515 Gabriel Cir #1901 · Naples, FL 34104

$289,900

2 bd · 2.0 ba · 1,406 sqft · Condo · 75 Days on market

Built 1992 Good condition $547/mo HOA · 17% 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 +12.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• DSCR +3.5/10.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

This light and bright end unit 1st floor condo has been lovingly maintained with updates in the Kitchen and baths. Primary bath boasts updated granite double sinks and a walk-in shower. Spacious kitchen has newer appliances - Stove, microwave, refrigerator and dishwasher. Granite counters in the kitchen offer plenty of counter space and extends into the dining room and serves as a bar area. Condo is furnished and turnkey so you just need your suitcase! A/C system replaced 2021. Den has a full closet and can be used as a 3rd bedroom. Dining room and living room look out to the view of the lanai and lake. Tiled floors in lanai area for easy maintenance. Ceramic tile floors with exception of

Key facts

• Newer appliances
• A/c system replaced
• Full closet

Tags

• UPDATED GRANITE DOUBLE SINKS
• WALK-IN SHOWER
• NEWER APPLIANCES
• GRANITE COUNTERS
• A/C SYSTEM REPLACED
• FULL CLOSET

Property features AI

Finance

• Other: Part of a complex with 550 units and 10 units in the building; Single unit per floor in the building; Possession at closing; Restrictions: no commercial use and no RV
• HOA & community: Mandatory HOA; Quarterly condo fee of $1,641 (total annual recurring fees $6,564); One-time fees $150; Professional management; HOA maintenance covers insurance, legal/accounting, manager, master association fee, reserves, and water; Community amenities include bocce court, community pool, pickleball, shuffleboard, and tennis court; Gated community

Exterior

• Parking: 1 assigned parking space; Guest parking available; Detached 1-car carport
• Security: Gated community
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential end-unit in a low-rise building; 2-story building; Rear exposure faces west; Part of the Sapphire Lakes development (Opal sub-condo)
• Construction: Built in 1992; Concrete block and poured concrete construction; Stucco exterior; Shingle roof; End-unit
• Exterior features: Automatic sprinkler system; Shutters (manual); Gated community; Lake and water-feature views; Zero lot line

Interior

• Kitchen: Pantry; Electric cooktop; Self-cleaning oven; Dishwasher; Microwave; Refrigerator/freezer
• Bedrooms: 2 bedrooms plus den (split bedroom floor plan)
• Flooring: Laminate; Tile; Wood
• Bathrooms: 2 full bathrooms; Master bath with dual sinks and shower
• Heating & cooling: Central electric heat; Central electric air conditioning; Ceiling fans; Humidistat
• Interior features: Bar; Cable prewire; High-speed internet available; Pantry; Smoke detectors; Walk-in closet; Window coverings; Eat-in kitchen; Screened lanai/porch; Turnkey furnished
• Laundry & utility: Washer and dryer included; Washer/dryer hookup; Laundry in residence

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $290k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-69 ($-825/yr) — negative.
• To cash-flow at today's rent, offer at most $280k (3.4% below list).
• Meets the 1% rule at list price ($3k rent vs $290k).
• Recommended offer: $273k (6.0% below list) — sets the bar for market timing.

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: 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); Golden Gate High School (math 38% / reading 39%, grade F, #321 of 667 statewide, top 49%, 1,764 students, 53% FRL) — zoned schools at 59% 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 16d on market — plan ~3-4 weeks tenant-placement turnaround); 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• At $3,141/mo this rent would consume 53% 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 $9k 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 75 days — a 6% lower offer ($273k) 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: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $272,506 (6.0% 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 75 days. Have you received any prior offers? Is the seller open to a 6% 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 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?
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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
10. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
11. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
12. 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.
13. 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.
14. 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: 1.08% ✓
• Cap rate: 6.01%
• Cash-on-cash: -1.02%
• DSCR: 0.95
• GRM: 7.7

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: -22.2%
• Equity multiple: 0.26×
• Total profit: $-60,175
• Equity at exit: $43,225

10-year hold

• IRR: -30.6%
• Equity multiple: -0.13×
• Total profit: $-92,055
• Equity at exit: $25,065

Cash invested: $81,172 (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 34104

• Rents YoY: -1.1%
• Active inventory: 438
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $3,141 high
• Mortgage (P&I): −$1,520
• Tax est. 1.5%: −$362 /mo · $4,348/yr
• Insurance: −$121
• HOA: −$547
• Vacancy / Maint / Mgmt: −$660
• Net cashflow: $-69

Break-even live

Break-even rent $3,228

Max offer price $279,957

Occupancy floor 97%

Sensitivity live

Price	-10% $132	-5% $31	+0% $-69	+5% $-169	+10% $-269
Rent	-10% $-317	-5% $-193	+0% $-69	+5% $55	+10% $179
Rate	-1.0pp $77	-0.5pp $5	base $-69	+0.5pp $-144	+1.0pp $-220

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: $72,475
• Closing costs: $8,697
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
515 Gabriel Cir Unit 1910 Naples, FL	2.0	2.0	1200	$4,700	$3.92	15d	1	0.03mi
484 Belina Dr Naples, FL	2.0	1.0	1200	$2,400	$2.00	25d	1	0.09mi
448 Gabriel Cir Unit 3310 Naples, FL	2.0	2.0	1200	$3,500	$2.92	15d	1	0.09mi
620 Luisa Ct Unit 803 Naples, FL	2.0	2.0	1200	$2,400	$2.00	15d	1	0.12mi
388 Belina Dr Unit 1104 Naples, FL	2.0	2.0	1200	$4,000	$3.33	15d	1	0.12mi
675 Luisa Ln Unit 825 Naples, FL	3.0	2.0	1484	$2,300	$1.55	15d	1	0.13mi
640 Luisa Ln Unit 804-4 Naples, FL	3.0	2.0	1639	$5,600	$3.42	25d	1	0.13mi
705 Luisa Ln Unit 822 Naples, FL	3.0	2.0	1639	$2,500	$1.53	15d	1	0.17mi
4007 Recreation Ln Naples, FL	2.0	2.0	1806	$5,500	$3.05	25d	1	0.21mi
7790 Woodbrook Cir #2603 Naples, FL	3.0	2.5	1406	$4,500	$3.20	25d	1	0.24mi
228 Belina Dr Unit 606 Naples, FL	2.0	2.0	1200	$4,800	$4.00	15d	1	0.27mi
8153 Sanctuary Dr #2 Naples, FL	3.0	2.0	1668	$2,350	$1.41	15d	1	0.28mi
218 Gabriel Cir Unit 3809 Naples, FL	2.0	2.0	1200	$3,800	$3.17	15d	1	0.34mi
7892 Sanctuary Cir #02 Naples, FL	3.0	2.0	1742	$2,700	$1.55	25d	1	0.35mi
7892 Sanctuary Cir #2 Naples, FL	3.0	2.0	1742	$2,700	$1.55	15d	1	0.35mi
3536 Winifred Row Ln Naples, FL	3.0	2.5	1300	$2,350	$1.81	15d	10	0.35mi
153 Gabriel Cir Unit 3003 Naples, FL	2.0	2.0	1200	$4,000	$3.33	15d	1	0.36mi
7753 Haverhill Ct Naples, FL	2.0	2.0	1840	$2,800	$1.52	25d	1	0.37mi
7895 Sanctuary Cir Unit 117-1 Naples, FL	3.0	2.0	1742	$3,500	$2.01	15d	1	0.37mi
7839 Regal Heron Cir #202 Naples, FL	2.0	2.0	1202	$2,000	$1.66	25d	1	0.42mi
120 Asaf Dr Unit 4304 Naples, FL	2.0	2.0	1350	$4,300	$3.19	15d	1	0.44mi
7835 Regal Heron Cir Naples, FL	2.0–3.0	2.0	1316	$1,795	$1.36	25d	2	0.46mi
7831 Regal Heron Cir Unit 1506858P Naples, FL	3.0	2.0	1420	$4,283	$3.02	15d	1	0.48mi
7822 Great Heron Way #106 Naples, FL	3.0	2.0	1431	$2,200	$1.54	25d	1	0.50mi
7822 Great Heron Way #106 Naples, FL	3.0	2.0	1431	$2,200	$1.54	15d	1	0.50mi
7832 Meridan Ct Naples, FL	2.0	2.0	1567	$4,500	$2.87	25d	1	0.50mi
1600 Wellesley Cir Naples, FL	1.0–2.0	1.0–2.0	950	$1,900	$2.00	15d	12	0.53mi
465 Robin Hood Cir #101 Naples, FL	3.0	2.0	1630	$3,850	$2.36	25d	1	0.53mi
7818 Great Heron Way #303 Naples, FL	2.0	2.0	1304	$3,395	$2.60	15d	1	0.53mi
445 Robin Hood Cir #201 Naples, FL	3.0	2.0	1656	$4,000	$2.42	23d	1	0.55mi
7823 Regal Heron Cir #103 Naples, FL	2.0	2.0	1304	$1,995	$1.53	15d	1	0.56mi
7804 Regal Heron Cir #304 Naples, FL	2.0	2.0	1304	$2,000	$1.53	15d	1	0.56mi
7819 Regal Heron Cir #201 Naples, FL	2.0	2.0	1600	$1,695	$1.06	15d	1	0.58mi
7819 Regal Heron Cir Unit 201 Naples, FL	3.0	2.0	1600	$1,795	$1.12	23d	1	0.58mi
500 Robin Hood Cir #202 Naples, FL	2.0	2.0	1656	$4,000	$2.42	25d	1	0.58mi
230 Robin Hood Cir #102 Naples, FL	3.0	2.0	1630	$2,100	$1.29	25d	1	0.62mi
1392 Churchill Cir Unit O101 Naples, FL	3.0	2.0	1350	$2,300	$1.70	15d	1	0.64mi
209 Robin Hood Cir #201 Naples, FL	2.0	2.0	1225	$3,500	$2.86	15d	1	0.66mi
159 Lady Palm Dr Naples, FL	3.0	2.0	1509	$8,000	$5.30	15d	1	0.67mi
280 Robin Hood Cir #101 Naples, FL	3.0	2.0	1413	$3,900	$2.76	25d	1	0.67mi

HOA detail condo

• Monthly dues: $547 · $6,564/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-21
   days on market $289,900 Active 75 DOM
2. 2026-06-18
   days on market $289,900 Active 72 DOM
3. 2026-06-17
   days on market $289,900 Active 71 DOM
4. 2026-06-16
   days on market $289,900 Active 70 DOM
5. 2026-06-15
   days on market $289,900 Active 69 DOM
6. 2026-06-14
   days on market $289,900 Active 67 DOM
7. 2026-06-10
   days on market $289,900 Active 64 DOM
8. 2026-06-09
   days on market $289,900 Active 63 DOM
9. 2026-06-08
   days on market $289,900 Active 62 DOM
10. 2026-06-07
    days on market $289,900 Active 61 DOM
11. 2026-06-03
    days on market $289,900 Active 57 DOM
12. 2026-06-03
    remarks 699-char remark
13. 2026-06-03
    listed $289,900 Active 56 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 12% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 31 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: $37,697
• − Mortgage interest: −$16,239
• − Property taxes: −$4,348
• − Insurance: −$1,450
• − Repairs & maintenance: −$3,016
• − Management: −$3,016
• − HOA: −$6,564
• − Depreciation: −$8,433
• Taxable loss: −$5,369
• Est. tax savings @ 24.0%: +$1,289
• After-tax cash flow: $464/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This well-maintained end unit condo is move-in ready with recent updates and a good condition score. Potential for further value increase with exterior painting and interior updates.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Replace window treatments — Freshens look and improves energy efficiency
• Both Update flooring in kitchen and dining area — Modernizes space and increases value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Replace window treatments — Freshens look and improves energy efficiency ↑
• Both Update flooring in kitchen and dining area — Modernizes space and increases value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

• County: Collier County · 396,295 people
• City population: 344,941
• 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

3 events — show timeline

• 2026-05-01 Relisted — NAPLESMLS
• 2026-04-17 Pending — NAPLESMLS
• 2026-03-25 Listed $289,900 NAPLESMLS