555 Park Shore Dr Unit B-412

Naples, FL 34103

$359,000C

2 bd · 2.0 ba · 1,045 sqft · Built 1977 · Condo · Pending · 732 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,653/mo
• Mortgage (P&I): −$1,883
• Tax + insurance: −$866
• HOA: −$865
• Vac / Maint / Mgmt: −$977
• Net cashflow: $62/mo
• Annual: $748/yr
• Cap rate: 7.93%
• Cash-on-cash: 5.84%
• DSCR: 1.26
• 1% rule: 1.30%
• Cash to close: $100,520

Investor read

• This is a 2-bed/2.0-bath condo listed at $359k.
• At list price, monthly cash flow is $62 ($748/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $359k).
• It's been on market 732 days — a 12% lower offer ($316k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $316k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• 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.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents rising fast (+14.6%/yr); 479 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).
• Collier County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $170k (32%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $88k; list at $359k implies a 308% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $101k cash investment doubles in ~10 years — after that, you're playing with house money.
• 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→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $4,653/mo this rent would consume 48% 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.

Questions for listing agent

• It's been on market 732 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?