6800 Beach Resort Dr #2305

Lely Resort, FL 34114

$360,000C

2 bd · 2.0 ba · 1,351 sqft · Built 2001 · Condo · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,472/mo
• Mortgage (P&I): −$1,888
• Tax + insurance: −$1,027
• HOA: −$658
• Vac / Maint / Mgmt: −$939
• Net cashflow: $-40/mo
• Annual: $-479/yr
• Cap rate: 7.58%
• Cash-on-cash: 4.60%
• DSCR: 1.20
• 1% rule: 1.24%
• Cash to close: $100,800

Investor read

• This is a 2-bed/2.0-bath condo listed at $360k. Condition is rated good.
• At list price, monthly cash flow is $-40 ($-479/yr) — negative.
• To cash-flow at today's rent, offer at most $354k (1.6% below list).
• Meets the 1% rule at list price ($4k rent vs $360k).
• It's been on market 15 days — a 2% lower offer ($355k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $354k (1.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-1.5%/yr); year-one equity from $2k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• 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, schools F, amenities 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.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents rising (+3.2%/yr); 900 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.
• 2 sale attempts 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.
• 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→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $4,472/mo this rent would consume 60% of the median local household income ($89k/yr) (locally 550% 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?
• 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?
• 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.