238 Indies Dr E #202 · Marco Shores-Hammock Bay, FL 34114

$495,000

3 bd · 2.0 ba · 1,509 sqft · Condo public records · 110 Days on market

Built 2020 $520/mo HOA · 8% of rent ↓ 10% since listing

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Why this score? — see what drove the B- 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 +26.4/30.0
• DSCR +9.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Appreciation +4.3/10.0
• Rent growth +3.3/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Experience the height of SOPHISTICATED LIVING in this 2020-built CLASSIC COACH HOME, in the tranquil heart of ANTILLES. This 2nd floor sanctuary is Southern Exposure with wooded views, offering PRIVACY and peace that is hard to find. Located minutes from the Luxury Shopping of Naples and the WORLD-CLASS BEACHES of Marco Island, this location provides the ultimate Southwest Florida lifestyle. The OPEN FLOOR PLAN is the epitome of Modern Coastal Elegance, featuring an airy aesthetic with a focus on high-end functionality. The interior is a masterpiece of design, featuring Crown Molding, Custom Carpentry details, and PLANTATION SHUTTERS. Every room is enhanced by Stylish lit ceiling fans and premium WOOD-LOOK TILE. The heart of the home is anchored by SOFT GREY SHAKER-STYLE CABINETRY that reaches toward the ceiling, accented by sleek, brushed nickel pulls. The look is perfectly balanced by PRISTINE WHITE QUARTZ COUNTERTOPS and a matching Classic tile backsplash with a subtle glossy finish that reflects the natural Florida light. An oversized wrap-around GOURMET ISLAND peninsula offers a prep surface and a casual breakfast bar, making it the ultimate entertainment hub. ELEVATED LIGHTING, including triple pendant lights with frosted glass shades and recessed LED ''can'' lighting, illuminates the space. The layout offers exceptional storage with WALK-IN CLOSETS in both the main suite and a guest bedroom. The primary bath includes a frameless glass walk-in shower and wood shaker-style cabinetry. The residence features Concrete Block construction, IMPACT-RESISTANT windows, HURRICANE-RATED exterior doors, and 8' solid wood interior doors. The 1-Car Garage is upgraded with a Durable Epoxy floor. Live like you are on vacation with the 5,000+ sf FLAMINGO CLUB, featuring a RESORT-STYLE POOL, TIKI BAR, FITNESS CENTER, BOCCE, PUTTING GREEN, TENNIS & PICKLEBALL. This GENTLY USED home shows like a model and represents an INCREDIBLE VALUE for the discerning buyer seeking QUALITY and LOCATION.

Key facts

• Open floor plan
• Plantation shutters
• Wooded views

Tags

• WOODED VIEWS
• OPEN FLOOR PLAN
• CROWN MOLDING
• CUSTOM CARPENTRY
• PLANTATION SHUTTERS
• WOOD-LOOK PORCELAIN TILE

Property features AI

Finance

• Other: Property is part of a complex with 208 units (4 units in building; 2 units per floor; single-story building configuration)
• Financial info: Condo fee listed as quarterly; total annual recurring fees and one-time fees disclosed by listing
• HOA & community: Quarterly condo fee; Professional management; Community amenities include clubhouse, community pool, spa/hot tub, exercise room, business center, library, BBQ/picnic area, bike/jog path, bocce court, pickleball, putting green, community room, internet access; Maintenance provided for insurance, irrigation water, lawn/land, pest control (exterior), sewer, street lights and maintenance, reserves; master association fee included; One-time other fee; Total annual recurring fees

Exterior

• Parking: Attached 1-car garage
• Security: Gated community
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential property; Low-rise (1-3) carriage/coach end-unit; Rear exposure faces south; Built in 2020; Located in the Antilles development
• Construction: Concrete block construction; Stucco exterior finish; Tile roof; Double-hung, sliding and impact-resistant windows; Impact-resistant doors
• Exterior features: Patio; Privacy wall; Landscaped and wooded area views

Interior

• Kitchen: Pantry; Dishwasher; Disposal; Microwave; Range; Self-cleaning oven; Refrigerator/Freezer; Breakfast bar; Dining (living) area
• Bedrooms: 3 bedrooms
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms; Master bath with dual sinks and shower (no tub)
• Heating & cooling: Central electric heat; Central electric air conditioning; Ceiling fans
• Interior features: Cable prewire; Fire sprinkler system; Pantry; Smoke detectors; Volume ceiling; Walk-in closet; Window coverings; Great room / split bedroom floor plan; 5 ceiling fans; 6 total rooms; Screened balcony; Guest room; Guest bath
• Laundry & utility: Washer and dryer in residence; Auto garage door

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $495k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $495k).
• Recommended offer: $450k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — 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.
• Market conditions: Rents rising (+3.2%/yr); 900 active listings in the ZIP; 27 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 $6,315/mo this rent would consume 85% of the median local household income ($89k/yr) (locally 550% 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 (-1.5%/yr); year-one equity from $3k of loan paydown is wiped out by about $7k 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 (-1.5% appreciation + 3.2% rent growth), your $139k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($450k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y 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.

Recommended offer $450,450 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 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. 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.
7. 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.
8. 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: 1.28% ✓
• Cap rate: 9.42%
• Cash-on-cash: 11.18%
• DSCR: 1.50
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.48% appreciation · 3.21% rent growth · sell at horizon

5-year hold

• IRR: 6.0%
• Equity multiple: 1.26×
• Total profit: $35,919
• Equity at exit: $108,164

10-year hold

• IRR: 13.2%
• Equity multiple: 2.25×
• Total profit: $173,338
• Equity at exit: $104,192

Cash invested: $138,600 (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 34114

• Home prices YoY: -0.6%
• Rents YoY: 3.2%
• Active inventory: 900
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $6,315 high
• Mortgage (P&I): −$2,596
• Tax from tax record: −$375 /mo · $4,504/yr
• Insurance: −$206
• HOA: −$520
• Vacancy / Maint / Mgmt: −$1,326
• Net cashflow: $1,291

Break-even live

Break-even rent $4,680

Max offer price $495,000

Occupancy floor 75%

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: $123,750
• Closing costs: $14,850
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
232 Indies Dr E #101 Naples, FL	3.0	2.0	1537	$7,500	$4.88	23d	1	0.00mi
244 Indies Dr E #101 Naples, FL	3.0	2.0	1537	$7,500	$4.88	21d	1	0.03mi
286 Indies Dr E Unit 202 Naples, FL	3.0	2.0	1509	$3,200	$2.12	23d	1	0.05mi
262 Indies Dr E Unit 101 Naples, FL	3.0	2.0	1537	$7,500	$4.88	23d	1	0.05mi
268 Indies Dr E #102 Naples, FL	2.0	2.0	1537	$7,500	$4.88	23d	1	0.08mi
8526 Pepper Tree Way Naples, FL	3.0	2.0	1990	$6,900	$3.47	23d	1	0.10mi
8482 Bent Creek Way Naples, FL	3.0	2.0	2064	$8,000	$3.88	23d	1	0.17mi
163 Indies Dr E #203 Naples, FL	2.0	2.0	1448	$7,200	$4.97	23d	1	0.17mi
163 Indies Dr E #106 Naples, FL	3.0	2.0	1698	$7,500	$4.42	23d	1	0.17mi
163 Indies Dr E #206 Naples, FL	3.0	2.0	1698	$6,000	$3.53	23d	1	0.17mi
172 Indies Dr E #101 Naples, FL	3.0	2.0	1980	$7,500	$3.79	13d	1	0.19mi
172 Indies Dr E Unit 8-102 Naples, FL	2.0	2.0	1980	$8,500	$4.29	23d	1	0.19mi
8375 Whisper Trace Ln #202 Naples, FL	3.0	2.0	2106	$3,000	$1.42	21d	1	0.29mi
8365 Whisper Trace Way Unit L204 Naples, FL	3.0	2.0	1752	$6,500	$3.71	13d	1	0.36mi
8355 Whisper Trace Way Unit K104 Naples, FL	3.0	2.0	1674	$6,500	$3.88	13d	1	0.36mi
4650 Hawks Nest Way Unit M202 Naples, FL	3.0	2.0	1840	$9,600	$5.22	13d	1	0.69mi
3930 Deer Crossing Ct #103 Naples, FL	3.0	2.0	1950	$2,530	$1.30	13d	1	0.69mi
3940 Deer Crossing Ct Unit 4-203 Naples, FL	3.0	2.0	2166	$7,500	$3.46	23d	1	0.70mi
3985 Deer Crossing Ct #201 Naples, FL	3.0	2.0	1981	$5,795	$2.93	23d	1	0.74mi
3975 Deer Crossing Ct #201 Naples, FL	3.0	2.0	2101	$7,500	$3.57	23d	1	0.74mi
4529 Cardinal Cove Ln #7 Naples, FL	2.0	2.0	1539	$6,500	$4.22	23d	1	0.74mi
3955 Deer Crossing Ct #103 Naples, FL	3.0	2.0	1812	$7,500	$4.14	23d	1	0.75mi
4680 Hawks Nest Way Unit D-103 Naples, FL	2.0	2.0	1414	$3,000	$2.12	13d	1	0.79mi
4685 Hawks Nest Way #103 Naples, FL	2.0	2.0	1440	$6,500	$4.51	13d	1	0.81mi
9571 Mussorie Ct Naples, FL	3.0	3.5	2117	$12,500	$5.90	23d	1	1.17mi
9104 Cherry Oaks Trl Naples, FL	3.0	2.0	1876	$5,000	$2.67	23d	1	1.26mi
3149 Aviamar Cir #101 Naples, FL	3.0	2.0	1890	$7,500	$3.97	13d	1	1.44mi

HOA detail condo

• Monthly dues: $520 · $6,240/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-06-18
   days on market $495,000 Active 110 DOM
2. 2026-06-17
   days on market $495,000 Active 109 DOM
3. 2026-06-16
   days on market $495,000 Active 108 DOM
4. 2026-06-15
   days on market $495,000 Active 107 DOM
5. 2026-06-14
   days on market $495,000 Active 105 DOM
6. 2026-06-10
   days on market $495,000 Active 102 DOM
7. 2026-06-09
   days on market $495,000 Active 101 DOM
8. 2026-06-08
   days on market $495,000 Active 100 DOM
9. 2026-06-07
   days on market $495,000 Active 99 DOM
10. 2026-06-03
    days on market $495,000 Active 95 DOM
11. 2026-06-02
    days on market $495,000 Active 94 DOM
12. 2026-06-01
    days on market $495,000 Active 93 DOM
13. 2026-05-31
    days on market $495,000 Active 92 DOM
14. 2026-05-30
    days on market $495,000 Active 91 DOM
15. 2026-02-28
    listed $495,000 Active 2017-char remark

    Show marketing remark (2017 chars)

    Experience the height of SOPHISTICATED LIVING in this 2020-built CLASSIC COACH HOME, in the tranquil heart of ANTILLES. This 2nd floor sanctuary is Southern Exposure with wooded views, offering PRIVACY and peace that is hard to find. Located minutes from the Luxury Shopping of Naples and the WORLD-CLASS BEACHES of Marco Island, this location provides the ultimate Southwest Florida lifestyle. The OPEN FLOOR PLAN is the epitome of Modern Coastal Elegance, featuring an airy aesthetic with a focus on high-end functionality. The interior is a masterpiece of design, featuring Crown Molding, Custom Carpentry details, and PLANTATION SHUTTERS. Every room is enhanced by Stylish lit ceiling fans and premium WOOD-LOOK TILE. The heart of the home is anchored by SOFT GREY SHAKER-STYLE CABINETRY that reaches toward the ceiling, accented by sleek, brushed nickel pulls. The look is perfectly balanced by PRISTINE WHITE QUARTZ COUNTERTOPS and a matching Classic tile backsplash with a subtle glossy finish that reflects the natural Florida light. An oversized wrap-around GOURMET ISLAND peninsula offers a prep surface and a casual breakfast bar, making it the ultimate entertainment hub. ELEVATED LIGHTING, including triple pendant lights with frosted glass shades and recessed LED ''can'' lighting, illuminates the space. The layout offers exceptional storage with WALK-IN CLOSETS in both the main suite and a guest bedroom. The primary bath includes a frameless glass walk-in shower and wood shaker-style cabinetry. The residence features Concrete Block construction, IMPACT-RESISTANT windows, HURRICANE-RATED exterior doors, and 8' solid wood interior doors. The 1-Car Garage is upgraded with a Durable Epoxy floor. Live like you are on vacation with the 5,000+ sf FLAMINGO CLUB, featuring a RESORT-STYLE POOL, TIKI BAR, FITNESS CENTER, BOCCE, PUTTING GREEN, TENNIS & PICKLEBALL. This GENTLY USED home shows like a model and represents an INCREDIBLE VALUE for the discerning buyer seeking QUALITY and LOCATION.

16. 2026-02-28
    listed $495,000 Active

    Show marketing remark (2017 chars)

    Experience the height of SOPHISTICATED LIVING in this 2020-built CLASSIC COACH HOME, in the tranquil heart of ANTILLES. This 2nd floor sanctuary is Southern Exposure with wooded views, offering PRIVACY and peace that is hard to find. Located minutes from the Luxury Shopping of Naples and the WORLD-CLASS BEACHES of Marco Island, this location provides the ultimate Southwest Florida lifestyle. The OPEN FLOOR PLAN is the epitome of Modern Coastal Elegance, featuring an airy aesthetic with a focus on high-end functionality. The interior is a masterpiece of design, featuring Crown Molding, Custom Carpentry details, and PLANTATION SHUTTERS. Every room is enhanced by Stylish lit ceiling fans and premium WOOD-LOOK TILE. The heart of the home is anchored by SOFT GREY SHAKER-STYLE CABINETRY that reaches toward the ceiling, accented by sleek, brushed nickel pulls. The look is perfectly balanced by PRISTINE WHITE QUARTZ COUNTERTOPS and a matching Classic tile backsplash with a subtle glossy finish that reflects the natural Florida light. An oversized wrap-around GOURMET ISLAND peninsula offers a prep surface and a casual breakfast bar, making it the ultimate entertainment hub. ELEVATED LIGHTING, including triple pendant lights with frosted glass shades and recessed LED ''can'' lighting, illuminates the space. The layout offers exceptional storage with WALK-IN CLOSETS in both the main suite and a guest bedroom. The primary bath includes a frameless glass walk-in shower and wood shaker-style cabinetry. The residence features Concrete Block construction, IMPACT-RESISTANT windows, HURRICANE-RATED exterior doors, and 8' solid wood interior doors. The 1-Car Garage is upgraded with a Durable Epoxy floor. Live like you are on vacation with the 5,000+ sf FLAMINGO CLUB, featuring a RESORT-STYLE POOL, TIKI BAR, FITNESS CENTER, BOCCE, PUTTING GREEN, TENNIS & PICKLEBALL. This GENTLY USED home shows like a model and represents an INCREDIBLE VALUE for the discerning buyer seeking QUALITY and LOCATION.

17. 2025-11-10
    price $495,000
18. 2025-10-02
    status Active
19. 2025-03-03
    price $500,000
20. 2024-11-27
    listed $529,900 Active
21. 2024-09-24
    historical
22. 2024-06-25
    price $539,000
23. 2024-05-31
    price $545,000
24. 2024-05-16
    status Active
25. 2024-04-02
    status Pending
26. 2024-03-28
    price $539,000
27. 2023-12-07
    listed $545,000 Active
28. 2023-03-20
    price $545,000
29. 2023-01-11
    listed $550,000 Active

ⓘ 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: $4,504 · $375/mo
• Projected year-2 tax: $4,504 · $375/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $75,775
• − Mortgage interest: −$27,728
• − Property taxes: −$4,504
• − Insurance: −$2,475
• − Repairs & maintenance: −$6,062
• − Management: −$6,062
• − HOA: −$6,240
• − Depreciation: −$14,400
• Taxable income: $8,304
• Est. tax owed @ 24.0%: −$1,993
• After-tax cash flow: $13,500/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 — Marco Shores-Hammock Bay

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

Census & demographics

• County: Collier County · 396,295 people
• Metro: Naples-Marco Island, FL
• Population (ZIP): 23,559
• Household income: $89,334
• Rent vs Own: 15.3% rent · 84.7% own
• Severe rent burden: 550.0

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 (72%)
• Race & ethnicity: White 72% Hispanic / Latino 17% Two or more races 13% Black 7%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1% Cuban 3%
• Common ancestry: Hispanic 5% Romanian 4% Lithuanian 1%
• Foreign-born: 21% · Canada, Jamaica
• Languages at home: 75% English-only · Spanish 15% French/Haitian/Cajun 5% Other Indo-European 4%

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: ▼ -1.48%
• Current HPI: 266.5545
• Rent YoY: ▲ 3.21%
• 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

-10.0% since first listed

15 events — show timeline

• 2026-02-28 Listed $495,000 NAPLESMLS
• 2026-02-28 Listed $495,000 MIML
• 2025-11-10 Price Changed $495,000 BEARMLS
• 2025-10-02 Relisted — BEARMLS
• 2025-03-03 Price Changed $500,000 BEARMLS
• 2024-11-27 Listed $529,900 BEARMLS
• 2024-09-24 Listing Removed — NAPLESMLS
• 2024-06-25 Price Changed $539,000 NAPLESMLS
• 2024-05-31 Price Changed $545,000 NAPLESMLS
• 2024-05-16 Relisted — NAPLESMLS
• 2024-04-02 Pending — NAPLESMLS
• 2024-03-28 Price Changed $539,000 NAPLESMLS
• 2023-12-07 Listed $545,000 MIML
• 2023-03-20 Price Changed $545,000 NAPLESMLS
• 2023-01-11 Listed $550,000 NAPLESMLS

Property tax history

+2.2%/yr

Latest (2025): $4,504 · +6.5% YoY. Source: county tax records.