9113 Michael Cir #10 · Lely Resort, FL 34113

$349,000

2 bd · 2.0 ba · 1,247 sqft · Condo public records · 166 Days on market

Built 2005 $605/mo HOA · 13% of rent ↓ 26% since listing

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Why this score? — see what drove the C+ 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 +22.9/30.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• Schools +5.0/10.0
• Rent growth +3.9/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

MOTIVATED SELLER! Resort living at it's best. Sweeping golf course views from this sunny & spacious second floor 2 BR 2BA turnkey furnished condo. New roof (2019), New heating & A/C (2019), New water heater (2017), tile on diagonal in all common areas. Eat-in kitchen with separate pantry closet, granite counters, GE cooktop stove, dishwasher, built-in microwave and refrigerator with ice and water on the door. Kitchen opens to LR and DR with large "pass through. " Guest BR and bath can be closed off for privacy. Separate laundry room with full sized GE washer & Dryer. Separate utility closet in laundry room. Master BR with wall to wall carpet, ceiling fan & light, walk-in closet with custom closet system. Private bath with double sinks, Corian counter and walk-in shower. Across from the private pool for the neighborhood owners and their guests. Clubhouse with full service restaurant, Tiki Bar, gym, salon and spa, lap pool and resort pools. Player's Club membership mandatory. Two public golf courses. Ten minutes from 5th Ave. shopping, art galleries, live theater and pristine Gulf of Mexico beaches. Easy access to I-75 North and South. Close to Marco Island.

Key facts

• Golf views
• Custom cabinetry
• Full service spa

Tags

• GOLF VIEWS
• PRIVATE COMMUNITY POOL
• CUSTOM CABINETRY
• WALK-IN SHOWER
• FULL SERVICE SPA
• PRIVATE GOLF COURSE

Property features AI

Finance

• Other: Property is part of a multi-unit complex (120 units in complex, 12 units in building)
• Financial info: Total annual recurring fees and total one-time fees apply (community assessments/club fees)
• HOA & community: Mandatory HOA with professional management; Quarterly condo fee; Annual master HOA fee; One-time mandatory club initiation fee; HOA covers internet/WiFi, irrigation water, lawn/land maintenance, legal/accounting, exterior pest control, sewer, street lights, trash removal and water; Community amenities include clubhouse, community pool and spa, fitness center, full-service spa, tennis and pickleball courts, golf course, bocce, putting green, bike/jog paths, dog park, restaurants and shopping, business center, library, billiards, playground, underground utilities and more; Community type: golf course community, non-gated

Exterior

• Parking: Detached 1-car garage
• Security: Smoke detectors (interior)
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential property in Lely Resort (Peridot at Sunstone); Low-rise building (1–3), part of a 2-story structure; Rear exposure faces southwest; Concrete block construction
• Construction: Built in 2005; Stucco exterior; Tile roof; Concrete block construction
• Exterior features: Screened lanai/porch; Shutters (manual); Single-hung windows; Access road (paved)

Interior

• Kitchen: Pantry; Dishwasher; Garbage disposal; Microwave; Range/oven (self-cleaning); Refrigerator; Breakfast bar
• Bedrooms: 2 bedrooms (split bedroom floor plan)
• Flooring: Tile floors
• Bathrooms: 2 full bathrooms; Primary bathroom with dual sinks and a shower (no tub)
• Heating & cooling: Central electric heat; Central electric air conditioning
• Interior features: Fire sprinkler system; High-speed internet available; Pantry; Smoke detectors; Vaulted ceilings; Walk-in closet; Turnkey furnished
• Laundry & utility: Washer and dryer inside the residence; Laundry in residence

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $349k.

Deal economics

• At list price, monthly cash flow is $548 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $349k).
• Recommended offer: $307k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#786 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A-; 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: Lely Elementary School (math 45% / reading 46%, grade D-, #1,247 of 2,144 statewide, top 59%, 499 students, 62% FRL); Lely High School (math 40% / reading 39%, grade F, #304 of 667 statewide, top 47%, 1,504 students, 54% FRL) — zoned schools at 58% FRL track the district average.
• Zoned-school proficiency averages 42% at this address vs 58% district-wide (-16 pts) — the specific schools serving this property underperform the Collier average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+5.6%/yr); 597 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); solid renter incomes; 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).

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.
• At projected returns (-3.0% appreciation + 5.6% rent growth), your $98k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 166 days — a 12% lower offer ($307k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 9y ago; this cycle's ask has dropped $20k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $275k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe 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 $307,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 166 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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?
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: 1.29% ✓
• Cap rate: 8.41%
• Cash-on-cash: 7.55%
• DSCR: 1.34
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.59% rent growth · sell at horizon

5-year hold

• IRR: -2.4%
• Equity multiple: 0.91×
• Total profit: $-9,189
• Equity at exit: $52,037

10-year hold

• IRR: 10.4%
• Equity multiple: 1.93×
• Total profit: $90,690
• Equity at exit: $30,175

Cash invested: $97,720 (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 34113

• Rents YoY: 5.6%
• Active inventory: 597
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $4,493 high
• Mortgage (P&I): −$1,830
• Tax from tax record: −$354 /mo · $4,247/yr
• Insurance: −$145
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$605
• Vacancy / Maint / Mgmt: −$943
• Net cashflow: $548

Break-even live

Break-even rent $3,799

Max offer price $349,000

Occupancy floor 83%

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9022 Michael Cir Unit 2-205 Naples, FL	2.0	2.0	1450	$3,500	$2.41	23d	1	0.10mi
8161 Twelve Oaks Cir #512 Naples, FL	2.0	2.0	1066	$5,000	$4.69	23d	1	0.49mi
24 Cheyenne Trl Naples, FL	2.0	2.0	888	$3,500	$3.94	13d	1	0.66mi
9165 Celeste Dr Unit 3-303 Naples, FL	2.0	2.0	1000	$6,500	$6.50	23d	1	0.71mi
9175 Celeste Dr Unit 105 Naples, FL	2.0	2.0	1000	$2,000	$2.00	23d	1	0.71mi
9187 Celeste Dr Unit 1073494P Naples, FL	2.0	2.0	1399	$2,979	$2.13	13d	1	0.72mi
9092 Chula Vista St #11003 Naples, FL	2.0	2.0	1404	$6,850	$4.88	23d	1	0.82mi
9088 Chula Vista St Unit 108-3 Naples, FL	2.0	2.0	1404	$5,700	$4.06	23d	1	0.82mi
9115 Capistrano St S #8207 Naples, FL	2.0	2.5	1494	$6,000	$4.02	23d	1	0.86mi
11496 Sumter Grove Cir Naples, FL	1.0–2.0	1.0–2.0	1067	$2,134	$2.00	13d	14	0.86mi
9111 Capistrano St S #8303 Naples, FL	2.0	2.5	1432	$7,500	$5.24	23d	1	0.88mi
6590 Beach Resort Dr Unit 305 Naples, FL	2.0	2.0	1351	$4,500	$3.33	13d	1	0.91mi
9081 Albion Ln S #6505 Naples, FL	2.0	2.0	1225	$7,500	$6.12	23d	1	0.95mi
9082 Capistrano St N Unit 48-5 Naples, FL	2.0	2.0	1227	$6,500	$5.30	23d	1	1.00mi
7955 Mahogany Run Ln #515 Naples, FL	2.0	2.0	1244	$8,925	$7.17	23d	1	1.00mi
7955 Mahogany Run Ln Unit 1504173P Naples, FL	3.0	2.0	1442	$5,840	$4.05	13d	1	1.00mi
9071 Albion Ln N #5706 Naples, FL	2.0	2.5	1441	$2,200	$1.53	23d	1	1.00mi
7940 Mahogany Run Ln #623 Naples, FL	2.0	2.0	1389	$8,000	$5.76	23d	1	1.05mi
7925 Mahogany Run Ln #924 Naples, FL	2.0	2.0	1389	$8,925	$6.43	23d	1	1.05mi
7930 Mahogany Run Ln Unit 1504165P Naples, FL	2.0	2.0	1237	$4,053	$3.28	13d	1	1.07mi
7930 Mahogany Run Ln Unit 1504168P Naples, FL	2.0	2.0	1237	$4,495	$3.63	13d	1	1.07mi
7930 Mahogany Run Ln #826 Naples, FL	3.0	2.0	1454	$9,450	$6.50	23d	1	1.07mi
7920 Mahogany Run Ln #1011 Naples, FL	3.0	2.0	1454	$10,395	$7.15	23d	1	1.08mi
7895 Mahogany Run Ln Unit 1504163P Naples, FL	2.0	2.0	1237	$4,125	$3.33	21d	1	1.09mi
7895 Mahogany Run Ln Naples, FL	2.0–3.0	2.0	1339	$2,850	$2.13	13d	3	1.09mi
7870 Mahogany Run Ln #1713 Naples, FL	2.0	2.0	1062	$3,570	$3.36	23d	1	1.12mi
9054 Capistrano St N #4003 Naples, FL	2.0	2.0	1385	$2,495	$1.80	23d	1	1.12mi
8175 Celeste Dr Naples, FL	2.0	2.0	1460	$2,395	$1.64	23d	1	1.12mi
8175 Celeste Dr #1230 Naples, FL	2.0	2.0	1476	$2,775	$1.88	23d	1	1.12mi
7885 Mahogany Run Ln Unit 1504180P Naples, FL	2.0	2.0	1237	$2,915	$2.36	21d	1	1.13mi
7880 Mahogany Run Ln Naples, FL	2.0	2.0	1389	$10,225	$7.36	23d	2	1.13mi
8135 Celeste Dr #4218 Naples, FL	2.0	2.0	1476	$7,500	$5.08	23d	1	1.14mi
6650 Beach Resort Dr Unit 908 Naples, FL	2.0	2.0	1351	$4,600	$3.40	13d	1	1.15mi
1435 Santiago Cir #2003 Naples, FL	3.0	2.5	1315	$2,600	$1.98	23d	1	1.20mi
6750 Beach Resort Dr #7 Naples, FL	2.0	2.0	1351	$3,900	$2.89	23d	1	1.21mi
6750 Beach Resort Dr Naples, FL	2.0	2.0	1351	$3,200	$2.37	13d	2	1.21mi
8986 Cambria Cir Unit 22 Naples, FL	2.0	2.0	1404	$6,000	$4.27	23d	1	1.22mi
5296 Treetops Dr Unit 5296 Naples, FL	2.0	2.0	866	$1,495	$1.73	23d	1	1.24mi
5395 Treetops Dr Unit I Naples, FL	2.0	2.0	865	$1,800	$2.08	23d	1	1.27mi
5324 Treetops Dr Unit G-2 Naples, FL	2.0	2.0	878	$1,800	$2.05	13d	1	1.27mi

HOA detail condo

• Monthly dues: $605 · $7,260/yr
• Likely covers: waterpoolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-18
   days on market $349,000 Active 166 DOM
2. 2026-06-17
   days on market $349,000 Active 165 DOM
3. 2026-06-16
   days on market $349,000 Active 164 DOM
4. 2026-06-15
   days on market $349,000 Active 163 DOM
5. 2026-06-10
   days on market $349,000 Active 158 DOM
6. 2026-06-09
   days on market $349,000 Active 157 DOM
7. 2026-06-09
   price $349,000 Active 156 DOM
8. 2026-06-08
   days on market $369,000 Active 156 DOM
9. 2026-06-07
   days on market $369,000 Active 155 DOM
10. 2026-06-03
    days on market $369,000 Active 151 DOM
11. 2026-06-03
    remarks 695-char remark
12. 2026-06-03
    listed $369,000 Active 150 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: $4,247 · $354/mo
• Projected year-2 tax: $4,247 · $354/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 8/10 Severe FEMA zone X (shaded) · 97% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°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: $53,914
• − Mortgage interest: −$19,549
• − Property taxes: −$4,247
• − Insurance: −$2,542
• − Repairs & maintenance: −$4,313
• − Management: −$4,313
• − HOA: −$7,260
• − Depreciation: −$10,153
• Taxable income: $1,536
• Est. tax owed @ 24.0%: −$369
• After-tax cash flow: $6,211/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 — Lely Resort

• Score: 61/100
• State rank: #786
• US rank: #17981

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lely Resort, FL
• County: Collier County · 396,295 people
• Metro: Naples-Marco Island, FL
• Population (ZIP): 26,056
• Household income: $81,674
• Rent vs Own: 26.7% rent · 73.3% own
• Severe rent burden: 954.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 56% Hispanic / Latino 28% Black 12% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 17% Puerto Rican 3% Cuban 2%
• Common ancestry: Hispanic 10% Romanian 3% Lithuanian 2%
• Foreign-born: 26% · Canada, Jamaica, Vietnam
• Languages at home: 63% English-only · Spanish 24% French/Haitian/Cajun 9% 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: ▼ -194.86%
• Current HPI: 279.4232
• Rent YoY: ▲ 5.59%
• 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

-26.2% since first listed

27 events — show timeline

• 2026-01-03 Listed $369,000 NAPLESMLS
• 2023-04-27 Listing Removed — NAPLESMLS
• 2023-03-10 Listed $475,000 NAPLESMLS
• 2022-05-02 Sold (Public Records) $275,000 Public Records
• 2019-10-24 Sold (Public Records) $179,000 Public Records
• 2019-10-22 Sold (MLS) $179,000 NAPLESMLS
• 2019-09-11 Pending — NAPLESMLS
• 2019-09-04 Relisted — NAPLESMLS
• 2019-08-31 Pending — NAPLESMLS
• 2019-06-13 Relisted — NAPLESMLS
• 2019-06-11 Pending — NAPLESMLS
• 2019-04-12 Price Changed $189,900 NAPLESMLS
• 2019-03-16 Price Changed $199,900 NAPLESMLS
• 2018-12-29 Price Changed $215,000 NAPLESMLS
• 2018-10-18 Listed $223,900 NAPLESMLS
• 2018-10-15 Relisted — NAPLESMLS
• 2018-09-30 Listing Removed — NAPLESMLS
• 2018-08-14 Pending — NAPLESMLS
• 2018-07-26 Listed $215,000 NAPLESMLS
• 2018-05-01 Listing Removed — NAPLESMLS
• 2018-02-02 Price Changed $223,900 NAPLESMLS
• 2017-10-31 Listed $239,900 NAPLESMLS
• 2005-05-18 Sold (Public Records) $339,900 Public Records
• 2005-05-18 Sold (Public Records) $281,000 Public Records
• 2005-05-18 Sold (Public Records) $210,032 Public Records
• 2003-06-11 Sold (Public Records) $1,216,200 Public Records
• 2001-07-18 Sold (Public Records) $500,000 Public Records

Property tax history

+8.7%/yr

Latest (2025): $4,247 · +6.3% YoY. Source: county tax records.