827 E Gulf Dr Unit M4 · Sanibel, FL 33957

$675,000

2 bd · 2.0 ba · 967 sqft · Condo public records · 505 Days on market

Built 1974 $1618/mo HOA · 15% of rent

---

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 +27.6/30.0
• 1% rule +10.0/10.0
• DSCR +9.7/10.0
• 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

Here is your place to relax and truly enjoy life in this perfectly redone 2 bedroom, 2 bath condo offering incredible rental income and a place to call your vacation home Totally redone with a brand new kitchen, new baths and new tile throughout. The onsite rental office, pool, tennis and boat dockage round out this wonderful opportunity. Sanibel Arms West is truly a beautiful Gulf Front complex located on the East End of Sanibel near the lighthouse, restaurants and shopping.

Key facts

• New baths
• Brand new kitchen
• New tile

Tags

• BRAND NEW KITCHEN
• NEW BATHS
• NEW TILE
• ONSITE RENTAL OFFICE
• BOAT DOCKAGE
• GULF FRONT COMPLEX

Property features AI

Finance

• Other: Condo hotel community located near hotel/motel; Community contains 104 units
• Financial info: No pets allowed
• HOA & community: Homeowners association with community amenities; Association offers beach rights, boat dock, beach access, bike storage, clubhouse, laundry, pool, sidewalks and tennis courts; Association management and services include cable TV, internet, irrigation water, insurance, legal/accounting, grounds maintenance, pest control, recreation facilities, reserve fund, sewer, trash and water; Monthly association fee (amount provided in source)

Exterior

• Parking: On-site management (building feature)
• Security: Smoke detectors
• Utilities: Public water; Public sewer
• Home design: Condominium in a 2-story building; Entry level: 1; West-facing; Has view; Resale property; Waterfront on the Gulf; East exposure (lot exposure listed as East)
• Construction: Built with block, concrete and stucco; Built-up, flat and metal roof types
• Exterior features: Security/high-impact doors; Outdoor grill; Outdoor shower; Storage; Community tennis courts; Lanai/porch (screened)

Interior

• Kitchen: Dishwasher; Disposal; Icemaker; Microwave; Range; Refrigerator (with ice maker)
• Bedrooms: Includes a screened porch (listed as a room type)
• Flooring: Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Impact glass windows; Breakfast bar; Open living/dining area; Separate shower (shower only); Split bedroom layout; High-speed internet available; Unfurnished
• Laundry & utility: Washer; Dryer; Laundry in common area and inside unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $675k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $675k).
• Recommended offer: $594k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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 $5k 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.

Negotiation context

• It's been on market 505 days — a 12% lower offer ($594k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $375k; list at $675k implies a 80% 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→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $594,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 505 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 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: 1.56% ✓
• Cap rate: 9.87%
• Cash-on-cash: 12.78%
• DSCR: 1.57
• GRM: 5.4

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: -1.0%
• Equity multiple: 0.96×
• Total profit: $-6,971
• Equity at exit: $100,645

10-year hold

• IRR: 8.9%
• Equity multiple: 1.69×
• Total profit: $129,723
• Equity at exit: $58,362

Cash invested: $189,000 (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: 5.4×

Monthly cashflow live

• Estimated rent: $10,500 medium
• Mortgage (P&I): −$3,540
• Tax est. 1.5%: −$844 /mo · $10,125/yr
• Insurance: −$281
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,618
• Vacancy / Maint / Mgmt: −$2,205
• Net cashflow: $1,586

Break-even live

Break-even rent $8,493

Max offer price $675,000

Occupancy floor 80%

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: $168,750
• Closing costs: $20,250
• 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	23d	1	0.05mi

HOA detail condo

• Monthly dues: $1,618 · $19,416/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-17
   days on market $675,000 Active 505 DOM
2. 2026-06-16
   days on market $675,000 Active 504 DOM
3. 2026-06-16
   days on market $675,000 Active 503 DOM
4. 2026-06-13
   pricedays on market $675,000 Active 501 DOM
5. 2026-06-09
   days on market $749,500 Active 497 DOM
6. 2026-06-07
   days on market $749,500 Active 495 DOM
7. 2026-06-02
   days on market $749,500 Active 490 DOM
8. 2026-06-01
   days on market $749,500 Active 489 DOM
9. 2026-06-01
   days on market $749,500 Active 488 DOM
10. 2025-01-28
    listed $749,500 Active
11. 2011-07-01
    soldstatus $375,000
12. 1987-05-15
    soldstatus $132,000
13. 1973-10-01
    soldstatus $38,700

ⓘ 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 ≥113°F today · 28 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: −$37,810
• − Property taxes: −$10,125
• − Insurance: −$8,494
• − Repairs & maintenance: −$10,080
• − Management: −$10,080
• − HOA: −$19,416
• − Depreciation: −$19,636
• Taxable income: $10,359
• Est. tax owed @ 24.0%: −$2,486
• After-tax cash flow: $16,542/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

+1836.7% since first listed

4 events — show timeline

• 2025-01-28 Listed $749,500 FORTMLS
• 2011-07-01 Sold (Public Records) $375,000 Public Records
• 1987-05-15 Sold (Public Records) $132,000 Public Records
• 1973-10-01 Sold (Public Records) $38,700 Public Records

Property tax history

-15.4%/yr

Latest (2025): $907 · -0.4% YoY. Source: county tax records.