9035 Michael Cir #304 · Lely Resort, FL 34113

$419,900

2 bd · 2.0 ba · 1,247 sqft · Condo · 84 Days on market

Built 1996 $639/mo HOA · 13% of rent

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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 +17.4/30.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• DSCR +5.4/10.0
• Schools +5.0/10.0
• Rent growth +3.9/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Experience the best of Naples living in this beautifully updated 2-bedroom, 2-bathroom residence. Located on the second floor for enhanced privacy and vaulted perspectives, this home is being offered turnkey, making it a seamless transition for a primary residence, vacation getaway, or high-end rental. Enjoy peace of mind with significant mechanical updates completed within the last four years, including a newer AC system, tankless hot water heater, air purification system, garage door, and high-end kitchen appliances. The open great room concept creates a seamless flow through the main living spaces, which features durable tile flooring. The kitchen is a chef’s delight, offer

Key facts

• Enhanced privacy
• Newer ac system
• $639 HOA

Tags

• ENHANCED PRIVACY
• SIGNIFICANT MECHANICAL UPDATES
• NEWER AC SYSTEM
• TANKLESS HOT WATER HEATER
• AIR PURIFICATION SYSTEM
• HIGH-END KITCHEN APPLIANCES

Property features AI

Finance

• Financial info: Property is part of a multi-unit complex (120 units in complex, 6 units in building); Two units per floor; building number 3; unit/lot number 304
• HOA & community: Mandatory HOA; Quarterly HOA fee; Annual master HOA fee; Professional management; HOA maintenance covers lawn/land maintenance, exterior pest control, sewer, street lights, trash removal, water, internet/WiFi access, legal/accounting, and management services; Community amenities include pool, spa/hot tub, clubhouse, fitness center, attended fitness facilities, full service spa, tennis, pickleball, bocce, golf course (public), business center, cabana, concierge services, dog park, theater, restaurant, shopping, sidewalks, streetlights, underground utilities, bike and jog path, hobby room, community room, and private membership options; Total annual recurring community fees and one-time fees apply

Exterior

• Parking: Paved driveway; Detached 1-car garage
• Security: Patrolled community
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential property in a low-rise (1–3) building; Two-story building; Rear exposure faces north; Located in the Lely Resort development (Ruby at Sunstone sub-condo)
• Construction: Concrete block construction; Built in 1996
• Exterior features: Automatic sprinkler system; Stucco exterior finish; Single-hung windows; Tile roof; Patrolled community

Interior

• Kitchen: Cooktop (electric); Self-cleaning oven; Dishwasher; Disposal; Microwave; Refrigerator/ice maker; Pantry
• Bedrooms: 2 bedrooms with split-bedroom layout
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms; Master bathroom with dual sinks and a shower (no tub)
• Heating & cooling: Central electric heating; Central electric cooling; Ceiling fans
• Interior features: Cable prewire; Fire sprinkler system; High-speed internet available; Smoke detectors; Window coverings; Pantry; Great room floor plan; Turnkey furnished; Two ceiling fans; Dining area combined with living room; Eat-in kitchen; Laundry located in the residence
• Laundry & utility: Washer and dryer included; Auto garage door opener

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $420k.

Deal economics

• At list price, monthly cash flow is $246 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $420k).
• Recommended offer: $395k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#786 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A-; Watch: health & safety D, schools F, amenities F.
• Collier (suburban): math 60% / reading 56% proficiency, ranked #16 of 73 in FL (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+5.6%/yr); 598 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• At $4,878/mo this rent would consume 72% of the median local household income ($82k/yr) (locally 954% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Collier County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($395k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; 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 $394,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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.
9. 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.
10. 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: 1.16% ✓
• Cap rate: 7.19%
• Cash-on-cash: 3.19%
• DSCR: 1.14
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.59% rent growth · sell at horizon

5-year hold

• IRR: -8.7%
• Equity multiple: 0.67×
• Total profit: $-38,820
• Equity at exit: $62,608

10-year hold

• IRR: 4.6%
• Equity multiple: 1.38×
• Total profit: $44,867
• Equity at exit: $36,305

Cash invested: $117,572 (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 34113

• Rents YoY: 5.6%
• Active inventory: 598
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $4,878 high
• Mortgage (P&I): −$2,202
• Tax est. 1.5%: −$525 /mo · $6,298/yr
• Insurance: −$175
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$639
• Vacancy / Maint / Mgmt: −$1,024
• Net cashflow: $246

Break-even live

Break-even rent $4,566

Max offer price $419,900

Occupancy floor 90%

Sensitivity live

Price	-10% $536	-5% $391	+0% $246	+5% $101	+10% $-44
Rent	-10% $-139	-5% $53	+0% $246	+5% $439	+10% $631
Rate	-1.0pp $458	-0.5pp $353	base $246	+0.5pp $137	+1.0pp $27

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: $104,975
• Closing costs: $12,597
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9022 Michael Cir Unit 2-205 Naples, FL	2.0	2.0	1450	$3,500	$2.41	24d	1	0.06mi
8161 Twelve Oaks Cir #512 Naples, FL	2.0	2.0	1066	$5,000	$4.69	24d	1	0.34mi
9165 Celeste Dr Unit 3-303 Naples, FL	2.0	2.0	1000	$6,500	$6.50	24d	1	0.68mi
9175 Celeste Dr Unit 105 Naples, FL	2.0	2.0	1000	$2,000	$2.00	24d	1	0.70mi
9187 Celeste Dr Unit 1073494P Naples, FL	2.0	2.0	1399	$2,979	$2.13	15d	1	0.70mi
24 Cheyenne Trl Naples, FL	2.0	2.0	888	$3,500	$3.94	15d	1	0.74mi
9092 Chula Vista St #11003 Naples, FL	2.0	2.0	1404	$6,850	$4.88	24d	1	0.75mi
9088 Chula Vista St Unit 108-3 Naples, FL	2.0	2.0	1404	$5,700	$4.06	24d	1	0.75mi
9115 Capistrano St S #8207 Naples, FL	2.0	2.5	1494	$6,000	$4.02	24d	1	0.80mi
9111 Capistrano St S #8303 Naples, FL	2.0	2.5	1432	$7,500	$5.24	24d	1	0.83mi
7955 Mahogany Run Ln #515 Naples, FL	2.0	2.0	1244	$8,925	$7.17	24d	1	0.84mi
7955 Mahogany Run Ln Unit 1504173P Naples, FL	3.0	2.0	1442	$5,840	$4.05	15d	1	0.84mi
9081 Albion Ln S #6505 Naples, FL	2.0	2.0	1225	$7,500	$6.12	24d	1	0.87mi
11496 Sumter Grove Cir Naples, FL	1.0–2.0	1.0–2.0	1067	$2,134	$2.00	15d	14	0.89mi
7940 Mahogany Run Ln #623 Naples, FL	2.0	2.0	1389	$8,000	$5.76	24d	1	0.90mi
7925 Mahogany Run Ln #924 Naples, FL	2.0	2.0	1389	$8,925	$6.43	24d	1	0.90mi
9082 Capistrano St N Unit 48-5 Naples, FL	2.0	2.0	1227	$6,500	$5.30	24d	1	0.91mi
9071 Albion Ln N #5706 Naples, FL	2.0	2.5	1441	$2,200	$1.53	24d	1	0.92mi
7930 Mahogany Run Ln Unit 1504165P Naples, FL	2.0	2.0	1237	$4,053	$3.28	15d	1	0.92mi
7930 Mahogany Run Ln #826 Naples, FL	3.0	2.0	1454	$9,450	$6.50	24d	1	0.92mi
7930 Mahogany Run Ln Unit 1504168P Naples, FL	2.0	2.0	1237	$4,495	$3.63	15d	1	0.92mi
7920 Mahogany Run Ln #1011 Naples, FL	3.0	2.0	1454	$10,395	$7.15	24d	1	0.93mi
7895 Mahogany Run Ln Unit 1504163P Naples, FL	2.0	2.0	1237	$4,125	$3.33	22d	1	0.95mi
7895 Mahogany Run Ln Naples, FL	2.0–3.0	2.0	1339	$2,850	$2.13	15d	3	0.95mi
6590 Beach Resort Dr Unit 305 Naples, FL	2.0	2.0	1351	$4,500	$3.33	15d	1	0.95mi
7870 Mahogany Run Ln #1713 Naples, FL	2.0	2.0	1062	$3,570	$3.36	24d	1	0.97mi
7885 Mahogany Run Ln Unit 1504180P Naples, FL	2.0	2.0	1237	$2,915	$2.36	22d	1	0.98mi
7880 Mahogany Run Ln Naples, FL	2.0	2.0	1389	$10,225	$7.36	24d	2	0.98mi
8175 Celeste Dr Naples, FL	2.0	2.0	1460	$2,395	$1.64	24d	1	1.02mi
8175 Celeste Dr #1230 Naples, FL	2.0	2.0	1476	$2,775	$1.88	24d	1	1.02mi
9054 Capistrano St N #4003 Naples, FL	2.0	2.0	1385	$2,495	$1.80	24d	1	1.03mi
8135 Celeste Dr #4218 Naples, FL	2.0	2.0	1476	$7,500	$5.08	24d	1	1.04mi
8986 Cambria Cir Unit 22 Naples, FL	2.0	2.0	1404	$6,000	$4.27	24d	1	1.11mi
8085 Celeste Dr #812 Naples, FL	2.0	2.0	1480	$6,000	$4.05	15d	1	1.16mi
6650 Beach Resort Dr Unit 908 Naples, FL	2.0	2.0	1351	$4,600	$3.40	15d	1	1.18mi
8065 Tiger Cv #1604 Naples, FL	2.0	2.0	1203	$2,495	$2.07	22d	1	1.21mi
8065 Tiger Cv Naples, FL	2.0	2.0	1203	$2,495	$2.07	24d	1	1.21mi
8055 Tiger Cv Unit 6-606 Naples, FL	2.0	2.0	1439	$1,800	$1.25	24d	1	1.23mi
5296 Treetops Dr Unit 5296 Naples, FL	2.0	2.0	866	$1,495	$1.73	24d	1	1.25mi
6750 Beach Resort Dr #7 Naples, FL	2.0	2.0	1351	$3,900	$2.89	24d	1	1.26mi

HOA detail condo

• Monthly dues: $639 · $7,668/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-05-30
   days on market $419,900 Active 84 DOM
2. 2026-03-07
   listed $419,900 Active

ⓘ 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 7/10 Severe FEMA zone X (shaded) · 93% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $58,533
• − Mortgage interest: −$23,521
• − Property taxes: −$6,298
• − Insurance: −$2,897
• − Repairs & maintenance: −$4,683
• − Management: −$4,683
• − HOA: −$7,668
• − Depreciation: −$12,215
• Taxable loss: −$3,432
• Est. tax savings @ 24.0%: +$824
• After-tax cash flow: $3,777/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: Collier
• NCES district ID: 1200330
• Math proficiency: 60% ▼ -4.00%
• Reading proficiency: 56% ▼ -2.00%
• Median HH income: $58,275
• Composite: 50.23/100
• National rank: #1892
• State rank: #16 of 73 in FL

Livability — Lely Resort

• Score: 61/100
• State rank: #786
• US rank: #17981

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: Lely Resort, FL
• County: Collier County · 396,295 people
• Metro: Naples-Marco Island, FL
• Population (ZIP): 26,056
• Household income: $81,674
• Rent vs Own: 26.7% rent · 73.3% own
• Severe rent burden: 954.0

Population outlook (Collier County) Hauer SSP2

• Today (2025): 420,858 people
• By 2030: 450,054 · +6.9%
• By 2040: 502,232 · +19.3%
• By 2050: 544,932 · +29.5%
• By 2075: 627,203 · +49.0%
• By 2100: 659,015 · +56.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 56% Hispanic / Latino 28% Black 12% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 17% Puerto Rican 3% Cuban 2%
• Common ancestry: Hispanic 10% Romanian 3% Lithuanian 2%
• Foreign-born: 26% · Canada, Jamaica, Vietnam
• Languages at home: 63% English-only · Spanish 24% French/Haitian/Cajun 9% Other Indo-European 2%

Political lean MEDSL · Collier

• 2024 margin: Solid R (+33.1) · D 33.1% · R 66.2%
• 2008→2024 swing: -10.6pp toward R · 2008: -22.5pp · 2024: -33.1pp
• All cycles: 2024: R+33.1 2020: R+24.7 2016: R+26.0 2012: R+30.1 2008: R+22.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -194.86%
• Current HPI: 279.4232
• Rent YoY: ▲ 5.59%
• Metro: Naples-Marco Island, FL
• 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

1 event — show timeline

• 2026-03-07 Listed $419,900 NAPLESMLS