75 Saint Andrews Blvd Unit C301

Lely, FL 34113

$224,900C+

2 bd · 2.0 ba · 1,233 sqft · Built 1980 · Condo · Active · 85 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,410/mo
• Mortgage (P&I): −$1,179
• Tax + insurance: −$801
• HOA: −$725
• Vac / Maint / Mgmt: −$716
• Net cashflow: $-12/mo
• Annual: $-145/yr
• Cap rate: 8.50%
• Cash-on-cash: 7.90%
• DSCR: 1.35
• 1% rule: 1.52%
• Cash to close: $62,972

Investor read

• This is a 2-bed/2.0-bath condo listed at $225k. Condition is rated good.
• At list price, monthly cash flow is $-12 ($-145/yr) — negative.
• To cash-flow at today's rent, offer at most $223k (0.8% below list).
• Meets the 1% rule at list price ($3k rent vs $225k).
• It's been on market 85 days — a 6% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $211k (6.0% below list) — sets the bar for market timing.
• 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 66/100 on livability (#586 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing 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 High School (math 40% / reading 39%, grade F, #304 of 667 statewide, top 47%, 1,504 students, 54% FRL) — zoned schools at 54% FRL track the district average.
• Zoned-school proficiency averages 40% at this address vs 58% district-wide (-18 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; HOA is 21% of rent.
• Market conditions: Rents rising fast (+5.6%/yr); 597 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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.
• 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 $3,410/mo this rent would consume 50% 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

• 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 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?