1155 Sandpiper St Unit E3 · Naples, FL 34102

$299,000

2 bd · 2.0 ba · 1,062 sqft · Condo public records · 238 Days on market

Built 1971 $721/mo HOA · 13% 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

LOCATION AND VALUE. .. .. .CONDO IS A SHORT WALK OR BIKE RIDE TO DOWNTOWN 5TH AVE SHOPS, MARINAS, RESTAURANTS, PARKS, THEATRE, BEACHES, AND MUCH MORE. .. .. .. .RENOVATED 2 BEDROOM 2 BATH CONDO KITCHEN FEATURES NEW STAINLESS STEEL APPLIANCES, NEW CUSTOM WHITE CABINETS AND QUARTZ COUTER TOPS WITH GLASS TILE BACKSPLASH. .. .. .. .. .LAKE VIEW. .. .. .COMMUNITY POOL. .. .. STORAGE CLOSET. .. .IMPACT GLASS WINDOWS AND SLIDERS. .. .. .. GLASS ENCLOSED LANAI . .. .. .. .. .THIS IS A GREAT OPPORTUNITY AND VALUE, DO NOT MISS.

Key facts

• Community pool
• Impact glass windows
• Lake view

Tags

• SHORT WALK TO DOWNTOWN
• BIKE RIDE TO DOWNTOWN
• LAKE VIEW
• COMMUNITY POOL
• STORAGE CLOSET
• IMPACT GLASS WINDOWS

Property features AI

Finance

• Other: Property located in Harbor Lakes of Naples development; 4 units in building; 1 unit per floor; Single-floor unit; Possession at closing; Has waterfront (lake)
• Financial info: Quarterly land lease fee $356
• HOA & community: Mandatory HOA; Quarterly condo fee; Condo fee $2,163 quarterly; Professional management; Community pool; Non-gated community; Maintenance covers insurance, irrigation water, lawn/land maintenance, legal/accounting, manager, exterior pest control, recreation facilities, reserves, sewer, street maintenance, trash removal and water; Total annual recurring fees $10,076; Total one-time fees $100

Exterior

• Parking: 2+ parking spaces
• Security: Impact resistant windows and doors
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential garden apartment; Low-rise (1-3 stories); Built in 1971; Rear exposure faces south; Zero lot line
• Construction: Concrete block construction; Built-up/flat and shingle roof; Built 1971
• Exterior features: Stucco exterior; Impact resistant windows and doors; Paved road access; Lake view; Central irrigation

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: 2 bedrooms; Master bedroom on ground level
• Flooring: Laminate; Tile
• Bathrooms: 2 full bathrooms; Master bathroom with shower only
• Heating & cooling: Central electric heat; Central electric cooling; Ceiling fans
• Interior features: Built-in cabinets; Great room floor plan; Glass porch; Storage
• Laundry & utility: Washer/dryer hookup; Laundry in residence

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $299k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $299k).
• Recommended offer: $263k (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.
• Market conditions: Rents rising fast (+8.8%/yr); 614 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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).
• At $5,401/mo this rent would consume 49% of the median local household income ($131k/yr) (locally 333% 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 $14k of equity ($2k loan paydown + $12k 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 $84k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 238 days — a 12% lower offer ($263k) 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 $48k; list at $299k implies a 523% 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→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $263,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 238 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 1971 — 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: 1.81% ✓
• Cap rate: 13.12%
• Cash-on-cash: 24.38%
• DSCR: 2.08
• GRM: 4.6

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: 31.3%
• Equity multiple: 2.96×
• Total profit: $163,870
• Equity at exit: $153,059

10-year hold

• IRR: 33.9%
• Equity multiple: 7.01×
• Total profit: $503,081
• Equity at exit: $251,513

Cash invested: $83,720 (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: 614
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $5,401 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$152 /mo · $1,827/yr
• Insurance: −$125
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$721
• Vacancy / Maint / Mgmt: −$1,134
• Net cashflow: $1,274

Break-even live

Break-even rent $3,788

Max offer price $299,000

Occupancy floor 71%

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1155 Sandpiper St Naples, FL	2.0	2.0	1062	$4,050	$3.81	23d	2	0.09mi
1155 Sandpiper St Naples, FL	2.0	2.0	1062	$3,950	$3.72	21d	3	0.09mi
1751 Smugglers Cv Unit 2 1 Naples, FL	2.0	1.0	800	$1,995	$2.49	13d	1	0.09mi
9 Knights Bridge Rd #30 Naples, FL	2.0	2.0	1296	$3,000	$2.31	13d	1	0.12mi
12 Knights Bridge Rd Unit A32 Naples, FL	2.0	2.0	1095	$3,200	$2.92	21d	1	0.12mi
1686 Blue Point Ave Naples, FL	2.0	2.0	1057	$5,500	$5.20	13d	2	0.14mi
1686 Blue Point Ave Unit B1 Naples, FL	2.0	2.0	1198	$6,500	$5.43	23d	1	0.14mi
1625 Chesapeake Ave #203 Naples, FL	2.0	2.0	1200	$4,500	$3.75	23d	1	0.16mi
1605 Chesapeake Ave #2 Naples, FL	2.0	1.0	850	$2,300	$2.71	23d	1	0.18mi
1437 Sandpiper St Naples, FL	3.0	2.0	1200	$16,000	$13.33	23d	1	0.20mi
1200 Cherrystone Ct Unit A203 Naples, FL	2.0	2.0	1276	$4,950	$3.88	23d	1	0.22mi
1950 Mayfair ST Unit 1021 Naples, FL	1.0	1.0	710	$3,520	$4.96	13d	1	0.22mi
1950 Mayfair ST Unit 802 Naples, FL	1.0	1.0	710	$3,355	$4.73	13d	1	0.22mi
1950 Mayfair ST Unit 901 Naples, FL	2.0	2.0	1025	$4,560	$4.45	13d	1	0.22mi
1950 Mayfair ST Unit 1027 Naples, FL	1.0	1.0	888	$3,525	$3.97	13d	1	0.22mi
1950 Mayfair ST Unit 716 Naples, FL	1.0	1.0	710	$3,330	$4.69	13d	1	0.22mi
1950 Mayfair ST Unit 818 Naples, FL	2.0	2.0	1142	$4,415	$3.87	13d	1	0.22mi
1950 Mayfair ST Unit 921 Naples, FL	1.0	1.0	710	$3,420	$4.82	13d	1	0.22mi
1950 Mayfair ST Unit 923 Naples, FL	2.0	2.0	1142	$4,490	$3.93	13d	1	0.22mi
1950 Mayfair ST Unit 817 Naples, FL	1.0	1.0	710	$3,295	$4.64	13d	1	0.22mi
1666 Osprey Ave #203 Naples, FL	2.0	2.0	1200	$7,000	$5.83	23d	1	0.23mi
1555 Blue Point Ave Unit 3 Naples, FL	2.0	2.0	1025	$1,745	$1.70	13d	1	0.24mi
1186 Cherrystone Ct Naples, FL	2.0	2.0	1163	$1,995	$1.72	23d	1	0.24mi
1535 Chesapeake Ave Unit A2 Naples, FL	2.0	2.0	1080	$2,000	$1.85	23d	1	0.24mi
24 Rivard Rd Naples, FL	3.0	2.0	1314	$6,500	$4.95	23d	1	0.26mi
1501 Chesapeake Ave Unit 1296210P Naples, FL	2.0	2.0	1377	$4,110	$2.98	13d	1	0.26mi
1165 Clam Ct #7 Naples, FL	2.0	2.5	1449	$2,900	$2.00	23d	1	0.27mi
1549 Sandpiper St #36 Naples, FL	2.0	2.0	1073	$2,195	$2.05	23d	1	0.27mi
1950 Mayfair St Naples, FL	3.0	1.0–3.5	1514	$8,752	$5.78	13d	109	0.27mi
105 Georgetown Blvd #105 Naples, FL	2.0	2.0	1450	$6,500	$4.48	23d	1	0.36mi
1376 Chesapeake Ave #2 Naples, FL	2.0	2.0	1218	$2,300	$1.89	23d	1	0.38mi
1501 Curlew Ave Naples, FL	2.0	1.0	1180	$2,000	$1.69	23d	1	0.38mi
1353 Pelican Ave Naples, FL	2.0	2.0	1203	$8,500	$7.07	23d	1	0.39mi
91 Georgetown Blvd #91 Naples, FL	2.0	2.0	1450	$7,000	$4.83	23d	1	0.39mi
69 Georgetown Blvd #69 Naples, FL	2.0	2.0	1450	$5,500	$3.79	23d	1	0.39mi
1120 Little Neck Ct Unit E40 Naples, FL	3.0	2.0	1400	$2,999	$2.14	23d	1	0.41mi
235 Lanchester Ct #42 Naples, FL	2.0	2.0	1200	$2,350	$1.96	23d	1	0.42mi
1435 Curlew Ave #1 Naples, FL	2.0	2.0	975	$2,850	$2.92	23d	1	0.43mi
1435 Curlew Ave #1 Naples, FL	2.0	2.0	975	$2,850	$2.92	21d	1	0.43mi
84 Georgetown Blvd #84 Naples, FL	2.0	2.0	1450	$5,500	$3.79	23d	1	0.44mi

HOA detail condo

• Monthly dues: $721 · $8,652/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-18
   days on market $299,000 Active 238 DOM
2. 2026-06-17
   days on market $299,000 Active 237 DOM
3. 2026-06-16
   days on market $299,000 Active 236 DOM
4. 2026-06-15
   days on market $299,000 Active 235 DOM
5. 2026-06-10
   days on market $299,000 Active 230 DOM
6. 2026-06-09
   days on market $299,000 Active 229 DOM
7. 2026-06-08
   days on market $299,000 Active 228 DOM
8. 2026-06-07
   days on market $299,000 Active 227 DOM
9. 2026-06-03
   days on market $299,000 Active 223 DOM
10. 2026-06-02
    days on market $299,000 Active 222 DOM
11. 2026-06-01
    days on market $299,000 Active 221 DOM
12. 2026-05-31
    days on market $299,000 Active 220 DOM
13. 2026-05-30
    days on market $299,000 Active 219 DOM
14. 2026-03-11
    price $299,000
15. 2025-10-23
    listed $305,000 Active
16. 2025-07-21
    historical
17. 2025-04-23
    listed $359,000 Active
18. 1991-02-01
    soldstatus $48,000
19. 1987-01-01
    soldstatus $55,000

ⓘ 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: $1,827 · $152/mo
• Projected year-2 tax: $2,482 · $207/mo
• Expected delta: +$655/yr (+$55/mo · 35.8%)

ⓘ 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 2/10 Low
• 🌡 Heat 10/10 Extreme 7 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 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $64,810
• − Mortgage interest: −$16,749
• − Property taxes: −$1,827
• − Insurance: −$6,614
• − Repairs & maintenance: −$5,185
• − Management: −$5,185
• − HOA: −$8,652
• − Depreciation: −$8,698
• Taxable income: $11,901
• Est. tax owed @ 24.0%: −$2,856
• After-tax cash flow: $12,435/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

+443.6% since first listed

6 events — show timeline

• 2026-03-11 Price Changed $299,000 NAPLESMLS
• 2025-10-23 Listed $305,000 NAPLESMLS
• 2025-07-21 Listing Removed — NAPLESMLS
• 2025-04-23 Listed $359,000 NAPLESMLS
• 1991-02-01 Sold (Public Records) $48,000 Public Records
• 1987-01-01 Sold (Public Records) $55,000 Public Records

Property tax history

+6.7%/yr

Latest (2025): $1,827 · +168.8% YoY. Source: county tax records.