1215 Edington Pl Unit J5

Marco Island, FL 34145

$319,900C-

1 bd · 1.0 ba · 570 sqft · Built 1970 · Condo · Active · 263 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,993/mo
• Mortgage (P&I): −$1,678
• Tax + insurance: −$773
• HOA: −$879
• Vac / Maint / Mgmt: −$839
• Net cashflow: $-175/mo
• Annual: $-2,100/yr
• Cap rate: 7.24%
• Cash-on-cash: 3.37%
• DSCR: 1.15
• 1% rule: 1.25%
• Cash to close: $89,572

Investor read

• This is a 1-bed/1.0-bath condo listed at $320k.
• At list price, monthly cash flow is $-175 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $289k (9.7% below list).
• Meets the 1% rule at list price ($4k rent vs $320k).
• It's been on market 263 days — a 12% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $282k (12.0% 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 $10k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#404 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety A+; Watch: amenities F, commute F, 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: Tommie Barfield Elementary School (math 84% / reading 75%, grade A, #116 of 2,144 statewide, top 6%, 464 students, 30% FRL); Manatee Middle School (math 61% / reading 43%, grade C+, #217 of 571 statewide, top 40%, 749 students, 64% FRL); Lely High School (math 40% / reading 39%, grade F, #304 of 667 statewide, top 47%, 1,504 students, 54% FRL).
• Watch-outs: flood insurance adds $427/mo; HOA is 22% of rent.
• Market conditions: Rents rising fast (+6.6%/yr); 689 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 10y ago; this cycle's ask has dropped $30k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $230k; 39% 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→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $3,993/mo this rent would consume 47% of the median local household income ($102k/yr) (locally 314% 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 263 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1970 — 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?
• 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.