585 E Gulf Dr Unit A2 · Sanibel, FL 33957

$950,000

3 bd · 2.0 ba · 1,421 sqft · Condo public records · 110 Days on market

Built 1978 $2075/mo HOA · 14% 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

Literally steps from the beach - this spacious 3 bed/2bath condo boasts beautiful partial-Gulf views. Escape the island’s commotion in Surfside 12’s low-density condo complex located on E Gulf Drive. Kick back and watch beach walkers stroll along the Gulf right from your screened balcony or from the comfort of your living room. Large sliding glass doors let in bounds of natural sunlight, and each of the three large bedrooms has access to the unit's private balcony. Located on the east end of Sanibel, the Surfside 12 complex has easy access on and off the island, and also includes 2 covered parking spots, storage closets, tennis courts, a Gulf-side pool and elevators in each building.

Key facts

• Brand new appliances
• Covered parking
• Completely remodeled

Tags

• WRAPAROUND PORCH
• COMPLETELY REMODELED
• INDOOR OUTDOOR LIVING
• CHEF'S DREAM KITCHEN
• BRAND NEW APPLIANCES
• COVERED PARKING

Property features AI

Finance

• Financial info: Total annual recurring HOA fees provided; One-time fees applicable
• HOA & community: Mandatory HOA with professional management; Quarterly master HOA fee; Master association fees include cable, insurance, irrigation water, lawn/land maintenance, pest control (exterior), repairs and reserves; Community amenities: private beach, community pool, BBQ/picnic area, bike and jog path, bike storage, tennis court, extra storage, streetlights; Non-gated community

Exterior

• Parking: 2 assigned spaces; Additional 2+ spaces available; Deeded parking; Unpaved driveway; Guest parking; Under-building open parking; Attached 2-space carport
• Security: Impact-resistant doors and windows; Impact resistant sliding windows
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential end-unit in a low-rise (1-3) building; Florida-style on stilts; Built in 1978; Faces southeast; Part of SURFSIDE 12 CONDO
• Construction: Wood frame construction; Wood siding exterior; Shingle roof; Built on stilts
• Exterior features: Outdoor shower; Extra storage; Tennis court; Screened lanai/porch and screened balcony; Open porch/lanai; Balcony; Guest room and guest bath; Oversize lot; Gravel road; Gulf frontage and waterfront view; Views of gulf, landscaped areas, parking lot and preserve; Central irrigation

Interior

• Kitchen: Island; Breakfast bar and eat-in kitchen / dining (family); Cooktop (electric); Range; Self-cleaning oven; Microwave; Dishwasher; Disposal; Refrigerator with icemaker
• Bedrooms: 3 bedrooms
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms; Master bath with dual sinks and shower (no tub)
• Heating & cooling: Central electric heat; Central electric air conditioning; Ceiling fans
• Interior features: High-speed internet available; Pantry; Walk-in closet; Window coverings; Open floor plan with great room; Common elevator; Three ceiling fans; Turnkey furnished
• Laundry & utility: Washer and dryer in residence

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $950k.

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $950k).
• Recommended offer: $864k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.8% 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 $7k of loan paydown is wiped out by about $28k 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 $266k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($864k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y ago; this cycle's ask has dropped $200k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $632k; list at $950k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $669/mo.
• Climate carrying-cost: in FEMA flood zone VE (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 $864,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — 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: 1.51% ✓
• Cap rate: 10.81%
• Cash-on-cash: 16.12%
• DSCR: 1.72
• GRM: 5.5

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: 3.2%
• Equity multiple: 1.12×
• Total profit: $32,474
• Equity at exit: $141,648

10-year hold

• IRR: 12.8%
• Equity multiple: 2.02×
• Total profit: $272,121
• Equity at exit: $82,139

Cash invested: $266,000 (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: 5.5×

Monthly cashflow live

• Estimated rent: $14,365 medium
• Mortgage (P&I): −$4,982
• Tax from tax record: −$322 /mo · $3,859/yr
• Insurance: −$396
• Flood insurance flood zone: −$669 /mo · $8,028/yr
• HOA: −$2,075
• Vacancy / Maint / Mgmt: −$3,017
• Net cashflow: $2,905

Break-even live

Break-even rent $10,688

Max offer price $950,000

Occupancy floor 75%

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: $237,500
• Closing costs: $28,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	0.40mi
424 Lagoon Dr Sanibel, FL	3.0	2.0	1704	$18,200	$10.68	23d	1	0.46mi

HOA detail condo

• Monthly dues: $2,075 · $24,900/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-17
   days on market $950,000 Active 110 DOM
2. 2026-06-16
   days on market $950,000 Active 109 DOM
3. 2026-06-15
   days on market $950,000 Active 108 DOM
4. 2026-06-13
   days on market $950,000 Active 106 DOM
5. 2026-06-10
   days on market $950,000 Active 103 DOM
6. 2026-06-09
   days on market $950,000 Active 102 DOM
7. 2026-06-07
   days on market $950,000 Active 100 DOM
8. 2026-06-02
   days on market $950,000 Active 95 DOM
9. 2026-06-01
   days on market $950,000 Active 94 DOM
10. 2026-06-01
    days on market $950,000 Active 93 DOM
11. 2026-04-16
    price $950,000
12. 2026-03-20
    price $1,000,000
13. 2026-02-27
    listed $1,150,000 Active
14. 2016-03-31
    price $632,000 704-char remark

    Show marketing remark (704 chars)

    Literally steps from the beach - this spacious 3 bed/2bath condo boasts beautiful partial-Gulf views. Escape the island’s commotion in Surfside 12’s low-density condo complex located on E Gulf Drive. Kick back and watch beach walkers stroll along the Gulf right from your screened balcony or from the comfort of your living room. Large sliding glass doors let in bounds of natural sunlight, and each of the three large bedrooms has access to the unit's private balcony. Located on the east end of Sanibel, the Surfside 12 complex has easy access on and off the island, and also includes 2 covered parking spots, storage closets, tennis courts, a Gulf-side pool and elevators in each building.

15. 2016-03-31
    soldstatus $632,000 Sold 704-char remark

    Show marketing remark (704 chars)

    Literally steps from the beach - this spacious 3 bed/2bath condo boasts beautiful partial-Gulf views. Escape the island’s commotion in Surfside 12’s low-density condo complex located on E Gulf Drive. Kick back and watch beach walkers stroll along the Gulf right from your screened balcony or from the comfort of your living room. Large sliding glass doors let in bounds of natural sunlight, and each of the three large bedrooms has access to the unit's private balcony. Located on the east end of Sanibel, the Surfside 12 complex has easy access on and off the island, and also includes 2 covered parking spots, storage closets, tennis courts, a Gulf-side pool and elevators in each building.

16. 2016-03-31
    soldstatus $632,000

    Show marketing remark (704 chars)

    Literally steps from the beach - this spacious 3 bed/2bath condo boasts beautiful partial-Gulf views. Escape the island’s commotion in Surfside 12’s low-density condo complex located on E Gulf Drive. Kick back and watch beach walkers stroll along the Gulf right from your screened balcony or from the comfort of your living room. Large sliding glass doors let in bounds of natural sunlight, and each of the three large bedrooms has access to the unit's private balcony. Located on the east end of Sanibel, the Surfside 12 complex has easy access on and off the island, and also includes 2 covered parking spots, storage closets, tennis courts, a Gulf-side pool and elevators in each building.

17. 2016-03-30
    status Pending 704-char remark

    Show marketing remark (704 chars)

    Literally steps from the beach - this spacious 3 bed/2bath condo boasts beautiful partial-Gulf views. Escape the island’s commotion in Surfside 12’s low-density condo complex located on E Gulf Drive. Kick back and watch beach walkers stroll along the Gulf right from your screened balcony or from the comfort of your living room. Large sliding glass doors let in bounds of natural sunlight, and each of the three large bedrooms has access to the unit's private balcony. Located on the east end of Sanibel, the Surfside 12 complex has easy access on and off the island, and also includes 2 covered parking spots, storage closets, tennis courts, a Gulf-side pool and elevators in each building.

18. 2016-03-30
    price $674,000 704-char remark

    Show marketing remark (704 chars)

    Literally steps from the beach - this spacious 3 bed/2bath condo boasts beautiful partial-Gulf views. Escape the island’s commotion in Surfside 12’s low-density condo complex located on E Gulf Drive. Kick back and watch beach walkers stroll along the Gulf right from your screened balcony or from the comfort of your living room. Large sliding glass doors let in bounds of natural sunlight, and each of the three large bedrooms has access to the unit's private balcony. Located on the east end of Sanibel, the Surfside 12 complex has easy access on and off the island, and also includes 2 covered parking spots, storage closets, tennis courts, a Gulf-side pool and elevators in each building.

19. 2016-03-12
    price $674,000 704-char remark

    Show marketing remark (704 chars)

    Literally steps from the beach - this spacious 3 bed/2bath condo boasts beautiful partial-Gulf views. Escape the island’s commotion in Surfside 12’s low-density condo complex located on E Gulf Drive. Kick back and watch beach walkers stroll along the Gulf right from your screened balcony or from the comfort of your living room. Large sliding glass doors let in bounds of natural sunlight, and each of the three large bedrooms has access to the unit's private balcony. Located on the east end of Sanibel, the Surfside 12 complex has easy access on and off the island, and also includes 2 covered parking spots, storage closets, tennis courts, a Gulf-side pool and elevators in each building.

20. 2016-03-03
    price $699,000 704-char remark

    Show marketing remark (704 chars)

    Literally steps from the beach - this spacious 3 bed/2bath condo boasts beautiful partial-Gulf views. Escape the island’s commotion in Surfside 12’s low-density condo complex located on E Gulf Drive. Kick back and watch beach walkers stroll along the Gulf right from your screened balcony or from the comfort of your living room. Large sliding glass doors let in bounds of natural sunlight, and each of the three large bedrooms has access to the unit's private balcony. Located on the east end of Sanibel, the Surfside 12 complex has easy access on and off the island, and also includes 2 covered parking spots, storage closets, tennis courts, a Gulf-side pool and elevators in each building.

21. 2016-01-27
    listed $799,000 Active 704-char remark

    Show marketing remark (704 chars)

    Literally steps from the beach - this spacious 3 bed/2bath condo boasts beautiful partial-Gulf views. Escape the island’s commotion in Surfside 12’s low-density condo complex located on E Gulf Drive. Kick back and watch beach walkers stroll along the Gulf right from your screened balcony or from the comfort of your living room. Large sliding glass doors let in bounds of natural sunlight, and each of the three large bedrooms has access to the unit's private balcony. Located on the east end of Sanibel, the Surfside 12 complex has easy access on and off the island, and also includes 2 covered parking spots, storage closets, tennis courts, a Gulf-side pool and elevators in each building.

22. 2007-04-16
    soldstatus $575,000

ⓘ 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: $3,859 · $322/mo
• Projected year-2 tax: $7,885 · $657/mo
• Expected delta: +$4,026/yr (+$335/mo · 104.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone VE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥113°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: $172,385
• − Mortgage interest: −$53,215
• − Property taxes: −$3,859
• − Insurance: −$12,778
• − Repairs & maintenance: −$13,791
• − Management: −$13,791
• − HOA: −$24,900
• − Depreciation: −$27,636
• Taxable income: $22,415
• Est. tax owed @ 24.0%: −$5,380
• After-tax cash flow: $29,485/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

+65.2% since first listed

12 events — show timeline

• 2026-04-16 Price Changed $950,000 NAPLESMLS
• 2026-03-20 Price Changed $1,000,000 NAPLESMLS
• 2026-02-27 Listed $1,150,000 NAPLESMLS
• 2016-03-31 Price Changed $632,000 FORTMLS
• 2016-03-31 Sold (Public Records) $632,000 Public Records
• 2016-03-31 Sold (MLS) $632,000 FORTMLS
• 2016-03-30 Pending — FORTMLS
• 2016-03-30 Price Changed $674,000 FORTMLS
• 2016-03-12 Price Changed $674,000 FORTMLS
• 2016-03-03 Price Changed $699,000 FORTMLS
• 2016-01-27 Listed $799,000 FORTMLS
• 2007-04-16 Sold (Public Records) $575,000 Public Records

Property tax history

-6.7%/yr

Latest (2025): $3,859 · -0.4% YoY. Source: county tax records.