290 Naples Cove Dr #2103 · Bonita Springs, FL 34110

$275,000

2 bd · 2.0 ba · 1,267 sqft · Condo public records · 37 Days on market

Built 1994 $947/mo HOA · 23% of rent

---

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 +24.8/30.0
• 1% rule +10.0/10.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully maintained 2 bedroom, 2 bathroom condo located in the highly desirable Bay Forest community. Just minutes from both Vanderbilt Beach and Barefoot Beach, this residence offers a prime Naples’ location. Enjoy abundant natural light and desirable Western exposure, providing stunning sunset views from your spacious, screened-in lanai that overlooks a lush nature preserve —an ideal spot for morning coffee or evening relaxation. This exceptional condo is perfectly comfortable as it is OR is the perfect palette for cosmetic updates to your personal taste. Bay Forest offers an impressive array of resort-style amenities, including scenic walking and biking trails, a private b

Key facts

• Western exposure
• Screened-in lanai
• Lush nature preserve

Tags

• BAY FOREST COMMUNITY
• VANDERBILT BEACH
• BAREFOOT BEACH
• WESTERN EXPOSURE
• SCREENED-IN LANAI
• LUSH NATURE PRESERVE

Property features AI

Other

• Possession: Possession at closing
• Multi-unit information: 2 units per floor; 40 units in building; 120 units in complex; Single-floor unit

Finance

• HOA & community: Mandatory HOA / condo association; Condo fee $2,840 quarterly; Total annual recurring fees $11,360; Total one-time fees $3,200; Association management: Condo; Maintenance covers insurance, irrigation water, lawn/land maintenance, master association fee, exterior pest control, recreation facilities, reserves, security, sewer, and street lights; Community amenities include clubhouse, community pool, exercise room, internet access, extra storage, hobby room, fishing pier, BBQ/picnic, bike & jog path, bike storage, bocce court, pickleball, shuffleboard, sidewalks, streetlights, tennis court, trash chute, and vehicle wash area; Community type: Gated with tennis

Exterior

• Parking: Common parking; Guest parking
• Security: Gated community; Entry keypad; Entry phone
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential property; Mid-rise building (4–7 stories); Unit rear exposure faces west; Unit/lot: 2103; Year built 1994; Development: Bay Forest
• Construction: Concrete block construction
• Exterior features: Stucco exterior; Built-up or flat roof; Double-hung windows; Landscaped area view; Central irrigation; Zero lot line; Paved road access

Interior

• Kitchen: Dome kitchen; Pantry; Breakfast bar; Breakfast room / eat-in kitchen; Dishwasher; Electric cooktop; Range; Self-cleaning oven; Microwave; Refrigerator/ice maker; Disposal
• Bedrooms: 2 bedrooms; First floor bedroom; Master bedroom on ground level; Split bedroom floor plan
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Master bath with dual sinks and combo tub/shower
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Cable prewire; High speed internet available; Laundry tub; Smoke detectors; Walk-in closet; Turnkey furnished; Great room; Guest bath; Screened lanai/porch
• Laundry & utility: In-residence laundry; Washer; Dryer; Laundry tub

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $275k.

Deal economics

• At list price, monthly cash flow is $513 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $275k).
• Recommended offer: $267k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 1.7% in Bonita Springs — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 70/100 on livability (#428 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A; Watch: schools C-, cost of living C-, health & safety D.
• 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); 595 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); solid renter incomes; 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• At $4,148/mo this rent would consume 51% of the median local household income ($98k/yr) (locally 1006% 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 $2k of loan paydown is wiped out by about $8k 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 37 days — a 3% lower offer ($267k) 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 $98k; list at $275k implies a 181% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 23% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→32/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $266,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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. 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: 1.51% ✓
• Cap rate: 8.82%
• Cash-on-cash: 9.03%
• DSCR: 1.40
• GRM: 5.5

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: -8.6%
• Equity multiple: 0.70×
• Total profit: $-23,461
• Equity at exit: $41,003

10-year hold

• IRR: -5.6%
• Equity multiple: 0.70×
• Total profit: $-22,936
• Equity at exit: $23,777

Cash invested: $77,000 (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 34110

• Rents YoY: -1.1%
• Active inventory: 595
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $4,148 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$194 /mo · $2,324/yr
• Insurance: −$115
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$947
• Vacancy / Maint / Mgmt: −$871
• Net cashflow: $513

Break-even live

Break-even rent $3,499

Max offer price $275,000

Occupancy floor 83%

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
285 Naples Cove Dr #1103 Naples, FL	2.0	2.0	1267	$2,475	$1.95	23d	1	0.02mi
270 Naples Cove Dr #3506 Naples, FL	3.0	2.0	1475	$2,500	$1.69	21d	1	0.03mi
290 Naples Cove Dr Naples, FL	2.0	2.0	1327	$3,400	$2.56	23d	3	0.03mi
15191 Cedarwood Ln #2602 Naples, FL	2.0	2.0	1267	$2,300	$1.82	23d	1	0.07mi
15415 Cedarwood Ln Unit 3 Naples, FL	2.0	2.0	1428	$2,200	$1.54	13d	1	0.08mi
15161 Cedarwood Ln Naples, FL	2.0	2.0	1267	$4,000	$3.16	23d	3	0.12mi
15400 Cedarwood Ln Unit 1-201 Naples, FL	2.0	2.0	1286	$6,000	$4.67	23d	1	0.12mi
15400 Cedarwood Ln #102 Naples, FL	2.0	2.0	1286	$6,300	$4.90	13d	1	0.12mi
386 Emerald Bay Cir Unit G4 Naples, FL	3.0	2.0	1490	$2,500	$1.68	23d	1	0.21mi
341 Emerald Bay Cir Unit T5 Naples, FL	3.0	2.0	1611	$4,500	$2.79	23d	1	0.27mi
306 Emerald Bay Cir Unit J5 Naples, FL	3.0	2.0	1490	$5,900	$3.96	23d	1	0.30mi
306 Emerald Bay Cir Unit J8 Naples, FL	2.0	2.0	1350	$4,000	$2.96	23d	1	0.30mi
298 Emerald Bay Cir Unit K6 Naples, FL	2.0	2.0	1202	$4,750	$3.95	23d	1	0.33mi
1001 Arbor Lake Dr Naples, FL	2.0–3.0	2.0–2.5	1755	$3,800	$2.16	23d	2	0.47mi
505 Lake Louise Cir #101 Naples, FL	2.0	2.0	1444	$5,500	$3.81	23d	1	0.48mi
513 Lake Louise Cir #202 Naples, FL	2.0	2.0	1444	$5,300	$3.67	23d	1	0.56mi
28940 Bermuda Pointe Cir #102 Bonita Springs, FL	2.0	2.0	1076	$5,500	$5.11	23d	1	0.66mi
526 Lake Louise Cir Unit 4-403 Naples, FL	3.0	2.0	1740	$6,500	$3.74	23d	1	0.72mi
28720 Bermuda Bay Way #205 Bonita Springs, FL	2.0	2.0	1097	$2,200	$2.01	14d	1	0.78mi
28712 Carmel Way Bonita Springs, FL	3.0	2.5	1626	$9,250	$5.69	23d	1	0.90mi
3930 Windward Passage Cir #202 Bonita Springs, FL	2.0	2.0	1478	$1,900	$1.29	15d	1	0.94mi
999 E Valley Dr Unit 1073522P Bonita Springs, FL	3.0	2.5	1668	$9,929	$5.95	21d	1	0.94mi
265 Barefoot Beach Blvd Bonita Springs, FL	2.0–3.0	2.0	1604	$9,500	$5.92	23d	3	0.95mi
265 Barefoot Beach Blvd #203 Bonita Springs, FL	3.0	2.0	1604	$13,000	$8.10	13d	1	0.95mi
262 Barefoot Beach Blvd Bonita Springs, FL	3.0	2.0–3.0	1864	$10,500	$5.63	23d	2	0.96mi
62 8th St Unit 1073526P Bonita Springs, FL	2.0	2.0	1593	$5,435	$3.41	23d	1	0.97mi
3951 Windward Passage Cir #102 Bonita Springs, FL	2.0	2.0	1397	$5,200	$3.72	23d	1	0.97mi
3941 Leeward Passage Ct #203 Bonita Springs, FL	2.0	2.0	1204	$2,000	$1.66	23d	1	1.04mi
74 7th St Bonita Springs, FL	3.0	2.0	1124	$3,150	$2.80	23d	1	1.04mi
3921 Leeward Passage Ct #203 Bonita Springs, FL	2.0	2.0	1204	$3,500	$2.91	23d	1	1.05mi
28650 Carriage Home Dr Unit 1049692P Bonita Springs, FL	3.0	2.0	1528	$3,980	$2.60	15d	1	1.11mi
817 Carrick Bend Cir #101 Naples, FL	3.0	2.0	1660	$5,995	$3.61	13d	1	1.19mi
340 Horse Creek Dr #304 Naples, FL	2.0	2.0	1326	$2,950	$2.22	23d	1	1.19mi
64 4th St Bonita Springs, FL	2.0	2.0	1231	$3,700	$3.01	23d	2	1.19mi
360 Horse Creek Dr Naples, FL	2.0	2.0	1589	$5,250	$3.30	13d	4	1.19mi
28611 Carriage Home Dr #101 Bonita Springs, FL	2.0	2.0	1433	$2,550	$1.78	23d	1	1.20mi
255 Barefoot Beach Blvd Bonita Springs, FL	2.0–3.0	2.0–3.5	1864	$9,700	$5.20	13d	2	1.20mi
320 Horse Creek Dr #105 Naples, FL	2.0	2.0	1326	$5,600	$4.22	23d	1	1.22mi
60 4th St Bonita Springs, FL	3.0	2.0	1860	$11,400	$6.13	23d	1	1.23mi
300 Horse Creek Dr #408 Naples, FL	2.0	2.0	1434	$5,500	$3.84	23d	1	1.23mi

HOA detail condo

• Monthly dues: $947 · $11,364/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $275,000 Active 37 DOM
2. 2026-06-17
   days on market $275,000 Active 36 DOM
3. 2026-06-16
   days on market $275,000 Active 35 DOM
4. 2026-06-15
   days on market $275,000 Active 34 DOM
5. 2026-06-14
   days on market $275,000 Active 32 DOM
6. 2026-06-10
   days on market $275,000 Active 29 DOM
7. 2026-06-09
   days on market $275,000 Active 28 DOM
8. 2026-06-08
   days on market $275,000 Active 27 DOM
9. 2026-06-07
   days on market $275,000 Active 26 DOM
10. 2026-06-03
    days on market $275,000 Active 22 DOM
11. 2026-06-02
    days on market $275,000 Active 21 DOM
12. 2026-06-01
    days on market $275,000 Active 20 DOM
13. 2026-05-31
    days on market $275,000 Active 19 DOM
14. 2026-05-30
    days on market $275,000 Active 18 DOM
15. 2026-05-12
    listed $275,000 Active
16. 2026-04-24
    historical
17. 2025-11-09
    price $300,000
18. 2025-04-28
    listed $325,000 Active
19. 1999-05-24
    soldstatus $98,000
20. 1994-02-28
    soldstatus $79,900

ⓘ 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: $2,324 · $194/mo
• Projected year-2 tax: $2,324 · $194/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 97% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 32 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,773
• − Mortgage interest: −$15,404
• − Property taxes: −$2,324
• − Insurance: −$2,172
• − Repairs & maintenance: −$3,982
• − Management: −$3,982
• − HOA: −$11,364
• − Depreciation: −$8,000
• Taxable income: $2,544
• Est. tax owed @ 24.0%: −$611
• After-tax cash flow: $5,544/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 — Bonita Springs

• Score: 70/100
• State rank: #428
• US rank: #7576

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Collier County · 396,295 people
• City population: 64,727
• Metro: Naples-Marco Island, FL
• Population (ZIP): 25,630
• Household income: $97,564
• Rent vs Own: 23.2% rent · 76.8% own
• Severe rent burden: 1006.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 10% Two or more races 9% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Cuban 3%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 11% · Canada, South Korea
• Languages at home: 87% English-only · Spanish 7% Other Indo-European 3% French/Haitian/Cajun 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: ▼ -172.68%
• Current HPI: 267.4644
• Rent YoY: ▼ -1.06%
• 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

+244.2% since first listed

6 events — show timeline

• 2026-05-12 Listed $275,000 NAPLESMLS
• 2026-04-24 Listing Removed — NAPLESMLS
• 2025-11-09 Price Changed $300,000 NAPLESMLS
• 2025-04-28 Listed $325,000 NAPLESMLS
• 1999-05-24 Sold (Public Records) $98,000 Public Records
• 1994-02-28 Sold (Public Records) $79,900 Public Records

Property tax history

+4.6%/yr

Latest (2025): $2,324 · -8.6% YoY. Source: county tax records.