238 Indies Dr E #201 · Marco Shores-Hammock Bay, FL 34114

$459,000

3 bd · 2.0 ba · 1,509 sqft · Condo public records · 145 Days on market

Built 2020 $520/mo HOA · 8% of rent

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Why this score? — see what drove the B 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 +28.5/30.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Appreciation +4.3/10.0
• Rent growth +3.3/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

NEW CONSTRUCTION, INVENTORY AVAILABLE! Set back from the Collier Blvd corridor, just north of Fiddler's Creek and minutes from downtown Naples and Marco Island, ANTILLES offers 212 Coach and Multiplex homes in West Indies Island style architecture. The Classic Coach Home's 2nd floor TOBAGO features a split bedroom plan and showcases all the high end finishes that define luxury resort living 2021 in Southwest Florida, including solid wood cabinetry and doors with wide casings and tall baseboards, on-trend wide profile ceramic tile in the main areas, Kohler fixtures and GE stainless kitchen appliances, Quartz countertops and walk in closets. Antilles Flamingo Club amenity center offers a relaxing atmosphere including: a 3,500 sf pool, spa, Tiki Hut, fire pit and lounge, sun and shade decks, bocce and pickleball courts, fitness room, and multiple gathering spaces where sun, serenity and Southern sweet tea set the tone for living well in Antilles. (ATTACHED PHOTOS ARE OF THE FURNISHED TOBAGO MODEL. THIS UNIT IS OFFERED UNFURNISHED)

Key facts

• Low hoa fees
• Pickleball courts
• Resort style pool

Tags

• LOW HOA FEES
• NO FLOOD INSURANCE REQUIRED
• PICKLEBALL COURTS
• RESORT STYLE POOL
• TIKI BAR
• FIRE PIT

Property features AI

Finance

• Other: Property is part of the Antilles development
• Financial info: Total one-time fees reported
• HOA & community: Mandatory HOA; Quarterly condo fee; Condo fee $1,560 quarterly (total annual recurring fees reported $6,240); One-time fees reported; Professional management; HOA covers insurance, irrigation water, lawn/land maintenance, legal/accounting, manager, exterior pest control, recreation facilities, repairs, reserves, sewer, street lights, street maintenance and water; Community amenities include BBQ/picnic area, bike and jog path, bocce court, clubhouse, community pool, community spa/hot tub, library, pickleball, putting green, sidewalks, streetlights and underground utilities; Gated community

Exterior

• Parking: One assigned parking space; Detached 1-car garage; Paved driveway
• Security: Gated community; Impact-resistant doors and windows
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential carriage/coach style; Low-rise building (1–3 stories); Rear exposure faces south
• Construction: Built in 2020; Concrete block construction; Tile roof; Impact-resistant single-hung windows
• Exterior features: Patio

Interior

• Kitchen: Pantry; Dishwasher; Microwave; Refrigerator/Freezer; Self-cleaning oven; Breakfast bar and dining/living dining area
• Bedrooms: 3 bedrooms with split-bedroom floor plan
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Master bath with dual sinks and shower (no tub)
• Heating & cooling: Central electric heat; Central electric air conditioning
• Interior features: High-speed internet available; Pantry; Smoke detectors; Walk-in closet; Window coverings; Screened lanai/porch; Turnkey furnished
• Laundry & utility: Washer and dryer inside the residence; Auto garage door

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $459k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $459k).
• Recommended offer: $404k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — 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 rising (+3.2%/yr); 900 active listings in the ZIP; 27 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 $6,315/mo this rent would consume 85% of the median local household income ($89k/yr) (locally 550% 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 (-1.5%/yr); year-one equity from $3k of loan paydown is wiped out by about $7k 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.
• At projected returns (-1.5% appreciation + 3.2% rent growth), your $129k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 145 days — a 12% lower offer ($404k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago 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.

Recommended offer $403,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 145 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.38% ✓
• Cap rate: 10.20%
• Cash-on-cash: 13.96%
• DSCR: 1.62
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.48% appreciation · 3.21% rent growth · sell at horizon

5-year hold

• IRR: 9.3%
• Equity multiple: 1.41×
• Total profit: $52,411
• Equity at exit: $100,298

10-year hold

• IRR: 16.4%
• Equity multiple: 2.57×
• Total profit: $202,372
• Equity at exit: $96,614

Cash invested: $128,520 (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 34114

• Home prices YoY: -0.6%
• Rents YoY: 3.2%
• Active inventory: 900
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $6,315 high
• Mortgage (P&I): −$2,407
• Tax from tax record: −$375 /mo · $4,504/yr
• Insurance: −$191
• HOA: −$520
• Vacancy / Maint / Mgmt: −$1,326
• Net cashflow: $1,495

Break-even live

Break-even rent $4,422

Max offer price $459,000

Occupancy floor 71%

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: $114,750
• Closing costs: $13,770
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
232 Indies Dr E #101 Naples, FL	3.0	2.0	1537	$7,500	$4.88	23d	1	0.00mi
244 Indies Dr E #101 Naples, FL	3.0	2.0	1537	$7,500	$4.88	21d	1	0.03mi
286 Indies Dr E Unit 202 Naples, FL	3.0	2.0	1509	$3,200	$2.12	23d	1	0.05mi
262 Indies Dr E Unit 101 Naples, FL	3.0	2.0	1537	$7,500	$4.88	23d	1	0.05mi
268 Indies Dr E #102 Naples, FL	2.0	2.0	1537	$7,500	$4.88	23d	1	0.08mi
8526 Pepper Tree Way Naples, FL	3.0	2.0	1990	$6,900	$3.47	23d	1	0.10mi
8482 Bent Creek Way Naples, FL	3.0	2.0	2064	$8,000	$3.88	23d	1	0.17mi
163 Indies Dr E #203 Naples, FL	2.0	2.0	1448	$7,200	$4.97	23d	1	0.17mi
163 Indies Dr E #106 Naples, FL	3.0	2.0	1698	$7,500	$4.42	23d	1	0.17mi
163 Indies Dr E #206 Naples, FL	3.0	2.0	1698	$6,000	$3.53	23d	1	0.17mi
172 Indies Dr E #101 Naples, FL	3.0	2.0	1980	$7,500	$3.79	13d	1	0.19mi
172 Indies Dr E Unit 8-102 Naples, FL	2.0	2.0	1980	$8,500	$4.29	23d	1	0.19mi
8375 Whisper Trace Ln #202 Naples, FL	3.0	2.0	2106	$3,000	$1.42	21d	1	0.29mi
8365 Whisper Trace Way Unit L204 Naples, FL	3.0	2.0	1752	$6,500	$3.71	13d	1	0.36mi
8355 Whisper Trace Way Unit K104 Naples, FL	3.0	2.0	1674	$6,500	$3.88	13d	1	0.36mi
4650 Hawks Nest Way Unit M202 Naples, FL	3.0	2.0	1840	$9,600	$5.22	13d	1	0.69mi
3930 Deer Crossing Ct #103 Naples, FL	3.0	2.0	1950	$2,530	$1.30	13d	1	0.69mi
3940 Deer Crossing Ct Unit 4-203 Naples, FL	3.0	2.0	2166	$7,500	$3.46	23d	1	0.70mi
3985 Deer Crossing Ct #201 Naples, FL	3.0	2.0	1981	$5,795	$2.93	23d	1	0.74mi
3975 Deer Crossing Ct #201 Naples, FL	3.0	2.0	2101	$7,500	$3.57	23d	1	0.74mi
4529 Cardinal Cove Ln #7 Naples, FL	2.0	2.0	1539	$6,500	$4.22	23d	1	0.74mi
3955 Deer Crossing Ct #103 Naples, FL	3.0	2.0	1812	$7,500	$4.14	23d	1	0.75mi
4680 Hawks Nest Way Unit D-103 Naples, FL	2.0	2.0	1414	$3,000	$2.12	13d	1	0.79mi
4685 Hawks Nest Way #103 Naples, FL	2.0	2.0	1440	$6,500	$4.51	13d	1	0.81mi
9571 Mussorie Ct Naples, FL	3.0	3.5	2117	$12,500	$5.90	23d	1	1.17mi
9104 Cherry Oaks Trl Naples, FL	3.0	2.0	1876	$5,000	$2.67	23d	1	1.26mi
3149 Aviamar Cir #101 Naples, FL	3.0	2.0	1890	$7,500	$3.97	13d	1	1.44mi

HOA detail condo

• Monthly dues: $520 · $6,240/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-18
   days on market $459,000 Active 145 DOM
2. 2026-06-17
   days on market $459,000 Active 144 DOM
3. 2026-06-16
   days on market $459,000 Active 143 DOM
4. 2026-06-15
   days on market $459,000 Active 142 DOM
5. 2026-06-14
   days on market $459,000 Active 140 DOM
6. 2026-06-10
   days on market $459,000 Active 137 DOM
7. 2026-06-09
   days on market $459,000 Active 136 DOM
8. 2026-06-08
   days on market $459,000 Active 135 DOM
9. 2026-06-07
   days on market $459,000 Active 134 DOM
10. 2026-06-03
    days on market $459,000 Active 130 DOM
11. 2026-06-02
    days on market $459,000 Active 129 DOM
12. 2026-06-01
    days on market $459,000 Active 128 DOM
13. 2026-05-31
    days on market $459,000 Active 127 DOM
14. 2026-05-30
    days on market $459,000 Active 126 DOM
15. 2026-04-30
    price $459,000
16. 2026-04-30
    status Active
17. 2026-02-02
    historical
18. 2025-10-29
    listed $474,000 Active
19. 2021-10-04
    soldstatus $405,000 Closed 1045-char remark

    Show marketing remark (1045 chars)

    NEW CONSTRUCTION, INVENTORY AVAILABLE! Set back from the Collier Blvd corridor, just north of Fiddler's Creek and minutes from downtown Naples and Marco Island, ANTILLES offers 212 Coach and Multiplex homes in West Indies Island style architecture. The Classic Coach Home's 2nd floor TOBAGO features a split bedroom plan and showcases all the high end finishes that define luxury resort living 2021 in Southwest Florida, including solid wood cabinetry and doors with wide casings and tall baseboards, on-trend wide profile ceramic tile in the main areas, Kohler fixtures and GE stainless kitchen appliances, Quartz countertops and walk in closets. Antilles Flamingo Club amenity center offers a relaxing atmosphere including: a 3,500 sf pool, spa, Tiki Hut, fire pit and lounge, sun and shade decks, bocce and pickleball courts, fitness room, and multiple gathering spaces where sun, serenity and Southern sweet tea set the tone for living well in Antilles. (ATTACHED PHOTOS ARE OF THE FURNISHED TOBAGO MODEL. THIS UNIT IS OFFERED UNFURNISHED)

20. 2021-09-28
    historical Pending with Contingency 1045-char remark

    Show marketing remark (1045 chars)

    NEW CONSTRUCTION, INVENTORY AVAILABLE! Set back from the Collier Blvd corridor, just north of Fiddler's Creek and minutes from downtown Naples and Marco Island, ANTILLES offers 212 Coach and Multiplex homes in West Indies Island style architecture. The Classic Coach Home's 2nd floor TOBAGO features a split bedroom plan and showcases all the high end finishes that define luxury resort living 2021 in Southwest Florida, including solid wood cabinetry and doors with wide casings and tall baseboards, on-trend wide profile ceramic tile in the main areas, Kohler fixtures and GE stainless kitchen appliances, Quartz countertops and walk in closets. Antilles Flamingo Club amenity center offers a relaxing atmosphere including: a 3,500 sf pool, spa, Tiki Hut, fire pit and lounge, sun and shade decks, bocce and pickleball courts, fitness room, and multiple gathering spaces where sun, serenity and Southern sweet tea set the tone for living well in Antilles. (ATTACHED PHOTOS ARE OF THE FURNISHED TOBAGO MODEL. THIS UNIT IS OFFERED UNFURNISHED)

21. 2021-07-13
    listed $405,000 Active 1045-char remark

    Show marketing remark (1045 chars)

    NEW CONSTRUCTION, INVENTORY AVAILABLE! Set back from the Collier Blvd corridor, just north of Fiddler's Creek and minutes from downtown Naples and Marco Island, ANTILLES offers 212 Coach and Multiplex homes in West Indies Island style architecture. The Classic Coach Home's 2nd floor TOBAGO features a split bedroom plan and showcases all the high end finishes that define luxury resort living 2021 in Southwest Florida, including solid wood cabinetry and doors with wide casings and tall baseboards, on-trend wide profile ceramic tile in the main areas, Kohler fixtures and GE stainless kitchen appliances, Quartz countertops and walk in closets. Antilles Flamingo Club amenity center offers a relaxing atmosphere including: a 3,500 sf pool, spa, Tiki Hut, fire pit and lounge, sun and shade decks, bocce and pickleball courts, fitness room, and multiple gathering spaces where sun, serenity and Southern sweet tea set the tone for living well in Antilles. (ATTACHED PHOTOS ARE OF THE FURNISHED TOBAGO MODEL. THIS UNIT IS OFFERED UNFURNISHED)

ⓘ 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: $4,504 · $375/mo
• Projected year-2 tax: $4,504 · $375/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $75,775
• − Mortgage interest: −$25,711
• − Property taxes: −$4,504
• − Insurance: −$2,295
• − Repairs & maintenance: −$6,062
• − Management: −$6,062
• − HOA: −$6,240
• − Depreciation: −$13,353
• Taxable income: $11,548
• Est. tax owed @ 24.0%: −$2,772
• After-tax cash flow: $15,167/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 — Marco Shores-Hammock Bay

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): 23,559
• Household income: $89,334
• Rent vs Own: 15.3% rent · 84.7% own
• Severe rent burden: 550.0

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 (72%)
• Race & ethnicity: White 72% Hispanic / Latino 17% Two or more races 13% Black 7%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1% Cuban 3%
• Common ancestry: Hispanic 5% Romanian 4% Lithuanian 1%
• Foreign-born: 21% · Canada, Jamaica
• Languages at home: 75% English-only · Spanish 15% French/Haitian/Cajun 5% Other Indo-European 4%

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: ▼ -1.48%
• Current HPI: 266.5545
• Rent YoY: ▲ 3.21%
• 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

+13.3% since first listed

7 events — show timeline

• 2026-04-30 Price Changed $459,000 NAPLESMLS
• 2026-04-30 Relisted — NAPLESMLS
• 2026-02-02 Listing Removed — NAPLESMLS
• 2025-10-29 Listed $474,000 NAPLESMLS
• 2021-10-04 Sold (MLS) $405,000 MIML
• 2021-09-28 Contingent — MIML
• 2021-07-13 Listed $405,000 MIML

Property tax history

+2.2%/yr

Latest (2025): $4,504 · +6.5% YoY. Source: county tax records.