273 Cape Sable Dr · Berkshire Lakes, FL 34104

$189,500

2 bd · 2.0 ba · 840 sqft · Manufactured public records · 68 Days on market

Built 1978 4,791 sqft lot $188/mo HOA · 8% of rent

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Why this score? — see what drove the C+ 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 +25.8/30.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Schools +5.0/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this well-maintained 2-bedroom, 2-bath manufactured home located in a 55+ community offering affordable Florida living in a central location. This home features laminate flooring throughout, a nicely finished screened lanai, and a covered carport for added convenience. Enjoy two separate outdoor living spaces—the screened lanai for everyday relaxation and a beautifully landscaped lakeside patio with pavers, perfectly positioned to capture peaceful west-facing lake views and stunning sunsets. Brand NEW Vapor barrier, insulation and NEW skirting just completed on 4/22 for additional peace of mind. The community offers low HOA fees and amenities including two pools and a clubh

Key facts

• Clubhouse
• Covered carport
• Screened lanai

Tags

• SCREENED LANAI
• COVERED CARPORT
• LAKESIDE PATIO
• WEST-FACING LAKE VIEWS
• TWO POOLS
• CLUBHOUSE

Property features AI

Finance

• Other: Property is one unit in a 180-unit community; single-floor unit
• HOA & community: Mandatory HOA with monthly fee of $188; HOA covers cable, insurance, internet/WiFi, lawn/land maintenance, legal/accounting, and exterior pest control; Professional management; Community amenities include cabana, clubhouse, and community pool; Community type: Mobile/Manufactured; Total annual recurring HOA fees: $2,256; Total one-time fees: $650

Exterior

• Parking: Attached 2-car carport
• Utilities: Central water; Central sewer; Cable available; Electric service (central)
• Home design: Manufactured residential home; 1 story / ranch; Rear exposure faces west; Located in Naples Mobile Estate
• Construction: Built in 1978; Manufactured construction; Vinyl siding exterior; Rolled roof; Single-hung windows
• Exterior features: Patio; Storage; Lake view / waterfront (lake); Irrigation from lake/canal and reclaimed water; Regular lot; County maintained road

Interior

• Kitchen: Electric cooktop; Dishwasher; Disposal; Microwave; Refrigerator/Freezer
• Bedrooms: 2 bedrooms with a split bedroom floor plan
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms; Master bathroom with shower only
• Heating & cooling: Central electric heat; Central electric cooling and ceiling fans
• Interior features: Cable prewire and high-speed internet available; Window coverings; Dining area in living room; Family room; Guest room and guest bath; Open porch/lanai and screened lanai/porch; Partially furnished; 6 ceiling fans; Tankless water heater
• Laundry & utility: Washer and dryer in residence

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $190k.

Deal economics

• At list price, monthly cash flow is $457 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $178k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — 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.
• Market conditions: Rents soft (-1.1%/yr); 436 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• This rent runs 39% of the median local income ($72k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Collier County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($178k) is reasonable based on typical stale-listing flexibility.
• 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.
• Current owner paid $78k; list at $190k implies a 145% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $178,130 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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 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: 1.23% ✓
• Cap rate: 9.19%
• Cash-on-cash: 10.34%
• DSCR: 1.46
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -4.4%
• Equity multiple: 0.84×
• Total profit: $-8,349
• Equity at exit: $28,255

10-year hold

• IRR: 1.3%
• Equity multiple: 1.08×
• Total profit: $4,102
• Equity at exit: $16,384

Cash invested: $53,060 (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 34104

• Rents YoY: -1.1%
• Active inventory: 436
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $2,337 high
• Mortgage (P&I): −$994
• Tax from tax record: −$128 /mo · $1,540/yr
• Insurance: −$79
• HOA: −$188
• Vacancy / Maint / Mgmt: −$491
• Net cashflow: $457

Break-even live

Break-even rent $1,758

Max offer price $189,500

Occupancy floor 75%

Sensitivity live

Price	-10% $565	-5% $511	+0% $457	+5% $404	+10% $350
Rent	-10% $273	-5% $365	+0% $457	+5% $550	+10% $642
Rate	-1.0pp $553	-0.5pp $505	base $457	+0.5pp $408	+1.0pp $358

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: $47,375
• Closing costs: $5,685
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7065 Dennis Cir #302 Naples, FL	2.0	2.0	1097	$4,000	$3.65	22d	1	0.58mi
1051 Eastham Way Unit B104 Naples, FL	2.0	2.0	1091	$4,300	$3.94	14d	1	0.65mi
1075 Foxfire Ln Naples, FL	2.0	2.0	1092	$3,300	$3.02	24d	3	0.75mi
1787 Reuven Cir Unit 1001 Naples, FL	2.0	2.0	1112	$1,300	$1.17	14d	1	0.75mi
2972 Kings Lake Blvd #2972 Naples, FL	2.0	2.0	1100	$3,000	$2.73	24d	1	0.89mi
1701 Courtyard Way Naples, FL	2.0	2.0	1072	$1,990	$1.86	24d	1	0.97mi
1933 Courtyard Way Unit D-103 Naples, FL	2.0	2.0	947	$1,850	$1.95	14d	1	0.99mi
1895 Courtyard Way #103 Naples, FL	3.0	2.0	1046	$2,200	$2.10	22d	1	1.03mi
1865 Florida Club Dr Naples, FL	2.0–3.0	1.0–2.0	1214	$1,750	$1.44	24d	2	1.04mi
1875 Florida Club Dr Naples, FL	2.0	1.0	1016	$1,722	$1.69	24d	2	1.08mi
2644 Kings Lake Blvd Unit 6-103 Naples, FL	2.0	2.0	911	$1,875	$2.06	24d	1	1.13mi
2648 Kings Lake Blvd Unit 6-201 Naples, FL	3.0	2.0	1060	$2,200	$2.08	22d	1	1.14mi
7320 Glenmoor Ln Unit 2206 Naples, FL	2.0	2.0	1053	$6,000	$5.70	14d	1	1.14mi
7380 Saint Ives Way Naples, FL	2.0	2.0	1026	$4,400	$4.29	24d	2	1.15mi
2712 Kings Lake Blvd #201 Naples, FL	1.0	1.0	1076	$2,850	$2.65	24d	1	1.16mi
153 Bristol Ln Unit F102 Naples, FL	2.0	2.0	1009	$4,900	$4.86	24d	1	1.17mi
153 Bristol Ln Unit A Naples, FL	2.0	2.0	1009	$2,250	$2.23	14d	1	1.17mi
7360 Saint Ives Way #2205 Naples, FL	2.0	2.0	1053	$1,925	$1.83	24d	1	1.19mi
529 Mardel Dr #311 Naples, FL	2.0	2.0	1093	$3,500	$3.20	24d	1	1.20mi
190 Santa Clara Dr Unit 190-4 Naples, FL	2.0	2.0	1004	$1,800	$1.79	24d	1	1.31mi
185 Santa Clara Dr #13 Naples, FL	1.0	1.0	634	$1,600	$2.52	14d	1	1.32mi
150 Santa Clara Dr #15 Naples, FL	1.0	1.0	700	$1,590	$2.27	24d	1	1.33mi
150 Santa Clara Dr Naples, FL	1.0	1.0	637	$1,375	$2.16	14d	1	1.33mi
194 Santa Clara Dr Unit 194-3 Naples, FL	1.0	1.0	833	$1,600	$1.92	24d	1	1.34mi
4640 Santa Barbara Blvd Naples, FL	2.0–3.0	2.0	1164	$1,932	$1.66	24d	2	1.34mi
161 Santa Clara Dr #14 Naples, FL	2.0	2.0	1043	$2,000	$1.92	22d	1	1.35mi
116 Santa Clara Dr #12 Naples, FL	1.0	1.0	745	$1,600	$2.15	14d	1	1.35mi
153 Santa Clara Dr #12 Naples, FL	1.0	1.0	634	$1,450	$2.29	24d	1	1.36mi
4710 Altis Dr Naples, FL	1.0–3.0	1.0–2.0	1101	$2,430	$2.21	14d	39	1.37mi
108 Santa Clara Dr #4 Naples, FL	2.0	2.0	974	$1,950	$2.00	14d	1	1.39mi
1059 San Remo Ave Naples, FL	2.0	1.0	845	$1,795	$2.12	24d	1	1.48mi
7725 Tara Cir Naples, FL	1.0–3.0	1.0–2.0	929	$1,512	$1.63	14d	1	1.49mi

HOA detail

• Monthly dues: $188 · $2,256/yr
• Likely covers: pool

Listing history 22 events

1. 2026-06-18
   days on market $189,500 Active 68 DOM
2. 2026-06-17
   days on market $189,500 Active 67 DOM
3. 2026-06-16
   days on market $189,500 Active 66 DOM
4. 2026-06-15
   days on market $189,500 Active 65 DOM
5. 2026-06-14
   days on market $189,500 Active 63 DOM
6. 2026-06-10
   pricedays on market $189,500 Active 60 DOM
7. 2026-06-09
   days on market $199,273 Active 59 DOM
8. 2026-06-08
   days on market $199,273 Active 58 DOM
9. 2026-06-07
   days on market $199,273 Active 57 DOM
10. 2026-06-03
    days on market $199,273 Active 53 DOM
11. 2026-06-02
    days on market $199,273 Active 52 DOM
12. 2026-06-01
    days on market $199,273 Active 51 DOM
13. 2026-05-31
    days on market $199,273 Active 50 DOM
14. 2026-05-30
    days on market $199,273 Active 49 DOM
15. 2026-04-15
    status Active
16. 2026-04-06
    status Pending With Contingencies
17. 2026-04-03
    listed $199,273 Active
18. 2005-06-15
    soldstatus $77,500
19. 2003-03-05
    soldstatus $49,000
20. 1994-09-27
    soldstatus $42,000
21. 1994-09-27
    soldstatus $42,000
22. 1990-06-01
    soldstatus $43,000

ⓘ 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: $1,540 · $128/mo
• Projected year-2 tax: $1,573 · $131/mo
• Expected delta: +$33/yr (+$3/mo · 2.2%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 55% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 6 d/yr ≥107°F today · 24 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: $28,045
• − Mortgage interest: −$10,615
• − Property taxes: −$1,540
• − Insurance: −$948
• − Repairs & maintenance: −$2,244
• − Management: −$2,244
• − HOA: −$2,256
• − Depreciation: −$5,513
• Taxable income: $2,687
• Est. tax owed @ 24.0%: −$645
• After-tax cash flow: $4,842/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 — Berkshire Lakes

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): 26,408
• Household income: $71,686
• Rent vs Own: 31.7% rent · 68.3% own
• Severe rent burden: 1423.0

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: Majority White (62%)
• Race & ethnicity: White 62% Hispanic / Latino 30% Two or more races 19% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 3% Cuban 6% Dominican 1%
• Common ancestry: Lithuanian 6% Romanian 3% Hispanic 2%
• Foreign-born: 30% · Canada, Jamaica, Dominican Republic
• Languages at home: 66% English-only · Spanish 24% French/Haitian/Cajun 5% Russian/Polish/Slavic 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: ▼ -252.48%
• Current HPI: 259.3498
• Rent YoY: ▼ -1.10%
• 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

+363.4% since first listed

8 events — show timeline

• 2026-04-15 Relisted — NAPLESMLS
• 2026-04-06 Pending — NAPLESMLS
• 2026-04-03 Listed $199,273 NAPLESMLS
• 2005-06-15 Sold (Public Records) $77,500 Public Records
• 2003-03-05 Sold (Public Records) $49,000 Public Records
• 1994-09-27 Sold (Public Records) $42,000 Public Records
• 1994-09-27 Sold (Public Records) $42,000 Public Records
• 1990-06-01 Sold (Public Records) $43,000 Public Records

Property tax history

+8.9%/yr

Latest (2025): $1,540 · +0.8% YoY. Source: county tax records.