3232 Sundance Cir · Pelican Marsh, FL 34109

$789,000

3 bd · 3.0 ba · 2,035 sqft · SingleFamily public records · 51 Days on market

Built 2004 $536/mo HOA · 9% of rent

---

Why this score? — see what drove the D- 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 +9.1/30.0
• ARV discount +7.5/15.0
• Appreciation +5.1/10.0
• Schools +5.0/10.0
• Rent growth +2.7/5.0
• 1% rule +2.5/10.0
• DSCR +2.5/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

NOT a short sale or foreclosure! Quick close! This beautiful & very clean single family courtyard pool home with 3 bed & 3 full bath, offers plenty of privacy with large area for entertaining, including open covered cabana, lighted with ceiling fan. Brick pavers accent the screened enclosed lanai/pool area & driveway. Interior features include custom plantation shutters, 16" diagonal floor tiles, tray ceilings. The kitchen features 42" cherry cabinets, GE Profile appliances & Corian countertops. This home also features a 65 gallon water heater, alarm system, humidistat, extra landscaping. The interior walls, including the courtyard were all painted in the Fall '08. The Bridgewater Bay Clubhouse offers lots of amenities. .. heated lap pool, resort style pool, hot spa, private sauna & steam rooms and a fitness center. All for low quarterly fees! This is a very nice home offered at a fair price, in gated community, close to everything Naples has to offer & in "move-in" ready condition!

Key facts

• Gathering room
• Eat in kitchen
• 2 garage spots

Tags

• PAVERED CABANA ENCLOSED LANAI
• SPARKLING WATER IN THE POOL
• GATHERING ROOM
• EAT IN KITCHEN
• GRANITE MODERN BACKSPLASH
• STAINLESS STEEL APPLIANCES

Property features AI

Finance

• HOA & community: Mandatory HOA with professional management; Quarterly HOA fees (community and master fees apply); HOA maintenance covers irrigation water, lawn/land maintenance, legal/accounting, manager, recreation facilities, street maintenance, and trash removal; Community amenities include clubhouse, community pool and spa, exercise room, guest room, internet access, pickleball, play area, sidewalks, streetlights, tennis court, and underground utilities; Total annual recurring fees apply; One-time fees apply

Exterior

• Parking: Attached 2-car garage
• Security: Gated community
• Utilities: Central water; Central sewer; Cable available; Electric service for heating and cooling
• Home design: Single-family, 1-story ranch; Residential property in Bridgewater Bay; Rear exposure faces north
• Construction: Concrete block construction; Stucco exterior finish; Tile roof; Built in 2004; Below-ground concrete private pool (electric heated) — screened
• Exterior features: Courtyard; Deck; Automatic sprinkler (central irrigation); Landscaped views; Screened pool area

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator/ice maker; Self-cleaning oven; Pantry
• Bedrooms: 3 bedrooms plus den
• Flooring: Tile flooring
• Bathrooms: 3 full bathrooms; Master bath with dual sinks and separate tub and shower
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Built-in cabinets; Cable prewire / cable available; Fireplace; Foyer; High-speed internet available; Laundry tub; Pantry; Smoke detectors; Walk-in closet; Window coverings; Den (study); Great room; Guest bath; Guest room; Screened lanai/porch; Breakfast bar and breakfast room / dining (living); Split bedroom floor plan
• Laundry & utility: Washer and dryer included; Laundry in residence; Laundry tub; Auto garage door

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $789k.

Deal economics

• At list price, monthly cash flow is $-607 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $682k (13.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $591k (25.1% below list).
• Recommended offer: $591k (25.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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: Osceola Elementary School (math 78% / reading 74%, grade A, #198 of 2,144 statewide, top 10%, 621 students, 32% FRL); Barron Collier High School (math 62% / reading 68%, grade B, #76 of 667 statewide, top 11%, 1,650 students, 26% FRL) — zoned schools average 29% FRL vs 55% district-wide (26 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 70% at this address vs 58% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Collier average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents flat; 425 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).
• At $5,911/mo this rent would consume 77% of the median local household income ($92k/yr) (locally 1712% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $8k of equity ($5k loan paydown + $2k appreciation (0.3% local appreciation)).
• Collier County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 6, paydown + projected appreciation supports a ~$50k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($765k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 16y 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 $346k; list at $789k implies a 128% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: 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.

Recommended offer $591,084 (25.1% below list)

Questions for the listing agent

1. 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?
2. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.75% ✗
• Cap rate: 5.37%
• Cash-on-cash: -3.30%
• DSCR: 0.85
• GRM: 11.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.29% appreciation · 0.92% rent growth · sell at horizon

5-year hold

• IRR: -6.0%
• Equity multiple: 0.72×
• Total profit: $-62,864
• Equity at exit: $240,804

10-year hold

• IRR: -1.5%
• Equity multiple: 0.84×
• Total profit: $-36,184
• Equity at exit: $298,969

Cash invested: $220,920 (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 34109

• Home prices YoY: 0.1%
• Rents YoY: 0.9%
• Active inventory: 425
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $5,911 high
• Mortgage (P&I): −$4,138
• Tax from tax record: −$274 /mo · $3,288/yr
• Insurance: −$329
• HOA: −$536
• Vacancy / Maint / Mgmt: −$1,241
• Net cashflow: $-607

Break-even live

Break-even rent $6,679

Max offer price $681,813

Occupancy floor —

Sensitivity live

Price	-10% $-160	-5% $-383	+0% $-607	+5% $-830	+10% $-1,053
Rent	-10% $-1,074	-5% $-840	+0% $-607	+5% $-373	+10% $-140
Rate	-1.0pp $-209	-0.5pp $-406	base $-607	+0.5pp $-811	+1.0pp $-1,019

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: $197,250
• Closing costs: $23,670
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7699 Groves Rd Naples, FL	3.0	2.0	2259	$10,000	$4.43	24d	1	0.16mi
7720 Gardner Dr #201 Naples, FL	3.0	3.0	1960	$5,500	$2.81	24d	1	0.22mi
3296 Twilight Ln #6202 Naples, FL	3.0	2.5	2133	$6,500	$3.05	15d	1	0.23mi
2729 Branch Ln Naples, FL	3.0	2.0	1800	$3,650	$2.03	24d	1	0.26mi
3062 Driftwood Way #4301 Naples, FL	3.0	2.0	1573	$6,500	$4.13	24d	1	0.27mi
3048 Horizon Ln #1104 Naples, FL	3.0	2.5	1818	$5,150	$2.83	24d	1	0.29mi
7762 Gardner Dr #102 Naples, FL	2.0	2.0	1607	$6,000	$3.73	24d	1	0.29mi
2835 Mizzen Way Naples, FL	3.0	2.0	1641	$2,900	$1.77	24d	1	0.29mi
2476 Orchid Bay Dr Unit W201 Naples, FL	3.0	2.0	1928	$2,600	$1.35	15d	1	0.29mi
2730 Sailors Way Naples, FL	3.0	3.0	1700	$9,000	$5.29	24d	1	0.29mi
3051 Horizon Ln #1803 Naples, FL	2.0	2.0	1482	$5,100	$3.44	24d	1	0.30mi
2880 Citrus Lake Dr Unit Q201 Naples, FL	3.0	2.0	1590	$2,495	$1.57	15d	1	0.31mi
7822 Gardner Dr Unit 6-101 Naples, FL	2.0	2.0	1607	$2,500	$1.56	24d	1	0.31mi
7828 Gardner Dr Unit 5-202 Naples, FL	3.0	2.0	1960	$5,750	$2.93	24d	1	0.32mi
3057 Driftwood Way #4004 Naples, FL	3.0	2.5	1818	$6,400	$3.52	24d	1	0.32mi
2860 Citrus Lake Dr Unit R-202 Naples, FL	3.0	2.0	1590	$5,000	$3.14	15d	1	0.32mi
2860 Citrus Lake Dr Unit R202 Naples, FL	3.0	2.0	1590	$5,000	$3.14	24d	1	0.32mi
2585 Old Groves Rd Unit L203 Naples, FL	2.0	2.0	1448	$5,500	$3.80	15d	1	0.34mi
3049 Driftwood Way #3806 Naples, FL	3.0	2.5	1818	$4,700	$2.59	24d	1	0.35mi
7710 Ahoy Ave Naples, FL	3.0	2.0	1580	$2,950	$1.87	24d	1	0.36mi
2711 Citrus Lake Dr Unit F305 Naples, FL	3.0	2.0	1480	$5,500	$3.72	15d	1	0.46mi
3320 Bermuda Isle Cir Naples, FL	1.0–3.0	1.0–2.0	1134	$3,270	$2.88	15d	45	0.47mi
3664 El Segundo Ct Naples, FL	2.0	2.0	1680	$5,500	$3.27	24d	1	0.54mi
7030 Lone Oak Blvd Naples, FL	3.0	2.0	1700	$6,400	$3.76	15d	1	0.55mi
2611 Citrus Lake Dr Unit C-203 Naples, FL	3.0	2.0	1710	$5,500	$3.22	15d	1	0.56mi
3687 El Segundo Ct Naples, FL	2.0	2.0	1680	$5,000	$2.98	24d	1	0.59mi
2541 Citrus Lake Dr Unit A-205 Naples, FL	3.0	2.0	1590	$5,250	$3.30	15d	1	0.61mi
2662 Bolero Dr Unit 10 Naples, FL	2.0	2.0	1768	$15,000	$8.48	24d	1	0.73mi
2650 Bolero Dr Unit 7-2 Naples, FL	3.0	2.0	2754	$16,000	$5.81	24d	1	0.74mi
2772 Tiburon Dr Unit 5-102 Naples, FL	3.0	3.5	2950	$19,500	$6.61	24d	1	0.75mi
2654 Bolero Dr Unit 8-1 Naples, FL	3.0	2.0	1768	$20,000	$11.31	24d	1	0.75mi
2625 Estrella Dr Unit 15-1 Naples, FL	3.0	2.0	1768	$18,000	$10.18	24d	1	0.76mi
2662 Bolero Dr #1002 Naples, FL	3.0	2.0	2256	$13,000	$5.76	15d	1	0.76mi
2659 Bolero Dr #3 Naples, FL	3.0	2.0	2341	$24,000	$10.25	24d	1	0.78mi
2630 Bolero Dr Unit 2-2 Naples, FL	3.0	2.0	2256	$25,000	$11.08	24d	1	0.79mi
2630 Bolero Dr Unit 2-3 Naples, FL	3.0	2.0	2256	$24,000	$10.64	24d	1	0.79mi
2609 Estrella Ct #1902 Naples, FL	3.0	2.0	2340	$14,000	$5.98	15d	1	0.83mi
3740 Fieldstone Blvd Unit 104 Naples, FL	3.0	2.0	1456	$2,300	$1.58	15d	1	0.86mi
6941 Hunters Rd Naples, FL	4.0	2.0	1866	$7,500	$4.02	24d	1	0.88mi
2738 Tiburon Blvd E Unit B405 Naples, FL	2.0	2.5	1865	$12,000	$6.43	15d	1	0.89mi

HOA detail

• Monthly dues: $536 · $6,432/yr
• Likely covers: waterlandscapingpoolgymsecurity

Listing history 20 events

1. 2026-06-21
   days on market $789,000 Active 51 DOM
2. 2026-06-18
   days on market $789,000 Active 48 DOM
3. 2026-06-17
   days on market $789,000 Active 47 DOM
4. 2026-06-16
   days on market $789,000 Active 46 DOM
5. 2026-06-15
   days on market $789,000 Active 45 DOM
6. 2026-06-14
   days on market $789,000 Active 43 DOM
7. 2026-06-10
   days on market $789,000 Active 40 DOM
8. 2026-06-09
   days on market $789,000 Active 39 DOM
9. 2026-06-08
   days on market $789,000 Active 38 DOM
10. 2026-06-07
    days on market $789,000 Active 37 DOM
11. 2026-06-03
    days on market $789,000 Active 33 DOM
12. 2026-06-02
    days on market $789,000 Active 32 DOM
13. 2026-06-01
    days on market $789,000 Active 31 DOM
14. 2026-05-31
    days on market $789,000 Active 30 DOM
15. 2026-05-30
    days on market $789,000 Active 29 DOM
16. 2026-05-02
    listed $789,000 Active
17. 2010-11-17
    soldstatus $346,000 1053-char remark

    Show marketing remark (1053 chars)

    NOT a short sale or foreclosure! Quick close! This beautiful & very clean single family courtyard pool home with 3 bed & 3 full bath, offers plenty of privacy with large area for entertaining, including open covered cabana, lighted with ceiling fan. Brick pavers accent the screened enclosed lanai/pool area & driveway. Interior features include custom plantation shutters, 16" diagonal floor tiles, tray ceilings. The kitchen features 42" cherry cabinets, GE Profile appliances & Corian countertops. This home also features a 65 gallon water heater, alarm system, humidistat, extra landscaping. The interior walls, including the courtyard were all painted in the Fall '08. The Bridgewater Bay Clubhouse offers lots of amenities. .. heated lap pool, resort style pool, hot spa, private sauna & steam rooms and a fitness center. All for low quarterly fees! This is a very nice home offered at a fair price, in gated community, close to everything Naples has to offer & in "move-in" ready condition!

18. 2010-11-17
    soldstatus $346,000

    Show marketing remark (1053 chars)

    NOT a short sale or foreclosure! Quick close! This beautiful & very clean single family courtyard pool home with 3 bed & 3 full bath, offers plenty of privacy with large area for entertaining, including open covered cabana, lighted with ceiling fan. Brick pavers accent the screened enclosed lanai/pool area & driveway. Interior features include custom plantation shutters, 16" diagonal floor tiles, tray ceilings. The kitchen features 42" cherry cabinets, GE Profile appliances & Corian countertops. This home also features a 65 gallon water heater, alarm system, humidistat, extra landscaping. The interior walls, including the courtyard were all painted in the Fall '08. The Bridgewater Bay Clubhouse offers lots of amenities. .. heated lap pool, resort style pool, hot spa, private sauna & steam rooms and a fitness center. All for low quarterly fees! This is a very nice home offered at a fair price, in gated community, close to everything Naples has to offer & in "move-in" ready condition!

19. 2010-08-09
    listed $384,500 1053-char remark

    Show marketing remark (1053 chars)

    NOT a short sale or foreclosure! Quick close! This beautiful & very clean single family courtyard pool home with 3 bed & 3 full bath, offers plenty of privacy with large area for entertaining, including open covered cabana, lighted with ceiling fan. Brick pavers accent the screened enclosed lanai/pool area & driveway. Interior features include custom plantation shutters, 16" diagonal floor tiles, tray ceilings. The kitchen features 42" cherry cabinets, GE Profile appliances & Corian countertops. This home also features a 65 gallon water heater, alarm system, humidistat, extra landscaping. The interior walls, including the courtyard were all painted in the Fall '08. The Bridgewater Bay Clubhouse offers lots of amenities. .. heated lap pool, resort style pool, hot spa, private sauna & steam rooms and a fitness center. All for low quarterly fees! This is a very nice home offered at a fair price, in gated community, close to everything Naples has to offer & in "move-in" ready condition!

20. 2008-07-11
    soldstatus $350,000

ⓘ 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: $3,288 · $274/mo
• Projected year-2 tax: $6,549 · $546/mo
• Expected delta: +$3,261/yr (+$272/mo · 99.2%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 30 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: $70,930
• − Mortgage interest: −$44,196
• − Property taxes: −$3,288
• − Insurance: −$3,945
• − Repairs & maintenance: −$5,674
• − Management: −$5,674
• − HOA: −$6,432
• − Depreciation: −$22,953
• Taxable loss: −$21,232
• Est. tax savings @ 24.0%: +$5,096
• After-tax cash flow: $-2,185/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 — Pelican Marsh

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Collier County · 396,295 people
• Metro: Naples-Marco Island, FL
• Population (ZIP): 27,273
• Household income: $92,259
• Rent vs Own: 33.3% rent · 66.7% own
• Severe rent burden: 1712.0

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: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 11% Two or more races 9% Black 4% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1% Cuban 3%
• Common ancestry: Romanian 5% Scotch-Irish 3% Lithuanian 2%
• Foreign-born: 20% · Canada, Jamaica, Vietnam
• Languages at home: 77% English-only · Spanish 10% Other Indo-European 5% Russian/Polish/Slavic 3%

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: ▲ 0.29%
• Current HPI: 279.357
• Rent YoY: ▲ 0.92%
• 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

+125.4% since first listed

5 events — show timeline

• 2026-05-02 Listed $789,000 NAPLESMLS
• 2010-11-17 Sold (Public Records) $346,000 Public Records
• 2010-11-17 Sold (MLS) $346,000 NAPLESMLS
• 2010-08-09 Listed $384,500 NAPLESMLS
• 2008-07-11 Sold (Public Records) $350,000 Public Records

Property tax history

+1.4%/yr

Latest (2025): $3,288 · +2.5% YoY. Source: county tax records.