600 Neapolitan Way #449 · Naples, FL 34103

$375,000

2 bd · 2.0 ba · 864 sqft · Condo public records · 13 Days on market

Built 1982 $1330/mo HOA · 26% 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 +19.2/30.0
• 1% rule +8.9/10.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Set within the highly sought-after Park Shore corridor, west of US-41 and just minutes from the Gulf of Mexico, this * * rarely available top-floor southwestern corner residence * * at Park Shore Resort offers an exceptional combination of privacy, natural light, tranquil water views, and resort-style living. Positioned at the very end of Building I, this desirable corner location enjoys additional windows, abundant natural light throughout the day, and a quieter setting away from through traffic, creating a bright and peaceful retreat in the heart of Naples. Overlooking the resort's picturesque waterways and tropical landscaping, this rarely available corner residence is ideally suited

Key facts

• Fitness center
• Tennis courts
• On-site restaurant

Tags

• TRANQUIL WATER VIEWS
• ABUNDANT NATURAL LIGHT
• HEATED SWIMMING POOL
• ON-SITE RESTAURANT
• FITNESS CENTER
• TENNIS COURTS

Property features AI

Finance

• Financial info: Total annual recurring fees listed; One-time fees applicable
• HOA & community: Mandatory HOA; Quarterly HOA fee; On-site management; HOA covers cable, insurance, internet/WiFi access, irrigation water, laundry facilities, lawn/land maintenance, legal/accounting, manager, exterior pest control, reserves, and water; Community amenities include basketball, BBQ/picnic area, common laundry, community spa/hot tub, exercise room, internet access, pickleball, streetlights, and tennis court; Community type: Condo/Hotel

Exterior

• Parking: See remarks
• Security: Lobby; Impact resistant doors and windows
• Utilities: Central water; Central sewer; Electric service (central)
• Home design: Residential condo unit in a mid-rise (4-7) building; Garden apartment building; Facing south; Located in Park Shore development
• Construction: Concrete block construction; Stucco exterior; Shingle roof; Built in 1982; Section/Unit 453
• Exterior features: Patio; Automatic sprinkler system; Tennis court; Lagoon waterfront; Landscaped view and water feature; Central irrigation

Interior

• Kitchen: Cooktop (electric); Dishwasher; Disposal; Microwave; Range; Refrigerator/Freezer; Refrigerator with icemaker; Pantry
• Bedrooms: 2 bedrooms
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms; Master bath with combo tub and shower
• Heating & cooling: Central electric heat; Central electric cooling; Cable available
• Interior features: Cable prewire and high-speed internet available; Multiple phone lines; Smoke detectors; Walk-in closet; Pantry; Dining area integrated with living room; Screened lanai/porch; Turnkey furnished; Common elevator
• Laundry & utility: Washer and dryer present; Washer/dryer hookup; Laundry in residence

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $375k.

Deal economics

• At list price, monthly cash flow is $336 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $375k).

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 (+14.6%/yr); 479 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $5,205/mo this rent would consume 53% of the median local household income ($117k/yr) (locally 311% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $105k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $125k; list at $375k implies a 200% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 26% of rent.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $375,000

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 1.39% ✓
• Cap rate: 7.58%
• Cash-on-cash: 4.60%
• DSCR: 1.20
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -2.6%
• Equity multiple: 0.89×
• Total profit: $-11,051
• Equity at exit: $55,914

10-year hold

• IRR: 13.3%
• Equity multiple: 2.39×
• Total profit: $146,407
• Equity at exit: $32,423

Cash invested: $105,000 (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 34103

• Rents YoY: 14.6%
• Active inventory: 479
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $5,205 high
• Mortgage (P&I): −$1,967
• Tax from tax record: −$257 /mo · $3,079/yr
• Insurance: −$156
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,330
• Vacancy / Maint / Mgmt: −$1,093
• Net cashflow: $336

Break-even live

Break-even rent $4,780

Max offer price $375,000

Occupancy floor 89%

Sensitivity live

Price	-10% $548	-5% $442	+0% $336	+5% $230	+10% $124
Rent	-10% $-75	-5% $130	+0% $336	+5% $542	+10% $747
Rate	-1.0pp $525	-0.5pp $431	base $336	+0.5pp $239	+1.0pp $140

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
600 Neapolitan Way Naples, FL	1.0–2.0	2.0	832	$5,200	$6.25	24d	2	0.14mi
4523 Fluvia Ave Naples, FL	2.0	1.0	1050	$5,500	$5.24	24d	1	0.51mi
4525 Fluvia Ave Naples, FL	2.0	1.0	1050	$5,500	$5.24	24d	1	0.51mi
788 Park Shore Dr Naples, FL	1.0–2.0	1.5–2.0	931	$5,500	$5.90	14d	3	0.71mi
1100 Pine Ridge Rd Naples, FL	1.0	1.0	868	$2,125	$2.45	14d	3	0.75mi
1400 Pompei Ln Naples, FL	2.0	2.0	1012	$1,888	$1.86	24d	2	0.75mi
1400 Pompei Ln Unit O-21 Naples, FL	2.0	2.0	1025	$2,200	$2.15	24d	1	0.76mi
1400 Pompei Ln Unit S-21 Naples, FL	2.0	2.0	1025	$3,000	$2.93	24d	1	0.76mi
5934 Premier Way Naples, FL	1.0–3.0	1.0–3.0	1350	$3,618	$2.68	14d	29	1.18mi
45 High Point Cir S #303 Naples, FL	2.0	2.0	1015	$5,500	$5.42	24d	1	1.20mi
3030 Binnacle Dr #201 Naples, FL	2.0	2.0	1092	$5,000	$4.58	24d	1	1.21mi
820 Ketch Dr #2 Naples, FL	2.0	2.0	1100	$5,700	$5.18	24d	1	1.30mi
820 Ketch Dr #3 Naples, FL	2.0	2.0	1100	$5,500	$5.00	24d	1	1.30mi
3200 Gulf Shore Blvd N #105 Naples, FL	2.0	2.0	1116	$8,500	$7.62	24d	1	1.34mi
1085 Forest Lakes Dr Unit 8305 Naples, FL	1.0	1.0	766	$3,000	$3.92	14d	1	1.36mi
1085 Forest Lakes Dr Unit 8202 Naples, FL	2.0	2.0	1086	$2,800	$2.58	14d	1	1.36mi
1085 Forest Lakes Dr Unit 8106 Naples, FL	2.0	2.0	1000	$1,900	$1.90	14d	1	1.36mi
1086 Forest Lakes Dr Unit 9303 Naples, FL	2.0	2.0	1000	$2,395	$2.40	14d	1	1.39mi
333 Harbour Dr #211 Naples, FL	2.0	2.0	975	$5,500	$5.64	14d	1	1.43mi
287 Quail Forest Blvd #117 Naples, FL	2.0	2.0	993	$1,695	$1.71	14d	1	1.44mi
287 Quail Forest Blvd #117 Naples, FL	2.0	2.0	993	$1,995	$2.01	22d	1	1.44mi

HOA detail condo

• Monthly dues: $1,330 · $15,960/yr
• Likely covers: waterlandscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-18
   days on market $375,000 Active 13 DOM
2. 2026-06-17
   days on market $375,000 Active 12 DOM
3. 2026-06-16
   days on market $375,000 Active 11 DOM
4. 2026-06-15
   days on market $375,000 Active 10 DOM
5. 2026-06-14
   days on market $375,000 Active 8 DOM
6. 2026-06-10
   days on market $375,000 Active 5 DOM
7. 2026-06-09
   days on market $375,000 Active 4 DOM
8. 2026-06-08
   days on market $375,000 Active 3 DOM
9. 2026-06-07
   remarks 699-char remark
10. 2026-06-07
    listed $375,000 Active 2 DOM

ⓘ 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: $3,079 · $257/mo
• Projected year-2 tax: $3,112 · $259/mo
• Expected delta: +$33/yr (+$3/mo · 1.1%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 92% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 29 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: $62,459
• − Mortgage interest: −$21,006
• − Property taxes: −$3,079
• − Insurance: −$2,672
• − Repairs & maintenance: −$4,997
• − Management: −$4,997
• − HOA: −$15,960
• − Depreciation: −$10,909
• Taxable loss: −$1,161
• Est. tax savings @ 24.0%: +$279
• After-tax cash flow: $4,311/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

• Census place: Naples, FL
• County: Collier County · 396,295 people
• City population: 344,941
• Metro: Naples-Marco Island, FL
• Population (ZIP): 11,299
• Household income: $116,875
• Rent vs Own: 14.1% rent · 85.9% own
• Severe rent burden: 311.0

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 (87%)
• Race & ethnicity: White 87% Hispanic / Latino 10% Two or more races 8% Asian 1%
• Common ancestry: Romanian 4% Lithuanian 2% Portuguese 2%
• Foreign-born: 13% · Canada
• Languages at home: 87% English-only · Spanish 9% Other Indo-European 2% 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: ▼ -327.53%
• Current HPI: 315.1396
• Rent YoY: ▲ 14.55%
• 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

+413.7% since first listed

4 events — show timeline

• 2026-06-05 Listed $375,000 NAPLESMLS
• 2000-07-13 Sold (Public Records) $125,000 Public Records
• 1994-11-08 Sold (Public Records) $85,000 Public Records
• 1989-03-01 Sold (Public Records) $73,000 Public Records

Property tax history

+7.9%/yr

Latest (2025): $3,079 · +1.6% YoY. Source: county tax records.