601 Periwinkle Way Unit D1 · Sanibel, FL 33957

$329,000

2 bd · 1.0 ba · 967 sqft · Condo public records · 377 Days on market

Built 1971 Good condition $340/sqft · 59% below area $1113/mo HOA · 15% 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 +6.9/10.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This beautifully renovated 2/1 at Captain’s Walk is the lowest-priced 2 bedroom corner condo on Sanibel! It is on the East End offering easy on-and-off island access. This is a corner unit offering more privacy and natural light! Walk or bike to beaches, shops, and dining. Features include impact windows, tile floors, wood cabinetry, granite countertops, kayak launch and storage, boat drop-off, lush landscaping, laundry access, and Wi-Fi. Post-Hurricane Ian association insurance covered new drywall, paint, flooring, cabinets, and appliances, with no damage from subsequent storms. Perfect as a year-round paradise, coastal retreat, or seasonal rental.

Key facts

• Total renovation
• New tile flooring
• Impact glass windows

Tags

• CORNER UNIT
• TOTAL RENOVATION
• IMPACT GLASS WINDOWS
• NEW TILE FLOORING
• MATCHING TILED SHOWER
• GRANITE COUNTERTOPS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $329k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $329k).
• Recommended offer: $290k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.7% vs local median 2.6% 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: 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.
• Zoned schools: The Sanibel School (math 92% / reading 92%, grade A+, #5 of 2,144 statewide, top 0%, 289 students, 12% FRL); South Fort Myers High School (math 23% / reading 30%, grade F, #489 of 667 statewide, top 74%, 1,917 students, 50% FRL) — zoned schools average 31% FRL vs 57% district-wide (26 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 582 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 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 $2k of loan paydown is wiped out by about $10k 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 $92k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 377 days — a 12% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $21k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $195k; list at $329k implies a 69% 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 $289,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 377 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 1971 — 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: 2.22% ✓
• Cap rate: 15.67%
• Cash-on-cash: 33.51%
• DSCR: 2.49
• GRM: 3.8

CMA / ARV

• ARV (median comp): $803,417
• List price: $329,000
• Delta: -59.05%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
641 Periwinkle Way Unit B5	0.04mi	2/1.0	1,000 (+3%)	22mo	$340,000	$340	74
845 E Gulf Dr #121	0.73mi	2/2.0	983 (+2%)	2mo	$700,000	$712	57
671 E Gulf Dr Unit 1D3	0.47mi	2/2.0	875 (-10%)	5mo	$1,050,000	$1,200	54
845 E Gulf Dr #1342	0.68mi	2/2.0	983 (+2%)	21mo	$840,000	$855	44
805 E Gulf Dr Unit C-1	0.49mi	2/2.0	902 (-7%)	25mo	$365,000	$405	42
629 Nerita St Unit A	1.25mi	2/2.0	1,079 (+12%)	1mo	$525,000	$487	41
979 E Gulf Dr Unit C303	0.98mi	2/2.0	1,184 (+22%)	0mo	$740,000	$625	36
979 E Gulf Dr #191	1.07mi	2/2.0	1,184 (+22%)	1mo	$790,000	$667	35
1246 Fulgur St #306	1.45mi	2/2.0	1,100 (+14%)	4mo	$590,000	$536	34
979 E Gulf Dr #162	1.07mi	2/2.0	1,184 (+22%)	18mo	$880,000	$743	21
979 E Gulf Dr Unit D472	0.97mi	2/2.0	1,184 (+22%)	21mo	$855,000	$722	18
979 E Gulf Dr Unit C324	0.98mi	2/2.0	1,184 (+22%)	29mo	$870,000	$735	16

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: 22.3%
• Equity multiple: 1.91×
• Total profit: $84,283
• Equity at exit: $49,055

10-year hold

• IRR: 30.4%
• Equity multiple: 3.75×
• Total profit: $253,167
• Equity at exit: $28,446

Cash invested: $92,120 (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 →

Active competition Active MLS

• For sale now: 0 active · 5 under contract

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 33957

• Home prices YoY: -15.7%
• Active inventory: 582
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $7,297 medium
• Mortgage (P&I): −$1,725
• Tax from tax record: −$217 /mo · $2,605/yr
• Insurance: −$137
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,113
• Vacancy / Maint / Mgmt: −$1,532
• Net cashflow: $2,146

Break-even live

Break-even rent $4,581

Max offer price $329,000

Occupancy floor 66%

Sensitivity live

Price	-10% $2,332	-5% $2,239	+0% $2,146	+5% $2,053	+10% $1,959
Rent	-10% $1,569	-5% $1,857	+0% $2,146	+5% $2,434	+10% $2,722
Rate	-1.0pp $2,311	-0.5pp $2,229	base $2,146	+0.5pp $2,060	+1.0pp $1,974

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: $82,250
• Closing costs: $9,870
• Club membership (one-time): —
• 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	119d	1	0.64mi
849 Beach Rd Sanibel, FL	2.0	2.0	800	$2,600	$3.25	10d	1	0.84mi

Property features AI

Finance

• Financial info: Pets allowed on a conditional basis (owners may have up to 2 pets)
• HOA & community: Homeowners association with monthly feeAssociation amenities include boat dock, laundry and managementAssociation fee covers cable TV, insurance, internet, laundry, grounds maintenance, pest control, sewer, trash and waterCommunity is non-gated48 units in the community

Exterior

• Parking: Assigned covered parkingDetached carport with 2 spacesOne assigned space
• Utilities: Public waterPublic sewerCable available
• Home design: Condominium in a 2-story buildingEntry on level 1Resale propertyFacing west
• Construction: Block, concrete and stucco constructionBuilt-up and flat roof
• Exterior features: PatioLanai / screened porchPorch

Interior

• Kitchen: CooktopDishwasher
• Flooring: Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central electric heatingCentral air conditioningCeiling fans
• Interior features: Sliding and impact-resistant windowsLiving/dining roomTub with showerUnfurnished
• Laundry & utility: Laundry in common area

HOA detail $1,113/mo · $13,356/yr condo

• Likely covers: internetlandscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-30
   days on market $329,000 Active 377 DOM
2. 2026-06-29
   days on market $329,000 Active 376 DOM
3. 2026-06-28
   days on market $329,000 Active 375 DOM
4. 2026-06-25
   days on market $329,000 Active 371 DOM
5. 2026-06-22
   days on market $329,000 Active 369 DOM
6. 2026-06-22
   days on market $329,000 Active 368 DOM
7. 2026-06-17
   days on market $329,000 Active 364 DOM
8. 2026-06-16
   days on market $329,000 Active 363 DOM
9. 2026-06-16
   days on market $329,000 Active 362 DOM
10. 2026-06-13
    days on market $329,000 Active 360 DOM
11. 2026-06-09
    days on market $329,000 Active 356 DOM
12. 2026-06-07
    days on market $329,000 Active 354 DOM
13. 2026-06-02
    days on market $329,000 Active 349 DOM
14. 2026-06-01
    days on market $329,000 Active 348 DOM
15. 2026-06-01
    days on market $329,000 Active 347 DOM
16. 2026-03-02
    price $329,000
17. 2026-01-28
    price $338,000
18. 2025-06-18
    listed $350,000 Active
19. 2025-05-30
    historical
20. 2025-03-18
    price $374,000
21. 2025-03-13
    listed $395,000 Active
22. 2000-11-20
    soldstatus $195,000
23. 1997-07-29
    soldstatus $110,000
24. 1989-12-01
    soldstatus $89,000

ⓘ 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: $2,605 · $217/mo
• Projected year-2 tax: $2,731 · $228/mo
• Expected delta: +$125/yr (+$10/mo · 4.8%)

ⓘ 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: $87,565
• − Mortgage interest: −$18,429
• − Property taxes: −$2,605
• − Insurance: −$6,764
• − Repairs & maintenance: −$7,005
• − Management: −$7,005
• − HOA: −$13,356
• − Depreciation: −$9,571
• Taxable income: $22,830
• Est. tax owed @ 24.0%: −$5,479
• After-tax cash flow: $20,269/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.

Condition & rehab AI · 10 photos

Good 80/100 Cosmetic rehab Est. rehab $4,835–$14,505 screening

This beautifully renovated 2/1 at Captain’s Walk is in good condition with no visible damage. It offers a great location with easy access to beaches, shops, and dining. Fresh paint and landscaping improvements can further enhance its value.

Components & finishes AI

Roof asphalt shingle · good Flooring marble Counters granite

Deferred maintenance Est. $2,000–$8,000 screening

• Minor Roof (roof) — No visible signs of damage or wear on the roof.
• Minor Windows (windows) — No visible signs of damage or wear on the windows.
• Minor Electrical (electrical) — No visible signs of damage or wear on the electrical components.
• Minor Plumbing (plumbing) — No visible signs of damage or wear on the plumbing.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters. ↑
• Both Landscaping improvements — Enhancing the landscaping can improve the curb appeal and make the property more attractive to potential buyers and renters. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

C Composite school gradezoned avg 68/100

Zoned Schools

Elementary The Sanibel School A+ FL #5/2,144 Nat'l #94/41,679 High Cypress Lake High School D- FL #228/667 Nat'l #6,809/17,239

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

C Composite livability gradescore 67/100

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
• County: Lee · 871,946 people
• City population: 6,402
• Metro: Cape Coral-Fort Myers, FL
• Population (ZIP): 6,402
• Household income: $122,730
• Rent vs Own: 8.4% rent · 91.6% own
• Severe rent burden: 3% of renters

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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%

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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%

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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

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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

Property features AI

Finance

• Financial info: Pets allowed on a conditional basis (owners may have up to 2 pets)
• HOA & community: Homeowners association with monthly feeAssociation amenities include boat dock, laundry and managementAssociation fee covers cable TV, insurance, internet, laundry, grounds maintenance, pest control, sewer, trash and waterCommunity is non-gated48 units in the community

Exterior

• Parking: Assigned covered parkingDetached carport with 2 spacesOne assigned space
• Utilities: Public waterPublic sewerCable available
• Home design: Condominium in a 2-story buildingEntry on level 1Resale propertyFacing west
• Construction: Block, concrete and stucco constructionBuilt-up and flat roof
• Exterior features: PatioLanai / screened porchPorch

Interior

• Kitchen: CooktopDishwasher
• Flooring: Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central electric heatingCentral air conditioningCeiling fans
• Interior features: Sliding and impact-resistant windowsLiving/dining roomTub with showerUnfurnished
• Laundry & utility: Laundry in common area

Price history

+269.7% since first listed

9 events — show timeline

• 2026-03-02 Price Changed $329,000 FORTMLS
• 2026-01-28 Price Changed $338,000 FORTMLS
• 2025-06-18 Listed $350,000 FORTMLS
• 2025-05-30 Listing Removed — FORTMLS
• 2025-03-18 Price Changed $374,000 FORTMLS
• 2025-03-13 Listed $395,000 FORTMLS
• 2000-11-20 Sold (Public Records) $195,000 Public Records
• 1997-07-29 Sold (Public Records) $110,000 Public Records
• 1989-12-01 Sold (Public Records) $89,000 Public Records

Property tax history

+1.0%/yr

Latest (2025): $2,605 · +1838.2% YoY. Source: county tax records.