108 Lake Point Ln Unit 1B

Naples, FL 34112

$235,000D+

2 bd · 2.5 ba · 1,393 sqft · Built 1978 · Condo · Active · 54 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,808/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$400
• HOA: −$659
• Vac / Maint / Mgmt: −$590
• Net cashflow: $-72/mo
• Annual: $-868/yr
• Cap rate: 6.26%
• Cash-on-cash: -0.11%
• DSCR: 1.00
• 1% rule: 1.20%
• Cash to close: $65,800

Investor read

• This is a 2-bed/2.5-bath condo listed at $235k.
• At list price, monthly cash flow is $-72 ($-868/yr) — negative.
• To cash-flow at today's rent, offer at most $222k (5.4% below list).
• Meets the 1% rule at list price ($3k rent vs $235k).
• It's been on market 54 days — a 3% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $222k (5.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• 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: Lely Elementary School (math 45% / reading 46%, grade D-, #1,247 of 2,144 statewide, top 59%, 499 students, 62% FRL); East Naples Middle School (math 56% / reading 44%, grade C, #254 of 571 statewide, top 45%, 854 students, 63% FRL); Lely High School (math 40% / reading 39%, grade F, #304 of 667 statewide, top 47%, 1,504 students, 54% FRL) — zoned schools at 60% FRL track the district average.
• Zoned-school proficiency averages 45% at this address vs 58% district-wide (-13 pts) — the specific schools serving this property underperform the Collier average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $66/mo; HOA is 23% of rent.
• Market conditions: Rents soft (-1.7%/yr); 776 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); 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• Collier County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 sale attempts since 7y 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 $190k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $2,808/mo this rent would consume 48% of the median local household income ($70k/yr) (locally 980% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• It's been on market 54 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?