600 Neapolitan Way #357 · Naples, FL 34103

$489,000

2 bd · 2.0 ba · 864 sqft · Condo public records · 63 Days on market

Built 1984 $1330/mo HOA · 26% 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 +10.7/30.0
• ARV discount +7.5/15.0
• 1% rule +5.6/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• DSCR +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

C. 14396 Welcome to Park Shore Resort. Unique custom layout with wide expansive living area and double set of sliding doors. A/C 3 years old, new washer and dryer. Brand new remodeled master bathroom. Investor/owner opportunity to be part of a lush tropical resort oasis on 13 acres. Heated pool, hot tub, grill/BBQ area, tennis courts, shuffleboard, fitness and more! Turnkey furnished. Restaurant on site that offers a great menu for you, friends and rentals to enjoy! Owners may brings pets! Naples MOST FLEXIBLE rental policy for condos west of 41!

Key facts

• New walk-in shower
• Updated kitchen
• Elevator access

Tags

• ELEVATOR ACCESS
• PRIVATE LANAI
• NEW WALK-IN SHOWER
• DURABLE VINYL FLOORING
• UPDATED KITCHEN
• SOFT-CLOSING CABINETS

Property features AI

Finance

• Other: Part of Park Shore / Park Shore Resort development; Low-rise building with 1 floor; 3 units per floor
• HOA & community: Mandatory HOA (Condo management); Quarterly HOA fee (reported); HOA maintains cable, internet/Wi-Fi, lawn/land maintenance, and water; Community amenities include: community pool, spa/hot tub, exercise room, basketball, pickleball, racquetball, BBQ/picnic area, restaurant, and shopping; Non-gated community

Exterior

• Parking: Common parking
• Security: Impact resistant windows and doors
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential low-rise (1–3 stories); Built in 1984; Concrete block construction; Rear exposure to the south
• Construction: Shingle roof; Impact resistant windows; Concrete block construction; Stucco finish
• Exterior features: Deck; Pond and water features/landscaped area; Stucco exterior

Interior

• Kitchen: Electric cooktop; Dishwasher; Disposal; Microwave; Refrigerator with icemaker
• Bedrooms: 2 bedrooms (split bedroom floor plan)
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms; Master bathroom with shower (no tub)
• Heating & cooling: Central electric heat; Central electric cooling; Ceiling fans
• Interior features: Built-in cabinets; Fire sprinkler system; High-speed internet available; Smoke detectors; Turnkey furnished; Open porch/lanai; 3 ceiling fans; Dining area in living room
• Laundry & utility: Washer and dryer in residence

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $489k.

Deal economics

• At list price, monthly cash flow is $-302 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $436k (10.9% below list).
• Meets the 1% rule at list price ($5k rent vs $489k).
• Recommended offer: $436k (10.9% below list) — sets the bar for cash-flow.

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.
• Zoned schools: Sea Gate Elementary School (math 86% / reading 81%, grade A+, #60 of 2,144 statewide, top 3%, 703 students, 26% FRL); Gulfview Middle School (math 78% / reading 68%, grade A, #44 of 571 statewide, top 8%, 582 students, 40% 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 30% FRL vs 55% district-wide (24 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 rising fast (+14.6%/yr); 481 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $3k of loan paydown is wiped out by about $15k 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 63 days — a 6% lower offer ($460k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $26k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $215k; list at $489k implies a 127% 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 $435,608 (10.9% 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 63 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.06% ✓
• Cap rate: 5.71%
• Cash-on-cash: -2.07%
• DSCR: 0.91
• GRM: 7.8

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: -13.5%
• Equity multiple: 0.49×
• Total profit: $-70,268
• Equity at exit: $72,911

10-year hold

• IRR: 3.3%
• Equity multiple: 1.31×
• Total profit: $42,123
• Equity at exit: $42,280

Cash invested: $136,920 (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: 481
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $5,205 high
• Mortgage (P&I): −$2,564
• Tax from tax record: −$250 /mo · $2,995/yr
• Insurance: −$204
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,330
• Vacancy / Maint / Mgmt: −$1,093
• Net cashflow: $-302

Break-even live

Break-even rent $5,588

Max offer price $435,608

Occupancy floor —

Sensitivity live

Price	-10% $-25	-5% $-164	+0% $-302	+5% $-441	+10% $-579
Rent	-10% $-713	-5% $-508	+0% $-302	+5% $-97	+10% $109
Rate	-1.0pp $-56	-0.5pp $-178	base $-302	+0.5pp $-429	+1.0pp $-558

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: $122,250
• Closing costs: $14,670
• 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	25d	2	0.14mi
4523 Fluvia Ave Naples, FL	2.0	1.0	1050	$5,500	$5.24	25d	1	0.51mi
4525 Fluvia Ave Naples, FL	2.0	1.0	1050	$5,500	$5.24	25d	1	0.51mi
788 Park Shore Dr Naples, FL	1.0–2.0	1.5–2.0	931	$5,500	$5.90	15d	3	0.71mi
1100 Pine Ridge Rd Naples, FL	1.0	1.0	868	$2,125	$2.45	15d	3	0.75mi
1400 Pompei Ln Naples, FL	2.0	2.0	1012	$1,888	$1.86	25d	2	0.75mi
1400 Pompei Ln Unit O-21 Naples, FL	2.0	2.0	1025	$2,200	$2.15	25d	1	0.76mi
1400 Pompei Ln Unit S-21 Naples, FL	2.0	2.0	1025	$3,000	$2.93	25d	1	0.76mi
5934 Premier Way Naples, FL	1.0–3.0	1.0–3.0	1350	$3,618	$2.68	15d	29	1.18mi
45 High Point Cir S #303 Naples, FL	2.0	2.0	1015	$5,500	$5.42	25d	1	1.20mi
3030 Binnacle Dr #201 Naples, FL	2.0	2.0	1092	$5,000	$4.58	25d	1	1.21mi
820 Ketch Dr #2 Naples, FL	2.0	2.0	1100	$5,700	$5.18	25d	1	1.30mi
820 Ketch Dr #3 Naples, FL	2.0	2.0	1100	$5,500	$5.00	25d	1	1.30mi
3200 Gulf Shore Blvd N #105 Naples, FL	2.0	2.0	1116	$8,500	$7.62	25d	1	1.34mi
1085 Forest Lakes Dr Unit 8305 Naples, FL	1.0	1.0	766	$3,000	$3.92	15d	1	1.36mi
1085 Forest Lakes Dr Unit 8202 Naples, FL	2.0	2.0	1086	$2,800	$2.58	15d	1	1.36mi
1085 Forest Lakes Dr Unit 8106 Naples, FL	2.0	2.0	1000	$1,900	$1.90	15d	1	1.36mi
1086 Forest Lakes Dr Unit 9303 Naples, FL	2.0	2.0	1000	$2,395	$2.40	15d	1	1.39mi
333 Harbour Dr #211 Naples, FL	2.0	2.0	975	$5,500	$5.64	15d	1	1.43mi
287 Quail Forest Blvd #117 Naples, FL	2.0	2.0	993	$1,695	$1.71	15d	1	1.44mi
287 Quail Forest Blvd #117 Naples, FL	2.0	2.0	993	$1,995	$2.01	23d	1	1.44mi

HOA detail condo

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

Listing history 23 events

1. 2026-06-21
   days on market $489,000 Active 63 DOM
2. 2026-06-18
   days on market $489,000 Active 60 DOM
3. 2026-06-17
   days on market $489,000 Active 59 DOM
4. 2026-06-16
   days on market $489,000 Active 58 DOM
5. 2026-06-15
   days on market $489,000 Active 57 DOM
6. 2026-06-14
   days on market $489,000 Active 55 DOM
7. 2026-06-10
   days on market $489,000 Active 52 DOM
8. 2026-06-09
   days on market $489,000 Active 51 DOM
9. 2026-06-08
   days on market $489,000 Active 50 DOM
10. 2026-06-07
    pricedays on market $489,000 Active 49 DOM
11. 2026-06-03
    days on market $515,000 Active 45 DOM
12. 2026-06-02
    days on market $515,000 Active 44 DOM
13. 2026-06-01
    days on market $515,000 Active 43 DOM
14. 2026-05-31
    days on market $515,000 Active 42 DOM
15. 2026-05-30
    days on market $515,000 Active 41 DOM
16. 2026-04-19
    listed $515,000 Active
17. 2018-03-01
    soldstatus $215,000
18. 2018-02-28
    soldstatus $215,000 Sold 552-char remark

    Show marketing remark (552 chars)

    C. 14396 Welcome to Park Shore Resort. Unique custom layout with wide expansive living area and double set of sliding doors. A/C 3 years old, new washer and dryer. Brand new remodeled master bathroom. Investor/owner opportunity to be part of a lush tropical resort oasis on 13 acres. Heated pool, hot tub, grill/BBQ area, tennis courts, shuffleboard, fitness and more! Turnkey furnished. Restaurant on site that offers a great menu for you, friends and rentals to enjoy! Owners may brings pets! Naples MOST FLEXIBLE rental policy for condos west of 41!

19. 2018-01-22
    status Pending With Contingencies 552-char remark

    Show marketing remark (552 chars)

    C. 14396 Welcome to Park Shore Resort. Unique custom layout with wide expansive living area and double set of sliding doors. A/C 3 years old, new washer and dryer. Brand new remodeled master bathroom. Investor/owner opportunity to be part of a lush tropical resort oasis on 13 acres. Heated pool, hot tub, grill/BBQ area, tennis courts, shuffleboard, fitness and more! Turnkey furnished. Restaurant on site that offers a great menu for you, friends and rentals to enjoy! Owners may brings pets! Naples MOST FLEXIBLE rental policy for condos west of 41!

20. 2018-01-18
    listed $220,000 Active 552-char remark

    Show marketing remark (552 chars)

    C. 14396 Welcome to Park Shore Resort. Unique custom layout with wide expansive living area and double set of sliding doors. A/C 3 years old, new washer and dryer. Brand new remodeled master bathroom. Investor/owner opportunity to be part of a lush tropical resort oasis on 13 acres. Heated pool, hot tub, grill/BBQ area, tennis courts, shuffleboard, fitness and more! Turnkey furnished. Restaurant on site that offers a great menu for you, friends and rentals to enjoy! Owners may brings pets! Naples MOST FLEXIBLE rental policy for condos west of 41!

21. 2003-12-09
    soldstatus $130,000
22. 1988-12-01
    soldstatus $73,000
23. 1984-12-01
    soldstatus $6,720,000

ⓘ 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: $2,995 · $250/mo
• Projected year-2 tax: $4,059 · $338/mo
• Expected delta: +$1,064/yr (+$89/mo · 35.5%)

ⓘ 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: −$27,392
• − Property taxes: −$2,995
• − Insurance: −$3,242
• − Repairs & maintenance: −$4,997
• − Management: −$4,997
• − HOA: −$15,960
• − Depreciation: −$14,225
• Taxable loss: −$11,349
• Est. tax savings @ 24.0%: +$2,724
• After-tax cash flow: $-903/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

-92.3% since first listed

8 events — show timeline

• 2026-04-19 Listed $515,000 NAPLESMLS
• 2018-03-01 Sold (Public Records) $215,000 Public Records
• 2018-02-28 Sold (MLS) $215,000 NAPLESMLS
• 2018-01-22 Pending — NAPLESMLS
• 2018-01-18 Listed $220,000 NAPLESMLS
• 2003-12-09 Sold (Public Records) $130,000 Public Records
• 1988-12-01 Sold (Public Records) $73,000 Public Records
• 1984-12-01 Sold (Public Records) $6,720,000 Public Records

Property tax history

+7.7%/yr

Latest (2025): $2,995 · +1.3% YoY. Source: county tax records.