3522 Haldeman Creek Dr Unit 4-121

Naples, FL 34112

$425,000F

2 bd · 2.0 ba · 1,414 sqft · Built 1995 · Condo · Active · 291 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,320/mo
• Mortgage (P&I): −$2,229
• Tax + insurance: −$1,135
• HOA: −$917
• Vac / Maint / Mgmt: −$487
• Net cashflow: $-2,447/mo
• Annual: $-29,369/yr
• Cap rate: 0.59%
• Cash-on-cash: -20.38%
• DSCR: 0.09
• 1% rule: 0.55%
• Cash to close: $119,000

Investor read

• This is a 2-bed/2.0-bath condo listed at $425k. Condition is rated excellent.
• At list price, monthly cash flow is $-2k ($-29k/yr) — negative.
• To cash-flow at today's rent, offer at most $71k (83.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $232k (45.4% below list).
• It's been on market 291 days — a 12% lower offer ($374k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $71k (83.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• 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: Avalon Elementary School (math 47% / reading 40%, grade F, #1,345 of 2,144 statewide, top 64%, 346 students, 74% 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 at 51% FRL track the district average.
• Watch-outs: flood insurance adds $427/mo; HOA is 40% of rent.
• Market conditions: Rents soft (-1.7%/yr); 1144 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• Collier County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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 4→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 0.6% vs local median 2.4% in Naples — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 40% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 291 days. Have you received any prior offers? Is the seller open to a 83% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?