845 E Gulf Dr #1422 · Sanibel, FL 33957

$625,000

2 bd · 2.0 ba · 981 sqft · Condo public records · 183 Days on market

Built 1973 $1346/mo HOA · 13% 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

Sanibel Moorings offers the best of both worlds. Whether you enjoy the beach, or boating is more your style - you can have both. Situated between the beach and a wide section of one of Sanibel's canals, this is the perfect island retreat. This top floor, beautifully updated unit would make an exceptional rental. With onsite rental management, all your rental needs are met. With 2 beds and 2 baths (plus a queen pullout sofa), there is plenty of room for the entire family. Sanibel Moorings is known for its gardens and have been continually adding to the landscaping. With 2 community pools and quick access to the beach, this is the perfect location for your island home. Brand new stainless ste

Key facts

• Beach access
• Updated unit
• Community pools

Tags

• BEACH ACCESS
• BOATING ACCESS
• UPDATED UNIT
• ONSITE RENTAL MANAGEMENT
• COMMUNITY POOLS
• STAINLESS STEEL APPLIANCES

Property features AI

Finance

• Other: Pets allowed conditionally (call); maximum 2 pets with breed restrictions; On-site management; Community contains 122 units; Private in-ground community pool
• Financial info: Condo hotel community; near hotel/motel
• HOA & community: Homeowners association with monthly fee; Monthly association fee: $1,346; Association covers management, insurance, internet, legal/accounting, grounds maintenance, pest control, recreation facilities, trash; Community amenities include pool, clubhouse, beach access/rights, boat dock/boat slip, boat ramp, tennis courts, pickleball, trails, barbecue and picnic areas

Exterior

• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Cable available; High speed internet available
• Home design: 2-story building; Entry on level 2; Faces southeast; Northwest exposure
• Construction: Stucco construction; Built-up roof; Flat roof
• Exterior features: Outdoor grill; Patio; Lanai; Screened porch/porch

Interior

• Kitchen: Dishwasher; Freezer; Disposal; Microwave; Range; Refrigerator; Kitchen island; Breakfast bar
• Bedrooms: Master bedroom; Additional bedroom
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Separate shower
• Heating & cooling: Central heating (electric); Central air conditioning (electric); Ceiling fan(s)
• Interior features: Furnished; Impact glass windows; Window coverings; Breakfast bar; Built-in features; Dual sinks; Kitchen island; Separate shower (shower only); Window treatments; High speed internet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $625k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $625k).
• Recommended offer: $550k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.7% 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 $4k of loan paydown is wiped out by about $19k 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 $175k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 183 days — a 12% lower offer ($550k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 11y 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 $400k; list at $625k implies a 56% 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→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $550,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 183 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 1973 — 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: 1.68% ✓
• Cap rate: 11.71%
• Cash-on-cash: 19.35%
• DSCR: 1.86
• GRM: 5.0

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: 7.6%
• Equity multiple: 1.30×
• Total profit: $52,401
• Equity at exit: $93,190

10-year hold

• IRR: 17.0%
• Equity multiple: 2.41×
• Total profit: $246,649
• Equity at exit: $54,039

Cash invested: $175,000 (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: 5.0×

Monthly cashflow live

• Estimated rent: $10,500 medium
• Mortgage (P&I): −$3,278
• Tax from tax record: −$589 /mo · $7,072/yr
• Insurance: −$260
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,346
• Vacancy / Maint / Mgmt: −$2,205
• Net cashflow: $2,395

Break-even live

Break-even rent $7,468

Max offer price $625,000

Occupancy floor 72%

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: $156,250
• Closing costs: $18,750
• 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	0.09mi

HOA detail condo

• Monthly dues: $1,346 · $16,152/yr
• Likely covers: landscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 28 events

1. 2026-06-17
   days on market $625,000 Active 183 DOM
2. 2026-06-16
   days on market $625,000 Active 182 DOM
3. 2026-06-15
   days on market $625,000 Active 181 DOM
4. 2026-06-13
   days on market $625,000 Active 179 DOM
5. 2026-06-10
   days on market $625,000 Active 176 DOM
6. 2026-06-09
   days on market $625,000 Active 175 DOM
7. 2026-06-07
   days on market $625,000 Active 173 DOM
8. 2026-06-02
   days on market $625,000 Active 168 DOM
9. 2026-06-01
   days on market $625,000 Active 167 DOM
10. 2026-06-01
    days on market $625,000 Active 166 DOM
11. 2026-02-12
    price $625,000
12. 2025-12-16
    listed $639,000 Active
13. 2025-06-30
    historical
14. 2025-01-18
    price $729,000
15. 2024-12-18
    listed $749,000 Active
16. 2024-09-03
    historical
17. 2024-08-15
    price $789,000
18. 2024-04-04
    listed $875,000 Active
19. 2016-01-18
    price $400,000
20. 2016-01-15
    soldstatus $400,000 Sold
21. 2016-01-15
    soldstatus $400,000
22. 2016-01-12
    price $419,914
23. 2016-01-04
    status Pending With Contingencies
24. 2015-06-12
    listed $419,914 Active
25. 2015-05-17
    historical
26. 2015-01-07
    listed $419,914 Active
27. 1996-09-09
    soldstatus $215,000
28. 1996-08-01
    soldstatus $215,000

ⓘ 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: $7,072 · $589/mo
• Projected year-2 tax: $7,072 · $589/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 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 · 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: $126,000
• − Mortgage interest: −$35,010
• − Property taxes: −$7,072
• − Insurance: −$8,244
• − Repairs & maintenance: −$10,080
• − Management: −$10,080
• − HOA: −$16,152
• − Depreciation: −$18,182
• Taxable income: $21,181
• Est. tax owed @ 24.0%: −$5,083
• After-tax cash flow: $23,658/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

+190.7% since first listed

18 events — show timeline

• 2026-02-12 Price Changed $625,000 FORTMLS
• 2025-12-16 Listed $639,000 FORTMLS
• 2025-06-30 Listing Removed — FORTMLS
• 2025-01-18 Price Changed $729,000 FORTMLS
• 2024-12-18 Listed $749,000 FORTMLS
• 2024-09-03 Listing Removed — FORTMLS
• 2024-08-15 Price Changed $789,000 FORTMLS
• 2024-04-04 Listed $875,000 FORTMLS
• 2016-01-18 Price Changed $400,000 FORTMLS
• 2016-01-15 Sold (Public Records) $400,000 Public Records
• 2016-01-15 Sold (MLS) $400,000 FORTMLS
• 2016-01-12 Price Changed $419,914 FORTMLS
• 2016-01-04 Pending — FORTMLS
• 2015-06-12 Listed $419,914 FORTMLS
• 2015-05-17 Listing Removed — FORTMLS
• 2015-01-07 Listed $419,914 FORTMLS
• 1996-09-09 Sold (Public Records) $215,000 Public Records
• 1996-08-01 Sold (Public Records) $215,000 Public Records

Property tax history

+2.3%/yr

Latest (2025): $7,072 · +756.2% YoY. Source: county tax records.