3150 Binnacle Dr #214 · Naples, FL 34103

$298,000

2 bd · 2.0 ba · 1,000 sqft · Condo · 180 Days on market

Built 1973 $900/mo HOA · 19% of rent ↓ 50% since listing

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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 +25.4/30.0
• 1% rule +10.0/10.0
• DSCR +8.4/10.0
• 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

Riviera at the Moorings is a charming 55+ community right in the heart of the Moorings. This 2 bedroom, 2 bath condo offers an expansive lake view with generous lanai to take in the sunset skies and sunrise mornings. Ideally located as an end unit, residents will love the streaming sunlight throughout as well as the nicely refreshed bathrooms & kitchen. A well-kept community pool, dock overlooking the lake, lots of guest parking are just a few added benefits to the community which is nearby all Naples has to offer. Shopping and dining in the Venetian Village, Waterside Shoppes, 5th Ave are all at your fingertips, along with voluntary access to the Moorings Beach Park.

Key facts

• Guest parking
• Community pool
• End unit

Tags

• LAKE VIEW
• COMMUNITY POOL
• DOCK OVERLOOKING THE LAKE
• GUEST PARKING
• END UNIT

Property features AI

Finance

• Other: Part of a complex with 41 units and 24 units in the building; 1 floor in the building with 2 units per floor
• HOA & community: Monthly condo fee of $900; HOA covers insurance, laundry facilities, lawn/land maintenance, legal/accounting, exterior pest control, reserves, street lights, street maintenance, and trash removal; Professional management; Community amenities include beach club access, bike and jog path, common laundry, community pool, sidewalks, streetlights, and underground utilities; Non-gated community; Total annual recurring fees $10,875

Exterior

• Parking: 1 assigned parking space; Limited number of vehicles allowed (restrictions apply)
• Security: Storm protection (impact windows, electric shutters)
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential low-rise building (1–3 stories); End unit; Located in MOORINGS / RIVIERA AT MOORINGS development; Unit 2F
• Construction: Concrete block construction; Built in 1973
• Exterior features: Stucco exterior; Impact resistant windows; Electric shutters; Single-hung windows; Built-up or flat roof; Lakefront/water view with water feature; Zero lot line; End-unit with southeast rear exposure

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator/Freezer; Self-cleaning oven
• Bedrooms: 2 bedrooms (split bedroom floor plan)
• Flooring: Tile; Vinyl
• Bathrooms: 2 full bathrooms; Master bathroom with combo tub and shower
• Heating & cooling: Central electric heat; Central electric air conditioning; Ceiling fans
• Interior features: Closet cabinets; High-speed internet available; Window coverings; Dining area (family); Screened lanai/porch; Common elevator; Furnished
• Laundry & utility: Common laundry (community)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $298k.

Deal economics

• At list price, monthly cash flow is $623 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $298k).
• Recommended offer: $262k (12.0% 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.
• Market conditions: Rents rising fast (+14.6%/yr); 480 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $4,618/mo this rent would consume 47% 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 $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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $83k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 180 days — a 12% lower offer ($262k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $52k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; 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 $262,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 180 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
10. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
11. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
12. 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.
13. 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.
14. 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: 1.55% ✓
• Cap rate: 9.07%
• Cash-on-cash: 9.91%
• DSCR: 1.44
• GRM: 5.4

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: 4.7%
• Equity multiple: 1.20×
• Total profit: $16,444
• Equity at exit: $44,433

10-year hold

• IRR: 19.5%
• Equity multiple: 3.15×
• Total profit: $179,174
• Equity at exit: $25,766

Cash invested: $83,440 (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: 480
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $4,618 medium
• Mortgage (P&I): −$1,563
• Tax est. 1.5%: −$372 /mo · $4,470/yr
• Insurance: −$124
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$900
• Vacancy / Maint / Mgmt: −$970
• Net cashflow: $623

Break-even live

Break-even rent $3,830

Max offer price $298,000

Occupancy floor 82%

Sensitivity live

Price	-10% $829	-5% $726	+0% $623	+5% $520	+10% $417
Rent	-10% $258	-5% $440	+0% $623	+5% $805	+10% $988
Rate	-1.0pp $773	-0.5pp $699	base $623	+0.5pp $546	+1.0pp $467

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: $74,500
• Closing costs: $8,940
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3200 Binnacle Dr Unit D3 Naples, FL	2.0	2.0	1180	$9,000	$7.63	22d	1	0.06mi
3030 Binnacle Dr #201 Naples, FL	2.0	2.0	1092	$5,000	$4.58	24d	1	0.13mi
820 Ketch Dr #3 Naples, FL	2.0	2.0	1100	$5,500	$5.00	24d	1	0.20mi
820 Ketch Dr #2 Naples, FL	2.0	2.0	1100	$5,700	$5.18	24d	1	0.20mi
45 High Point Cir S #303 Naples, FL	2.0	2.0	1015	$5,500	$5.42	24d	1	0.39mi
788 Park Shore Dr Naples, FL	1.0–2.0	1.5–2.0	931	$5,500	$5.90	14d	3	0.40mi
3930 Belair Ln Naples, FL	2.0	2.0	1300	$6,000	$4.62	24d	1	0.62mi
333 Harbour Dr #211 Naples, FL	2.0	2.0	975	$5,500	$5.64	14d	1	0.63mi
3400 Gulf Shore Blvd N Unit M3 Naples, FL	2.0	2.0	1337	$9,500	$7.11	24d	1	0.73mi
222 Harbour Dr #105 Naples, FL	2.0	2.0	1393	$13,000	$9.33	24d	1	0.73mi
3200 Gulf Shore Blvd N #105 Naples, FL	2.0	2.0	1116	$8,500	$7.62	24d	1	0.75mi
3070 Gulf Shore Blvd N #103 Naples, FL	2.0	2.0	1300	$8,000	$6.15	24d	1	0.76mi
4092 Belair Ln #15 Naples, FL	3.0	3.0	1500	$6,200	$4.13	24d	1	0.82mi
3500 Gulf Shore Blvd N Naples, FL	2.0	2.0	1258	$7,650	$6.08	24d	2	0.82mi
2400 14th St N Naples, FL	3.0	2.0	1464	$5,890	$4.02	14d	1	0.82mi
555 Park Shore Dr Unit B410 Naples, FL	2.0	2.0	1200	$6,000	$5.00	22d	1	0.87mi
2885 Gulf Shore Blvd N #302 Naples, FL	2.0	2.0	1500	$20,000	$13.33	24d	1	0.88mi
3443 Gulf Shore Blvd N Naples, FL	2.0	2.0	1171	$12,750	$10.88	14d	11	0.88mi
2600 Gulf Shore Blvd N #64 Naples, FL	2.0	2.0	1200	$7,200	$6.00	24d	1	0.90mi
2500 Gulf Shore Blvd N Unit S6 Naples, FL	2.0	2.0	1145	$7,500	$6.55	24d	1	0.92mi
600 Neapolitan Way Naples, FL	1.0–2.0	2.0	832	$5,200	$6.25	24d	2	0.99mi
2258 Gulf Shore Blvd N Unit O1 Naples, FL	2.0	2.0	1491	$13,750	$9.22	24d	1	1.00mi
2216 Gulf Shore Blvd N Unit R3 Naples, FL	2.0	2.0	1265	$10,000	$7.91	24d	1	1.00mi
4001 Gulf Shore Blvd N #803 Naples, FL	2.0	2.0	1267	$13,000	$10.26	24d	1	1.03mi
4001 Gulf Shore Blvd N #1104 Naples, FL	2.0	2.0	1267	$11,000	$8.68	24d	1	1.03mi
4001 Gulf Shore Blvd N #105 Naples, FL	2.0	2.0	1247	$12,000	$9.62	24d	1	1.03mi
4001 Gulf Shore Blvd N #303 Naples, FL	2.0	2.0	1248	$9,000	$7.21	24d	1	1.03mi
4001 Gulf Shore Blvd N #505 Naples, FL	2.0	2.0	1271	$9,000	$7.08	14d	1	1.03mi
4001 Gulf Shore Blvd N #707 Naples, FL	2.0	2.0	1267	$20,000	$15.79	24d	1	1.03mi
4005 Gulf Shore Blvd N #607 Naples, FL	2.0	2.0	1400	$14,000	$10.00	24d	1	1.05mi
4005 Gulf Shore Blvd N #605 Naples, FL	2.0	2.0	1267	$10,000	$7.89	24d	1	1.05mi
2203 Gulf Shore Blvd N Unit E1 Naples, FL	2.0	2.0	1491	$17,500	$11.74	24d	1	1.11mi
2211 Gulf Shore Blvd N Unit C4 Naples, FL	2.0	2.0	1265	$17,500	$13.83	24d	1	1.12mi
4200 Belair Ln Naples, FL	2.0–3.0	2.0	1406	$6,500	$4.62	24d	5	1.13mi
1082 Capri Dr Naples, FL	3.0	2.0	1500	$9,000	$6.00	24d	1	1.14mi
2100 Gulf Shore Blvd N #101 Naples, FL	2.0	2.0	1200	$8,000	$6.67	24d	1	1.17mi
1950 Gulf Shore Blvd N Naples, FL	2.0	2.0	1060	$7,250	$6.84	24d	2	1.22mi
4523 Fluvia Ave Naples, FL	2.0	1.0	1050	$5,500	$5.24	24d	1	1.22mi
4300 Belair Ln Naples, FL	2.0	2.0	1200	$6,750	$5.62	14d	2	1.22mi
4525 Fluvia Ave Naples, FL	2.0	1.0	1050	$5,500	$5.24	24d	1	1.22mi

HOA detail condo

• Monthly dues: $900 · $10,800/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-05-13
   status Pending
2. 2026-04-28
   status Pending With Contingencies
3. 2026-03-02
   price $298,000
4. 2026-01-13
   price $325,000
5. 2025-10-30
   listed $350,000 Active
6. 2025-06-28
   historical
7. 2025-05-13
   historical $2,750
8. 2025-05-10
   price $2,750
9. 2025-03-31
   price $375,000
10. 2024-11-13
    price $399,000
11. 2024-07-13
    listed $2,500
12. 2024-05-14
    price $425,000
13. 2024-04-04
    price $465,000
14. 2024-03-04
    price $495,000
15. 2024-02-15
    price $525,000
16. 2024-01-03
    listed $595,000 Active

ⓘ 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 7/10 Severe FEMA zone X (shaded) · 75% 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: $55,422
• − Mortgage interest: −$16,693
• − Property taxes: −$4,470
• − Insurance: −$2,288
• − Repairs & maintenance: −$4,434
• − Management: −$4,434
• − HOA: −$10,800
• − Depreciation: −$8,669
• Taxable income: $3,635
• Est. tax owed @ 24.0%: −$872
• After-tax cash flow: $6,600/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

• Census place: Naples, FL
• 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

-49.9% since first listed

16 events — show timeline

• 2026-05-13 Pending — NAPLESMLS
• 2026-04-28 Pending — NAPLESMLS
• 2026-03-02 Price Changed $298,000 NAPLESMLS
• 2026-01-13 Price Changed $325,000 NAPLESMLS
• 2025-10-30 Listed $350,000 NAPLESMLS
• 2025-06-28 Listing Removed — NAPLESMLS
• 2025-05-13 Rental Removed $2,750 NAPLESMLS
• 2025-05-10 Price Changed $2,750 NAPLESMLS
• 2025-03-31 Price Changed $375,000 NAPLESMLS
• 2024-11-13 Price Changed $399,000 NAPLESMLS
• 2024-07-13 Listed for Rent $2,500 NAPLESMLS
• 2024-05-14 Price Changed $425,000 NAPLESMLS
• 2024-04-04 Price Changed $465,000 NAPLESMLS
• 2024-03-04 Price Changed $495,000 NAPLESMLS
• 2024-02-15 Price Changed $525,000 NAPLESMLS
• 2024-01-03 Listed $595,000 NAPLESMLS