290 Emerald Bay Cir Unit L7 · Bonita Springs, FL 34110

$369,000

2 bd · 2.0 ba · 1,200 sqft · Condo public records · 74 Days on market

Built 1990 $724/mo HOA · 16% of rent

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Why this score? — see what drove the C- 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 +20.4/30.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• DSCR +6.5/10.0
• Schools +5.0/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a Short Sale subject to existing lender's approval which could result in delays. This charming 2 bedroom condo with garage is located within walking distance to the clubhouse. Enjoy living West of US41 with a short bike ride or drive to the beaches. Emerald Bay is a low density community with nice amenities and an excellent location. Sidewalk goes all the way to either Vanderbilt or Bonita/Barefoot Beaches. Jog, walk or bike comfortably. The unit has a tiled lanai with preserve view; it is also tiled throughout the dining room and wet areas. HOA payments are up to date.

Key facts

• Gated community
• Community pool
• Updated kitchen

Tags

• GATED COMMUNITY
• PICKLEBALL AND TENNIS COURTS
• COMMUNITY POOL
• UPDATED KITCHEN
• BRAND-NEW APPLIANCES
• MODERN UPDATED FLOORING

Property features AI

Finance

• Other: Part of an 8-unit building within a 216-unit complex; Single-floor unit count on property: 1
• HOA & community: Mandatory HOA with on-site management; Quarterly master HOA fee; Maintenance covers cable, insurance, internet/Wi‑Fi, irrigation water, lawn/land maintenance, legal/accounting, manager, exterior pest control, reserves, sewer, street maintenance and water; Community amenities include clubhouse, community pool, community room, library, pickleball, sidewalks, tennis court and vehicle wash area; Gated community with tennis facilities; Total annual recurring HOA fees listed

Exterior

• Parking: Paved driveway; Attached 1-car garage
• Security: Gated community
• Utilities: Central water (assessment paid); Central sewer (assessment paid); Cable available; Electric service for heat and cooling
• Home design: Attached villa; Split-level layout; Rear exposure faces north; Residential property in the Emerald Bay community (Villages at Emerald Bay)
• Construction: Concrete block construction; Stucco exterior finish; Tile roof; Single-hung windows; Built in 1990
• Exterior features: Courtyard; Landscaped area view; Private road access; Irrigation (lake/canal and reclaimed)

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator; Breakfast bar; Dining area open to living
• Bedrooms: 2 bedrooms with a split layout
• Flooring: Tile; Vinyl
• Bathrooms: 2 full bathrooms; Master bath with combined tub and shower
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Cable prewire; Pantry; Screened lanai/porch; Turnkey (furnished)
• Laundry & utility: Washer; Dryer; Laundry in residence

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $369k.

Deal economics

• At list price, monthly cash flow is $411 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $369k).
• Recommended offer: $347k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 1.7% in Bonita Springs — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 70/100 on livability (#428 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A; Watch: schools C-, cost of living C-, health & safety D.
• 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); 595 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $4,422/mo this rent would consume 54% of the median local household income ($98k/yr) (locally 1006% 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 $11k 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 74 days — a 6% lower offer ($347k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y 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.
• Current owner paid $114k; list at $369k implies a 222% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $346,860 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. 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: 1.20% ✓
• Cap rate: 7.84%
• Cash-on-cash: 5.54%
• DSCR: 1.25
• GRM: 7.0

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: -12.8%
• Equity multiple: 0.55×
• Total profit: $-46,206
• Equity at exit: $55,019

10-year hold

• IRR: -10.4%
• Equity multiple: 0.47×
• Total profit: $-55,041
• Equity at exit: $31,904

Cash invested: $103,320 (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 34110

• Rents YoY: -1.1%
• Active inventory: 595
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $4,422 high
• Mortgage (P&I): −$1,935
• Tax from tax record: −$204 /mo · $2,443/yr
• Insurance: −$154
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$724
• Vacancy / Maint / Mgmt: −$929
• Net cashflow: $411

Break-even live

Break-even rent $3,902

Max offer price $369,000

Occupancy floor 86%

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: $92,250
• Closing costs: $11,070
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
298 Emerald Bay Cir Unit K6 Naples, FL	2.0	2.0	1202	$4,750	$3.95	23d	1	0.04mi
306 Emerald Bay Cir Unit J8 Naples, FL	2.0	2.0	1350	$4,000	$2.96	23d	1	0.08mi
306 Emerald Bay Cir Unit J5 Naples, FL	3.0	2.0	1490	$5,900	$3.96	23d	1	0.08mi
505 Lake Louise Cir #101 Naples, FL	2.0	2.0	1444	$5,500	$3.81	23d	1	0.13mi
386 Emerald Bay Cir Unit G4 Naples, FL	3.0	2.0	1490	$2,500	$1.68	23d	1	0.16mi
513 Lake Louise Cir #202 Naples, FL	2.0	2.0	1444	$5,300	$3.67	23d	1	0.19mi
900 Arbor Lake Dr Unit 301 Naples, FL	1.0	1.0	866	$3,500	$4.04	23d	1	0.20mi
15161 Cedarwood Ln Naples, FL	2.0	2.0	1267	$4,000	$3.16	23d	3	0.29mi
15191 Cedarwood Ln #2602 Naples, FL	2.0	2.0	1267	$2,300	$1.82	23d	1	0.31mi
1001 Arbor Lake Dr Naples, FL	2.0–3.0	2.0–2.5	1755	$3,800	$2.16	23d	2	0.32mi
290 Naples Cove Dr Naples, FL	2.0	2.0	1327	$3,400	$2.56	23d	3	0.34mi
285 Naples Cove Dr #1103 Naples, FL	2.0	2.0	1267	$2,475	$1.95	23d	1	0.39mi
270 Naples Cove Dr #3506 Naples, FL	3.0	2.0	1475	$2,500	$1.69	21d	1	0.39mi
15400 Cedarwood Ln Unit 1-201 Naples, FL	2.0	2.0	1286	$6,000	$4.67	23d	1	0.42mi
15400 Cedarwood Ln #102 Naples, FL	2.0	2.0	1286	$6,300	$4.90	13d	1	0.42mi
15415 Cedarwood Ln Unit 3 Naples, FL	2.0	2.0	1428	$2,200	$1.54	13d	1	0.45mi
360 Horse Creek Dr Naples, FL	2.0	2.0	1589	$5,250	$3.30	13d	4	0.84mi
340 Horse Creek Dr #304 Naples, FL	2.0	2.0	1326	$2,950	$2.22	23d	1	0.85mi
28940 Bermuda Pointe Cir #102 Bonita Springs, FL	2.0	2.0	1076	$5,500	$5.11	23d	1	0.85mi
320 Horse Creek Dr #105 Naples, FL	2.0	2.0	1326	$5,600	$4.22	23d	1	0.88mi
300 Horse Creek Dr #408 Naples, FL	2.0	2.0	1434	$5,500	$3.84	23d	1	0.90mi
480 Bermuda Cove Way Unit 1-104 Naples, FL	2.0	2.0	1372	$4,250	$3.10	23d	1	0.91mi
28720 Bermuda Bay Way #205 Bonita Springs, FL	2.0	2.0	1097	$2,200	$2.01	14d	1	0.99mi
1025 Tarpon Cove Dr #203 Naples, FL	2.0	2.0	1225	$5,500	$4.49	13d	1	1.02mi
13105 Vanderbilt Dr Naples, FL	2.0	2.0	1390	$5,450	$3.92	23d	2	1.05mi
13105 Vanderbilt Dr #808 Naples, FL	2.0	2.0	1390	$5,500	$3.96	13d	1	1.06mi
13105 Vanderbilt Dr #808 Naples, FL	2.0	2.0	1390	$5,500	$3.96	21d	1	1.06mi
774 Wiggins Lake Dr #106 Naples, FL	3.0	2.0	1374	$6,500	$4.73	23d	1	1.08mi
651 Wiggins Lake Dr #102 Naples, FL	2.0	2.0	1487	$6,500	$4.37	23d	1	1.10mi
975 Tarpon Cove Dr #204 Naples, FL	3.0	2.0	1340	$5,500	$4.10	13d	1	1.11mi
12945 Vanderbilt Dr Naples, FL	2.0	2.0	1301	$5,250	$4.04	23d	2	1.14mi
437 Wiggins Lake Ct #201 Naples, FL	2.0	2.0	1283	$4,500	$3.51	23d	1	1.14mi
3930 Windward Passage Cir #202 Bonita Springs, FL	2.0	2.0	1478	$1,900	$1.29	16d	1	1.15mi
760 Wiggins Lake Dr #205 Naples, FL	2.0	2.0	1179	$5,500	$4.66	23d	1	1.16mi
757 Wiggins Lake Dr #106 Naples, FL	3.0	2.0	1374	$6,000	$4.37	13d	1	1.17mi
757 Wiggins Lake Dr #106 Naples, FL	3.0	2.0	1374	$6,000	$4.37	23d	1	1.17mi
1390 Sweetwater Cv #203 Naples, FL	2.0	2.0	1279	$2,200	$1.72	13d	1	1.18mi
1360 Sweetwater Cv #202 Naples, FL	2.0	2.0	1279	$5,500	$4.30	23d	1	1.19mi
3951 Windward Passage Cir #102 Bonita Springs, FL	2.0	2.0	1397	$5,200	$3.72	23d	1	1.19mi
752 Wiggins Lake Dr #102 Naples, FL	2.0	2.0	1402	$2,375	$1.69	21d	1	1.19mi

HOA detail condo

• Monthly dues: $724 · $8,688/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-18
   days on market $369,000 Active 74 DOM
2. 2026-06-17
   days on market $369,000 Active 73 DOM
3. 2026-06-16
   days on market $369,000 Active 72 DOM
4. 2026-06-15
   days on market $369,000 Active 71 DOM
5. 2026-06-14
   days on market $369,000 Active 69 DOM
6. 2026-06-10
   days on market $369,000 Active 66 DOM
7. 2026-06-09
   days on market $369,000 Active 65 DOM
8. 2026-06-08
   days on market $369,000 Active 64 DOM
9. 2026-06-07
   days on market $369,000 Active 63 DOM
10. 2026-06-03
    days on market $369,000 Active 59 DOM
11. 2026-06-02
    days on market $369,000 Active 58 DOM
12. 2026-06-01
    days on market $369,000 Active 57 DOM
13. 2026-05-31
    days on market $369,000 Active 56 DOM
14. 2026-05-30
    days on market $369,000 Active 55 DOM
15. 2026-04-05
    listed $369,000 Active
16. 2015-05-14
    listed $114,500 584-char remark

    Show marketing remark (584 chars)

    This is a Short Sale subject to existing lender's approval which could result in delays. This charming 2 bedroom condo with garage is located within walking distance to the clubhouse. Enjoy living West of US41 with a short bike ride or drive to the beaches. Emerald Bay is a low density community with nice amenities and an excellent location. Sidewalk goes all the way to either Vanderbilt or Bonita/Barefoot Beaches. Jog, walk or bike comfortably. The unit has a tiled lanai with preserve view; it is also tiled throughout the dining room and wet areas. HOA payments are up to date.

17. 2012-04-27
    soldstatus $114,500 584-char remark

    Show marketing remark (203 chars)

    THIS CHARMING 2 BEDROOM CONDO WITH GARAGE IS LOCATED WITHIN WALKING DISTANCE TO THE CLUBHOUSE. EMERALD BAY IS A LOW DENSITY COMMUNITY WITH AMENITIES AND AN EXCELLENT LOCATION TO THE BEACHES AND SHOPPING.

18. 2012-04-27
    soldstatus $114,500 203-char remark

    Show marketing remark (203 chars)

    THIS CHARMING 2 BEDROOM CONDO WITH GARAGE IS LOCATED WITHIN WALKING DISTANCE TO THE CLUBHOUSE. EMERALD BAY IS A LOW DENSITY COMMUNITY WITH AMENITIES AND AN EXCELLENT LOCATION TO THE BEACHES AND SHOPPING.

19. 2012-04-05
    historical 584-char remark

    Show marketing remark (584 chars)

    This is a Short Sale subject to existing lender's approval which could result in delays. This charming 2 bedroom condo with garage is located within walking distance to the clubhouse. Enjoy living West of US41 with a short bike ride or drive to the beaches. Emerald Bay is a low density community with nice amenities and an excellent location. Sidewalk goes all the way to either Vanderbilt or Bonita/Barefoot Beaches. Jog, walk or bike comfortably. The unit has a tiled lanai with preserve view; it is also tiled throughout the dining room and wet areas. HOA payments are up to date.

20. 2012-02-01
    listed $114,500 203-char remark

    Show marketing remark (203 chars)

    THIS CHARMING 2 BEDROOM CONDO WITH GARAGE IS LOCATED WITHIN WALKING DISTANCE TO THE CLUBHOUSE. EMERALD BAY IS A LOW DENSITY COMMUNITY WITH AMENITIES AND AN EXCELLENT LOCATION TO THE BEACHES AND SHOPPING.

21. 1990-05-01
    soldstatus $98,100

ⓘ 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: $2,443 · $204/mo
• Projected year-2 tax: $3,063 · $255/mo
• Expected delta: +$620/yr (+$52/mo · 25.4%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 97% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 31 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $53,066
• − Mortgage interest: −$20,670
• − Property taxes: −$2,443
• − Insurance: −$2,642
• − Repairs & maintenance: −$4,245
• − Management: −$4,245
• − HOA: −$8,688
• − Depreciation: −$10,735
• Taxable loss: −$603
• Est. tax savings @ 24.0%: +$145
• After-tax cash flow: $5,072/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 — Bonita Springs

• Score: 70/100
• State rank: #428
• US rank: #7576

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Collier County · 396,295 people
• City population: 64,727
• Metro: Naples-Marco Island, FL
• Population (ZIP): 25,630
• Household income: $97,564
• Rent vs Own: 23.2% rent · 76.8% own
• Severe rent burden: 1006.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 10% Two or more races 9% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Cuban 3%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 11% · Canada, South Korea
• Languages at home: 87% English-only · Spanish 7% Other Indo-European 3% French/Haitian/Cajun 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: ▼ -172.68%
• Current HPI: 267.4644
• Rent YoY: ▼ -1.06%
• 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

+276.1% since first listed

7 events — show timeline

• 2026-04-05 Listed $369,000 NAPLESMLS
• 2015-05-14 Listed $114,500 FORTMLS
• 2012-04-27 Sold (MLS) $114,500 NAPLESMLS
• 2012-04-27 Sold (MLS) $114,500 FORTMLS
• 2012-04-05 Listing Removed — FORTMLS
• 2012-02-01 Listed $114,500 NAPLESMLS
• 1990-05-01 Sold (Public Records) $98,100 Public Records

Property tax history

+5.8%/yr

Latest (2025): $2,443 · -7.3% YoY. Source: county tax records.