1733 San Bernadino Way Unit K406 · Pine Ridge, FL 34109

$689,900

3 bd · 2.5 ba · 1,830 sqft · Condo public records · 252 Days on market

Built 1990 $823/mo HOA · 14% 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 +10.2/30.0
• ARV discount +7.5/15.0
• Appreciation +5.1/10.0
• Schools +5.0/10.0
• 1% rule +3.4/10.0
• Livability +3.4/5.0
• DSCR +2.9/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0

Listing remarks

Enjoy relaxed, maintenance-free living in this beautifully updated three-bedroom-plus-den, 2.5-bath villa. This rarely available end unit is ideally on a cul-de-sac within Monterey, one of Naples sought-after communities. Cathedral ceilings and abundant natural light create a bright, open atmosphere throughout, enhancing the home’s inviting and spacious feel. A charming, sun-filled courtyard entry sets the tone for comfortable everyday living and offers space for container gardening. The kitchen delivers on style and function, featuring European frameless cabinetry, quartz countertops and a generous peninsula with breakfast bar seating, ideal for casual dining and effortless entertain

Key facts

• Quartz counters
• End unit villa
• Courtyard entry

Tags

• END UNIT VILLA
• COURTYARD ENTRY
• EUROPEAN FRAMELESS CABINETRY
• QUARTZ COUNTERS
• LARGE PENINSULA
• FIRST FLOOR PRIMARY SUITE

Property features AI

Other

• Possession: Possession at closing
• Multi-unit information: Part of a complex with 420 units; Building contains 1 unit; Unit is one of 1 per floor; Building has 2 floors

Finance

• HOA & community: Mandatory HOA; Quarterly HOA fees; Master association managed professionally; Master association fee included for many services; Maintenance covers cable, internet/Wi-Fi, irrigation water, lawn/land maintenance, manager, recreation facilities, reserve, security, and street lights; Community amenities include clubhouse, community pool, exercise room, library, community room, tennis, pickleball, basketball, billiards, BBQ/picnic area, bike and jog path, play area, sidewalks and streetlights; Total annual recurring fees: $9,880; Total one-time fees: $1,750

Exterior

• Parking: Attached 1-car garage; Auto garage door
• Security: Gated community with guard at gate
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential villa (attached); 2-story end unit; Rear exposure faces north
• Construction: Built in 1990; Concrete block and wood frame construction; Stucco exterior finish; Tile roof; Impact resistant windows and doors; Manual shutters
• Exterior features: Courtyard; Cul-de-sac; Zero lot line; Landscaped area view; Central irrigation

Interior

• Kitchen: Pantry; Breakfast bar; Eat-in kitchen; Dishwasher; Range; Microwave; Refrigerator/ice maker; Disposal
• Bedrooms: 3 bedrooms plus den; Master bedroom on ground level; Split bedroom layout
• Flooring: Carpet; Laminate; Tile
• Bathrooms: 2 full bathrooms; 1 half bathroom; Master bath with dual sinks and separate tub and shower
• Heating & cooling: Central electric heat; Central electric air conditioning; Ceiling fans
• Interior features: Cable prewire; Closet cabinets; Foyer; French doors; High-speed internet available; Laundry tub; Pantry; Smoke detectors; Volume ceiling; Walk-in closet; Window coverings; Open porch/lanai; Screened lanai/porch
• Laundry & utility: Washer and dryer included; Laundry in residence; Laundry tub

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $690k.

Deal economics

• At list price, monthly cash flow is $-386 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $622k (9.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $583k (15.5% below list).
• Recommended offer: $583k (15.5% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 3.4% in Pine Ridge — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 67/100 on livability (#565 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A-; Watch: health & safety C-, amenities F, commute 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: Pelican Marsh Elementary School (math 87% / reading 83%, grade A+, #35 of 2,144 statewide, top 2%, 709 students, 29% FRL); Pine Ridge Middle School (math 74% / reading 70%, grade A, #52 of 571 statewide, top 10%, 832 students, 31% FRL); Barron Collier High School (math 62% / reading 68%, grade B, #76 of 667 statewide, top 11%, 1,650 students, 26% FRL) — zoned schools average 29% FRL vs 55% district-wide (26 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 74% at this address vs 58% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Collier average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents flat; 424 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); solid renter incomes; 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• At $5,828/mo this rent would consume 76% of the median local household income ($92k/yr) (locally 1712% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $7k of equity ($5k loan paydown + $2k appreciation (0.3% local appreciation)).
• Collier County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 6, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 252 days — a 12% lower offer ($607k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $285k; list at $690k implies a 142% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: 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 $582,757 (15.5% 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. It's been on market 252 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
9. 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.
10. 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.
11. 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: 0.84% ✗
• Cap rate: 5.62%
• Cash-on-cash: -2.39%
• DSCR: 0.89
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.29% appreciation · 0.92% rent growth · sell at horizon

5-year hold

• IRR: -5.1%
• Equity multiple: 0.76×
• Total profit: $-46,841
• Equity at exit: $210,558

10-year hold

• IRR: -0.8%
• Equity multiple: 0.91×
• Total profit: $-17,009
• Equity at exit: $261,418

Cash invested: $193,172 (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 34109

• Home prices YoY: 0.1%
• Rents YoY: 0.9%
• Active inventory: 424
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $5,828 high
• Mortgage (P&I): −$3,618
• Tax from tax record: −$261 /mo · $3,131/yr
• Insurance: −$287
• HOA: −$823
• Vacancy / Maint / Mgmt: −$1,224
• Net cashflow: $-386

Break-even live

Break-even rent $6,316

Max offer price $621,796

Occupancy floor —

Sensitivity live

Price	-10% $5	-5% $-190	+0% $-386	+5% $-581	+10% $-776
Rent	-10% $-846	-5% $-616	+0% $-386	+5% $-155	+10% $75
Rate	-1.0pp $-38	-0.5pp $-210	base $-386	+0.5pp $-564	+1.0pp $-746

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: $172,475
• Closing costs: $20,697
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6883 Redbay Park Rd #102 Naples, FL	2.0	2.0	1570	$2,700	$1.72	25d	1	0.16mi
6910 Satinleaf Rd N #101 Naples, FL	3.0	2.0	1616	$6,000	$3.71	25d	1	0.19mi
6914 Satinleaf Rd N #103 Naples, FL	2.0	2.0	1404	$6,200	$4.42	25d	1	0.21mi
6800 Satinleaf Rd S #104 Naples, FL	3.0	2.0	1616	$3,200	$1.98	25d	1	0.21mi
6816 Satinleaf Rd S #102 Naples, FL	2.0	2.0	1282	$5,000	$3.90	25d	1	0.24mi
7128 Lemuria Cir Unit 702 Naples, FL	3.0	3.5	2408	$14,000	$5.81	25d	1	0.25mi
6934 Rain Lily Ct #102 Naples, FL	2.0	2.0	1282	$4,500	$3.51	25d	1	0.27mi
6934 Rain Lily Ct #103 Naples, FL	2.0	2.0	1282	$5,200	$4.06	25d	1	0.27mi
7127 Blue Juniper Ct #201 Naples, FL	3.0	2.0	2040	$3,500	$1.72	25d	1	0.35mi
1934 Timberline Dr Unit 1049713P Naples, FL	3.0	2.0	2055	$8,191	$3.99	23d	1	0.35mi
7168 Lemuria Cir #1701 Naples, FL	3.0	3.0	2408	$4,250	$1.76	23d	1	0.38mi
7117 Timberland Cir Naples, FL	3.0	2.0	1749	$3,995	$2.28	15d	1	0.40mi
8139 Las Palmas Way Naples, FL	3.0	3.0	2100	$4,995	$2.38	25d	1	0.45mi
7080 Timberland Cir Naples, FL	3.0	2.0	1882	$4,500	$2.39	25d	1	0.51mi
6984 Burnt Sienna Cir Naples, FL	3.0	2.0	1749	$12,000	$6.86	25d	1	0.54mi
8824 Ventura Way Naples, FL	3.0	3.0	2078	$8,000	$3.85	25d	1	0.60mi
7159 Mill Pond Cir Naples, FL	3.0	2.0	2487	$3,500	$1.41	15d	1	0.61mi
6855 Old Banyan Way Naples, FL	2.0	2.0	1684	$7,000	$4.16	25d	1	0.61mi
7774 Jewel Ln #201 Naples, FL	3.0	2.0	1299	$2,800	$2.16	25d	1	0.63mi
8864 Ventura Way Naples, FL	3.0	3.0	2053	$4,500	$2.19	25d	1	0.65mi
7546 Mill Pond Cir Naples, FL	3.0	2.0	1373	$6,500	$4.73	25d	1	0.71mi
6772 Southern Oak Ct Naples, FL	4.0	2.5	2537	$9,500	$3.74	25d	1	0.72mi
7271 Mill Pond Cir Naples, FL	3.0	2.0	1700	$8,250	$4.85	25d	1	0.74mi
8924 Ventura Way Naples, FL	3.0	3.0	2098	$14,000	$6.67	25d	1	0.76mi
7287 Mill Pond Cir Naples, FL	3.0	2.0	1355	$3,800	$2.80	25d	1	0.76mi
6853 Il Regalo Cir Naples, FL	4.0	3.0	2602	$7,500	$2.88	25d	1	0.80mi
9024 Whimbrel Watch Ln #101 Naples, FL	3.0	2.5	2060	$7,500	$3.64	25d	1	0.82mi
9066 Whimbrel Watch Ln #101 Naples, FL	3.0	2.5	2060	$4,750	$2.31	25d	1	0.89mi
131 Cajeput Dr Naples, FL	3.0	2.0	2092	$7,500	$3.59	25d	1	0.89mi
65 Emerald Woods Dr Unit E8 Naples, FL	2.0	2.5	1360	$2,400	$1.76	25d	1	0.96mi
61 Emerald Woods Dr Unit D2 Naples, FL	2.0	2.5	1360	$3,200	$2.35	25d	1	0.98mi
6545 Chestnut Cir Naples, FL	2.0	2.0	2322	$8,500	$3.66	25d	1	1.01mi
2541 Citrus Lake Dr Unit A-205 Naples, FL	3.0	2.0	1590	$5,250	$3.30	15d	1	1.05mi
322 Sugar Pine Ln #322 Naples, FL	2.0	2.0	1311	$2,350	$1.79	25d	1	1.08mi
800 Meadowland Dr Unit H Naples, FL	2.0	2.5	1432	$2,700	$1.89	15d	1	1.08mi
800 Meadowland Dr Unit N Naples, FL	2.0	2.5	1432	$5,500	$3.84	23d	1	1.08mi
790 Meadowland Dr Unit 29-2 Naples, FL	2.0	2.5	1432	$6,000	$4.19	15d	1	1.10mi
816 Turkey Oak Ln Naples, FL	3.0	2.5	2231	$25,000	$11.21	25d	1	1.11mi
2608 Sailors Way #122 Naples, FL	2.0	2.0	1387	$5,500	$3.97	25d	1	1.11mi
2611 Citrus Lake Dr Unit C-203 Naples, FL	3.0	2.0	1710	$5,500	$3.22	15d	1	1.12mi

HOA detail condo

• Monthly dues: $823 · $9,876/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-05-08
   status Pending
2. 2026-04-27
   status Pending With Contingencies
3. 2026-02-24
   price $689,900
4. 2025-10-08
   price $700,000
5. 2025-08-18
   listed $710,000 Active
6. 2013-12-26
   soldstatus $285,000
7. 2003-08-04
   soldstatus $249,000
8. 1989-07-01
   soldstatus $134,900

ⓘ 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: $3,131 · $261/mo
• Projected year-2 tax: $5,726 · $477/mo
• Expected delta: +$2,595/yr (+$216/mo · 82.9%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (shaded) · 13% 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: $69,931
• − Mortgage interest: −$38,645
• − Property taxes: −$3,131
• − Insurance: −$3,450
• − Repairs & maintenance: −$5,594
• − Management: −$5,594
• − HOA: −$9,876
• − Depreciation: −$20,070
• Taxable loss: −$16,430
• Est. tax savings @ 24.0%: +$3,943
• After-tax cash flow: $-683/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 — Pine Ridge

• Score: 67/100
• State rank: #565
• US rank: #10798

Category grades

Amenities F Commute F Cost of living A- Crime A+ Employment B- Housing A+ Health & safety C- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Collier County · 396,295 people
• City population: 18,514
• Metro: Naples-Marco Island, FL
• Population (ZIP): 27,273
• Household income: $92,259
• Rent vs Own: 33.3% rent · 66.7% own
• Severe rent burden: 1712.0

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 (78%)
• Race & ethnicity: White 78% Hispanic / Latino 11% Two or more races 9% Black 4% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1% Cuban 3%
• Common ancestry: Romanian 5% Scotch-Irish 3% Lithuanian 2%
• Foreign-born: 20% · Canada, Jamaica, Vietnam
• Languages at home: 77% English-only · Spanish 10% Other Indo-European 5% Russian/Polish/Slavic 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: ▲ 0.29%
• Current HPI: 279.357
• Rent YoY: ▲ 0.92%
• 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

+411.4% since first listed

8 events — show timeline

• 2026-05-08 Pending — NAPLESMLS
• 2026-04-27 Pending — NAPLESMLS
• 2026-02-24 Price Changed $689,900 NAPLESMLS
• 2025-10-08 Price Changed $700,000 NAPLESMLS
• 2025-08-18 Listed $710,000 NAPLESMLS
• 2013-12-26 Sold (Public Records) $285,000 Public Records
• 2003-08-04 Sold (Public Records) $249,000 Public Records
• 1989-07-01 Sold (Public Records) $134,900 Public Records

Property tax history

+1.7%/yr

Latest (2025): $3,131 · +2.4% YoY. Source: county tax records.