4910 Cougar Ct N Unit 1-103

Pelican Marsh, FL 34109

$339,000D

2 bd · 2.0 ba · 1,377 sqft · Built 2004 · Condo · Active · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,167/mo
• Mortgage (P&I): −$1,778
• Tax + insurance: −$565
• HOA: −$400
• Vac / Maint / Mgmt: −$665
• Net cashflow: $-241/mo
• Annual: $-2,892/yr
• Cap rate: 5.44%
• Cash-on-cash: -3.05%
• DSCR: 0.86
• 1% rule: 0.93%
• Cash to close: $94,920

Investor read

• This is a 2-bed/2.0-bath condo listed at $339k. Condition is rated good.
• At list price, monthly cash flow is $-241 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $304k (10.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $317k (6.6% below list).
• It's been on market 33 days — a 3% lower offer ($329k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $304k (10.3% below list) — sets the bar for cash-flow.
• In year one you build about $3k of equity ($2k loan paydown + $1k appreciation (0.3% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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: Pelican Marsh Elementary School (math 87% / reading 83%, grade A+, #35 of 2,144 statewide, top 2%, 709 students, 29% FRL); North Naples Middle School (math 79% / reading 73%, grade A, #34 of 571 statewide, top 6%, 903 students, 25% FRL); Barron Collier High School (math 62% / reading 68%, grade B, #76 of 667 statewide, top 11%, 1,650 students, 26% FRL) — zoned schools average 27% FRL vs 55% district-wide (28 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 75% at this address vs 58% district-wide (+17 pts) — the actual schools serving this property are materially stronger than the Collier average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents flat; 424 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); solid renter incomes; 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.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 41% of the median local income ($92k/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 33 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.
• 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.