5350 Catts St

Naples Manor, FL 34113

$472,000C+

4 bd · 2.0 ba · 1,556 sqft · Built 1971 · SingleFamily · Active · 117 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,886/mo
• Mortgage (P&I): −$2,475
• Tax + insurance: −$725
• HOA: −$0
• Vac / Maint / Mgmt: −$1,026
• Net cashflow: $660/mo
• Annual: $7,924/yr
• Cap rate: 9.06%
• Cash-on-cash: 9.87%
• DSCR: 1.44
• 1% rule: 1.04%
• Cash to close: $132,160

Investor read

• This is a 4-bed/2.0-bath single-family listed at $472k.
• At list price, monthly cash flow is $660 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $472k).
• It's been on market 117 days — a 9% lower offer ($430k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $430k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#615 in FL) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B+; Watch: amenities F, commute F, employment D-.
• 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: Parkside Elementary School (math 54% / reading 45%, grade D, #1,088 of 2,144 statewide, top 53%, 608 students, 70% FRL); Lely High School (math 40% / reading 39%, grade F, #304 of 667 statewide, top 47%, 1,504 students, 54% FRL).
• Zoned-school proficiency averages 44% at this address vs 58% district-wide (-14 pts) — the specific schools serving this property underperform the Collier average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $427/mo.
• 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).
• Collier County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 17y ago; this cycle's ask has dropped $27k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $355k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• 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→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $4,886/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.

Questions for listing agent

• It's been on market 117 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1971 — 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 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?
• 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.