186 Gabriel Cir #3909 · Berkshire Lakes, FL 34104

$279,900

2 bd · 2.0 ba · 1,200 sqft · Condo · 57 Days on market

Built 1996 Good condition $578/mo HOA · 19% 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 +10.4/30.0
• ARV discount +7.5/15.0
• 1% rule +5.7/10.0
• Schools +5.0/10.0
• Condition / age +4.0/5.0
• DSCR +3.0/10.0
• Livability +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy the best of Naples living in this well-maintained 2BR/2BA condo with a detached garage and beautiful water views! This light and bright residence offers an inviting open floor plan, spacious living and dining areas, and a split-bedroom layout ideal for guests or a home office. Relax on your screened lanai overlooking the lake—perfect for morning coffee or evening unwinding. Located in a gated community with resort-style amenities including multiple pools, pickleball, and bocce, there’s always something to do (or not do—your call!). Conveniently close to shopping, dining, and Naples’ famous beaches. Whether you’re looking for a full-time home, seasonal esc

Key facts

• Gated community
• Pickleball
• Screened lanai

Tags

• SCREENED LANAI
• GATED COMMUNITY
• RESORT-STYLE AMENITIES
• MULTIPLE POOLS
• PICKLEBALL
• BOCCE

Property features AI

Finance

• Other: Part of a complex with 550 units and 12 units in this building; One unit per floor, one floor in this unit; Directions: Davis to Gabriel North; property is on the east side of the road
• HOA & community: Mandatory HOA (Condo management); Quarterly condo fee; Condo fee covers cable, insurance, internet/Wi‑Fi, lawn/land maintenance, exterior pest control, recreation facilities, reserves, and street lights; Community amenities include community pool, tennis court, pickleball, bocce court, bike and jog path, BBQ/picnic areas, and internet access; Gated community; Total annual recurring HOA fees reported

Exterior

• Parking: Covered parking; Paved driveway; Under-building closed parking; Detached 1-car garage
• Security: Gated community
• Utilities: Central water; Central sewer; Cable available; Reclaimed and central irrigation
• Home design: Residential property in a low-rise (1–3) building; Two-story building; Built in 1996; Rear exposure facing east; Located in the Sapphire Lakes development (Garnet Club sub-condo)
• Construction: Concrete block construction; Tile roof; Stucco finish
• Exterior features: Tennis court on property; Lake waterfront view; Cul-de-sac location on a paved road; Zero lot line; Shutters (manual); Sliding windows; Stucco exterior finish

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Eat-in kitchen
• Bedrooms: 2 bedrooms; Master bedroom on ground/first floor; Split bedroom layout
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms; Master bath with dual sinks and shower (no tub)
• Heating & cooling: Central electric heat; Central electric air conditioning; Cable available
• Interior features: High-speed internet available; Laundry tub; Smoke detectors; Walk-in closet; Great room floor plan; Partially furnished; Screened lanai/porch; Dining area in living room and eat-in kitchen; Four ceiling fans; Six total rooms
• Laundry & utility: Washer and dryer in residence; Laundry tub

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $280k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-146 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $259k (7.6% below list).
• Meets the 1% rule at list price ($3k rent vs $280k).
• Recommended offer: $259k (7.6% below list) — sets the bar for cash-flow.

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.
• Market conditions: Rents soft (-1.1%/yr); 436 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• At $2,995/mo this rent would consume 50% 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 $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 57 days — a 3% lower offer ($272k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: 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 $258,766 (7.6% 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 57 days. Have you received any prior offers? Is the seller open to a 8% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.07% ✓
• Cap rate: 5.67%
• Cash-on-cash: -2.24%
• DSCR: 0.90
• GRM: 7.8

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: -24.4%
• Equity multiple: 0.20×
• Total profit: $-63,036
• Equity at exit: $41,734

10-year hold

• IRR: -38.2%
• Equity multiple: -0.27×
• Total profit: $-99,165
• Equity at exit: $24,201

Cash invested: $78,372 (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: 436
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,995 high
• Mortgage (P&I): −$1,468
• Tax est. 1.5%: −$350 /mo · $4,198/yr
• Insurance: −$117
• HOA: −$578
• Vacancy / Maint / Mgmt: −$629
• Net cashflow: $-146

Break-even live

Break-even rent $3,180

Max offer price $258,766

Occupancy floor 100%

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: $69,975
• Closing costs: $8,397
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
218 Gabriel Cir Unit 3809 Naples, FL	2.0	2.0	1200	$3,800	$3.17	13d	1	0.04mi
153 Gabriel Cir Unit 3003 Naples, FL	2.0	2.0	1200	$4,000	$3.33	13d	1	0.06mi
120 Asaf Dr Unit 4304 Naples, FL	2.0	2.0	1350	$4,300	$3.19	13d	1	0.09mi
228 Belina Dr Unit 606 Naples, FL	2.0	2.0	1200	$4,800	$4.00	13d	1	0.16mi
7839 Regal Heron Cir #202 Naples, FL	2.0	2.0	1202	$2,000	$1.66	23d	1	0.26mi
448 Gabriel Cir Unit 3310 Naples, FL	2.0	2.0	1200	$3,500	$2.92	13d	1	0.27mi
7822 Great Heron Way #106 Naples, FL	3.0	2.0	1431	$2,200	$1.54	23d	1	0.28mi
7822 Great Heron Way #106 Naples, FL	3.0	2.0	1431	$2,200	$1.54	13d	1	0.28mi
388 Belina Dr Unit 1104 Naples, FL	2.0	2.0	1200	$4,000	$3.33	13d	1	0.28mi
7804 Regal Heron Cir #304 Naples, FL	2.0	2.0	1304	$2,000	$1.53	13d	1	0.29mi
675 Luisa Ln Unit 825 Naples, FL	3.0	2.0	1484	$2,300	$1.55	13d	1	0.30mi
7835 Regal Heron Cir Naples, FL	2.0–3.0	2.0	1316	$1,795	$1.36	23d	2	0.30mi
7818 Great Heron Way #303 Naples, FL	2.0	2.0	1304	$3,395	$2.60	13d	1	0.31mi
7831 Regal Heron Cir Unit 1506858P Naples, FL	3.0	2.0	1420	$4,283	$3.02	13d	1	0.33mi
515 Gabriel Cir Unit 1910 Naples, FL	2.0	2.0	1200	$4,700	$3.92	13d	1	0.34mi
7823 Regal Heron Cir #103 Naples, FL	2.0	2.0	1304	$1,995	$1.53	13d	1	0.37mi
484 Belina Dr Naples, FL	2.0	1.0	1200	$2,400	$2.00	23d	1	0.37mi
620 Luisa Ct Unit 803 Naples, FL	2.0	2.0	1200	$2,400	$2.00	13d	1	0.41mi
7790 Woodbrook Cir #2603 Naples, FL	3.0	2.5	1406	$4,500	$3.20	23d	1	0.48mi
209 Robin Hood Cir #201 Naples, FL	2.0	2.0	1225	$3,500	$2.86	13d	1	0.49mi
7725 Tara Cir Naples, FL	1.0–3.0	1.0–2.0	929	$1,512	$1.63	13d	1	0.50mi
8215 Ibis Club Dr #102 Naples, FL	2.0	2.0	1043	$1,625	$1.56	23d	1	0.50mi
8225 Ibis Club Dr #216 Naples, FL	1.0	1.0	828	$1,600	$1.93	21d	1	0.50mi
8225 Ibis Club Dr #216 Naples, FL	1.0	1.0	811	$1,650	$2.03	23d	1	0.50mi
241 Robin Hood Cir #204 Naples, FL	2.0	2.0	1225	$3,800	$3.10	13d	1	0.53mi
8245 Ibis Club Dr #403 Naples, FL	1.0	1.0	811	$1,600	$1.97	13d	1	0.55mi
280 Robin Hood Cir #101 Naples, FL	3.0	2.0	1413	$3,900	$2.76	23d	1	0.56mi
280 Robin Hood Cir #102 Naples, FL	3.0	2.0	1450	$3,995	$2.76	23d	1	0.56mi
8265 Ibis Club Dr #610 Naples, FL	1.0	1.0	811	$1,600	$1.97	23d	1	0.56mi
8285 Ibis Club Dr #805 Naples, FL	3.0	2.0	1175	$2,450	$2.09	23d	1	0.57mi
108 Santa Clara Dr #4 Naples, FL	2.0	2.0	974	$1,950	$2.00	13d	1	0.58mi
8255 Ibis Club Dr Naples, FL	2.0	2.0	1021	$1,750	$1.71	13d	2	0.58mi
321 Robin Hood Cir #201 Naples, FL	2.0	2.0	1225	$3,500	$2.86	23d	1	0.62mi
116 Santa Clara Dr #12 Naples, FL	1.0	1.0	745	$1,600	$2.15	13d	1	0.62mi
3536 Winifred Row Ln Naples, FL	3.0	2.5	1300	$2,350	$1.81	13d	10	0.67mi
150 Santa Clara Dr #15 Naples, FL	1.0	1.0	700	$1,590	$2.27	23d	1	0.68mi
169 Santa Clara Dr #11 Naples, FL	2.0	2.0	1200	$1,890	$1.57	23d	1	0.68mi
161 Santa Clara Dr #14 Naples, FL	2.0	2.0	1043	$2,000	$1.92	21d	1	0.69mi
180 Furse Lakes Cir Unit E8 Naples, FL	2.0	2.0	1425	$4,000	$2.81	13d	1	0.73mi
1240 Wildwood Lakes Blvd Naples, FL	2.0	2.0	1042	$1,875	$1.80	23d	2	0.78mi

HOA detail condo

• Monthly dues: $578 · $6,936/yr
• Likely covers: waterpoolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $279,900 Active 57 DOM
2. 2026-06-17
   days on market $279,900 Active 56 DOM
3. 2026-06-16
   days on market $279,900 Active 55 DOM
4. 2026-06-15
   days on market $279,900 Active 54 DOM
5. 2026-06-14
   days on market $279,900 Active 52 DOM
6. 2026-06-10
   days on market $279,900 Active 49 DOM
7. 2026-06-09
   days on market $279,900 Active 48 DOM
8. 2026-06-08
   days on market $279,900 Active 47 DOM
9. 2026-06-07
   pricedays on market $279,900 Active 46 DOM
10. 2026-06-03
    days on market $289,900 Active 42 DOM
11. 2026-06-02
    days on market $289,900 Active 41 DOM
12. 2026-06-01
    days on market $289,900 Active 40 DOM
13. 2026-05-31
    days on market $289,900 Active 39 DOM
14. 2026-05-30
    remarks 669-char remark
15. 2026-05-30
    listed $289,900 Active 38 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 2/10 Low FEMA zone X (unshaded) · 5% 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: $35,943
• − Mortgage interest: −$15,679
• − Property taxes: −$4,198
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,875
• − Management: −$2,875
• − HOA: −$6,936
• − Depreciation: −$8,143
• Taxable loss: −$6,163
• Est. tax savings @ 24.0%: +$1,479
• After-tax cash flow: $-274/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 2BR/2BA condo with a detached garage and beautiful water views is ready for a new owner. The property offers an inviting open floor plan and is located in a gated community with resort-style amenities.

Value-add opportunities

• Both Paint exterior walls — Enhances curb appeal and resale value
• Both Replace carpet with hardwood flooring — Improves aesthetics and increases rental value
• Both Install smart home automation — Enhances convenience and adds modern appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior walls — Enhances curb appeal and resale value ↑
• Both Replace carpet with hardwood flooring — Improves aesthetics and increases rental value ↑
• Both Install smart home automation — Enhances convenience and adds modern appeal ↑

ⓘ 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 — 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

1 event — show timeline

• 2026-04-22 Listed $289,900 NAPLESMLS