7025 Dennis Cir Unit G202

Naples, FL 34104

$230,000D

2 bd · 2.0 ba · 1,097 sqft · Built 1991 · Condo · Active · 162 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,635/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$383
• HOA: −$1,087
• Vac / Maint / Mgmt: −$553
• Net cashflow: $-595/mo
• Annual: $-7,141/yr
• Cap rate: 3.19%
• Cash-on-cash: -11.09%
• DSCR: 0.51
• 1% rule: 1.15%
• Cash to close: $64,400

Investor read

• This is a 2-bed/2.0-bath condo listed at $230k. Condition is rated good.
• At list price, monthly cash flow is $-595 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (37.4% below list).
• Meets the 1% rule at list price ($3k rent vs $230k).
• It's been on market 162 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $144k (37.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• 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.
• 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.
• Zoned schools: Calusa Park Elementary School (math 59% / reading 56%, grade C+, #764 of 2,144 statewide, top 36%, 707 students, 62% FRL); East Naples Middle School (math 56% / reading 44%, grade C, #254 of 571 statewide, top 45%, 854 students, 63% FRL); Lely High School (math 40% / reading 39%, grade F, #304 of 667 statewide, top 47%, 1,504 students, 54% FRL) — zoned schools at 60% FRL track the district average.
• Watch-outs: HOA is 41% of rent.
• Market conditions: Rents soft (-1.1%/yr); 456 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 71d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.
• Cap rate 3.2% vs local median 2.4% in Naples — 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.
• This rent runs 44% of the median local income ($72k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 162 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — slight wear
• Minor: bathroom vanity — slight wear
• Minor: kitchen flooring — slight wear