600 Neapolitan Way #254 · Naples, FL 34103

$335,000

2 bd · 2.0 ba · 864 sqft · Condo public records · 89 Days on market

Built 1982 $1330/mo HOA · 26% 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 +23.4/30.0
• 1% rule +10.0/10.0
• DSCR +7.5/10.0
• 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 MLS

Great Naples Location. This 2 bedroom 2 bath condo is within walking distance to shops & restaurants. The Gulf of Mexico Beach is less than a mile away. Park Shore Resort is a quaint community with lush landscaping, waterfall, pond area with turtles, fish & birds. Ammenities include a resort style pool, hot tub, grilling area, sunning/relaxing area away from pool, tennis, racquet ball, hoops, volleyball. Condo is offered turnkey with all furnishings. There is an onsite rental program. Don't miss this opportunity.

Key facts

• New hot water tank
• Bbq areas
• On-site restaurant

Tags

• GROUND-FLOOR RESIDENCE
• TRANQUIL WATER VIEWS
• NEW HOT WATER TANK
• HEATED POOL
• ON-SITE RESTAURANT
• BBQ AREAS

Property features AI

Finance

• Other: Part of Park Shore Resort (sub-condo name); No RVs allowed; Unit number: 254
• HOA & community: Mandatory HOA with quarterly fees; HOA covers cable, insurance, internet/WiFi, irrigation water, laundry facilities, lawn/land maintenance, legal/accounting, on-site manager, exterior pest control, reserves and water; On-site management; Community amenities include basketball, BBQ/picnic area, common laundry, community spa/hot tub, exercise room, internet access, pickleball, tennis court, and streetlights; Community type: Condo/Hotel; Total annual recurring HOA fees listed

Exterior

• Parking: Directions provided to complex entrance
• Security: Lobby; Impact resistant doors and windows
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential condo in a mid-rise (4–7) building; Garden apartment; Rear exposure facing south; Located in Park Shore development
• Construction: Concrete block construction; Stucco exterior; Shingle roof; Built in 1982
• Exterior features: Patio; Automatic sprinkler system; Tennis court; Lagoon waterfront; Landscaped area and water feature view; Central irrigation

Interior

• Kitchen: Electric cooktop; Range; Microwave; Dishwasher; Disposal; Refrigerator/freezer; Refrigerator with icemaker; Pantry
• Bedrooms: 2 bedrooms
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms; Master bath with combo tub and shower
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Cable prewire and high-speed internet available; Multiple phone lines; Smoke detectors; Walk-in closet; Pantry; Dining area open to living room; Screened lanai/porch; Turnkey furnished; Common elevator access
• Laundry & utility: Washer and dryer included; Washer/dryer hookup; Laundry in residence

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $335k.

Deal economics

• At list price, monthly cash flow is $551 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $335k).
• Recommended offer: $315k (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.
• Market conditions: Rents rising fast (+14.6%/yr); 479 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $5,205/mo this rent would consume 53% 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 $10k 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 $94k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y 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 $220k; list at $335k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 26% of rent.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $314,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 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: 1.55% ✓
• Cap rate: 8.50%
• Cash-on-cash: 7.90%
• DSCR: 1.35
• 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: 2.4%
• Equity multiple: 1.10×
• Total profit: $9,151
• Equity at exit: $49,950

10-year hold

• IRR: 17.7%
• Equity multiple: 2.94×
• Total profit: $181,771
• Equity at exit: $28,965

Cash invested: $93,800 (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: 479
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $5,205 high
• Mortgage (P&I): −$1,757
• Tax from tax record: −$268 /mo · $3,219/yr
• Insurance: −$140
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,330
• Vacancy / Maint / Mgmt: −$1,093
• Net cashflow: $551

Break-even live

Break-even rent $4,508

Max offer price $335,000

Occupancy floor 84%

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: $83,750
• Closing costs: $10,050
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
600 Neapolitan Way Naples, FL	1.0–2.0	2.0	832	$5,200	$6.25	23d	2	0.14mi
4523 Fluvia Ave Naples, FL	2.0	1.0	1050	$5,500	$5.24	23d	1	0.51mi
4525 Fluvia Ave Naples, FL	2.0	1.0	1050	$5,500	$5.24	23d	1	0.51mi
788 Park Shore Dr Naples, FL	1.0–2.0	1.5–2.0	931	$5,500	$5.90	13d	3	0.71mi
1100 Pine Ridge Rd Naples, FL	1.0	1.0	868	$2,125	$2.45	13d	3	0.75mi
1400 Pompei Ln Naples, FL	2.0	2.0	1012	$1,888	$1.86	23d	2	0.75mi
1400 Pompei Ln Unit O-21 Naples, FL	2.0	2.0	1025	$2,200	$2.15	23d	1	0.76mi
1400 Pompei Ln Unit S-21 Naples, FL	2.0	2.0	1025	$3,000	$2.93	23d	1	0.76mi
5934 Premier Way Naples, FL	1.0–3.0	1.0–3.0	1350	$3,618	$2.68	13d	29	1.18mi
45 High Point Cir S #303 Naples, FL	2.0	2.0	1015	$5,500	$5.42	23d	1	1.20mi
3030 Binnacle Dr #201 Naples, FL	2.0	2.0	1092	$5,000	$4.58	23d	1	1.21mi
820 Ketch Dr #2 Naples, FL	2.0	2.0	1100	$5,700	$5.18	23d	1	1.30mi
820 Ketch Dr #3 Naples, FL	2.0	2.0	1100	$5,500	$5.00	23d	1	1.30mi
3200 Gulf Shore Blvd N #105 Naples, FL	2.0	2.0	1116	$8,500	$7.62	23d	1	1.34mi
1085 Forest Lakes Dr Unit 8305 Naples, FL	1.0	1.0	766	$3,000	$3.92	13d	1	1.36mi
1085 Forest Lakes Dr Unit 8202 Naples, FL	2.0	2.0	1086	$2,800	$2.58	13d	1	1.36mi
1085 Forest Lakes Dr Unit 8106 Naples, FL	2.0	2.0	1000	$1,900	$1.90	13d	1	1.36mi
1086 Forest Lakes Dr Unit 9303 Naples, FL	2.0	2.0	1000	$2,395	$2.40	13d	1	1.39mi
333 Harbour Dr #211 Naples, FL	2.0	2.0	975	$5,500	$5.64	13d	1	1.43mi
287 Quail Forest Blvd #117 Naples, FL	2.0	2.0	993	$1,695	$1.71	13d	1	1.44mi
287 Quail Forest Blvd #117 Naples, FL	2.0	2.0	993	$1,995	$2.01	21d	1	1.44mi

HOA detail condo

• Monthly dues: $1,330 · $15,960/yr
• Likely covers: waterlandscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 33 events

1. 2026-06-18
   days on market $335,000 Active 89 DOM
2. 2026-06-17
   pricedays on market $335,000 Active 88 DOM
3. 2026-06-16
   days on market $340,000 Active 87 DOM
4. 2026-06-15
   days on market $340,000 Active 86 DOM
5. 2026-06-14
   days on market $340,000 Active 84 DOM
6. 2026-06-10
   days on market $340,000 Active 81 DOM
7. 2026-06-09
   days on market $340,000 Active 80 DOM
8. 2026-06-08
   days on market $340,000 Active 79 DOM
9. 2026-06-07
   days on market $340,000 Active 78 DOM
10. 2026-06-03
    days on market $340,000 Active 74 DOM
11. 2026-06-02
    days on market $340,000 Active 73 DOM
12. 2026-06-01
    days on market $340,000 Active 72 DOM
13. 2026-05-31
    days on market $340,000 Active 71 DOM
14. 2026-05-30
    days on market $340,000 Active 70 DOM
15. 2026-05-03
    price $340,000
16. 2026-03-21
    listed $349,000 Active
17. 2023-11-06
    historical
18. 2023-10-16
    price $485,000
19. 2023-08-02
    listed $499,999 Active
20. 2021-03-02
    soldstatus $220,000
21. 2021-02-26
    soldstatus $220,000 Closed 530-char remark

    Show marketing remark (530 chars)

    Great Naples Location. This 2 bedroom 2 bath condo is within walking distance to shops & restaurants. The Gulf of Mexico Beach is less than a mile away. Park Shore Resort is a quaint community with lush landscaping, waterfall, pond area with turtles, fish & birds. Ammenities include a resort style pool, hot tub, grilling area, sunning/relaxing area away from pool, tennis, racquet ball, hoops, volleyball. Condo is offered turnkey with all furnishings. There is an onsite rental program. Don't miss this opportunity.

22. 2021-02-08
    status Pending 530-char remark

    Show marketing remark (530 chars)

    Great Naples Location. This 2 bedroom 2 bath condo is within walking distance to shops & restaurants. The Gulf of Mexico Beach is less than a mile away. Park Shore Resort is a quaint community with lush landscaping, waterfall, pond area with turtles, fish & birds. Ammenities include a resort style pool, hot tub, grilling area, sunning/relaxing area away from pool, tennis, racquet ball, hoops, volleyball. Condo is offered turnkey with all furnishings. There is an onsite rental program. Don't miss this opportunity.

23. 2020-12-14
    price $230,000 530-char remark

    Show marketing remark (530 chars)

    Great Naples Location. This 2 bedroom 2 bath condo is within walking distance to shops & restaurants. The Gulf of Mexico Beach is less than a mile away. Park Shore Resort is a quaint community with lush landscaping, waterfall, pond area with turtles, fish & birds. Ammenities include a resort style pool, hot tub, grilling area, sunning/relaxing area away from pool, tennis, racquet ball, hoops, volleyball. Condo is offered turnkey with all furnishings. There is an onsite rental program. Don't miss this opportunity.

24. 2020-11-11
    price $235,000 530-char remark

    Show marketing remark (530 chars)

    Great Naples Location. This 2 bedroom 2 bath condo is within walking distance to shops & restaurants. The Gulf of Mexico Beach is less than a mile away. Park Shore Resort is a quaint community with lush landscaping, waterfall, pond area with turtles, fish & birds. Ammenities include a resort style pool, hot tub, grilling area, sunning/relaxing area away from pool, tennis, racquet ball, hoops, volleyball. Condo is offered turnkey with all furnishings. There is an onsite rental program. Don't miss this opportunity.

25. 2020-07-15
    listed $250,000 Active 530-char remark

    Show marketing remark (530 chars)

    Great Naples Location. This 2 bedroom 2 bath condo is within walking distance to shops & restaurants. The Gulf of Mexico Beach is less than a mile away. Park Shore Resort is a quaint community with lush landscaping, waterfall, pond area with turtles, fish & birds. Ammenities include a resort style pool, hot tub, grilling area, sunning/relaxing area away from pool, tennis, racquet ball, hoops, volleyball. Condo is offered turnkey with all furnishings. There is an onsite rental program. Don't miss this opportunity.

26. 2015-05-15
    listed $177,000
27. 2014-05-01
    soldstatus $168,500
28. 2014-04-30
    price $177,000
29. 2014-04-30
    soldstatus $168,500
30. 2004-04-12
    soldstatus $217,000
31. 2004-04-12
    soldstatus $130,000
32. 2001-09-04
    soldstatus $167,400
33. 1989-04-01
    soldstatus $71,500

ⓘ 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: $3,219 · $268/mo
• Projected year-2 tax: $3,219 · $268/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 92% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 29 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: $62,459
• − Mortgage interest: −$18,765
• − Property taxes: −$3,219
• − Insurance: −$2,472
• − Repairs & maintenance: −$4,997
• − Management: −$4,997
• − HOA: −$15,960
• − Depreciation: −$9,745
• Taxable income: $2,304
• Est. tax owed @ 24.0%: −$553
• After-tax cash flow: $6,057/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

+375.5% since first listed

19 events — show timeline

• 2026-05-03 Price Changed $340,000 NAPLESMLS
• 2026-03-21 Listed $349,000 NAPLESMLS
• 2023-11-06 Listing Removed — NAPLESMLS
• 2023-10-16 Price Changed $485,000 NAPLESMLS
• 2023-08-02 Listed $499,999 NAPLESMLS
• 2021-03-02 Sold (Public Records) $220,000 Public Records
• 2021-02-26 Sold (MLS) $220,000 FORTMLS
• 2021-02-08 Pending — FORTMLS
• 2020-12-14 Price Changed $230,000 FORTMLS
• 2020-11-11 Price Changed $235,000 FORTMLS
• 2020-07-15 Listed $250,000 FORTMLS
• 2015-05-15 Listed $177,000 FORTMLS
• 2014-05-01 Sold (Public Records) $168,500 Public Records
• 2014-04-30 Sold (MLS) $168,500 FORTMLS
• 2014-04-30 Price Changed $177,000 FORTMLS
• 2004-04-12 Sold (Public Records) $130,000 Public Records
• 2004-04-12 Sold (Public Records) $217,000 Public Records
• 2001-09-04 Sold (Public Records) $167,400 Public Records
• 1989-04-01 Sold (Public Records) $71,500 Public Records

Property tax history

+8.6%/yr

Latest (2025): $3,219 · +0.4% YoY. Source: county tax records.