585 14th St N

Naples, FL 34102

$649,000B-

3 bd · 2.0 ba · 981 sqft · Built 1968 · SingleFamily · Active · 165 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,658/mo
• Mortgage (P&I): −$3,403
• Tax + insurance: −$1,003
• HOA: −$0
• Vac / Maint / Mgmt: −$1,398
• Net cashflow: $854/mo
• Annual: $10,247/yr
• Cap rate: 8.66%
• Cash-on-cash: 8.46%
• DSCR: 1.38
• 1% rule: 1.03%
• Cash to close: $181,720

Investor read

• This is a 3-bed/2.0-bath single-family listed at $649k.
• At list price, monthly cash flow is $854 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $649k).
• It's been on market 165 days — a 12% lower offer ($571k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $571k (12.0% below list) — sets the bar for market timing.
• In year one you build about $31k of equity ($4k loan paydown + $27k appreciation (4.1% local appreciation)).
• Location reads 80/100 on livability (#126 in FL, #1,903 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: commute D+, cost of living F.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents rising fast (+8.8%/yr); 614 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• Collier County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 15y 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 $500k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (4.1% appreciation + 8.0% rent growth), your $182k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$50k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.
• At $6,658/mo this rent would consume 61% of the median local household income ($131k/yr) (locally 333% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 165 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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.
• 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.