3 Bluebill Ave #509 · Naples Park, FL 34108

$449,000

2 bd · 2.0 ba · 1,076 sqft · Condo public records · 77 Days on market

Built 1972 $930/mo HOA · 19% 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 +16.0/30.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• Schools +5.0/10.0
• DSCR +4.9/10.0
• Rent growth +4.7/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

INCOME PRODUCING • TRANSFERABLE LEASE • PRIME LOCATION Investor-ready condo with immediate cash flow—currently leased with a transferable tenant in place. Located in a gated waterfront community just steps from Vanderbilt Beach. Ideal for investors seeking stable income with upside through seasonal rentals or future appreciation. ? Income-producing from day one ? Transferable lease in place ? STR potential (up to 12x/year, 30-day min) ? Resort-style amenities + marina access Now offered at $449,000—one of the best value plays in the area.

Key facts

• Gated community
• Easy beach access
• Rental income

Tags

• TURN KEY
• GATED COMMUNITY
• SHORT TERM RENTAL FLEXIBILITY
• EASY BEACH ACCESS
• RENTAL INCOME

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $449k.

Deal economics

• At list price, monthly cash flow is $-207 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $412k (8.1% below list).
• Meets the 1% rule at list price ($5k rent vs $449k).
• Recommended offer: $412k (8.1% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 64/100 on livability (#696 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A-, employment B+; Watch: health & safety D, 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: Naples Park Elementary School (math 67% / reading 57%, grade B, #608 of 2,144 statewide, top 29%, 395 students, 48% FRL); North Naples Middle School (math 79% / reading 73%, grade A, #34 of 571 statewide, top 6%, 903 students, 25% FRL); Gulf Coast High School (math 57% / reading 68%, grade B-, #93 of 667 statewide, top 14%, 2,447 students, 20% FRL) — zoned schools average 31% FRL vs 55% district-wide (24 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+8.7%/yr); 684 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); high-income renter base; 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• At $4,984/mo this rent would consume 50% of the median local household income ($119k/yr) (locally 237% 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 $13k 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 77 days — a 6% lower offer ($422k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 7y ago; this cycle's ask has dropped $96k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $412,410 (8.1% 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 77 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
3. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.11% ✓
• Cap rate: 6.88%
• Cash-on-cash: 2.09%
• DSCR: 1.09
• GRM: 7.5

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: -12.2%
• Equity multiple: 0.53×
• Total profit: $-58,895
• Equity at exit: $66,947

10-year hold

• IRR: 4.6%
• Equity multiple: 1.43×
• Total profit: $54,513
• Equity at exit: $38,821

Cash invested: $125,720 (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 34108

• Rents YoY: 8.7%
• Active inventory: 684
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $4,984 medium
• Mortgage (P&I): −$2,355
• Tax from tax record: −$246 /mo · $2,954/yr
• Insurance: −$187
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$930
• Vacancy / Maint / Mgmt: −$1,047
• Net cashflow: $-207

Break-even live

Break-even rent $5,246

Max offer price $412,410

Occupancy floor 99%

Sensitivity live

Price	-10% $47	-5% $-80	+0% $-207	+5% $-334	+10% $-461
Rent	-10% $-601	-5% $-404	+0% $-207	+5% $-10	+10% $187
Rate	-1.0pp $19	-0.5pp $-93	base $-207	+0.5pp $-323	+1.0pp $-442

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: $112,250
• Closing costs: $13,470
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3 Bluebill Ave #610 Naples, FL	1.0	1.0	810	$5,000	$6.17	25d	1	0.01mi
3 Bluebill Ave #801 Naples, FL	3.0	2.0	1472	$12,500	$8.49	25d	1	0.01mi
3 Bluebill Ave #303 Naples, FL	2.0	2.0	1071	$8,000	$7.47	23d	1	0.01mi
5 Bluebill Ave Unit 305-405 Naples, FL	2.0	2.5	1133	$3,495	$3.08	25d	1	0.04mi
5 Bluebill Ave #403 Naples, FL	2.0	2.0	1086	$8,500	$7.83	23d	1	0.04mi
5 Bluebill Ave Unit 108s Naples, FL	1.0	1.0	859	$4,995	$5.81	25d	1	0.04mi
5 Bluebill Ave Unit 108A Naples, FL	1.0	1.0	859	$1,995	$2.32	25d	1	0.04mi
5 Bluebill Ave #201 Naples, FL	3.0	2.0	1441	$9,000	$6.25	25d	1	0.04mi
5 Bluebill Ave #301 Naples, FL	3.0	2.0	1494	$7,500	$5.02	25d	1	0.04mi
5 Bluebill Ave #209 Naples, FL	2.0	2.0	1076	$8,500	$7.90	25d	1	0.04mi
5 Bluebill Ave #104 Naples, FL	1.0	1.0	817	$5,000	$6.12	25d	1	0.04mi
5 Bluebill Ave #103 Naples, FL	1.0	1.0	809	$2,750	$3.40	25d	1	0.04mi
5 Bluebill Ave #504 Naples, FL	1.0	1.0	896	$7,000	$7.81	25d	1	0.04mi
5 Bluebill Ave Unit 303-1 Naples, FL	2.0	2.0	1068	$6,500	$6.09	25d	1	0.04mi
5 Bluebill Ave #210 Naples, FL	1.0	1.0	812	$6,000	$7.39	25d	1	0.04mi
5 Bluebill Ave Unit 505/605 Naples, FL	2.0	2.5	1035	$6,500	$6.28	25d	1	0.04mi
1 Bluebill Ave #803 Naples, FL	1.0	2.0	1147	$6,700	$5.84	25d	1	0.08mi
1 Bluebill Ave #501 Naples, FL	1.0	1.0	768	$2,095	$2.73	25d	1	0.08mi
1 Bluebill Ave #412 Naples, FL	2.0	2.0	1050	$8,000	$7.62	25d	1	0.08mi
1 Bluebill Ave #210 Naples, FL	2.0	2.0	1040	$5,900	$5.67	25d	1	0.08mi
1 Bluebill Ave #703 Naples, FL	1.0	1.0	800	$7,000	$8.75	25d	1	0.08mi
1 Bluebill Ave #709 Naples, FL	1.0	1.0	800	$6,000	$7.50	25d	1	0.08mi
1 Bluebill Ave #707 Naples, FL	1.0	1.0	1040	$6,500	$6.25	25d	1	0.08mi
1 Bluebill Ave Naples, FL	2.0	2.0	1051	$7,500	$7.14	25d	1	0.08mi
25 Bluebill Ave Unit 1263821P Naples, FL	2.0	2.0	1485	$5,079	$3.42	23d	1	0.11mi
11118 Gulf Shore Dr #203 Naples, FL	2.0	2.0	1470	$9,400	$6.39	15d	1	0.15mi
11118 Gulf Shore Dr Unit A203 Naples, FL	2.0	2.0	1470	$4,500	$3.06	15d	1	0.15mi
11118 Gulf Shore Dr Unit A204 Naples, FL	2.0	2.0	1359	$4,000	$2.94	15d	1	0.15mi
11118 Gulf Shore Dr Unit A401 Naples, FL	2.0	2.0	1476	$15,000	$10.16	15d	1	0.15mi
11116 Gulf Shore Dr Unit B-904 Coco River, FL	2.0	2.0	1476	$15,000	$10.16	15d	1	0.17mi
15 Bluebill Ave #206 Naples, FL	2.0	2.0	1493	$6,500	$4.35	25d	1	0.18mi
17 Bluebill Ave #1102 Naples, FL	2.0	2.0	1300	$9,000	$6.92	25d	1	0.22mi
17 Bluebill Ave #903 Naples, FL	2.0	2.0	1214	$17,250	$14.21	25d	1	0.22mi
17 Bluebill Ave #904 Naples, FL	2.0	2.0	1214	$8,000	$6.59	25d	1	0.22mi
10686 Gulf Shore Dr #304 Naples, FL	2.0	2.0	1177	$7,000	$5.95	15d	1	0.32mi
10686 Gulf Shore Dr Unit A-104 Naples, FL	2.0	2.0	1107	$8,000	$7.23	15d	1	0.32mi
10682 Gulf Shore Dr Unit C205 Naples, FL	2.0	2.0	1248	$11,000	$8.81	15d	1	0.39mi
10682 Gulf Shore Dr Unit C-204 Naples, FL	2.0	2.0	1177	$12,000	$10.20	15d	1	0.39mi
10682 Gulf Shore Dr Unit 304 C Naples, FL	2.0	2.0	1490	$5,600	$3.76	25d	1	0.39mi
10682 Gulf Shore Dr Unit 304 C Naples, FL	2.0	2.0	1490	$5,600	$3.76	15d	1	0.39mi

HOA detail condo

• Monthly dues: $930 · $11,160/yr
• Likely covers: watersecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-04-23
   status Pending
2. 2026-04-21
   price $449,000
3. 2026-03-20
   price $489,000
4. 2026-02-19
   price $499,000
5. 2026-02-05
   listed $545,000 Active
6. 2025-06-03
   historical
7. 2025-03-31
   price $589,000
8. 2025-03-08
   historical $2,500
9. 2024-12-26
   listed $619,000 Active
10. 2024-12-24
    listed $2,500
11. 2024-12-24
    historical $5,000
12. 2024-12-19
    listed $5,000
13. 2024-12-04
    historical
14. 2024-11-08
    listed $619,000 Active
15. 2024-05-11
    historical
16. 2024-03-28
    price $649,000
17. 2024-01-31
    price $679,000
18. 2023-11-16
    listed $699,000 Active
19. 2022-06-13
    soldstatus $600,000
20. 2022-06-06
    soldstatus $600,000 Sold
21. 2022-05-07
    status Pending
22. 2022-05-04
    listed $599,000 Active
23. 2021-12-06
    historical
24. 2021-07-01
    listed $599,000 Active
25. 2021-03-01
    historical
26. 2019-12-03
    listed $424,900 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: $2,954 · $246/mo
• Projected year-2 tax: $3,727 · $311/mo
• Expected delta: +$772/yr (+$64/mo · 26.1%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 30 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $59,807
• − Mortgage interest: −$25,151
• − Property taxes: −$2,954
• − Insurance: −$7,364
• − Repairs & maintenance: −$4,785
• − Management: −$4,785
• − HOA: −$11,160
• − Depreciation: −$13,062
• Taxable loss: −$9,453
• Est. tax savings @ 24.0%: +$2,269
• After-tax cash flow: $-217/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 Park

• Score: 64/100
• State rank: #696
• US rank: #14564

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Collier County · 396,295 people
• Metro: Naples-Marco Island, FL
• Population (ZIP): 16,237
• Household income: $119,212
• Rent vs Own: 14.0% rent · 86.0% own
• Severe rent burden: 237.0

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 8% Two or more races 7% Asian 1% Black 1%
• Hispanic origin (detail): Mexican 2% Cuban 3%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 3%
• Foreign-born: 16% · Canada, Dominican Republic, South Korea
• Languages at home: 86% English-only · Spanish 6% Russian/Polish/Slavic 2% Other Indo-European 2%

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: ▼ -587.97%
• Current HPI: 275.1872
• Rent YoY: ▲ 8.74%
• 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

+5.7% since first listed

26 events — show timeline

• 2026-04-23 Pending — NAPLESMLS
• 2026-04-21 Price Changed $449,000 NAPLESMLS
• 2026-03-20 Price Changed $489,000 NAPLESMLS
• 2026-02-19 Price Changed $499,000 NAPLESMLS
• 2026-02-05 Listed $545,000 NAPLESMLS
• 2025-06-03 Listing Removed — NAPLESMLS
• 2025-03-31 Price Changed $589,000 NAPLESMLS
• 2025-03-08 Rental Removed $2,500 NAPLESMLS
• 2024-12-26 Listed $619,000 NAPLESMLS
• 2024-12-24 Listed for Rent $2,500 NAPLESMLS
• 2024-12-24 Rental Removed $5,000 NAPLESMLS
• 2024-12-19 Listed for Rent $5,000 NAPLESMLS
• 2024-12-04 Listing Removed — NAPLESMLS
• 2024-11-08 Listed $619,000 NAPLESMLS
• 2024-05-11 Listing Removed — NAPLESMLS
• 2024-03-28 Price Changed $649,000 NAPLESMLS
• 2024-01-31 Price Changed $679,000 NAPLESMLS
• 2023-11-16 Listed $699,000 NAPLESMLS
• 2022-06-13 Sold (Public Records) $600,000 Public Records
• 2022-06-06 Sold (MLS) $600,000 NAPLESMLS
• 2022-05-07 Pending — NAPLESMLS
• 2022-05-04 Listed $599,000 NAPLESMLS
• 2021-12-06 Listing Removed — NAPLESMLS
• 2021-07-01 Listed $599,000 NAPLESMLS
• 2021-03-01 Listing Removed — NAPLESMLS
• 2019-12-03 Listed $424,900 NAPLESMLS

Property tax history

+1.4%/yr

Latest (2025): $2,954 · -0.6% YoY. Source: county tax records.