10200 Heritage Bay Blvd #112 · Heritage Bay, FL 34120

$479,000

2 bd · 2.0 ba · 1,414 sqft · Condo public records · 22 Days on market

Built 2006 $1193/mo HOA · 22% 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 +12.7/30.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Schools +5.0/10.0
• DSCR +3.8/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Recently updated with $20,000+ in upgrades- all new luxury VP flooring, FRESH paint & furniture! Location, location, location! Extremely RARE 1st floor "Barrington" model condo offered TURNKEY furnished (move-in ready!) in Veranda I- with low HOA fees, a NEW roof, stone pavers instead of concrete driveways and sidewalks, and excellent location! Veranda I is just a stone's throw from the pool, fitness center, driving range, clubhouse and all of Heritage Bay's incredible, resort-style amenities! The Barrington features 2 bedrooms, 2 baths, an office/den, with both front and back lanais, and this one boasts upgrades like Level 3 cabinets and granite countertops, crown molding,

Key facts

• Aqua driving range
• 27-hole golf course
• Stone pavers

Tags

• 1ST FLOOR BARRINGTON MODEL
• NEW ROOF
• STONE PAVERS
• SUNRISE GOLF VIEW
• 27-HOLE GOLF COURSE
• AQUA DRIVING RANGE

Property features AI

Finance

• HOA & community: Mandatory HOA (Condo management); Master HOA approximately $10,216 annually; Condo fee approximately $1,025 quarterly; Total annual recurring fees approximately $15,316; Total one-time fees approximately $13,650; HOA maintenance covers cable, golf course, internet/WiFi, irrigation water, lawn/land maintenance, security, and water; Community amenities include clubhouse, community pool and spa/hot tub, exercise/fitness center (attended), tennis, pickleball, bocce, putting green, restaurant, library, cabana

Exterior

• Parking: Detached 1-car garage; Guest parking
• Security: Gated community with guard at gate and patrolled security
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential carriage/coach unit; Low-rise building (1-3 stories); 2-story building; Rear exposure facing east
• Construction: Built in 2006; Concrete block construction; Stucco exterior; Tile roof; Impact-resistant windows and doors
• Exterior features: Screened lanai/porch; Patio; Golf course view; Lake/pond/water view; Central irrigation

Interior

• Kitchen: Pantry; Dishwasher; Disposal; Microwave; Self-cleaning oven; Refrigerator/ice maker; Breakfast bar / eat-in kitchen
• Bedrooms: 2 bedrooms plus den
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Master bath with dual sinks
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Pantry; Smoke detectors; Great room floor plan; Turnkey furnished
• Laundry & utility: Washer; Dryer; Auto garage door

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 $-203 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $443k (7.5% below list).
• Meets the 1% rule at list price ($5k rent vs $479k).
• Recommended offer: $443k (7.5% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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: Corkscrew Elementary School (math 76% / reading 73%, grade A, #230 of 2,144 statewide, top 12%, 863 students, 35% FRL); Palmetto Ridge High School (math 43% / reading 51%, grade D-, #207 of 667 statewide, top 32%, 2,347 students, 38% FRL) — zoned schools average 37% FRL vs 55% district-wide (18 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents soft (-1.6%/yr); 1124 active listings in the ZIP; 22 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 $5,406/mo this rent would consume 69% of the median local household income ($94k/yr) (locally 409% 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.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($472k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $170k; list at $479k implies a 182% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $152/mo; HOA is 22% of rent.
• Climate carrying-cost: in FEMA flood zone AH (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 8→34/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $443,171 (7.5% below list)

Questions for the listing agent

1. 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?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.13% ✓
• Cap rate: 6.17%
• Cash-on-cash: -0.45%
• DSCR: 0.98
• GRM: 7.4

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: -23.8%
• Equity multiple: 0.21×
• Total profit: $-105,584
• Equity at exit: $71,420

10-year hold

• IRR: -37.5%
• Equity multiple: -0.24×
• Total profit: $-166,569
• 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 34120

• Rents YoY: -1.6%
• Active inventory: 1124
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $5,406 high
• Mortgage (P&I): −$2,512
• Tax from tax record: −$417 /mo · $5,009/yr
• Insurance: −$200
• Flood insurance flood zone: −$152 /mo · $1,824/yr
• HOA: −$1,193
• Vacancy / Maint / Mgmt: −$1,135
• Net cashflow: $-203

Break-even live

Break-even rent $5,663

Max offer price $443,171

Occupancy floor 99%

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 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10270 Heritage Bay Blvd #3422 Naples, FL	2.0	2.0	1414	$6,500	$4.60	23d	1	0.30mi
10307 Gator Bay Ct Naples, FL	2.0	2.0	1855	$9,900	$5.34	23d	1	0.30mi
10275 Heritage Bay Blvd Naples, FL	2.0	2.0	1301	$4,500	$3.46	23d	2	0.32mi
10313 Heritage Bay Blvd #1342 Naples, FL	2.0	2.0	1232	$6,500	$5.28	23d	1	0.61mi
10338 Heritage Bay Blvd #2514 Naples, FL	2.0	2.0	1414	$2,500	$1.77	23d	1	0.61mi
10330 Heritage Bay Blvd #2626 Naples, FL	2.0	2.0	1414	$6,900	$4.88	23d	1	0.63mi
10307 Heritage Bay Blvd Naples, FL	2.0	2.0	1194	$2,800	$2.35	14d	1	0.63mi
10317 Heritage Bay Blvd #1416 Naples, FL	2.0	2.0	1232	$7,000	$5.68	23d	1	0.66mi
10349 Heritage Bay Blvd #2117 Naples, FL	2.0	2.0	1232	$2,300	$1.87	14d	1	0.66mi
10353 Heritage Bay Blvd #2226 Naples, FL	2.0	2.0	1232	$6,500	$5.28	14d	1	0.66mi
10353 Heritage Bay Blvd #2226 Naples, FL	2.0	2.0	1232	$6,500	$5.28	23d	1	0.66mi
10345 Heritage Bay Blvd Naples, FL	2.0	2.0	1232	$4,425	$3.59	14d	2	0.67mi
10321 Heritage Bay Blvd Naples, FL	2.0–3.0	2.0	1301	$5,400	$4.15	23d	3	0.68mi
10321 Heritage Bay Blvd Naples, FL	2.0–3.0	2.0	1320	$6,500	$4.92	21d	2	0.68mi
10337 Heritage Bay Blvd Naples, FL	2.0	2.0	1213	$4,400	$3.63	23d	4	0.69mi
10333 Heritage Bay Blvd #1715 Naples, FL	2.0	2.0	1194	$6,000	$5.03	23d	1	0.70mi
10044 Siesta Bay Dr #9412 Naples, FL	2.0	2.0	1414	$2,500	$1.77	23d	1	0.71mi
10329 Heritage Bay Blvd #1622 Naples, FL	2.0	2.0	1232	$5,500	$4.46	23d	1	0.72mi
8771 Coastline Ct Unit 1049695P Naples, FL	3.0	2.0	1646	$5,260	$3.20	14d	1	1.25mi
2335 Sawyers Hill Rd #503 Naples, FL	2.0	2.0	1467	$2,700	$1.84	23d	1	1.30mi
2304 Sawyers Hill Rd #1307 Naples, FL	3.0	2.0	1725	$2,900	$1.68	23d	1	1.38mi
2311 Sawyers Hill Rd Unit 1514365P Naples, FL	2.0	2.0	1657	$4,514	$2.72	23d	1	1.38mi

HOA detail condo

• Monthly dues: $1,193 · $14,316/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-18
   days on market $479,000 Active 22 DOM
2. 2026-06-17
   days on market $479,000 Active 21 DOM
3. 2026-06-16
   days on market $479,000 Active 20 DOM
4. 2026-06-15
   days on market $479,000 Active 19 DOM
5. 2026-06-14
   days on market $479,000 Active 17 DOM
6. 2026-06-10
   days on market $479,000 Active 14 DOM
7. 2026-06-09
   days on market $479,000 Active 13 DOM
8. 2026-06-08
   days on market $479,000 Active 12 DOM
9. 2026-06-07
   days on market $479,000 Active 11 DOM
10. 2026-06-03
    days on market $479,000 Active 7 DOM
11. 2026-06-02
    days on market $479,000 Active 6 DOM
12. 2026-06-01
    days on market $479,000 Active 5 DOM
13. 2026-05-31
    days on market $479,000 Active 4 DOM
14. 2026-05-30
    days on market $479,000 Active 3 DOM
15. 2026-05-26
    listed $479,000 Active
16. 2026-05-18
    historical
17. 2026-03-24
    price $479,900
18. 2026-03-09
    listed $499,900 Active
19. 2009-05-18
    soldstatus $169,900

ⓘ 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: $5,009 · $417/mo
• Projected year-2 tax: $5,009 · $417/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 1/10 Low FEMA zone AH · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 8 d/yr ≥108°F today · 34 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: $64,878
• − Mortgage interest: −$26,831
• − Property taxes: −$5,009
• − Insurance: −$4,220
• − Repairs & maintenance: −$5,190
• − Management: −$5,190
• − HOA: −$14,316
• − Depreciation: −$13,935
• Taxable loss: −$9,813
• Est. tax savings @ 24.0%: +$2,355
• After-tax cash flow: $-79/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 — Heritage Bay

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Heritage Bay, FL
• County: Collier County · 396,295 people
• Metro: Naples-Marco Island, FL
• Population (ZIP): 42,345
• Household income: $93,861
• Rent vs Own: 9.4% rent · 90.6% own
• Severe rent burden: 409.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 56% Hispanic / Latino 32% Two or more races 23% Black 8% Asian 2%
• Hispanic origin (detail): Mexican 8% Puerto Rican 2% Cuban 13%
• Common ancestry: Hispanic 4% Romanian 3% Italian 2%
• Foreign-born: 28% · Canada, Jamaica, China
• Languages at home: 62% English-only · Spanish 28% French/Haitian/Cajun 5% Other Indo-European 3%

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: ▼ -223.18%
• Current HPI: 316.2474
• Rent YoY: ▼ -1.65%
• 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

+181.9% since first listed

5 events — show timeline

• 2026-05-26 Listed $479,000 NAPLESMLS
• 2026-05-18 Listing Removed — NAPLESMLS
• 2026-03-24 Price Changed $479,900 NAPLESMLS
• 2026-03-09 Listed $499,900 NAPLESMLS
• 2009-05-18 Sold (Public Records) $169,900 Public Records

Property tax history

+8.5%/yr

Latest (2025): $5,009 · +2.8% YoY. Source: county tax records.