3150 Binnacle Dr #106 · Naples, FL 34103

$380,000

2 bd · 2.0 ba · 1,000 sqft · Condo · 16 Days on market

Built 1973 Good condition $900/mo HOA · 19% 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 +15.1/30.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• DSCR +4.6/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

First floor, two-bedroom, two-bath residence in Riviera Club at the Moorings. A rarely available unit with assigned parking steps away. Just a short bike ride to the Moorings resident's private beach where owners are eligible to join the Moorings beach club membership. A 55-plus community situated on Lake Suzanne features a lakefront pool and community room for social gatherings. Lovely community pool. Community includes modern common laundry with newer machines. Riviera Club allows installation of an in-unit washer and dryer. Located West of Trail, minutes to downtown Naples, Fifth Avenue and Third Street South shopping, dining and beautiful beaches. Convenient location with close proximity to shops, theater, medical facilities, restaurants and historic downtown Naples. It's easy to be here!

Key facts

• Community dock
• Large screened lanai
• Lakefront pool

Tags

• FIRST FLOOR CORNER RESIDENCE
• LARGE SCREENED LANAI
• PRIVATE LANDSCAPED SETTING
• ASSIGNED PARKING SPACE
• LAKEFRONT POOL
• COMMUNITY DOCK

Property features AI

Finance

• Other: Multi-unit complex: 41 units in complex, 24 units in building, single floor building; one unit per floor; Possession at closing; Deeded restrictions: No commercial, no motorcycles, no RV, no truck
• HOA & community: Mandatory HOA; Monthly HOA fee of $900; HOA covers cable, insurance, exterior pest control, trash removal; Professional management; Community amenities include beach club access, community pool, and common laundry; Non-gated community; Total annual recurring HOA fees $10,800; one-time fees $225

Exterior

• Parking: See listing for parking details
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential property; Low-rise (1-3 stories); Garden-style/Florida design; Courtyard floor plan; Built in 1973; Located in MOORINGS / RIVIERA AT MOORINGS
• Construction: Concrete block construction; Built-up or flat roof; Stucco finish
• Exterior features: Gazebo; Pond; Double-hung windows; Stucco exterior; Central irrigation; Landscaped area view; Rear exposure facing east

Interior

• Kitchen: Electric cooktop; Dishwasher; Microwave; Refrigerator/Freezer
• Bedrooms: 2 bedrooms
• Flooring: Tile
• Bathrooms: 2 full bathrooms; Master bath with shower (no tub)
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Built-in cabinets; Dining area in living room; Screened lanai/porch; Common elevator
• Laundry & utility: Common laundry (community)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $380k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $56 ($672/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $380k).
• Recommended offer: $374k (1.5% 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: Sea Gate Elementary School (math 86% / reading 81%, grade A+, #60 of 2,144 statewide, top 3%, 703 students, 26% FRL); Gulfview Middle School (math 78% / reading 68%, grade A, #44 of 571 statewide, top 8%, 582 students, 40% FRL); Naples High School (math 47% / reading 52%, grade D, #179 of 667 statewide, top 29%, 1,719 students, 39% FRL) — zoned schools average 35% FRL vs 55% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+14.6%/yr); 481 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 $4,618/mo this rent would consume 47% 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 $106k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($374k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $374,300 (1.5% below list)

Questions for the listing agent

1. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. 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: 1.22% ✓
• Cap rate: 6.68%
• Cash-on-cash: 1.38%
• DSCR: 1.06
• GRM: 6.9

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: -7.9%
• Equity multiple: 0.69×
• Total profit: $-32,936
• Equity at exit: $56,659

10-year hold

• IRR: 8.5%
• Equity multiple: 1.84×
• Total profit: $89,700
• Equity at exit: $32,855

Cash invested: $106,400 (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: 481
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $4,618 medium
• Mortgage (P&I): −$1,993
• Tax est. 1.5%: −$475 /mo · $5,700/yr
• Insurance: −$158
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$900
• Vacancy / Maint / Mgmt: −$970
• Net cashflow: $56

Break-even live

Break-even rent $4,548

Max offer price $380,000

Occupancy floor 94%

Sensitivity live

Price	-10% $319	-5% $187	+0% $56	+5% $-75	+10% $-207
Rent	-10% $-309	-5% $-126	+0% $56	+5% $238	+10% $421
Rate	-1.0pp $247	-0.5pp $153	base $56	+0.5pp $-42	+1.0pp $-143

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: $95,000
• Closing costs: $11,400
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3200 Binnacle Dr Unit D3 Naples, FL	2.0	2.0	1180	$9,000	$7.63	23d	1	0.06mi
3030 Binnacle Dr #201 Naples, FL	2.0	2.0	1092	$5,000	$4.58	25d	1	0.13mi
820 Ketch Dr #3 Naples, FL	2.0	2.0	1100	$5,500	$5.00	25d	1	0.20mi
820 Ketch Dr #2 Naples, FL	2.0	2.0	1100	$5,700	$5.18	25d	1	0.20mi
45 High Point Cir S #303 Naples, FL	2.0	2.0	1015	$5,500	$5.42	25d	1	0.39mi
788 Park Shore Dr Naples, FL	1.0–2.0	1.5–2.0	931	$5,500	$5.90	16d	3	0.40mi
3930 Belair Ln Naples, FL	2.0	2.0	1300	$6,000	$4.62	25d	1	0.62mi
333 Harbour Dr #211 Naples, FL	2.0	2.0	975	$5,500	$5.64	16d	1	0.63mi
3400 Gulf Shore Blvd N Unit M3 Naples, FL	2.0	2.0	1337	$9,500	$7.11	25d	1	0.73mi
222 Harbour Dr #105 Naples, FL	2.0	2.0	1393	$13,000	$9.33	25d	1	0.73mi
3200 Gulf Shore Blvd N #105 Naples, FL	2.0	2.0	1116	$8,500	$7.62	25d	1	0.75mi
3070 Gulf Shore Blvd N #103 Naples, FL	2.0	2.0	1300	$8,000	$6.15	25d	1	0.76mi
4092 Belair Ln #15 Naples, FL	3.0	3.0	1500	$6,200	$4.13	25d	1	0.82mi
3500 Gulf Shore Blvd N Naples, FL	2.0	2.0	1258	$7,650	$6.08	25d	2	0.82mi
2400 14th St N Naples, FL	3.0	2.0	1464	$5,890	$4.02	16d	1	0.82mi
555 Park Shore Dr Unit B410 Naples, FL	2.0	2.0	1200	$6,000	$5.00	23d	1	0.87mi
2885 Gulf Shore Blvd N #302 Naples, FL	2.0	2.0	1500	$20,000	$13.33	25d	1	0.88mi
3443 Gulf Shore Blvd N Naples, FL	2.0	2.0	1171	$12,750	$10.88	16d	11	0.88mi
2600 Gulf Shore Blvd N #64 Naples, FL	2.0	2.0	1200	$7,200	$6.00	25d	1	0.90mi
2500 Gulf Shore Blvd N Unit S6 Naples, FL	2.0	2.0	1145	$7,500	$6.55	25d	1	0.92mi
600 Neapolitan Way Naples, FL	1.0–2.0	2.0	832	$5,200	$6.25	25d	2	0.99mi
2258 Gulf Shore Blvd N Unit O1 Naples, FL	2.0	2.0	1491	$13,750	$9.22	25d	1	1.00mi
2216 Gulf Shore Blvd N Unit R3 Naples, FL	2.0	2.0	1265	$10,000	$7.91	25d	1	1.00mi
4001 Gulf Shore Blvd N #803 Naples, FL	2.0	2.0	1267	$13,000	$10.26	25d	1	1.03mi
4001 Gulf Shore Blvd N #1104 Naples, FL	2.0	2.0	1267	$11,000	$8.68	25d	1	1.03mi
4001 Gulf Shore Blvd N #105 Naples, FL	2.0	2.0	1247	$12,000	$9.62	25d	1	1.03mi
4001 Gulf Shore Blvd N #303 Naples, FL	2.0	2.0	1248	$9,000	$7.21	25d	1	1.03mi
4001 Gulf Shore Blvd N #505 Naples, FL	2.0	2.0	1271	$9,000	$7.08	16d	1	1.03mi
4001 Gulf Shore Blvd N #707 Naples, FL	2.0	2.0	1267	$20,000	$15.79	25d	1	1.03mi
4005 Gulf Shore Blvd N #607 Naples, FL	2.0	2.0	1400	$14,000	$10.00	25d	1	1.05mi
4005 Gulf Shore Blvd N #605 Naples, FL	2.0	2.0	1267	$10,000	$7.89	25d	1	1.05mi
2203 Gulf Shore Blvd N Unit E1 Naples, FL	2.0	2.0	1491	$17,500	$11.74	25d	1	1.11mi
2211 Gulf Shore Blvd N Unit C4 Naples, FL	2.0	2.0	1265	$17,500	$13.83	25d	1	1.12mi
4200 Belair Ln Naples, FL	2.0–3.0	2.0	1406	$6,500	$4.62	25d	5	1.13mi
1082 Capri Dr Naples, FL	3.0	2.0	1500	$9,000	$6.00	25d	1	1.14mi
2100 Gulf Shore Blvd N #101 Naples, FL	2.0	2.0	1200	$8,000	$6.67	25d	1	1.17mi
1950 Gulf Shore Blvd N Naples, FL	2.0	2.0	1060	$7,250	$6.84	25d	2	1.22mi
4523 Fluvia Ave Naples, FL	2.0	1.0	1050	$5,500	$5.24	25d	1	1.22mi
4300 Belair Ln Naples, FL	2.0	2.0	1200	$6,750	$5.62	16d	2	1.22mi
4525 Fluvia Ave Naples, FL	2.0	1.0	1050	$5,500	$5.24	25d	1	1.22mi

HOA detail condo

• Monthly dues: $900 · $10,800/yr
• Likely covers: poolparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-21
   days on market $380,000 Active 16 DOM
2. 2026-06-18
   days on market $380,000 Active 13 DOM
3. 2026-06-17
   days on market $380,000 Active 12 DOM
4. 2026-06-16
   days on market $380,000 Active 11 DOM
5. 2026-06-15
   days on market $380,000 Active 10 DOM
6. 2026-06-14
   days on market $380,000 Active 8 DOM
7. 2026-06-10
   days on market $380,000 Active 5 DOM
8. 2026-06-09
   days on market $380,000 Active 4 DOM
9. 2026-06-08
   days on market $380,000 Active 3 DOM
10. 2026-06-07
    remarks 693-char remark
11. 2026-06-07
    listed $380,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 27 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: $55,422
• − Mortgage interest: −$21,286
• − Property taxes: −$5,700
• − Insurance: −$2,698
• − Repairs & maintenance: −$4,434
• − Management: −$4,434
• − HOA: −$10,800
• − Depreciation: −$11,055
• Taxable loss: −$4,984
• Est. tax savings @ 24.0%: +$1,196
• After-tax cash flow: $1,869/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained, first-floor corner unit in Riviera at the Moorings offers a bright and inviting living space with modern amenities and a desirable end-unit location.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value
• Both painting — fresh paint can make a home more appealing
• Both window treatments — new blinds or curtains can improve aesthetics and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and adds value ↑
• Both painting — fresh paint can make a home more appealing ↑
• Both window treatments — new blinds or curtains can improve aesthetics and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+0.0% since first listed

11 events — show timeline

• 2026-06-05 Listed $380,000 NAPLESMLS
• 2026-06-01 Rental Removed $1,900 NAPLESMLS
• 2026-05-01 Listed for Rent $1,900 NAPLESMLS
• 2026-04-17 Rental Removed $1,900 NAPLESMLS
• 2026-03-29 Rental Removed $2,100 FGCMLS
• 2026-03-29 Listed for Rent $2,100 FGCMLS
• 2026-02-20 Listed for Rent $2,100 NAPLESMLS
• 2022-04-11 Sold (MLS) $395,000 NAPLESMLS
• 2022-02-22 Pending — NAPLESMLS
• 2022-02-21 Pending — NAPLESMLS
• 2022-02-18 Listed $380,000 NAPLESMLS