164 Belina Dr #4 · Berkshire Lakes, FL 34104

$289,000

2 bd · 2.0 ba · 1,200 sqft · Condo public records · 213 Days on market

Built 1990 $599/mo HOA · 20% of rent

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Why this score? — see what drove the D 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 +12.8/30.0
• ARV discount +7.5/15.0
• 1% rule +5.5/10.0
• Schools +5.0/10.0
• DSCR +3.8/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great Location! Only a few miles from the beach and downtown Naples. This condo offers 2 Bedrooms, 2 Baths and a spacious lanai with sparkling lake views! Second floor with vaulted ceilings. Offered Turn-Key furnished and move-in ready. Updated kitchen with brand new stainless appliances, pantry and breakfast bar. The open floor plan has newer A/C unit, carpeted bedrooms and wood-like plank flooring throughout. Master suite has a wide view of the lake and features a walk-in closet, step-in shower and dual sinks. Sapphire Lakes is a gated community offering 4 unique pools, bocce, pickle-ball, shuffleboard, tennis, BBQ area, car wash area and multiple bike & jogging paths throughout the luscious landscaping!

Key facts

• Open floor plan
• Walk-in closet
• Large screened lanai

Tags

• LAKEFRONT CONDO
• OPEN FLOOR PLAN
• LARGE SCREENED LANAI
• NEW STAINLESS STEEL APPLIANCES
• WOOD-LOOK PLANK FLOORING
• WALK-IN CLOSET

Property features AI

Finance

• HOA & community: Mandatory HOA with professional management; Monthly HOA fee of $599; Annual recurring HOA fees total $7,188; One-time fees total $100; HOA covers cable, insurance, internet/Wi‑Fi access, irrigation water, lawn/land maintenance, legal/accounting, recreation facilities, street lights, and water; Community amenities include clubhouse, community pool, tennis, pickleball, bocce, bike/jog path, sidewalks, streetlights, BBQ/picnic area, and vehicle wash area; Gated community

Exterior

• Parking: 1 assigned covered parking; Detached 1-space carport
• Security: Gated community access
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential property; Carriage/coach style, low-rise (1-3 stories); Rear exposure facing west; Located in the Sapphire Lakes development
• Construction: Concrete block construction; Stucco exterior; Tile roof; Built in 1990
• Exterior features: Lakefront with lake view; Zero lot line; Private road; Gated community; Impact resistant windows; Single-hung and sliding windows

Interior

• Kitchen: Electric cooktop; Dishwasher; Microwave; Refrigerator/Freezer
• Bedrooms: 2 bedrooms; Split bedroom floor plan
• Flooring: Tile; Wood
• Bathrooms: 2 full bathrooms; Master bath with shower (no tub)
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Built-in cabinets; Cable prewire; Closet cabinets; High-speed internet available; Smoke detectors; Walk-in closet; Partially furnished; Dining area in living room; Screened balcony; Cabana guest house
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $289k.

Deal economics

• At list price, monthly cash flow is $-24 ($-291/yr) — negative.
• To cash-flow at today's rent, offer at most $285k (1.5% below list).
• Meets the 1% rule at list price ($3k rent vs $289k).
• Recommended offer: $254k (12.0% below list) — sets the bar for market timing.

Location & tenants

• 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: Calusa Park Elementary School (math 59% / reading 56%, grade C+, #764 of 2,144 statewide, top 36%, 707 students, 62% FRL); East Naples Middle School (math 56% / reading 44%, grade C, #254 of 571 statewide, top 45%, 854 students, 63% FRL); Golden Gate High School (math 38% / reading 39%, grade F, #321 of 667 statewide, top 49%, 1,764 students, 53% FRL) — zoned schools at 59% FRL track the district average.
• Market conditions: Rents soft (-1.1%/yr); 438 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• At $3,038/mo this rent would consume 51% of the median local household income ($72k/yr) (locally 1423% 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 $9k 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 213 days — a 12% lower offer ($254k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 5y ago; this cycle's ask has dropped $40k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: 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 $254,320 (12.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 213 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
11. 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.
12. 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.
13. 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: 1.05% ✓
• Cap rate: 6.19%
• Cash-on-cash: -0.36%
• DSCR: 0.98
• GRM: 7.9

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: -21.0%
• Equity multiple: 0.30×
• Total profit: $-56,968
• Equity at exit: $43,091

10-year hold

• IRR: -26.1%
• Equity multiple: -0.05×
• Total profit: $-84,745
• Equity at exit: $24,987

Cash invested: $80,920 (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 34104

• Rents YoY: -1.1%
• Active inventory: 438
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $3,038 high
• Mortgage (P&I): −$1,516
• Tax from tax record: −$189 /mo · $2,268/yr
• Insurance: −$120
• HOA: −$599
• Vacancy / Maint / Mgmt: −$638
• Net cashflow: $-24

Break-even live

Break-even rent $3,068

Max offer price $284,719

Occupancy floor 96%

Sensitivity live

Price	-10% $139	-5% $58	+0% $-24	+5% $-106	+10% $-188
Rent	-10% $-264	-5% $-144	+0% $-24	+5% $96	+10% $216
Rate	-1.0pp $121	-0.5pp $49	base $-24	+0.5pp $-99	+1.0pp $-175

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: $72,250
• Closing costs: $8,670
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
153 Gabriel Cir Unit 3003 Naples, FL	2.0	2.0	1200	$4,000	$3.33	15d	1	0.07mi
228 Belina Dr Unit 606 Naples, FL	2.0	2.0	1200	$4,800	$4.00	15d	1	0.08mi
218 Gabriel Cir Unit 3809 Naples, FL	2.0	2.0	1200	$3,800	$3.17	15d	1	0.16mi
120 Asaf Dr Unit 4304 Naples, FL	2.0	2.0	1350	$4,300	$3.19	15d	1	0.17mi
388 Belina Dr Unit 1104 Naples, FL	2.0	2.0	1200	$4,000	$3.33	15d	1	0.25mi
448 Gabriel Cir Unit 3310 Naples, FL	2.0	2.0	1200	$3,500	$2.92	15d	1	0.29mi
515 Gabriel Cir Unit 1910 Naples, FL	2.0	2.0	1200	$4,700	$3.92	15d	1	0.33mi
675 Luisa Ln Unit 825 Naples, FL	3.0	2.0	1484	$2,300	$1.55	15d	1	0.34mi
484 Belina Dr Naples, FL	2.0	1.0	1200	$2,400	$2.00	25d	1	0.35mi
7839 Regal Heron Cir #202 Naples, FL	2.0	2.0	1202	$2,000	$1.66	25d	1	0.38mi
7725 Tara Cir Naples, FL	1.0–3.0	1.0–2.0	929	$1,512	$1.63	15d	1	0.40mi
7804 Regal Heron Cir #304 Naples, FL	2.0	2.0	1304	$2,000	$1.53	15d	1	0.40mi
7822 Great Heron Way #106 Naples, FL	3.0	2.0	1431	$2,200	$1.54	15d	1	0.41mi
7822 Great Heron Way #106 Naples, FL	3.0	2.0	1431	$2,200	$1.54	25d	1	0.41mi
7790 Woodbrook Cir #2603 Naples, FL	3.0	2.5	1406	$4,500	$3.20	25d	1	0.41mi
7835 Regal Heron Cir Naples, FL	2.0–3.0	2.0	1316	$1,795	$1.36	25d	2	0.42mi
7818 Great Heron Way #303 Naples, FL	2.0	2.0	1304	$3,395	$2.60	15d	1	0.43mi
620 Luisa Ct Unit 803 Naples, FL	2.0	2.0	1200	$2,400	$2.00	15d	1	0.44mi
7831 Regal Heron Cir Unit 1506858P Naples, FL	3.0	2.0	1420	$4,283	$3.02	15d	1	0.45mi
108 Santa Clara Dr #4 Naples, FL	2.0	2.0	974	$1,950	$2.00	15d	1	0.47mi
7823 Regal Heron Cir #103 Naples, FL	2.0	2.0	1304	$1,995	$1.53	15d	1	0.49mi
116 Santa Clara Dr #12 Naples, FL	1.0	1.0	745	$1,600	$2.15	15d	1	0.51mi
150 Santa Clara Dr #15 Naples, FL	1.0	1.0	700	$1,590	$2.27	25d	1	0.58mi
169 Santa Clara Dr #11 Naples, FL	2.0	2.0	1200	$1,890	$1.57	25d	1	0.60mi
161 Santa Clara Dr #14 Naples, FL	2.0	2.0	1043	$2,000	$1.92	23d	1	0.60mi
209 Robin Hood Cir #201 Naples, FL	2.0	2.0	1225	$3,500	$2.86	15d	1	0.61mi
8225 Ibis Club Dr #216 Naples, FL	1.0	1.0	828	$1,600	$1.93	23d	1	0.61mi
8225 Ibis Club Dr #216 Naples, FL	1.0	1.0	811	$1,650	$2.03	25d	1	0.61mi
8215 Ibis Club Dr #102 Naples, FL	2.0	2.0	1043	$1,625	$1.56	25d	1	0.61mi
3536 Winifred Row Ln Naples, FL	3.0	2.5	1300	$2,350	$1.81	15d	10	0.63mi
241 Robin Hood Cir #204 Naples, FL	2.0	2.0	1225	$3,800	$3.10	15d	1	0.65mi
8245 Ibis Club Dr #403 Naples, FL	1.0	1.0	811	$1,600	$1.97	15d	1	0.66mi
180 Furse Lakes Cir Unit E8 Naples, FL	2.0	2.0	1425	$4,000	$2.81	15d	1	0.66mi
8265 Ibis Club Dr #610 Naples, FL	1.0	1.0	811	$1,600	$1.97	25d	1	0.66mi
8285 Ibis Club Dr #805 Naples, FL	3.0	2.0	1175	$2,450	$2.09	25d	1	0.67mi
280 Robin Hood Cir #101 Naples, FL	3.0	2.0	1413	$3,900	$2.76	25d	1	0.68mi
280 Robin Hood Cir #102 Naples, FL	3.0	2.0	1450	$3,995	$2.76	25d	1	0.68mi
8255 Ibis Club Dr Naples, FL	2.0	2.0	1021	$1,750	$1.71	15d	2	0.68mi
7320 Glenmoor Ln Unit 2206 Naples, FL	2.0	2.0	1053	$6,000	$5.70	15d	1	0.71mi
1600 Wellesley Cir Naples, FL	1.0–2.0	1.0–2.0	950	$1,900	$2.00	15d	12	0.73mi

HOA detail condo

• Monthly dues: $599 · $7,188/yr
• Likely covers: landscapingpoolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-21
   days on market $289,000 Active 213 DOM
2. 2026-06-18
   days on market $289,000 Active 210 DOM
3. 2026-06-17
   days on market $289,000 Active 209 DOM
4. 2026-06-16
   days on market $289,000 Active 208 DOM
5. 2026-06-15
   days on market $289,000 Active 207 DOM
6. 2026-06-10
   days on market $289,000 Active 202 DOM
7. 2026-06-09
   days on market $289,000 Active 201 DOM
8. 2026-06-08
   days on market $289,000 Active 200 DOM
9. 2026-06-07
   days on market $289,000 Active 199 DOM
10. 2026-06-03
    days on market $289,000 Active 195 DOM
11. 2026-06-03
    remarks 693-char remark
12. 2026-06-03
    listed $289,000 Active 194 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: $2,268 · $189/mo
• Projected year-2 tax: $2,399 · $200/mo
• Expected delta: +$131/yr (+$11/mo · 5.8%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 12% 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: $36,451
• − Mortgage interest: −$16,188
• − Property taxes: −$2,268
• − Insurance: −$1,445
• − Repairs & maintenance: −$2,916
• − Management: −$2,916
• − HOA: −$7,188
• − Depreciation: −$8,407
• Taxable loss: −$4,877
• Est. tax savings @ 24.0%: +$1,171
• After-tax cash flow: $880/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 — Berkshire Lakes

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Collier County · 396,295 people
• Metro: Naples-Marco Island, FL
• Population (ZIP): 26,408
• Household income: $71,686
• Rent vs Own: 31.7% rent · 68.3% own
• Severe rent burden: 1423.0

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: Majority White (62%)
• Race & ethnicity: White 62% Hispanic / Latino 30% Two or more races 19% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 3% Cuban 6% Dominican 1%
• Common ancestry: Lithuanian 6% Romanian 3% Hispanic 2%
• Foreign-born: 30% · Canada, Jamaica, Dominican Republic
• Languages at home: 66% English-only · Spanish 24% French/Haitian/Cajun 5% Russian/Polish/Slavic 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: ▼ -252.48%
• Current HPI: 259.3498
• Rent YoY: ▼ -1.10%
• 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

+52.2% since first listed

22 events — show timeline

• 2026-04-27 Price Changed $289,000 NAPLESMLS
• 2026-03-19 Price Changed $299,000 NAPLESMLS
• 2026-01-20 Price Changed $319,000 NAPLESMLS
• 2025-11-20 Listed $329,000 NAPLESMLS
• 2025-08-15 Listing Removed — NAPLESMLS
• 2025-06-30 Price Changed $339,000 NAPLESMLS
• 2025-06-13 Listed $349,000 NAPLESMLS
• 2023-08-07 Sold (Public Records) $325,000 Public Records
• 2023-08-04 Sold (MLS) $325,000 FORTMLS
• 2023-06-06 Rental Removed — FORTMLS
• 2023-06-05 Pending — FORTMLS
• 2023-05-09 Relisted — FORTMLS
• 2023-04-07 Listing Removed — FORTMLS
• 2023-04-03 Price Changed $340,000 FORTMLS
• 2023-03-28 Relisted — FORTMLS
• 2023-03-06 Listing Removed — FORTMLS
• 2023-02-01 Listed $350,000 FORTMLS
• 2022-10-28 Sold (Public Records) $285,000 Public Records
• 2021-06-07 Sold (Public Records) $196,000 Public Records
• 2021-06-03 Sold (MLS) $196,000 NAPLESMLS
• 2021-04-23 Pending — NAPLESMLS
• 2021-04-20 Listed $189,900 NAPLESMLS

Property tax history

+5.9%/yr

Latest (2025): $2,268 · +2.0% YoY. Source: county tax records.