, stunning grounds, 2 pools, tennis, free wireless internet, and on-site​​‌​​​​‌​​‌‌​‌‌​​​‌‌​​‌​​​‌‌​​‌​ management.

Key facts

• Completely remodeled
• Upgraded cabinetry
• Park-like setting

Tags

• COMPLETELY REMODELED
• GROUND-LEVEL CONDO
• UPGRADED CABINETRY
• TROPICAL LANDSCAPING
• RESORT-STYLE AMENITIES
• PARK-LIKE SETTING

Property features AI

Finance

• Financial info: Pets allowed with conditions; maximum pet weight 35 lbs
• HOA & community: Homeowners association with monthly fee; Association fee includes management, cable TV, insurance, irrigation water, legal/accounting, grounds maintenance, pest control, recreation facilities, sewer, trash, and water; Community amenities: beach rights, boat dock, beach access, boat ramp, business center, clubhouse, fitness center, pier, pool, spa/hot tub, storage, tennis courts; Community has 122 units; Community features: boat facilities, non-gated, tennis courts

Exterior

• Parking: Assigned parking; Guest parking; One assigned space
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Cable available; High-speed internet available; Reclaimed irrigation water
• Home design: 2 stories; Entry level: 1; Faces north; South exposures
• Construction: Block, concrete and stucco construction; Shingle roof; Zero lot line
• Exterior features: Lanai; Porch; Screened porch; Security/high impact doors; Tennis courts; Community pool

Interior

• Kitchen: Dishwasher; Freezer; Garbage disposal; Microwave; Range; Refrigerator
• Bedrooms: Family room; Screened porch
• Flooring: Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: Breakfast bar; Kitchen island; Open living/dining area; Pantry; Tub/shower; Cable TV; Window treatments; Sliding windows; Impact glass; Window coverings; Furnished

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $569k.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $569k).
• Recommended offer: $535k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.9% 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 $17k 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 $159k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($535k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y 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 $435k; 31% 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→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $534,860 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — 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: 1.85% ✓
• Cap rate: 12.87%
• Cash-on-cash: 23.48%
• DSCR: 2.04
• GRM: 4.5

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: 12.7%
• Equity multiple: 1.50×
• Total profit: $80,361
• Equity at exit: $84,840

10-year hold

• IRR: 21.7%
• Equity multiple: 2.85×
• Total profit: $295,470
• Equity at exit: $49,197

Cash invested: $159,320 (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: 4.5×

Monthly cashflow live

• Estimated rent: $10,500 medium
• Mortgage (P&I): −$2,984
• Tax from tax record: −$571 /mo · $6,848/yr
• Insurance: −$237
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,386
• Vacancy / Maint / Mgmt: −$2,205
• Net cashflow: $2,691

Break-even live

Break-even rent $7,094

Max offer price $569,000

Occupancy floor 69%

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: $142,250
• Closing costs: $17,070
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
827 E Gulf Dr Unit G8 Sanibel, FL	2.0	2.0	1040	$10,500	$10.10	24d	1	0.08mi

HOA detail condo

• Monthly dues: $1,386 · $16,632/yr
• Likely covers: waterinternetlandscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-17
   days on market $569,000 Active 61 DOM
2. 2026-06-16
   days on market $569,000 Active 60 DOM
3. 2026-06-15
   days on market $569,000 Active 59 DOM
4. 2026-06-13
   days on market $569,000 Active 57 DOM
5. 2026-06-10
   days on market $569,000 Active 54 DOM
6. 2026-06-09
   days on market $569,000 Active 53 DOM
7. 2026-06-07
   days on market $569,000 Active 51 DOM
8. 2026-06-03
   days on market $569,000 Active 47 DOM
9. 2026-06-02
   days on market $569,000 Active 46 DOM
10. 2026-06-01
    days on market $569,000 Active 45 DOM
11. 2026-05-31
    days on market $569,000 Active 44 DOM
12. 2026-04-17
    listed $569,000 Active
13. 2024-07-29
    historical
14. 2024-03-20
    listed $849,000 Active
15. 2014-11-18
    price $449,000 1303-char remark

    Show marketing remark (1303 chars)

    This two bedroom two bath is a tropical island retreat located in the Gulf Front Community of Sanibel Moorings! Cheerfully decorated and appointed with all the comforts of home. The kitchen features light bright work space with a large pass through to the living and dining area. Screened lanai walks out to the gardens and is an ideal place to enjoy the tropical breeze. This income producing condo has it all. Enjoy Sanibel's world famous beaches and bring your boat and explore the sparkling waters of the Gulf of Mexico. Relax and unwind in Sanibel’s only Botanical Gardens. Award certified in 2010 by the American Public Gardens Association, the Moorings gardens covers 6 acres and tours with the Master Gardner are offered weekly. The Moorings also offer many social events for owners and guests including a weekly continental breakfast in season, and special holiday festivities. The Sanibel Moorings are located on Sanibel’s desirable East End offering easy on & off island access, and only a short bike ride to shopping, dining and entertainment. With a beach front location, canal access for boating, stunning grounds, 2 pools, tennis, free wireless internet, and on-site​​‌​​​​‌​​‌‌​‌‌​​​‌‌​​‌​​​‌‌​​‌​ management.

16. 2014-11-18
    soldstatus $435,000 1303-char remark

    Show marketing remark (1303 chars)

    This two bedroom two bath is a tropical island retreat located in the Gulf Front Community of Sanibel Moorings! Cheerfully decorated and appointed with all the comforts of home. The kitchen features light bright work space with a large pass through to the living and dining area. Screened lanai walks out to the gardens and is an ideal place to enjoy the tropical breeze. This income producing condo has it all. Enjoy Sanibel's world famous beaches and bring your boat and explore the sparkling waters of the Gulf of Mexico. Relax and unwind in Sanibel’s only Botanical Gardens. Award certified in 2010 by the American Public Gardens Association, the Moorings gardens covers 6 acres and tours with the Master Gardner are offered weekly. The Moorings also offer many social events for owners and guests including a weekly continental breakfast in season, and special holiday festivities. The Sanibel Moorings are located on Sanibel’s desirable East End offering easy on & off island access, and only a short bike ride to shopping, dining and entertainment. With a beach front location, canal access for boating, stunning grounds, 2 pools, tennis, free wireless internet, and on-site​​‌​​​​‌​​‌‌​‌‌​​​‌‌​​‌​​​‌‌​​‌​ management.

17. 2014-11-18
    soldstatus $435,000

    Show marketing remark (1303 chars)

    This two bedroom two bath is a tropical island retreat located in the Gulf Front Community of Sanibel Moorings! Cheerfully decorated and appointed with all the comforts of home. The kitchen features light bright work space with a large pass through to the living and dining area. Screened lanai walks out to the gardens and is an ideal place to enjoy the tropical breeze. This income producing condo has it all. Enjoy Sanibel's world famous beaches and bring your boat and explore the sparkling waters of the Gulf of Mexico. Relax and unwind in Sanibel’s only Botanical Gardens. Award certified in 2010 by the American Public Gardens Association, the Moorings gardens covers 6 acres and tours with the Master Gardner are offered weekly. The Moorings also offer many social events for owners and guests including a weekly continental breakfast in season, and special holiday festivities. The Sanibel Moorings are located on Sanibel’s desirable East End offering easy on & off island access, and only a short bike ride to shopping, dining and entertainment. With a beach front location, canal access for boating, stunning grounds, 2 pools, tennis, free wireless internet, and on-site​​‌​​​​‌​​‌‌​‌‌​​​‌‌​​‌​​​‌‌​​‌​ management.

18. 2014-09-24
    listed $435,000 1303-char remark

    Show marketing remark (1303 chars)

    This two bedroom two bath is a tropical island retreat located in the Gulf Front Community of Sanibel Moorings! Cheerfully decorated and appointed with all the comforts of home. The kitchen features light bright work space with a large pass through to the living and dining area. Screened lanai walks out to the gardens and is an ideal place to enjoy the tropical breeze. This income producing condo has it all. Enjoy Sanibel's world famous beaches and bring your boat and explore the sparkling waters of the Gulf of Mexico. Relax and unwind in Sanibel’s only Botanical Gardens. Award certified in 2010 by the American Public Gardens Association, the Moorings gardens covers 6 acres and tours with the Master Gardner are offered weekly. The Moorings also offer many social events for owners and guests including a weekly continental breakfast in season, and special holiday festivities. The Sanibel Moorings are located on Sanibel’s desirable East End offering easy on & off island access, and only a short bike ride to shopping, dining and entertainment. With a beach front location, canal access for boating, stunning grounds, 2 pools, tennis, free wireless internet, and on-site​​‌​​​​‌​​‌‌​‌‌​​​‌‌​​‌​​​‌‌​​‌​ management.

19. 1998-05-04
    soldstatus $249,000
20. 1990-06-01
    soldstatus $220,000

ⓘ 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: $6,848 · $571/mo
• Projected year-2 tax: $6,848 · $571/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 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥112°F today · 27 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: $126,000
• − Mortgage interest: −$31,873
• − Property taxes: −$6,848
• − Insurance: −$7,964
• − Repairs & maintenance: −$10,080
• − Management: −$10,080
• − HOA: −$16,632
• − Depreciation: −$16,553
• Taxable income: $25,971
• Est. tax owed @ 24.0%: −$6,233
• After-tax cash flow: $26,056/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

+158.6% since first listed

9 events — show timeline

• 2026-04-17 Listed $569,000 FORTMLS
• 2024-07-29 Listing Removed — FORTMLS
• 2024-03-20 Listed $849,000 FORTMLS
• 2014-11-18 Sold (Public Records) $435,000 Public Records
• 2014-11-18 Sold (MLS) $435,000 FORTMLS
• 2014-11-18 Price Changed $449,000 FORTMLS
• 2014-09-24 Listed $435,000 FORTMLS
• 1998-05-04 Sold (Public Records) $249,000 Public Records
• 1990-06-01 Sold (Public Records) $220,000 Public Records

Property tax history

+2.0%/yr

Latest (2025): $6,848 · +729.1% YoY. Source: county tax records.