925 New Waterford Dr #104 · Berkshire Lakes, FL 34104

$329,000

3 bd · 2.0 ba · 1,362 sqft · Condo public records · 17 Days on market

Built 1992 $477/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 +14.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.1/10.0
• Schools +5.0/10.0
• DSCR +4.2/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy sweeping lake views and coveted western exposure from this beautifully positioned corner residence, where natural light fills the living spaces and stunning sunset vistas create a picturesque backdrop for everyday living. Offering a desirable 3-bedroom, 2-bath floor plan with a 1-car garage, this inviting home blends comfort, functionality, and a serene waterfront setting. Sliding glass doors open to a screened lanai with a ceiling fan, providing the perfect place to relax, dine, or entertain while taking in the tranquil water views. Inside, the thoughtfully designed layout features tile flooring throughout, creating a cohesive look and easy maintenance. The spacious living and dining area flows seamlessly together, offering an open and welcoming atmosphere. The living room is enhanced by a ceiling fan and direct access to the lanai, creating an effortless indoor-outdoor connection. The kitchen is equipped with GE stainless steel appliances, including a dishwasher, microwave, range, and refrigerator with freezer and icemaker. A convenient pantry provides additional storage, and the breakfast bar overlooks the dining and living areas, making it ideal for both casual meals and entertaining. The primary suite serves as a peaceful retreat, filled with bright natural light and featuring tile flooring, a ceiling fan, and a generous walk-in closet. The ensuite bath offers dual sinks and a glass walk-in shower. Two guest bedrooms each include tile flooring, ceiling fans, and closet space, while the full guest bath located off the hallway features a shower/tub combination. A dedicated laundry room is complete with a GE washer and dryer for added convenience. Residents enjoy access to an array of community amenities, including a sparkling community pool, bocce courts, and tennis courts. Combining desirable lakefront views, western exposure, a sought-after corner location, and a functional floor plan, this residence offers an exceptional opportunity to enjoy the best of Florida living.

Key facts

• Ceiling fan
• Lake views
• Western exposure

Tags

• LAKE VIEWS
• WESTERN EXPOSURE
• SCREENED LANAI
• TILE FLOORING
• CEILING FAN
• GE STAINLESS STEEL APPLIANCES

Property features AI

Finance

• Other: Complex contains 168 units; 8 units in building; 1 unit per floor; single-story units
• HOA & community: Mandatory HOA; Annual HOA fee of $630; Quarterly condo fee of $1,275; Maintenance covers cable, internet/Wi-Fi, lawn/land maintenance, legal/accounting, recreation facilities, street lights, and street maintenance; Condo-managed community; Community amenities include clubhouse, community pool, tennis courts, pickleball, fishing pier, bike and jog path, sidewalks; Non-gated community; Total annual recurring fees: $5,730; Total one-time fees: $150

Exterior

• Parking: 1 assigned covered deeded parking space; Detached garage; Guest parking available
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential property; Low-rise (1–3) building; End-unit; Rear exposure faces west; Located in Berkshire Lakes / New Waterford community
• Construction: Built in 1992; Concrete block construction; Stucco exterior; Shingle roof; Single-hung windows
• Exterior features: Screened lanai/porch; Patio; Lake and landscaped area views; Central irrigation

Interior

• Kitchen: Pantry; Dishwasher; Disposal; Microwave; Range; Self-cleaning oven; Refrigerator / Freezer; Refrigerator with icemaker
• Bedrooms: 3 bedrooms; Master bedroom on ground level
• Flooring: Tile
• Bathrooms: 2 full bathrooms; Master bath with dual sinks and shower (no tub)
• Heating & cooling: Central electric heat; Central electric cooling; Ceiling fans
• Interior features: Built-in cabinets; Cable prewire; Pantry; Walk-in closet; Great room floor plan; Partially furnished
• Laundry & utility: Washer; Dryer; Laundry in residence; Auto garage door; Smoke detector

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $329k.

Deal economics

• At list price, monthly cash flow is $42 ($505/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $329k).
• Recommended offer: $324k (1.5% below list) — sets the bar for market timing.

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: Calusa Park Elementary School (math 59% / reading 56%, grade C+, #764 of 2,144 statewide, top 36%, 707 students, 62% FRL); East Naples Middle School (math 56% / reading 44%, grade C, #254 of 571 statewide, top 45%, 854 students, 63% FRL); Lely High School (math 40% / reading 39%, grade F, #304 of 667 statewide, top 47%, 1,504 students, 54% FRL) — zoned schools at 60% FRL track the district average.
• Market conditions: Rents soft (-1.1%/yr); 438 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• At $3,325/mo this rent would consume 56% of the median local household income ($72k/yr) (locally 1423% 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 $2k of loan paydown is wiped out by about $10k 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 17 days — a 2% lower offer ($324k) 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.

Risks & watch-outs

• Climate carrying-cost: moderate 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 $324,065 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
6. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
7. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
8. 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.
9. 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.
10. 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: 1.01% ✓
• Cap rate: 6.45%
• Cash-on-cash: 0.55%
• DSCR: 1.02
• GRM: 8.2

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: -19.2%
• Equity multiple: 0.35×
• Total profit: $-60,134
• Equity at exit: $49,055

10-year hold

• IRR: -21.2%
• Equity multiple: 0.07×
• Total profit: $-85,588
• Equity at exit: $28,446

Cash invested: $92,120 (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 34104

• Rents YoY: -1.1%
• Active inventory: 438
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $3,325 high
• Mortgage (P&I): −$1,725
• Tax from tax record: −$245 /mo · $2,942/yr
• Insurance: −$137
• HOA: −$477
• Vacancy / Maint / Mgmt: −$698
• Net cashflow: $42

Break-even live

Break-even rent $3,272

Max offer price $329,000

Occupancy floor 94%

Sensitivity live

Price	-10% $228	-5% $135	+0% $42	+5% $-51	+10% $-144
Rent	-10% $-221	-5% $-89	+0% $42	+5% $173	+10% $305
Rate	-1.0pp $208	-0.5pp $126	base $42	+0.5pp $-43	+1.0pp $-130

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: $82,250
• Closing costs: $9,870
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
915 New Waterford Dr Unit H201 Naples, FL	2.0	2.0	1362	$4,150	$3.05	15d	1	0.05mi
717 Landover Cir #103 Naples, FL	2.0	2.0	1300	$3,800	$2.92	25d	1	0.09mi
800 New Waterford Dr #201 Naples, FL	2.0	2.0	1362	$2,440	$1.79	23d	1	0.09mi
636 Windsor Sq #102 Naples, FL	2.0	2.0	1191	$3,750	$3.15	25d	1	0.09mi
716 Landover Cir #102 Naples, FL	2.0	2.0	1300	$3,200	$2.46	25d	1	0.09mi
613 Windsor Sq #101 Naples, FL	2.0	2.0	1316	$3,800	$2.89	25d	1	0.14mi
565 Windsor Sq #201 Naples, FL	3.0	2.0	1421	$3,800	$2.67	23d	1	0.18mi
661 Squire Cir #101 Naples, FL	3.0	2.0	1450	$2,095	$1.44	15d	1	0.20mi
505 Windsor Sq #201 Naples, FL	3.0	2.0	1191	$2,365	$1.99	15d	1	0.21mi
541 Windsor Sq Unit 9 Naples, FL	2.0	2.0	1421	$2,500	$1.76	15d	1	0.21mi
1220 Commonwealth Cir Unit M106 Naples, FL	2.0	2.0	1245	$2,100	$1.69	25d	1	0.26mi
1130 Partridge Cir Unit Annual Naples, FL	2.0	2.0	1191	$1,950	$1.64	25d	1	0.27mi
1130 Partridge Cir Ofc Season Naples, FL	2.0	2.0	1191	$1,800	$1.51	25d	1	0.27mi
1130 Partridge Cir #102 Naples, FL	2.0	2.0	1191	$3,800	$3.19	25d	1	0.27mi
1095 Partridge Cir #201 Naples, FL	2.0	2.0	1402	$1,800	$1.28	23d	1	0.28mi
1228 Commonwealth Cir Unit O203 Naples, FL	2.0	2.0	1245	$2,100	$1.69	15d	1	0.29mi
1200 Commonwealth Cir #103 Naples, FL	2.0	2.0	1245	$1,875	$1.51	15d	1	0.31mi
529 Mardel Dr #311 Naples, FL	2.0	2.0	1093	$3,500	$3.20	25d	1	0.32mi
920 Belville Blvd Naples, FL	3.0	2.0	1606	$6,000	$3.74	25d	1	0.37mi
322 Melrose Pl #31 Naples, FL	2.0	2.0	1757	$4,500	$2.56	25d	1	0.43mi
6643 Craven Hill Way Naples, FL	3.0	2.0	1384	$2,900	$2.10	15d	1	0.50mi
333 Wentworth Ct Naples, FL	3.0	2.0	1807	$7,000	$3.87	25d	1	0.51mi
191 Bennington Dr Unit 12-6 Naples, FL	2.0	2.0	1240	$1,450	$1.17	25d	1	0.53mi
1357 Churchill Cir Unit G202 Naples, FL	2.0	2.0	1200	$1,995	$1.66	15d	1	0.54mi
242 Belville Blvd Naples, FL	3.0	2.0	1875	$9,000	$4.80	23d	1	0.57mi
1392 Churchill Cir Unit O101 Naples, FL	3.0	2.0	1350	$2,300	$1.70	15d	1	0.58mi
589 Lambton Ln Naples, FL	3.0	2.0	1823	$7,750	$4.25	25d	1	0.59mi
1448 Churchill Cir #103 Naples, FL	2.0	2.0	1200	$1,900	$1.58	15d	1	0.60mi
6726 Sloane Pl Unit 1049716P Naples, FL	3.0	2.0	1872	$5,748	$3.07	15d	1	0.70mi
1600 Wellesley Cir Naples, FL	1.0–2.0	1.0–2.0	950	$1,900	$2.00	15d	12	0.75mi
92 Glen Eagle Cir Naples, FL	3.0	2.0	1562	$12,000	$7.68	23d	1	0.76mi
7832 Meridan Ct Naples, FL	2.0	2.0	1567	$4,500	$2.87	25d	1	0.85mi
6871 Sterling Greens Dr #202 Naples, FL	2.0	2.0	1727	$5,500	$3.18	15d	1	0.86mi
7753 Haverhill Ct Naples, FL	2.0	2.0	1840	$2,800	$1.52	25d	1	0.87mi
6854 Sterling Greens Dr #201 Naples, FL	3.0	2.0	1727	$4,500	$2.61	15d	1	0.94mi
7320 Glenmoor Ln Unit 2206 Naples, FL	2.0	2.0	1053	$6,000	$5.70	15d	1	0.95mi
7790 Woodbrook Cir #2603 Naples, FL	3.0	2.5	1406	$4,500	$3.20	25d	1	0.95mi
3536 Winifred Row Ln Naples, FL	3.0	2.5	1300	$2,350	$1.81	15d	10	0.95mi
2026 Terrazzo Ln Naples, FL	3.0	2.0	1856	$9,000	$4.85	25d	1	0.96mi
1499 Vintage Ln Naples, FL	3.0	2.0	1754	$9,000	$5.13	25d	1	0.98mi

HOA detail condo

• Monthly dues: $477 · $5,724/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-21
   days on market $329,000 Active 17 DOM
2. 2026-06-18
   days on market $329,000 Active 14 DOM
3. 2026-06-17
   days on market $329,000 Active 13 DOM
4. 2026-06-16
   days on market $329,000 Active 12 DOM
5. 2026-06-15
   days on market $329,000 Active 11 DOM
6. 2026-06-14
   days on market $329,000 Active 9 DOM
7. 2026-06-10
   days on market $329,000 Active 6 DOM
8. 2026-06-09
   days on market $329,000 Active 5 DOM
9. 2026-06-08
   days on market $329,000 Active 4 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $329,000 Active 3 DOM

ⓘ 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: $2,942 · $245/mo
• Projected year-2 tax: $2,942 · $245/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 5/10 Major FEMA zone X (shaded) · 26% 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: $39,898
• − Mortgage interest: −$18,429
• − Property taxes: −$2,942
• − Insurance: −$1,645
• − Repairs & maintenance: −$3,192
• − Management: −$3,192
• − HOA: −$5,724
• − Depreciation: −$9,571
• Taxable loss: −$4,796
• Est. tax savings @ 24.0%: +$1,151
• After-tax cash flow: $1,656/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 — Berkshire Lakes

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

Census & demographics

• Census place: Berkshire Lakes, FL
• County: Collier County · 396,295 people
• Metro: Naples-Marco Island, FL
• Population (ZIP): 26,408
• Household income: $71,686
• Rent vs Own: 31.7% rent · 68.3% own
• Severe rent burden: 1423.0

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: Majority White (62%)
• Race & ethnicity: White 62% Hispanic / Latino 30% Two or more races 19% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 3% Cuban 6% Dominican 1%
• Common ancestry: Lithuanian 6% Romanian 3% Hispanic 2%
• Foreign-born: 30% · Canada, Jamaica, Dominican Republic
• Languages at home: 66% English-only · Spanish 24% French/Haitian/Cajun 5% Russian/Polish/Slavic 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: ▼ -252.48%
• Current HPI: 259.3498
• Rent YoY: ▼ -1.10%
• 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

+239.2% since first listed

8 events — show timeline

• 2026-06-04 Listed $329,000 MIML
• 2026-06-04 Listed $329,000 NAPLESMLS
• 2022-06-30 Sold (Public Records) $380,000 Public Records
• 2018-01-02 Sold (Public Records) $170,000 Public Records
• 2017-07-13 Price Changed $199,900 BEARMLS
• 2017-05-02 Price Changed $209,900 BEARMLS
• 2001-09-10 Sold (Public Records) $124,900 Public Records
• 1995-07-06 Sold (Public Records) $97,000 Public Records

Property tax history

+5.9%/yr

Latest (2025): $2,942 · +5.3% YoY. Source: county tax records.