9228 Belding Dr · Sanibel, FL 33957

$830,000

2 bd · 2.0 ba · 1,820 sqft · SingleFamily public records · 156 Days on market

Built 1983

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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 +25.1/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• 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

2 STORY, 100% REDONE PROPERTY IN SANIBEL, 2 MINUTES TO RESIDENT EXCLUSIVE BEACH. 1/2 MILE AWAY FROM SANIBEL RECREATION PARK . MINUTES TO SHOPS, RESTAURANTS, AND BOATING VENUES. $300 ANNUAL ASSOCIATION. EXCELLENT INCOME POTENTIAL WITHOUT RESTRICTIONS FOR RENTALS OR AIRBNB. 2 COVERED STORAGE/PARKING AREAS ON THE FIRST FLOOR, WITH 2 STORY STRUCTURE ABOVE IT. DOORS FULLY OPEN TO ENJOY A 2 STORY SCREENED IN AREA WITH FULL DECK. NEW KITCHEN, BATHS, AND FLOORING COMPLIMENT THE BRIGHT AND AIRY FEELING OF THE HOME.

Key facts

• Minutes to beaches
• 2 parking spots
• Built 1983

Tags

• COMPLETELY REDONE PROPERTY
• MINUTES TO BEACHES
• NO OWNERS ASSOCIATION
• RENTED WITHOUT RESTRICTIONS
• COVERED STORAGE AREAS
• 2 STORY SCREENED IN AREA

Property features AI

Finance

• Financial info: Lease considered; No pet restrictions (pets allowed)
• HOA & community: Boat facilities in the community

Exterior

• Parking: Attached carport; Two covered carport spaces
• Utilities: Public water; Public sewer; Cable available
• Home design: Two-story property; Faces east; Flat roof
• Construction: Block construction; Effective year built
• Exterior features: Exterior lighting; Unimproved road access; Less than quarter acre lot

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator
• Bedrooms: Atrium (listed as a room type)
• Flooring: Laminate
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Central air; Ceiling fans
• Interior features: Breakfast area; Living/dining room; Atrium; Second-floor entry; Additional storage room; Furnishing negotiable
• Laundry & utility: Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $830k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $830k).
• Recommended offer: $730k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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; 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 156 days — a 12% lower offer ($730k) is reasonable based on typical stale-listing flexibility.
• 5 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 $480k; list at $830k implies a 73% 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 $730,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 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: 1.09% ✓
• Cap rate: 8.94%
• Cash-on-cash: 9.44%
• DSCR: 1.42
• GRM: 7.6

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: -5.2%
• Equity multiple: 0.81×
• Total profit: $-45,097
• Equity at exit: $123,756

10-year hold

• IRR: 4.5%
• Equity multiple: 1.33×
• Total profit: $76,238
• Equity at exit: $71,763

Cash invested: $232,400 (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: 7.6×

Monthly cashflow live

• Estimated rent: $9,045 medium
• Mortgage (P&I): −$4,353
• Tax from tax record: −$619 /mo · $7,426/yr
• Insurance: −$346
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,899
• Net cashflow: $1,401

Break-even live

Break-even rent $7,271

Max offer price $830,000

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: $207,500
• Closing costs: $24,900
• 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	1.11mi
548 Boulder Dr Sanibel, FL	3.0	3.0	1969	$6,500	$3.30	24d	1	1.23mi

Listing history 14 events

1. 2025-12-21
   listed $830,000 Active
2. 2025-08-12
   historical
3. 2025-05-06
   listed $749,000 Active
4. 2025-04-03
   historical
5. 2025-01-12
   price $950,000
6. 2024-11-21
   listed $975,000 Active
7. 2019-05-21
   soldstatus $480,000
8. 2019-05-14
   soldstatus $480,000 Sold
9. 2019-04-15
   status Pending With Contingencies
10. 2019-03-05
    price $499,900
11. 2019-01-24
    listed $529,000 Active
12. 2014-07-27
    historical
13. 2014-05-12
    listed $545,000
14. 1995-12-19
    soldstatus $174,500

ⓘ 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: $7,426 · $619/mo
• Projected year-2 tax: $7,425 · $619/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 ≥113°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: $108,535
• − Mortgage interest: −$46,493
• − Property taxes: −$7,426
• − Insurance: −$9,268
• − Repairs & maintenance: −$8,683
• − Management: −$8,683
• − Depreciation: −$24,145
• Taxable income: $3,837
• Est. tax owed @ 24.0%: −$921
• After-tax cash flow: $15,896/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

+375.6% since first listed

14 events — show timeline

• 2025-12-21 Listed $830,000 MARMLS
• 2025-08-12 Listing Removed — FORTMLS
• 2025-05-06 Listed $749,000 FORTMLS
• 2025-04-03 Listing Removed — FORTMLS
• 2025-01-12 Price Changed $950,000 FORTMLS
• 2024-11-21 Listed $975,000 FORTMLS
• 2019-05-21 Sold (Public Records) $480,000 Public Records
• 2019-05-14 Sold (MLS) $480,000 FORTMLS
• 2019-04-15 Pending — FORTMLS
• 2019-03-05 Price Changed $499,900 FORTMLS
• 2019-01-24 Listed $529,000 FORTMLS
• 2014-07-27 Listing Removed — FORTMLS
• 2014-05-12 Listed $545,000 FORTMLS
• 1995-12-19 Sold (Public Records) $174,500 Public Records

Property tax history

+7.4%/yr

Latest (2025): $7,426 · -2.4% YoY. Source: county tax records.