1549 Sandpiper St #49 · Naples, FL 34102

$325,000

2 bd · 2.0 ba · 1,073 sqft · Condo public records · 193 Days on market

Built 1976 $836/mo HOA · 16% of rent

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Why this score? — see what drove the A- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +7.0/10.0
• Schools +5.0/10.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0

Listing remarks

Beautifully renovated beach bungalow in the heart of downtown. This inviting condominium combines modern finishes with coastal charm, ideal for those seeking a relaxing getaway or a permanent residence. The open concept living and dining space is flooded with natural light, featuring stylish furnishings and updated decor that evoke a serene beach lifestyle. Enjoy cooking in the fully renovated kitchen equipped with stainless steel appliances and ample cabinet space, making it a chef's delight. This condominium offers two well-appointed bedrooms, including a main suite with en-suite bath, providing a private oasis to unwind after a day at the beach. Go outside to your private patio, ideal fo

Key facts

• Stunning pool area
• Private patio
• Convenient parking

Tags

• RENOVATED BEACH BUNGALOW
• FULLY RENOVATED KITCHEN
• PRIVATE PATIO
• STUNNING POOL AREA
• TENNIS AND PICKLEBALL
• CONVENIENT PARKING

Property features AI

Finance

• Other: Part of a complex with 92 units (4 units per building); One unit per floor; building has 2 floors
• HOA & community: Mandatory HOA with professional management; Quarterly condo fee; Maintenance covers cable, insurance, internet/WiFi, irrigation water, lawn/land maintenance, exterior pest control, recreation facilities, reserves, sewer, street lights, trash removal and water; Community amenities include community pool, tennis court, pickleball, BBQ/picnic area, community park, sidewalks and internet access; Non-gated community; Total annual recurring HOA fees: $10,036; One-time fees: $150

Exterior

• Parking: 2 assigned parking spaces
• Security: Impact resistant windows
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential low-rise (1-3) building; 2-story building; Zero lot line; Rear exposure faces north; Located in Royal Bay Villas development
• Construction: Concrete block construction; Stucco exterior; Built-up or flat roof; Built in 1976
• Exterior features: Tennis court; Landscaped area view; Central irrigation

Interior

• Kitchen: Electric cooktop; Dishwasher; Microwave; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Tile
• Bathrooms: 2 full bathrooms; Master bath with combo tub and shower
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Window coverings; Turnkey furnished
• Laundry & utility: Washer and dryer in residence

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $325k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $325k).
• Recommended offer: $286k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 80/100 on livability (#126 in FL, #1,903 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: commute D+, 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: Lake Park Elementary School (math 76% / reading 77%, grade A, #185 of 2,144 statewide, top 9%, 502 students, 39% FRL); Naples High School (math 47% / reading 52%, grade D, #179 of 667 statewide, top 29%, 1,719 students, 39% FRL) — zoned schools average 39% FRL vs 55% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+8.8%/yr); 616 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); high-income renter base; 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($2k loan paydown + $13k appreciation (4.1% local appreciation)).
• Collier County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (4.1% appreciation + 8.0% rent growth), your $91k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 193 days — a 12% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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 $140k; list at $325k implies a 132% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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.

Recommended offer $286,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 193 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
9. 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.
10. 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.
11. 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: 1.65% ✓
• Cap rate: 11.81%
• Cash-on-cash: 19.69%
• DSCR: 1.88
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.08% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 27.3%
• Equity multiple: 2.71×
• Total profit: $155,162
• Equity at exit: $166,368

10-year hold

• IRR: 30.1%
• Equity multiple: 6.37×
• Total profit: $488,517
• Equity at exit: $273,384

Cash invested: $91,000 (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 34102

• Home prices YoY: 1.3%
• Rents YoY: 8.8%
• Active inventory: 616
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $5,371 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$74 /mo · $891/yr
• Insurance: −$135
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$836
• Vacancy / Maint / Mgmt: −$1,128
• Net cashflow: $1,067

Break-even live

Break-even rent $4,021

Max offer price $325,000

Occupancy floor 75%

Sensitivity live

Price	-10% $1,251	-5% $1,159	+0% $1,067	+5% $975	+10% $883
Rent	-10% $643	-5% $855	+0% $1,067	+5% $1,279	+10% $1,491
Rate	-1.0pp $1,231	-0.5pp $1,150	base $1,067	+0.5pp $983	+1.0pp $897

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1549 Sandpiper St #36 Naples, FL	2.0	2.0	1073	$2,195	$2.05	24d	1	0.03mi
105 Georgetown Blvd #105 Naples, FL	2.0	2.0	1450	$6,500	$4.48	24d	1	0.09mi
24 Rivard Rd Naples, FL	3.0	2.0	1314	$6,500	$4.95	24d	1	0.09mi
1437 Sandpiper St Naples, FL	3.0	2.0	1200	$16,000	$13.33	24d	1	0.10mi
69 Georgetown Blvd #69 Naples, FL	2.0	2.0	1450	$5,500	$3.79	24d	1	0.12mi
91 Georgetown Blvd #91 Naples, FL	2.0	2.0	1450	$7,000	$4.83	24d	1	0.12mi
84 Georgetown Blvd #84 Naples, FL	2.0	2.0	1450	$5,500	$3.79	24d	1	0.17mi
1625 Chesapeake Ave #203 Naples, FL	2.0	2.0	1200	$4,500	$3.75	24d	1	0.18mi
1605 Chesapeake Ave #2 Naples, FL	2.0	1.0	850	$2,300	$2.71	24d	1	0.19mi
235 Lanchester Ct #42 Naples, FL	2.0	2.0	1200	$2,350	$1.96	24d	1	0.21mi
12 Knights Bridge Rd Unit A32 Naples, FL	2.0	2.0	1095	$3,200	$2.92	22d	1	0.21mi
1686 Blue Point Ave Unit B1 Naples, FL	2.0	2.0	1198	$6,500	$5.43	24d	1	0.22mi
1686 Blue Point Ave Naples, FL	2.0	2.0	1057	$5,500	$5.20	15d	2	0.22mi
1751 Smugglers Cv Unit 2 1 Naples, FL	2.0	1.0	800	$1,995	$2.49	15d	1	0.22mi
3001 Sandpiper Bay Cir Unit B106 Naples, FL	2.0	2.0	1100	$1,950	$1.77	15d	1	0.22mi
1535 Chesapeake Ave Unit A2 Naples, FL	2.0	2.0	1080	$2,000	$1.85	24d	1	0.23mi
3002 Sandpiper Bay Cir Unit A203 Naples, FL	2.0	2.0	1200	$2,200	$1.83	24d	1	0.23mi
9 Knights Bridge Rd #30 Naples, FL	2.0	2.0	1296	$3,000	$2.31	14d	1	0.24mi
280 Lanchester Ct #38 Naples, FL	2.0	2.0	1325	$2,500	$1.89	22d	1	0.25mi
1501 Chesapeake Ave Unit 1296210P Naples, FL	2.0	2.0	1377	$4,110	$2.98	15d	1	0.25mi
3011 Sandpiper Bay Cir Unit C102 Naples, FL	2.0	2.0	1200	$1,900	$1.58	24d	1	0.27mi
3062 Sandpiper Bay Cir Naples, FL	2.0	2.0	1150	$4,250	$3.70	24d	2	0.29mi
1555 Blue Point Ave Unit 3 Naples, FL	2.0	2.0	1025	$1,745	$1.70	15d	1	0.30mi
3032 Sandpiper Bay Cir Naples, FL	2.0	2.0	1150	$4,100	$3.57	24d	2	0.30mi
1155 Sandpiper St Naples, FL	2.0	2.0	1062	$4,050	$3.81	24d	2	0.31mi
1155 Sandpiper St Naples, FL	2.0	2.0	1062	$3,950	$3.72	22d	3	0.31mi
1186 Cherrystone Ct Naples, FL	2.0	2.0	1163	$1,995	$1.72	24d	1	0.31mi
1376 Chesapeake Ave #2 Naples, FL	2.0	2.0	1218	$2,300	$1.89	24d	1	0.32mi
1200 Cherrystone Ct Unit A203 Naples, FL	2.0	2.0	1276	$4,950	$3.88	24d	1	0.34mi
3051 Sandpiper Bay Cir Naples, FL	2.0	2.0	1150	$4,000	$3.48	24d	2	0.35mi
3051 Sandpiper Bay Cir Unit I304 Naples, FL	2.0	2.0	1200	$3,000	$2.50	15d	1	0.35mi
3041 Sandpiper Bay Cir Unit H201 Naples, FL	2.0	2.0	1100	$1,999	$1.82	24d	1	0.36mi
1165 Clam Ct #7 Naples, FL	2.0	2.5	1449	$2,900	$2.00	24d	1	0.36mi
1666 Osprey Ave #203 Naples, FL	2.0	2.0	1200	$7,000	$5.83	24d	1	0.44mi
1120 Little Neck Ct Unit E40 Naples, FL	3.0	2.0	1400	$2,999	$2.14	24d	1	0.45mi
1353 Pelican Ave Naples, FL	2.0	2.0	1203	$8,500	$7.07	24d	1	0.49mi
1950 Mayfair ST Unit 817 Naples, FL	1.0	1.0	710	$3,295	$4.64	15d	1	0.51mi
1950 Mayfair ST Unit 716 Naples, FL	1.0	1.0	710	$3,330	$4.69	15d	1	0.51mi
1950 Mayfair ST Unit 802 Naples, FL	1.0	1.0	710	$3,355	$4.73	15d	1	0.51mi
1950 Mayfair ST Unit 1021 Naples, FL	1.0	1.0	710	$3,520	$4.96	15d	1	0.51mi

HOA detail condo

• Monthly dues: $836 · $10,032/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-05-31
   days on market $325,000 Active 193 DOM
2. 2026-05-30
   days on market $325,000 Active 192 DOM
3. 2025-11-19
   listed $325,000 Active
4. 2025-04-23
   historical $2,300
5. 2025-02-18
   listed $2,300
6. 2019-02-15
   historical
7. 2018-03-22
   listed $209,000 Active
8. 2014-01-10
   soldstatus $140,000
9. 2002-07-22
   soldstatus $152,000
10. 1983-10-01
    soldstatus $66,000

ⓘ 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: $891 · $74/mo
• Projected year-2 tax: $2,698 · $225/mo
• Expected delta: +$1,806/yr (+$151/mo · 202.7%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 28 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $64,458
• − Mortgage interest: −$18,205
• − Property taxes: −$891
• − Insurance: −$6,744
• − Repairs & maintenance: −$5,157
• − Management: −$5,157
• − HOA: −$10,032
• − Depreciation: −$9,455
• Taxable income: $8,818
• Est. tax owed @ 24.0%: −$2,116
• After-tax cash flow: $10,686/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 — Naples

• Score: 80/100
• State rank: #126
• US rank: #1903

Category grades

Amenities A+ Commute D+ Cost of living F Crime A+ Employment A+ Housing C+ Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Collier County · 396,295 people
• City population: 344,941
• Metro: Naples-Marco Island, FL
• Population (ZIP): 11,179
• Household income: $130,929
• Rent vs Own: 24.1% rent · 75.9% own
• Severe rent burden: 333.0

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 (79%)
• Race & ethnicity: White 79% Hispanic / Latino 9% Two or more races 8% Black 8% Asian 1%
• Hispanic origin (detail): Cuban 6%
• Common ancestry: Hispanic 4% Lithuanian 4% Romanian 4%
• Foreign-born: 17% · Canada, China
• Languages at home: 87% English-only · Spanish 7% French/Haitian/Cajun 4% German/W. Germanic 1%

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: ▲ 4.08%
• Current HPI: 328.2755
• Rent YoY: ▲ 8.75%
• 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

+392.4% since first listed

8 events — show timeline

• 2025-11-19 Listed $325,000 NAPLESMLS
• 2025-04-23 Rental Removed $2,300 Avail
• 2025-02-18 Listed for Rent $2,300 Avail
• 2019-02-15 Listing Removed — NAPLESMLS
• 2018-03-22 Listed $209,000 NAPLESMLS
• 2014-01-10 Sold (Public Records) $140,000 Public Records
• 2002-07-22 Sold (Public Records) $152,000 Public Records
• 1983-10-01 Sold (Public Records) $66,000 Public Records

Property tax history

-2.5%/yr

Latest (2025): $891 · -55.6% YoY. Source: county tax records.