9009 Michael Cir #4 · Lely Resort, FL 34113

$395,000

2 bd · 2.0 ba · 1,247 sqft · Condo public records · 110 Days on market

Built 1996 $601/mo HOA · 12% 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 +22.6/30.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• DSCR +7.3/10.0
• 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 MLS

Looking for a second floor, very affordable, condo with a lake view? You have found it. This unit is immaculate with tile floors except in the bedrooms. NEW A/C unit and some newer appliances. Located in highly desirable Lely Resort with access to two public golf courses. Long sidewalks for walking, biking and jogging. The Players Club & Spa membership is OPTIONAL. Restaurants and shopping close by and located midway between Marco Island and Naples. Lots of activities available. Sunstone is a wonderful friendly community with the largest community pool! The entire property is very well maintained.

Key facts

• Vaulted ceiling
• Eat in kitchen
• Granite countertops

Tags

• CHEF INSPIRED KITCHEN
• GRANITE COUNTERTOPS
• TILE BACKSPLASH
• BREAKFAST BAR
• EAT IN KITCHEN
• VAULTED CEILING

Property features AI

Finance

• Other: Property type: Residential; Units in building: 12; units in complex: 120; floors in building: 2; units per floor: 2; Possession at closing
• HOA & community: Mandatory HOA (Condo management); Quarterly HOA fee ($1,781); Master HOA fee $99 annually; Total annual recurring fees $7,223; One-time fees $150; Community amenities: bike and jog path, community pool, sidewalks (see remarks); HOA maintenance covers insurance, irrigation water, lawn/land maintenance, legal/accounting, exterior pest control, reserves, security, street lights, street maintenance, water

Exterior

• Parking: 2 assigned parking spaces; Paved driveway; Paved parking; Detached 1-car garage; Free-standing parking
• Security: Patrolled community
• Utilities: Central water; Sewer assessment paid; Cable available; Electric service for heat and cooling (central electric)
• Home design: Residential low-rise (1–3) building; 2-story building; Rear exposure faces northwest; Located in Lely Resort (Ruby at Sunstone), lot/unit 104
• Construction: Built in 1996; Concrete block construction; Stucco exterior finish; Tile roof; Single-hung and sliding windows
• Exterior features: Pond view; Paved public road access; Regular lot; Deeded restrictions: No commercial, no motorcycles, no RV, no truck

Interior

• Kitchen: Pantry; Breakfast bar; Eat-in kitchen / dining (family)
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Primary bath with dual sinks and shower (no tub)
• Heating & cooling: Central electric heat; Central electric cooling; Ceiling fans
• Interior features: Cable prewire; High-speed internet available; Laundry tub; Pantry; Smoke detectors; Vaulted ceiling; Walk-in closet; Window coverings; Five ceiling fans; Screened lanai/porch
• Laundry & utility: Laundry in residence; Washer/dryer hookup; Washer/Dryer hookup and laundry tub

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $395k.

Deal economics

• At list price, monthly cash flow is $609 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $395k).
• Recommended offer: $359k (9.0% 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, amenities F, commute 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: Lely Elementary School (math 45% / reading 46%, grade D-, #1,247 of 2,144 statewide, top 59%, 499 students, 62% FRL); Lely High School (math 40% / reading 39%, grade F, #304 of 667 statewide, top 47%, 1,504 students, 54% FRL) — zoned schools at 58% FRL track the district average.
• Zoned-school proficiency averages 42% at this address vs 58% district-wide (-16 pts) — the specific schools serving this property underperform the Collier average; the district grade overstates school quality for this exact location.
• 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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.
• At projected returns (-3.0% appreciation + 5.6% rent growth), your $111k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($359k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y 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 $195k; list at $395k implies a 103% gain — meaningful room to come down on a strong offer.

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 $359,450 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% 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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
11. 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.
12. 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.
13. 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: 1.23% ✓
• Cap rate: 8.34%
• Cash-on-cash: 7.33%
• DSCR: 1.33
• GRM: 6.7

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: -2.7%
• Equity multiple: 0.89×
• Total profit: $-11,798
• Equity at exit: $58,896

10-year hold

• IRR: 10.0%
• Equity multiple: 1.88×
• Total profit: $97,674
• Equity at exit: $34,152

Cash invested: $110,600 (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: 6.7×

Monthly cashflow live

• Estimated rent: $4,878 high
• Mortgage (P&I): −$2,071
• Tax from tax record: −$341 /mo · $4,093/yr
• Insurance: −$165
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$601
• Vacancy / Maint / Mgmt: −$1,024
• Net cashflow: $609

Break-even live

Break-even rent $4,107

Max offer price $395,000

Occupancy floor 83%

Sensitivity live

Price	-10% $832	-5% $721	+0% $609	+5% $497	+10% $385
Rent	-10% $224	-5% $416	+0% $609	+5% $802	+10% $994
Rate	-1.0pp $808	-0.5pp $709	base $609	+0.5pp $507	+1.0pp $402

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: $98,750
• Closing costs: $11,850
• 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: $601 · $7,212/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-21
   days on market $395,000 Active 110 DOM
2. 2026-06-18
   days on market $395,000 Active 107 DOM
3. 2026-06-17
   days on market $395,000 Active 106 DOM
4. 2026-06-16
   days on market $395,000 Active 105 DOM
5. 2026-06-15
   days on market $395,000 Active 104 DOM
6. 2026-06-14
   days on market $395,000 Active 102 DOM
7. 2026-06-10
   days on market $395,000 Active 99 DOM
8. 2026-06-09
   days on market $395,000 Active 98 DOM
9. 2026-06-08
   days on market $395,000 Active 97 DOM
10. 2026-06-07
    days on market $395,000 Active 96 DOM
11. 2026-06-03
    days on market $395,000 Active 92 DOM
12. 2026-06-03
    remarks 662-char remark
13. 2026-06-03
    listed $395,000 Active 91 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $4,093 · $341/mo
• Projected year-2 tax: $4,093 · $341/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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: −$22,126
• − Property taxes: −$4,093
• − Insurance: −$2,772
• − Repairs & maintenance: −$4,683
• − Management: −$4,683
• − HOA: −$7,212
• − Depreciation: −$11,491
• Taxable income: $1,473
• Est. tax owed @ 24.0%: −$354
• After-tax cash flow: $6,953/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

+132.4% since first listed

8 events — show timeline

• 2026-03-02 Listed $395,000 NAPLESMLS
• 2015-09-16 Price Changed $195,000 NAPLESMLS
• 2015-09-15 Sold (Public Records) $195,000 Public Records
• 2015-09-14 Sold (MLS) $195,000 NAPLESMLS
• 2015-08-17 Price Changed $204,900 NAPLESMLS
• 2015-08-17 Listing Removed — NAPLESMLS
• 2015-04-02 Listed $204,900 NAPLESMLS
• 2004-04-30 Sold (Public Records) $170,000 Public Records

Property tax history

+9.1%/yr

Latest (2025): $4,093 · +10.7% YoY. Source: county tax records.