3200 Binnacle Dr Unit B4 · Naples, FL 34103

$479,000

2 bd · 2.0 ba · 1,350 sqft · Condo public records · 115 Days on market

Built 1982 $900/mo HOA · 17% of rent

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Why this score? — see what drove the D+ 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 +15.1/30.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• DSCR +4.6/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This charming 2-bedroom, 2-bathroom condo is nestled within the prestigious Navarra Club, ideally situated in Naples' highly sought-after Moorings neighborhood. The thoughtfully designed split floor plan offers both comfort and privacy, with living and dining areas that flow effortlessly into a bright eat-in kitchen — perfect for entertaining or savoring a quiet evening at home. Featuring brand new windows throughout, this residence is move-in ready with plenty of opportunity to add your own personal touch. The generous Primary Suite features a spacious walk-in closet, while the well-appointed guest bedroom ensures your visitors feel right at home. Step out to the screened-in lanai an

Key facts

• Split floor plan
• Screened-in lanai
• Brand new windows

Tags

• SPLIT FLOOR PLAN
• BRIGHT EAT-IN KITCHEN
• BRAND NEW WINDOWS
• SCREENED-IN LANAI
• LUSHLY LANDSCAPED VIEWS
• RESORT-STYLE AMENITIES

Property features AI

Finance

• Other: Multi-unit complex with 33 units; 4 units in building; 2 units per floor; 1 floor in this unit grouping
• HOA & community: Mandatory HOA; Quarterly HOA fee; HOA covers cable, insurance, irrigation water, lawn/land maintenance, legal/accounting, management, exterior pest control; Professional management; Community amenities include BBQ/picnic area, bike storage, cabana, community pool, community spa/hot tub; Non-gated community; Total annual recurring HOA fees: $10,800; One-time fees: $100

Exterior

• Parking: 1 assigned parking space; Guest parking available
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential low-rise building (1–3 stories); 2-story building; end unit; Built in 1982; Located in the MOORINGS development
• Construction: Concrete block construction
• Exterior features: Stucco exterior; Double-hung windows; Shingle roof; Landscaped area view; Central irrigation; Paved road access; Regular lot; end-unit with west rear exposure

Interior

• Kitchen: Pantry; Dishwasher; Microwave; Range; Self-cleaning oven; Refrigerator/freezer
• Bedrooms: 2 bedrooms; Split bedroom floor plan
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms; Master bath with dual sinks
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Cable prewire; Pantry; Smoke detectors; Walk-in closet; Balcony; Guest bath; Screened lanai/porch; Unfurnished
• Laundry & utility: Washer; Dryer; Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $479k.

Deal economics

• At list price, monthly cash flow is $157 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $479k).
• Recommended offer: $436k (9.0% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 $5,202/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 $3k of loan paydown is wiped out by about $14k 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 $134k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 115 days — a 9% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 6y 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 $307k; list at $479k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $435,890 (9.0% below list)

Questions for the listing agent

1. It's been on market 115 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.09% ✓
• Cap rate: 6.69%
• Cash-on-cash: 1.40%
• DSCR: 1.06
• GRM: 7.7

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: -7.6%
• Equity multiple: 0.70×
• Total profit: $-39,664
• Equity at exit: $71,420

10-year hold

• IRR: 8.2%
• Equity multiple: 1.79×
• Total profit: $105,373
• Equity at exit: $41,415

Cash invested: $134,120 (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: 7.7×

Monthly cashflow live

• Estimated rent: $5,202 medium
• Mortgage (P&I): −$2,512
• Tax from tax record: −$341 /mo · $4,096/yr
• Insurance: −$200
• HOA: −$900
• Vacancy / Maint / Mgmt: −$1,092
• Net cashflow: $157

Break-even live

Break-even rent $5,004

Max offer price $479,000

Occupancy floor 92%

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: $119,750
• Closing costs: $14,370
• 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	21d	1	0.02mi
3105 Riviera Dr Unit A201 Naples, FL	2.0	2.0	1625	$8,000	$4.92	23d	1	0.12mi
3030 Binnacle Dr #201 Naples, FL	2.0	2.0	1092	$5,000	$4.58	23d	1	0.19mi
820 Ketch Dr #3 Naples, FL	2.0	2.0	1100	$5,500	$5.00	23d	1	0.27mi
820 Ketch Dr #2 Naples, FL	2.0	2.0	1100	$5,700	$5.18	23d	1	0.27mi
656 Binnacle Dr Naples, FL	3.0	2.0	1808	$10,000	$5.53	23d	1	0.28mi
788 Park Shore Dr Naples, FL	1.0–2.0	1.5–2.0	931	$5,500	$5.90	13d	3	0.33mi
45 High Point Cir S #303 Naples, FL	2.0	2.0	1015	$5,500	$5.42	23d	1	0.39mi
3930 Belair Ln Naples, FL	2.0	2.0	1300	$6,000	$4.62	23d	1	0.55mi
333 Harbour Dr #211 Naples, FL	2.0	2.0	975	$5,500	$5.64	13d	1	0.66mi
2515 Royal Palm Ct Naples, FL	3.0	2.0	1875	$17,500	$9.33	23d	1	0.68mi
4082 Belair Ln #11 Naples, FL	3.0	2.0	1600	$6,000	$3.75	23d	1	0.71mi
3400 Gulf Shore Blvd N Unit M3 Naples, FL	2.0	2.0	1337	$9,500	$7.11	23d	1	0.72mi
723 Willowhead Dr Naples, FL	3.0	3.0	1776	$18,000	$10.14	23d	1	0.74mi
4092 Belair Ln #15 Naples, FL	3.0	3.0	1500	$6,200	$4.13	23d	1	0.75mi
222 Harbour Dr #105 Naples, FL	2.0	2.0	1393	$13,000	$9.33	23d	1	0.76mi
3200 Gulf Shore Blvd N #105 Naples, FL	2.0	2.0	1116	$8,500	$7.62	23d	1	0.76mi
3070 Gulf Shore Blvd N #103 Naples, FL	2.0	2.0	1300	$8,000	$6.15	23d	1	0.78mi
3500 Gulf Shore Blvd N Naples, FL	2.0	2.0	1258	$7,650	$6.08	23d	2	0.80mi
555 Park Shore Dr Unit B410 Naples, FL	2.0	2.0	1200	$6,000	$5.00	21d	1	0.81mi
3215 Gulf Shore Blvd N Unit 704N Naples, FL	2.0	2.5	1505	$14,000	$9.30	23d	1	0.84mi
3115 Gulf Shore Blvd N Unit 412S Naples, FL	2.0	2.5	1505	$12,000	$7.97	23d	1	0.86mi
3115 Gulf Shore Blvd N Unit 608S Naples, FL	2.0	3.0	1792	$10,000	$5.58	23d	1	0.86mi
3115 Gulf Shore Blvd N Unit 203S Naples, FL	2.0	2.0	1505	$15,000	$9.97	23d	1	0.86mi
3443 Gulf Shore Blvd N Naples, FL	2.0	2.0	1171	$12,750	$10.88	13d	11	0.87mi
2400 14th St N Naples, FL	3.0	2.0	1464	$5,890	$4.02	13d	1	0.88mi
1240 Shady Rest Ln #102 Naples, FL	3.0	2.0	1619	$6,000	$3.71	13d	1	0.88mi
250 Park Shore Dr #803 Naples, FL	3.0	2.0	1690	$15,000	$8.88	23d	1	0.90mi
3951 Gulf Shore Blvd N #1203 Naples, FL	2.0	2.0	1770	$10,000	$5.65	23d	1	0.90mi
2750 Gulf Shore Blvd N Naples, FL	2.0	2.0	1579	$9,400	$5.95	13d	2	0.90mi
2885 Gulf Shore Blvd N #302 Naples, FL	2.0	2.0	1500	$20,000	$13.33	23d	1	0.91mi
355 Park Shore Dr Unit 1-114 Naples, FL	2.0	2.0	1574	$13,000	$8.26	23d	1	0.93mi
4180 Crayton Rd Unit E7 Naples, FL	3.0	2.0	1600	$8,900	$5.56	23d	1	0.93mi
2600 Gulf Shore Blvd N #64 Naples, FL	2.0	2.0	1200	$7,200	$6.00	23d	1	0.94mi
2500 Gulf Shore Blvd N Unit S6 Naples, FL	2.0	2.0	1145	$7,500	$6.55	23d	1	0.97mi
2400 Gulf Shore Blvd N #603 Naples, FL	3.0	2.0	1840	$9,000	$4.89	21d	1	0.99mi
4001 Gulf Shore Blvd N #707 Naples, FL	2.0	2.0	1267	$20,000	$15.79	23d	1	0.99mi
4001 Gulf Shore Blvd N #505 Naples, FL	2.0	2.0	1271	$9,000	$7.08	13d	1	0.99mi
4001 Gulf Shore Blvd N #105 Naples, FL	2.0	2.0	1247	$12,000	$9.62	23d	1	0.99mi
4001 Gulf Shore Blvd N #1106 Naples, FL	3.0	2.5	1667	$12,500	$7.50	23d	1	0.99mi

HOA detail condo

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

Listing history 43 events

1. 2026-06-18
   days on market $479,000 Active 115 DOM
2. 2026-06-17
   days on market $479,000 Active 114 DOM
3. 2026-06-16
   days on market $479,000 Active 113 DOM
4. 2026-06-15
   days on market $479,000 Active 112 DOM
5. 2026-06-14
   days on market $479,000 Active 110 DOM
6. 2026-06-10
   days on market $479,000 Active 107 DOM
7. 2026-06-09
   days on market $479,000 Active 106 DOM
8. 2026-06-08
   days on market $479,000 Active 105 DOM
9. 2026-06-07
   days on market $479,000 Active 104 DOM
10. 2026-06-03
    days on market $479,000 Active 100 DOM
11. 2026-06-02
    days on market $479,000 Active 99 DOM
12. 2026-06-01
    days on market $479,000 Active 98 DOM
13. 2026-05-31
    days on market $479,000 Active 97 DOM
14. 2026-05-30
    days on market $479,000 Active 96 DOM
15. 2026-02-23
    listed $479,000 Active
16. 2026-02-20
    historical
17. 2025-06-18
    historical $2,100
18. 2025-05-03
    listed $2,100
19. 2025-05-02
    price $479,000
20. 2025-03-28
    listed $499,000 Active
21. 2025-02-05
    historical
22. 2025-01-11
    historical $2,100
23. 2024-11-26
    price $485,000
24. 2024-11-19
    price $525,000
25. 2024-11-19
    price $2,100
26. 2024-11-01
    price $2,300
27. 2024-10-14
    listed $550,000 Active
28. 2024-08-23
    listed $2,500
29. 2021-07-26
    soldstatus $307,000 Sold
30. 2021-05-30
    status Pending
31. 2021-05-27
    listed $299,000 Active
32. 2021-04-17
    historical
33. 2021-04-03
    price $317,000
34. 2021-03-18
    listed $329,000 Active
35. 2020-07-29
    soldstatus $207,000
36. 2020-07-24
    soldstatus $207,000 Sold
37. 2020-07-15
    status Pending
38. 2020-07-09
    status Pending With Contingencies
39. 2020-06-21
    price $250,000
40. 2020-05-23
    price $275,000
41. 2020-03-09
    listed $283,000 Active
42. 1996-03-12
    soldstatus $100,000
43. 1992-07-01
    soldstatus $95,000

ⓘ 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: $4,096 · $341/mo
• Projected year-2 tax: $4,096 · $341/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 6/10 Major FEMA zone X (shaded) · 54% 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: $62,425
• − Mortgage interest: −$26,831
• − Property taxes: −$4,096
• − Insurance: −$2,395
• − Repairs & maintenance: −$4,994
• − Management: −$4,994
• − HOA: −$10,800
• − Depreciation: −$13,935
• Taxable loss: −$5,620
• Est. tax savings @ 24.0%: +$1,349
• After-tax cash flow: $3,231/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

+404.2% since first listed

29 events — show timeline

• 2026-02-23 Listed $479,000 NAPLESMLS
• 2026-02-20 Listing Removed — NAPLESMLS
• 2025-06-18 Rental Removed $2,100 NAPLESMLS
• 2025-05-03 Listed for Rent $2,100 NAPLESMLS
• 2025-05-02 Price Changed $479,000 NAPLESMLS
• 2025-03-28 Listed $499,000 NAPLESMLS
• 2025-02-05 Listing Removed — NAPLESMLS
• 2025-01-11 Rental Removed $2,100 NAPLESMLS
• 2024-11-26 Price Changed $485,000 NAPLESMLS
• 2024-11-19 Price Changed $525,000 NAPLESMLS
• 2024-11-19 Price Changed $2,100 NAPLESMLS
• 2024-11-01 Price Changed $2,300 NAPLESMLS
• 2024-10-14 Listed $550,000 NAPLESMLS
• 2024-08-23 Listed for Rent $2,500 NAPLESMLS
• 2021-07-26 Sold (MLS) $307,000 NAPLESMLS
• 2021-05-30 Pending — NAPLESMLS
• 2021-05-27 Listed $299,000 NAPLESMLS
• 2021-04-17 Listing Removed — NAPLESMLS
• 2021-04-03 Price Changed $317,000 NAPLESMLS
• 2021-03-18 Listed $329,000 NAPLESMLS
• 2020-07-29 Sold (Public Records) $207,000 Public Records
• 2020-07-24 Sold (MLS) $207,000 NAPLESMLS
• 2020-07-15 Pending — NAPLESMLS
• 2020-07-09 Pending — NAPLESMLS
• 2020-06-21 Price Changed $250,000 NAPLESMLS
• 2020-05-23 Price Changed $275,000 NAPLESMLS
• 2020-03-09 Listed $283,000 NAPLESMLS
• 1996-03-12 Sold (Public Records) $100,000 Public Records
• 1992-07-01 Sold (Public Records) $95,000 Public Records

Property tax history

+8.7%/yr

Latest (2025): $4,096 · +4.2% YoY. Source: county tax records.