200 Periwinkle Way #111 · Sanibel, FL 33957

$548,000

2 bd · 2.0 ba · 1,585 sqft · Condo public records · 405 Days on market

Built 1977 $1729/mo HOA · 10% of rent

---

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

Located in the sought-after bayfront community of Lighthouse Point on Sanibel Island’s east end, this beautifully remodeled end-unit condo offers the perfect balance of style, comfort, and coastal charm. Featuring a very neutral palette and an open split floor plan, the unit provides an airy, inviting atmosphere with ideal walk-out access and tranquil garden views. Residents enjoy exclusive access to premium community amenities, including a heated swimming pool, clubhouse, tennis courts, and elevator service. Just steps away, discover the world-famous Sanibel Lighthouse and the popular fishing pier—perfect for morning strolls or casting a line at sunset. Surrounded by vibrant re

Key facts

• Walk-out access
• Heated swimming pool
• $1,729 HOA

Tags

• REMODELED END-UNIT CONDO
• OPEN SPLIT FLOOR PLAN
• WALK-OUT ACCESS
• TRANQUIL GARDEN VIEWS
• PREMIUM COMMUNITY AMENITIES
• HEATED SWIMMING POOL

Property features AI

Finance

• Other: Pets allowed conditionally (owners only), maximum of 1 pet
• Financial info: Community of 69 units
• HOA & community: Homeowners association with monthly fee; Association amenities include boat dock, clubhouse, bike storage, barbecue, picnic area, shuffleboard court, tennis courts, management; Association fee covers management, cable TV, internet, grounds maintenance, security, trash

Exterior

• Security: Security/high-impact doors; Community security included in association
• Utilities: Public water; Public sewer; Cable available; High-speed internet available
• Home design: Single-story residence; Entry at level 1; Faces south; Resale property
• Construction: Block and concrete construction; Metal roof
• Exterior features: Security/high-impact doors; Tennis court(s); Private in-ground pool; Bayfront waterfront; North exposure; Municipal irrigation

Interior

• Kitchen: Refrigerator
• Bedrooms: Den; Florida room
• Flooring: Wood floors
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Impact glass windows; French doors; Living/dining room; Split bedroom layout; Shower-only with separate shower
• Laundry & utility: Interior laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $548k.

Deal economics

• At list price, monthly cash flow is $9k ($103k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $548k).
• Recommended offer: $482k (12.0% below list) — sets the bar for market timing.
• Cap rate 26.0% 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; 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 $16k 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 $153k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 405 days — a 12% lower offer ($482k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $482,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 405 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 1977 — 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: 3.32% ✓
• Cap rate: 25.97%
• Cash-on-cash: 70.29%
• DSCR: 4.13
• GRM: 2.5

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: 66.4%
• Equity multiple: 3.98×
• Total profit: $458,008
• Equity at exit: $81,709

10-year hold

• IRR: 70.6%
• Equity multiple: 8.22×
• Total profit: $1,107,149
• Equity at exit: $47,381

Cash invested: $153,440 (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: 2.5×

Monthly cashflow live

• Estimated rent: $18,200 medium
• Mortgage (P&I): −$2,874
• Tax from tax record: −$559 /mo · $6,706/yr
• Insurance: −$228
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,729
• Vacancy / Maint / Mgmt: −$3,822
• Net cashflow: $8,561

Break-even live

Break-even rent $7,363

Max offer price $548,000

Occupancy floor 48%

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: $137,000
• Closing costs: $16,440
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
424 Lagoon Dr Sanibel, FL	3.0	2.0	1704	$18,200	$10.68	23d	1	0.48mi

HOA detail condo

• Monthly dues: $1,729 · $20,748/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-17
   days on market $548,000 Active 405 DOM
2. 2026-06-16
   days on market $548,000 Active 404 DOM
3. 2026-06-16
   days on market $548,000 Active 403 DOM
4. 2026-06-13
   days on market $548,000 Active 401 DOM
5. 2026-06-09
   days on market $548,000 Active 397 DOM
6. 2026-06-07
   days on market $548,000 Active 395 DOM
7. 2026-06-02
   days on market $548,000 Active 390 DOM
8. 2026-06-01
   days on market $548,000 Active 389 DOM
9. 2026-06-01
   days on market $548,000 Active 388 DOM
10. 2025-05-08
    listed $548,000 Active
11. 2021-01-21
    soldstatus $645,000
12. 2020-10-31
    historical
13. 2020-07-30
    listed $645,000 Active
14. 2019-09-30
    historical
15. 2019-08-01
    price $634,000
16. 2019-04-30
    price $639,000
17. 2019-01-10
    listed $665,000 Active
18. 2003-03-28
    soldstatus $529,000
19. 1999-12-09
    soldstatus $252,500
20. 1991-04-23
    soldstatus $225,000

ⓘ 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: $6,706 · $559/mo
• Projected year-2 tax: $6,706 · $559/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: $218,400
• − Mortgage interest: −$30,697
• − Property taxes: −$6,706
• − Insurance: −$7,858
• − Repairs & maintenance: −$17,472
• − Management: −$17,472
• − HOA: −$20,748
• − Depreciation: −$15,942
• Taxable income: $101,505
• Est. tax owed @ 24.0%: −$24,361
• After-tax cash flow: $78,377/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

+143.6% since first listed

11 events — show timeline

• 2025-05-08 Listed $548,000 FORTMLS
• 2021-01-21 Sold (Public Records) $645,000 Public Records
• 2020-10-31 Listing Removed — FORTMLS
• 2020-07-30 Listed $645,000 FORTMLS
• 2019-09-30 Listing Removed — FORTMLS
• 2019-08-01 Price Changed $634,000 FORTMLS
• 2019-04-30 Price Changed $639,000 FORTMLS
• 2019-01-10 Listed $665,000 FORTMLS
• 2003-03-28 Sold (Public Records) $529,000 Public Records
• 1999-12-09 Sold (Public Records) $252,500 Public Records
• 1991-04-23 Sold (Public Records) $225,000 Public Records

Property tax history

+2.3%/yr

Latest (2025): $6,706 · +634.7% YoY. Source: county tax records.