1240 Shady Rest Ln #104 · Naples, FL 34103

$429,995

3 bd · 2.0 ba · 1,607 sqft · Condo public records · 72 Days on market

Built 1999 $1127/mo HOA · 18% 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 +27.6/30.0
• 1% rule +9.7/10.0
• DSCR +9.7/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Hidden Cove Gem - Prime Naples Location & Easy Living Discover the perfect blend of location and lifestyle just one mile from the beach in beautiful Naples. Tucked away at the end of a quiet drive in desirable Hidden Cove, this 3-bedroom, 2-bath ground-floor villa lives like a single-family home, surrounded by lush tropical landscaping for added privacy. Inside, a bright open layout flows seamlessly to a spacious screened lanai - ideal for relaxing or entertaining year-round. The light-filled kitchen features a generous breakfast bar, while the primary suite offers soaring ceilings, a walk-in closet, and lanai access. The ensuite bath includes dual vanities, a soaking tub, and sep

Key facts

• Light filled kitchen
• Walk in closet
• Ground floor villa

Tags

• GROUND FLOOR VILLA
• LUSH TROPICAL LANDSCAPING
• SPACIOUS SCREENED LANAI
• LIGHT FILLED KITCHEN
• GENEROUS BREAKFAST BAR
• WALK IN CLOSET

Property features AI

Finance

• Other: Part of a complex with 16 units (4 units in building)
• HOA & community: Monthly HOA fee of $1,127 (Condo management); Community type: Condo/Hotel; Total annual recurring fees: $13,524

Exterior

• Parking: Detached 1-car garage
• Utilities: Central water; Septic sewer; Cable available
• Home design: Residential property; Low-rise (1–3) building; 2-story building; Rear exposure faces east; Located in the Hidden Cove development
• Construction: Concrete block construction; Metal roof; Built in 1999
• Exterior features: Storage; Shutters for storm protection; Windows: see remarks; Stucco finish

Interior

• Kitchen: Dishwasher; Microwave
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Master bath with separate tub and shower
• Heating & cooling: Central electric heat; Ceiling fans
• Interior features: Walk-in closet; Great room; Breakfast bar; Partially furnished

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $430k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $430k).
• Recommended offer: $404k (6.0% below list) — sets the bar for market timing.

Location & tenants

• 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: Sea Gate Elementary School (math 86% / reading 81%, grade A+, #60 of 2,144 statewide, top 3%, 703 students, 26% FRL); Pine Ridge Middle School (math 74% / reading 70%, grade A, #52 of 571 statewide, top 10%, 832 students, 31% FRL); Naples High School (math 47% / reading 52%, grade D, #179 of 667 statewide, top 29%, 1,719 students, 39% FRL) — zoned schools average 32% FRL vs 55% district-wide (23 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+14.6%/yr); 481 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); high-income renter base; 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• At $6,334/mo this rent would consume 65% of the median local household income ($117k/yr) (locally 311% 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 $3k of loan paydown is wiped out by about $13k 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 (-3.0% appreciation + 8.0% rent growth), your $120k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($404k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $40k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $215k; list at $430k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $152/mo.
• Climate carrying-cost: in FEMA flood zone AH (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $404,195 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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?
8. 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.
9. 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.
10. 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: 1.47% ✓
• Cap rate: 9.89%
• Cash-on-cash: 12.84%
• DSCR: 1.57
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 7.3%
• Equity multiple: 1.31×
• Total profit: $36,809
• Equity at exit: $64,114

10-year hold

• IRR: 21.3%
• Equity multiple: 3.33×
• Total profit: $280,220
• Equity at exit: $37,178

Cash invested: $120,399 (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 34103

• Rents YoY: 14.6%
• Active inventory: 481
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $6,334 medium
• Mortgage (P&I): −$2,255
• Tax from tax record: −$155 /mo · $1,857/yr
• Insurance: −$179
• Flood insurance flood zone: −$152 /mo · $1,824/yr
• HOA: −$1,127
• Vacancy / Maint / Mgmt: −$1,330
• Net cashflow: $1,136

Break-even live

Break-even rent $4,896

Max offer price $429,995

Occupancy floor 77%

Sensitivity live

Price	-10% $1,380	-5% $1,258	+0% $1,136	+5% $1,014	+10% $893
Rent	-10% $636	-5% $886	+0% $1,136	+5% $1,386	+10% $1,637
Rate	-1.0pp $1,353	-0.5pp $1,246	base $1,136	+0.5pp $1,025	+1.0pp $911

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: $107,499
• Closing costs: $12,900
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1240 Shady Rest Ln #102 Naples, FL	3.0	2.0	1619	$6,000	$3.71	15d	1	0.00mi
1082 Capri Dr Naples, FL	3.0	2.0	1500	$9,000	$6.00	25d	1	0.24mi
4523 Fluvia Ave Naples, FL	2.0	1.0	1050	$5,500	$5.24	25d	1	0.27mi
4525 Fluvia Ave Naples, FL	2.0	1.0	1050	$5,500	$5.24	25d	1	0.28mi
4082 Belair Ln #11 Naples, FL	3.0	2.0	1600	$6,000	$3.75	25d	1	0.40mi
4092 Belair Ln #15 Naples, FL	3.0	3.0	1500	$6,200	$4.13	25d	1	0.41mi
3930 Belair Ln Naples, FL	2.0	2.0	1300	$6,000	$4.62	25d	1	0.45mi
1097 Frank Whiteman Blvd Naples, FL	4.0	3.0	1590	$10,900	$6.86	25d	1	0.49mi
4200 Belair Ln Naples, FL	2.0–3.0	2.0	1406	$9,000	$6.40	25d	5	0.56mi
3722 Rachel Ln Naples, FL	3.0	3.0	2141	$20,000	$9.34	15d	1	0.58mi
740 Park Shore Dr Naples, FL	3.0	2.0	1964	$22,500	$11.46	25d	1	0.60mi
723 Willowhead Dr Naples, FL	3.0	3.0	1776	$18,000	$10.14	25d	1	0.61mi
4300 Belair Ln Naples, FL	2.0	2.0	1200	$6,750	$5.62	15d	2	0.61mi
4706 West Blvd Unit W3 Naples, FL	3.0	3.0	1933	$7,000	$3.62	25d	1	0.61mi
569 Park Shore Dr Unit G5 Naples, FL	2.0	2.5	1921	$15,000	$7.81	25d	1	0.63mi
571 Park Shore Dr Unit G6 Naples, FL	2.0	2.0	2221	$14,000	$6.30	25d	1	0.63mi
1400 Pompei Ln Naples, FL	2.0	2.0	1012	$1,888	$1.86	25d	2	0.66mi
4180 Crayton Rd Unit E7 Naples, FL	3.0	2.0	1600	$8,900	$5.56	25d	1	0.68mi
735 Parkview Ln Naples, FL	2.0	2.0	1918	$11,000	$5.74	25d	1	0.68mi
555 Park Shore Dr Unit B410 Naples, FL	2.0	2.0	1200	$6,000	$5.00	23d	1	0.69mi
261 Colonade Cir #2701 Naples, FL	2.0	2.5	1991	$11,000	$5.52	25d	1	0.73mi
1265 Pompei Ln Naples, FL	3.0	2.0	1650	$3,495	$2.12	15d	1	0.74mi
587 Parkwood Ln Naples, FL	4.0	2.0	2114	$6,000	$2.84	25d	1	0.76mi
4155 Crayton Rd #203 Naples, FL	3.0	3.0	1940	$14,000	$7.22	25d	1	0.78mi
355 Park Shore Dr Unit 1-114 Naples, FL	2.0	2.0	1574	$13,000	$8.26	25d	1	0.84mi
656 Binnacle Dr Naples, FL	3.0	2.0	1808	$10,000	$5.53	25d	1	0.85mi
250 Park Shore Dr #803 Naples, FL	3.0	2.0	1690	$15,000	$8.88	25d	1	0.90mi
3200 Binnacle Dr Unit D3 Naples, FL	2.0	2.0	1180	$9,000	$7.63	23d	1	0.90mi
1119 Ridge St Naples, FL	3.0	3.5	2221	$9,000	$4.05	25d	1	0.92mi
4916 Crayton Rd Naples, FL	3.0	2.0	1932	$25,000	$12.94	25d	1	0.98mi
3105 Riviera Dr Unit A201 Naples, FL	2.0	2.0	1625	$8,000	$4.92	25d	1	0.99mi
1085 Forest Lakes Dr Unit 8202 Naples, FL	2.0	2.0	1086	$2,800	$2.58	15d	1	1.05mi
3030 Binnacle Dr #201 Naples, FL	2.0	2.0	1092	$5,000	$4.58	25d	1	1.07mi
4530 Gulf Shore Blvd N Unit 2-122 Naples, FL	3.0	2.5	1786	$15,000	$8.40	25d	1	1.08mi
1614 Forest Lakes Blvd Naples, FL	3.0	2.0	1869	$10,000	$5.35	25d	1	1.09mi
4560 Gulf Shore Blvd N Unit 3-213 Naples, FL	2.0	2.0	1321	$8,500	$6.43	25d	1	1.10mi
4255 Gulf Shore Blvd N #1403 Naples, FL	2.0	2.0	1536	$12,500	$8.14	25d	1	1.12mi
4031 Gulf Shore Blvd N #55 Naples, FL	2.0	2.0	2150	$6,500	$3.02	25d	1	1.12mi
4451 Gulf Shore Blvd N #601 Naples, FL	3.0	3.0	2100	$12,000	$5.71	25d	1	1.12mi
5934 Premier Way Naples, FL	1.0–3.0	1.0–3.0	1350	$4,882	$3.62	15d	29	1.14mi

HOA detail condo

• Monthly dues: $1,127 · $13,524/yr
• Likely covers: landscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2026-06-08
   days on market $429,995 Active 72 DOM
2. 2026-06-07
   days on market $429,995 Active 71 DOM
3. 2026-06-03
   days on market $429,995 Active 67 DOM
4. 2026-06-03
   remarks 695-char remark
5. 2026-06-03
   listed $429,995 Active 66 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: $1,857 · $155/mo
• Projected year-2 tax: $3,569 · $297/mo
• Expected delta: +$1,712/yr (+$143/mo · 92.1%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone AH · 26% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 28 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: $76,012
• − Mortgage interest: −$24,086
• − Property taxes: −$1,857
• − Insurance: −$3,974
• − Repairs & maintenance: −$6,081
• − Management: −$6,081
• − HOA: −$13,524
• − Depreciation: −$12,509
• Taxable income: $7,899
• Est. tax owed @ 24.0%: −$1,896
• After-tax cash flow: $11,739/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 — Naples

• Score: 80/100
• State rank: #126
• US rank: #1903

Category grades

Amenities A+ Commute D+ Cost of living F Crime A+ Employment A+ Housing C+ Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Collier County · 396,295 people
• City population: 344,941
• Metro: Naples-Marco Island, FL
• Population (ZIP): 11,299
• Household income: $116,875
• Rent vs Own: 14.1% rent · 85.9% own
• Severe rent burden: 311.0

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 (87%)
• Race & ethnicity: White 87% Hispanic / Latino 10% Two or more races 8% Asian 1%
• Common ancestry: Romanian 4% Lithuanian 2% Portuguese 2%
• Foreign-born: 13% · Canada
• Languages at home: 87% English-only · Spanish 9% Other Indo-European 2% German/W. Germanic 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: ▼ -327.53%
• Current HPI: 315.1396
• Rent YoY: ▲ 14.55%
• 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

+100.0% since first listed

9 events — show timeline

• 2026-05-08 Price Changed $429,995 NAPLESMLS
• 2026-04-24 Price Changed $439,995 NAPLESMLS
• 2026-04-17 Price Changed $449,995 NAPLESMLS
• 2026-04-07 Price Changed $464,995 NAPLESMLS
• 2026-03-28 Listed $469,995 NAPLESMLS
• 2018-05-26 Listing Removed — NAPLESMLS
• 2018-03-12 Price Changed $369,500 NAPLESMLS
• 2018-01-29 Listed $389,500 NAPLESMLS
• 2013-10-01 Sold (Public Records) $215,000 Public Records

Property tax history

+0.9%/yr

Latest (2025): $1,857 · +2.5% YoY. Source: county tax records.