283 Palm Lake Dr · Sanibel, FL 33957

$1,345,000

3 bd · 2.0 ba · 1,970 sqft · SingleFamily public records · 32 Days on market

Built 1965 0.40 ac lot Est $955k · 41% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• Schools +4.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Let us take you for a tour of this designer inspired open-floor plan, stair-free, light and bright home. This gorgeous home features 3 bedrooms, 2 baths plus bonus room/den with panoramic views of Palm Lake and includes a deeded beach access to the Gulf. Spacious and comfortable living room space with vaulted ceiling opening to a sleek and functional kitchen with double door stainless refrigerator/freezer, sleek flat-top stovetop and oven, white Marble countertop with white cabinetry and not to mention the pool and Lake views. Beyond the kitchen nook is the open pantry which serves as a coffee or wine bar offering an additional sink, microwave and wine cooler designed with wall of cabinets

Key facts

• Deeded beach access
• Paved patio
• Heated spa

Tags

• DEEDED BEACH ACCESS
• PANORAMIC VIEWS
• HEATED SPA
• POOL SCREEN ENCLOSURE
• PAVED PATIO
• MATURE VEGETATION

Property features AI

Finance

• Other: Property has a private heated in-ground pool and spa (electric heat, gunite, concrete) with pool equipment; Waterfront on a lake with south exposure; Lot is rectangular with a pond and paved public road access; Irrigation source: municipal
• Financial info: Pets allowed
• HOA & community: Community is non-gated; Association provides beach rights and beach access; No association fee listed

Exterior

• Parking: Attached 2-car garage with garage door opener
• Security: Monitored burglar alarm; Security system; Smoke detectors
• Utilities: Cable available; High-speed internet available; Public water (assessment paid); Public sewer (assessment paid)
• Home design: Single-story home; Resale property; North-facing
• Construction: Block, concrete and stucco construction; Metal roof; Built on foundation (standard)
• Exterior features: Courtyard; Lanai and screened porch; Porch; Outdoor shower; Automatic sprinklers/irrigation; Shutters (manual); Security/high impact doors; Screen enclosure around pool

Interior

• Kitchen: Range; Microwave; Dishwasher; Disposal; Freezer; Refrigerator with ice maker; Icemaker; Wine cooler; Kitchen offers a breakfast bar and island
• Bedrooms: Primary bedroom on main level; Additional bedroom(s) on main level
• Flooring: Tile floors
• Bathrooms: 2 full bathrooms; Primary bathroom with dual sinks and separate shower
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fans
• Interior features: Wet bar; Breakfast bar; Built-in features; Breakfast area; Family/dining room; Kitchen island; Living/dining room; Pantry; Sitting area in primary; Shower only in primary bath (separate shower); Bar; Window treatments; Split bedrooms; Unfurnished
• Laundry & utility: Washer; Dryer; Laundry tub

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $1.34M.

Deal economics

• At list price, monthly cash flow is $5k ($59k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.34M).
• Recommended offer: $1.30M (3.0% below list) — sets the bar for market timing.
• Cap rate 11.0% 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; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $9k of loan paydown is wiped out by about $40k 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 $377k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($1.30M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $850k; list at $1.34M implies a 58% 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→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,304,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1965 — 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. 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: 1.27% ✓
• Cap rate: 11.05%
• Cash-on-cash: 16.97%
• DSCR: 1.76
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $955,450
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3025 Turtle Gait Ln	0.14mi	3/2.0	2,167 (+10%)	9mo	$1,050,000	$485	69

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.4%
• Equity multiple: 1.25×
• Total profit: $94,022
• Equity at exit: $200,544

10-year hold

• IRR: 15.8%
• Equity multiple: 2.28×
• Total profit: $483,195
• Equity at exit: $116,291

Cash invested: $376,600 (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: 6.5×

Monthly cashflow live

• Estimated rent: $17,147 medium
• Mortgage (P&I): −$7,053
• Tax from tax record: −$605 /mo · $7,265/yr
• Insurance: −$560
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,601
• Net cashflow: $4,900

Break-even live

Break-even rent $10,944

Max offer price $1,345,000

Occupancy floor 66%

Sensitivity live

Price	-10% $5,662	-5% $5,281	+0% $4,900	+5% $4,520	+10% $4,139
Rent	-10% $3,546	-5% $4,223	+0% $4,900	+5% $5,578	+10% $6,255
Rate	-1.0pp $5,578	-0.5pp $5,243	base $4,900	+0.5pp $4,552	+1.0pp $4,197

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: $336,250
• Closing costs: $40,350
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2445 W Gulf Dr Unit 47B Sanibel, FL	2.0	2.0	1243	$20,000	$16.09	24d	1	0.96mi
2445 W Gulf Dr Unit 32E Sanibel, FL	2.0	2.0	1243	$18,000	$14.48	24d	1	1.03mi
548 Boulder Dr Sanibel, FL	3.0	3.0	1969	$6,500	$3.30	24d	1	1.41mi
707 Durion Ct Sanibel, FL	3.0	2.5	1306	$12,000	$9.19	24d	1	1.42mi

Listing history 15 events

1. 2026-06-17
   days on market $1,345,000 Active 32 DOM
2. 2026-06-16
   days on market $1,345,000 Active 31 DOM
3. 2026-06-15
   days on market $1,345,000 Active 30 DOM
4. 2026-06-13
   days on market $1,345,000 Active 28 DOM
5. 2026-06-10
   days on market $1,345,000 Active 25 DOM
6. 2026-06-09
   days on market $1,345,000 Active 24 DOM
7. 2026-06-08
   days on market $1,345,000 Active 23 DOM
8. 2026-06-07
   days on market $1,345,000 Active 22 DOM
9. 2026-06-03
   days on market $1,345,000 Active 18 DOM
10. 2026-06-02
    days on market $1,345,000 Active 17 DOM
11. 2026-06-01
    days on market $1,345,000 Active 16 DOM
12. 2026-05-31
    days on market $1,345,000 Active 15 DOM
13. 2026-05-15
    listed $1,345,000 Active
14. 2019-05-24
    soldstatus $850,000
15. 1994-05-17
    soldstatus $290,000

ⓘ 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: $7,265 · $605/mo
• Projected year-2 tax: $11,164 · $930/mo
• Expected delta: +$3,899/yr (+$325/mo · 53.7%)

ⓘ 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 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥112°F today · 26 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: $205,764
• − Mortgage interest: −$75,341
• − Property taxes: −$7,265
• − Insurance: −$11,844
• − Repairs & maintenance: −$16,461
• − Management: −$16,461
• − Depreciation: −$39,127
• Taxable income: $39,265
• Est. tax owed @ 24.0%: −$9,424
• After-tax cash flow: $49,381/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

+363.8% since first listed

3 events — show timeline

• 2026-05-15 Listed $1,345,000 FORTMLS
• 2019-05-24 Sold (Public Records) $850,000 Public Records
• 1994-05-17 Sold (Public Records) $290,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $7,265 · -37.7% YoY. Source: county tax records.