7025 Dennis Cir Unit G202

Naples, FL 34104

$215,000C-

2 bd · 2.0 ba · 1,097 sqft · Built 1991 · Condo · Active · 208 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,091/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$358
• HOA: −$1,087
• Vac / Maint / Mgmt: −$649
• Net cashflow: $-131/mo
• Annual: $-1,569/yr
• Cap rate: 5.56%
• Cash-on-cash: -2.61%
• DSCR: 0.88
• 1% rule: 1.44%
• Cash to close: $60,200

Investor read

• This is a 2-bed/2.0-bath condo listed at $215k. Condition is rated good.
• At list price, monthly cash flow is $-131 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $196k (8.8% below list).
• Meets the 1% rule at list price ($3k rent vs $215k).
• It's been on market 208 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $189k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 35% of rent.
• Market conditions: Rents soft (-1.1%/yr); 514 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 110d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 68% 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 5.6% 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.
• At $3,091/mo this rent would consume 52% of the median local household income ($72k/yr) — very limited rent-growth headroom before tenants either downsize or default.

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 208 days. Have you received any prior offers? Is the seller open to a 12% 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?
• 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.

Repairs flagged (vision-AI assessment)

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