827 E Gulf Dr Unit E4 · Sanibel, FL 33957

$949,900

2 bd · 2.0 ba · 967 sqft · Condo public records · 131 Days on market

Built 1974 $1618/mo HOA · 15% of rent

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Why this score? — see what drove the D 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 +13.9/30.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• DSCR +4.2/10.0
• 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 MLS

Imagine the Gulf of Mexico, white sand, the surf and breathtaking sunrises steps from your front door. E4 provides that and more. Beachfront – Ground Level – End Unit – 2 bedrooms 2 bathroom – Great Investment or Relaxing Vacation home. Tiled living, kitchen and baths. upgraded kitchen with stainless appliances, granite counters. Master in-suite bath and screened porch. Guest bathroom wheelchair friendly with walk-in shower and open vanity. Interior laundry. One of the only complexes on the island with private boat mooring available to owners and renters and screened heated pool with roof top sundeck. Additional amenities include: tennis, pickleball, shuffleboard, internet lounge and fitness center. Sanibel Arms West is well maintained and the on-site rental program offers one of the lowest participation fees on the island. Insurance on buildings is reassessed annually averaging 4,000 per unit. Call today for your private showing!

Key facts

• Fully updated
• Private beach access
• $1,618 HOA

Tags

• GULF FRONT CONDOMINIUM
• DIRECT VIEWS OF THE GULF
• PRIVATE BEACH ACCESS
• FULLY UPDATED

Property features AI

Finance

• Financial info: Pets not allowed; 104 units in the community
• HOA & community: Homeowners association with community amenities; Monthly association fee; Association covers management, cable TV, insurance, irrigation water, laundry, legal/accounting, grounds maintenance, pest control, recreation facilities, sewer, trash and water; Community features include beach rights and beach access, clubhouse, pool, barbecue/picnic areas, tennis courts

Exterior

• Parking: Assigned parking; Guest parking; One assigned space
• Security: Security/high impact doors; Smoke detectors
• Utilities: Public water; Public sewer; Cable available
• Home design: Condo/Apartment in a 2-story building; Entry level is 1; Property faces north; Resale condition; Has view
• Construction: Block, concrete and stucco construction; Built-up and flat roof
• Exterior features: Courtyard; Outdoor grill; Community pool; Tennis courts; Pickleball; Shuffleboard court; Lanai; Porch; Screened porch; Gulf waterfront; South exposures; Municipal irrigation; Paved road

Interior

• Kitchen: Range; Microwave; Dishwasher; Disposal; Refrigerator
• Bedrooms: Primary and other bedrooms located on the main level
• Flooring: Tile
• Bathrooms: 2 full bathrooms; Separate shower
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Furnished; Living/dining room; Main level primary; Bedroom on main level; Shower only with separate shower; Window treatments; Sliding windows; Impact glass
• Laundry & utility: Washer; Dryer; Laundry in unit and common area

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $950k.

Deal economics

• At list price, monthly cash flow is $-314 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $904k (4.8% below list).
• Meets the 1% rule at list price ($10k rent vs $950k).
• Recommended offer: $836k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.4% 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 $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.

Negotiation context

• It's been on market 131 days — a 12% lower offer ($836k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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.

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 $835,912 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 131 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 1.11% ✓
• Cap rate: 6.43%
• Cash-on-cash: 0.51%
• DSCR: 1.02
• GRM: 7.5

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: -18.4%
• Equity multiple: 0.35×
• Total profit: $-172,514
• Equity at exit: $141,633

10-year hold

• IRR: -10.5%
• Equity multiple: 0.36×
• Total profit: $-170,233
• Equity at exit: $82,130

Cash invested: $265,972 (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: 7.5×

Monthly cashflow live

• Estimated rent: $10,500 medium
• Mortgage (P&I): −$4,981
• Tax est. 1.5%: −$1,187 /mo · $14,248/yr
• Insurance: −$396
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,618
• Vacancy / Maint / Mgmt: −$2,205
• Net cashflow: $-314

Break-even live

Break-even rent $10,898

Max offer price $904,451

Occupancy floor 98%

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: $237,475
• Closing costs: $28,497
• 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: internetpoolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-17
   days on market $949,900 Active 131 DOM
2. 2026-06-16
   days on market $949,900 Active 130 DOM
3. 2026-06-15
   days on market $949,900 Active 129 DOM
4. 2026-06-13
   days on market $949,900 Active 127 DOM
5. 2026-06-10
   days on market $949,900 Active 124 DOM
6. 2026-06-09
   days on market $949,900 Active 123 DOM
7. 2026-06-07
   days on market $949,900 Active 121 DOM
8. 2026-06-02
   days on market $949,900 Active 116 DOM
9. 2026-06-01
   days on market $949,900 Active 115 DOM
10. 2026-06-01
    days on market $949,900 Active 114 DOM
11. 2026-02-06
    listed $949,900 Active
12. 2021-05-13
    soldstatus $885,000
13. 2021-05-12
    soldstatus $885,000 Closed 968-char remark

    Show marketing remark (968 chars)

    Imagine the Gulf of Mexico, white sand, the surf and breathtaking sunrises steps from your front door. E4 provides that and more. Beachfront – Ground Level – End Unit – 2 bedrooms 2 bathroom – Great Investment or Relaxing Vacation home. Tiled living, kitchen and baths. upgraded kitchen with stainless appliances, granite counters. Master in-suite bath and screened porch. Guest bathroom wheelchair friendly with walk-in shower and open vanity. Interior laundry. One of the only complexes on the island with private boat mooring available to owners and renters and screened heated pool with roof top sundeck. Additional amenities include: tennis, pickleball, shuffleboard, internet lounge and fitness center. Sanibel Arms West is well maintained and the on-site rental program offers one of the lowest participation fees on the island. Insurance on buildings is reassessed annually averaging 4,000 per unit. Call today for your private showing!

14. 2021-04-21
    status Pending 968-char remark

    Show marketing remark (968 chars)

    Imagine the Gulf of Mexico, white sand, the surf and breathtaking sunrises steps from your front door. E4 provides that and more. Beachfront – Ground Level – End Unit – 2 bedrooms 2 bathroom – Great Investment or Relaxing Vacation home. Tiled living, kitchen and baths. upgraded kitchen with stainless appliances, granite counters. Master in-suite bath and screened porch. Guest bathroom wheelchair friendly with walk-in shower and open vanity. Interior laundry. One of the only complexes on the island with private boat mooring available to owners and renters and screened heated pool with roof top sundeck. Additional amenities include: tennis, pickleball, shuffleboard, internet lounge and fitness center. Sanibel Arms West is well maintained and the on-site rental program offers one of the lowest participation fees on the island. Insurance on buildings is reassessed annually averaging 4,000 per unit. Call today for your private showing!

15. 2020-11-17
    listed $889,000 Active 968-char remark

    Show marketing remark (968 chars)

    Imagine the Gulf of Mexico, white sand, the surf and breathtaking sunrises steps from your front door. E4 provides that and more. Beachfront – Ground Level – End Unit – 2 bedrooms 2 bathroom – Great Investment or Relaxing Vacation home. Tiled living, kitchen and baths. upgraded kitchen with stainless appliances, granite counters. Master in-suite bath and screened porch. Guest bathroom wheelchair friendly with walk-in shower and open vanity. Interior laundry. One of the only complexes on the island with private boat mooring available to owners and renters and screened heated pool with roof top sundeck. Additional amenities include: tennis, pickleball, shuffleboard, internet lounge and fitness center. Sanibel Arms West is well maintained and the on-site rental program offers one of the lowest participation fees on the island. Insurance on buildings is reassessed annually averaging 4,000 per unit. Call today for your private showing!

16. 2020-09-30
    historical
17. 2020-06-15
    status Active
18. 2020-03-19
    historical
19. 2020-03-02
    price $899,900
20. 2020-02-01
    listed $924,900 Active
21. 1995-11-01
    soldstatus $375,000

ⓘ 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: −$53,209
• − Property taxes: −$14,248
• − Insurance: −$9,868
• − Repairs & maintenance: −$10,080
• − Management: −$10,080
• − HOA: −$19,416
• − Depreciation: −$27,633
• Taxable loss: −$18,535
• Est. tax savings @ 24.0%: +$4,448
• After-tax cash flow: $679/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

+153.3% since first listed

11 events — show timeline

• 2026-02-06 Listed $949,900 FORTMLS
• 2021-05-13 Sold (Public Records) $885,000 Public Records
• 2021-05-12 Sold (MLS) $885,000 FORTMLS
• 2021-04-21 Pending — FORTMLS
• 2020-11-17 Listed $889,000 FORTMLS
• 2020-09-30 Listing Removed — FORTMLS
• 2020-06-15 Relisted — FORTMLS
• 2020-03-19 Listing Removed — FORTMLS
• 2020-03-02 Price Changed $899,900 FORTMLS
• 2020-02-01 Listed $924,900 FORTMLS
• 1995-11-01 Sold (Public Records) $375,000 Public Records

Property tax history

-18.8%/yr

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