3150 Binnacle Dr #318 · Naples, FL 34103

$325,000

2 bd · 2.0 ba · 1,000 sqft · Condo · 55 Days on market

Built 1973 Good condition $900/mo HOA · 19% of rent ↓ 25% 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 +21.7/30.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Appreciation +0.0/10.0

Listing remarks

We welcome you to this updated, elegantly appointed 55+ condominium, third story, 2 bedroom, & 2 bathroom condo WEST of US 41 in the coveted Moorings neighborhood of Naples with 1,000 sq. ft. of living space. Greetings from the common elevator or the stairwell will lead you to the front door with the kitchen to the right. The kitchen comes equipped with granite counters, stainless steel appliances, and plentiful cabinet/counter space. From the kitchen, the unit opens up to the dining and living area with the screened in balcony just beyond allowing for quiet mornings or evenings watching the sunset as your balcony is west facing. The enclosed balcony enjoys lush views of landscaping an

Key facts

• Community pool
• Lake views
• Central location

Tags

• GRANITE COUNTERS
• STAINLESS STEEL APPLIANCES
• SCREENED IN BALCONY
• COMMUNITY POOL
• LAKE VIEWS
• CENTRAL LOCATION

Property features AI

Finance

• Other: Part of a complex with 41 units (21 units in building), 3 units per floor, single-floor building; Development: Moorings (Riviera at Moorings subdivision); View: partial buildings; Road access: city-maintained/county-maintained paved public road; Restrictions include architectural controls, deeded restrictions, limited number of vehicles, no commercial use, no RVs
• HOA & community: Mandatory HOA; Monthly condo fee of $900 (total annual recurring fees $10,800); Professional management; HOA maintenance covers insurance, irrigation water, laundry facilities, lawn/land maintenance, legal/accounting, manager, exterior pest control, recreation facilities, reserves, sewer, street lights, street maintenance, trash removal and water; Community amenities include clubhouse, common laundry, community pool, internet access, sidewalks and streetlights

Exterior

• Parking: 1 assigned parking space; Deeded parking; Paved driveway and paved guest parking
• Security: Underground utilities (community amenity)
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential low-rise building (1–3 stories); Traditional design; Zero lot line; Rear exposure faces west; Unit 3B in the building
• Construction: Concrete block construction; Built in 1973
• Exterior features: Gazebo; Pond; Automatic sprinkler system; Stucco exterior; Single hung and sliding windows; Built-up or flat roof

Interior

• Kitchen: Dome-style kitchen; Pantry; Dishwasher; Disposal; Microwave; Range; Refrigerator/Freezer
• Bedrooms: 2 bedrooms with a split bedroom floor plan
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Master bathroom with shower (no tub)
• Heating & cooling: Central electric heat; Central electric air conditioning; Ceiling fans
• Interior features: Cable prewire and high-speed internet available; Pantry; Smoke detectors; Window coverings; Great room; Screened balcony; Common elevator; Three ceiling fans; Unfurnished
• Laundry & utility: Laundry facilities (community/HOA maintained)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $325k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $436 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $325k).
• Recommended offer: $315k (3.0% 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: Sea Gate Elementary School (math 86% / reading 81%, grade A+, #60 of 2,144 statewide, top 3%, 703 students, 26% FRL); Naples High School (math 47% / reading 52%, grade D, #179 of 667 statewide, top 29%, 1,719 students, 39% FRL) — zoned schools average 32% FRL vs 55% district-wide (23 pts lower); this property's tenant base skews higher-income than the district average.
• 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).
• At $4,618/mo this rent would consume 47% 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.

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 + 8.0% rent growth), your $91k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 3y ago; this cycle's ask has dropped $25k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $315,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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: 1.42% ✓
• Cap rate: 8.15%
• Cash-on-cash: 6.63%
• DSCR: 1.29
• GRM: 5.9

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: 0.0%
• Equity multiple: 1.00×
• Total profit: $185
• Equity at exit: $48,459

10-year hold

• IRR: 15.5%
• Equity multiple: 2.65×
• Total profit: $149,713
• Equity at exit: $28,100

Cash invested: $91,000 (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 34103

• Rents YoY: 14.6%
• Active inventory: 479
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $4,618 medium
• Mortgage (P&I): −$1,704
• Tax est. 1.5%: −$406 /mo · $4,875/yr
• Insurance: −$135
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$900
• Vacancy / Maint / Mgmt: −$970
• Net cashflow: $436

Break-even live

Break-even rent $4,066

Max offer price $325,000

Occupancy floor 86%

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3200 Binnacle Dr Unit D3 Naples, FL	2.0	2.0	1180	$9,000	$7.63	21d	1	0.06mi
3030 Binnacle Dr #201 Naples, FL	2.0	2.0	1092	$5,000	$4.58	23d	1	0.13mi
820 Ketch Dr #3 Naples, FL	2.0	2.0	1100	$5,500	$5.00	23d	1	0.20mi
820 Ketch Dr #2 Naples, FL	2.0	2.0	1100	$5,700	$5.18	23d	1	0.20mi
45 High Point Cir S #303 Naples, FL	2.0	2.0	1015	$5,500	$5.42	23d	1	0.39mi
788 Park Shore Dr Naples, FL	1.0–2.0	1.5–2.0	931	$5,500	$5.90	14d	3	0.40mi
3930 Belair Ln Naples, FL	2.0	2.0	1300	$6,000	$4.62	23d	1	0.62mi
333 Harbour Dr #211 Naples, FL	2.0	2.0	975	$5,500	$5.64	14d	1	0.63mi
3400 Gulf Shore Blvd N Unit M3 Naples, FL	2.0	2.0	1337	$9,500	$7.11	23d	1	0.73mi
222 Harbour Dr #105 Naples, FL	2.0	2.0	1393	$13,000	$9.33	23d	1	0.73mi
3200 Gulf Shore Blvd N #105 Naples, FL	2.0	2.0	1116	$8,500	$7.62	23d	1	0.75mi
3070 Gulf Shore Blvd N #103 Naples, FL	2.0	2.0	1300	$8,000	$6.15	23d	1	0.76mi
4092 Belair Ln #15 Naples, FL	3.0	3.0	1500	$6,200	$4.13	23d	1	0.82mi
3500 Gulf Shore Blvd N Naples, FL	2.0	2.0	1258	$7,650	$6.08	23d	2	0.82mi
2400 14th St N Naples, FL	3.0	2.0	1464	$5,890	$4.02	14d	1	0.82mi
555 Park Shore Dr Unit B410 Naples, FL	2.0	2.0	1200	$6,000	$5.00	21d	1	0.87mi
2885 Gulf Shore Blvd N #302 Naples, FL	2.0	2.0	1500	$20,000	$13.33	23d	1	0.88mi
3443 Gulf Shore Blvd N Naples, FL	2.0	2.0	1171	$12,750	$10.88	14d	11	0.88mi
2600 Gulf Shore Blvd N #64 Naples, FL	2.0	2.0	1200	$7,200	$6.00	23d	1	0.90mi
2500 Gulf Shore Blvd N Unit S6 Naples, FL	2.0	2.0	1145	$7,500	$6.55	23d	1	0.92mi
600 Neapolitan Way Naples, FL	1.0–2.0	2.0	832	$5,200	$6.25	23d	2	0.99mi
2258 Gulf Shore Blvd N Unit O1 Naples, FL	2.0	2.0	1491	$13,750	$9.22	23d	1	1.00mi
2216 Gulf Shore Blvd N Unit R3 Naples, FL	2.0	2.0	1265	$10,000	$7.91	23d	1	1.00mi
4001 Gulf Shore Blvd N #803 Naples, FL	2.0	2.0	1267	$13,000	$10.26	23d	1	1.03mi
4001 Gulf Shore Blvd N #1104 Naples, FL	2.0	2.0	1267	$11,000	$8.68	23d	1	1.03mi
4001 Gulf Shore Blvd N #105 Naples, FL	2.0	2.0	1247	$12,000	$9.62	23d	1	1.03mi
4001 Gulf Shore Blvd N #303 Naples, FL	2.0	2.0	1248	$9,000	$7.21	23d	1	1.03mi
4001 Gulf Shore Blvd N #505 Naples, FL	2.0	2.0	1271	$9,000	$7.08	14d	1	1.03mi
4001 Gulf Shore Blvd N #707 Naples, FL	2.0	2.0	1267	$20,000	$15.79	23d	1	1.03mi
4005 Gulf Shore Blvd N #607 Naples, FL	2.0	2.0	1400	$14,000	$10.00	23d	1	1.05mi
4005 Gulf Shore Blvd N #605 Naples, FL	2.0	2.0	1267	$10,000	$7.89	23d	1	1.05mi
2203 Gulf Shore Blvd N Unit E1 Naples, FL	2.0	2.0	1491	$17,500	$11.74	23d	1	1.11mi
2211 Gulf Shore Blvd N Unit C4 Naples, FL	2.0	2.0	1265	$17,500	$13.83	23d	1	1.12mi
4200 Belair Ln Naples, FL	2.0–3.0	2.0	1406	$6,500	$4.62	23d	5	1.13mi
1082 Capri Dr Naples, FL	3.0	2.0	1500	$9,000	$6.00	23d	1	1.14mi
2100 Gulf Shore Blvd N #101 Naples, FL	2.0	2.0	1200	$8,000	$6.67	23d	1	1.17mi
1950 Gulf Shore Blvd N Naples, FL	2.0	2.0	1060	$7,250	$6.84	23d	2	1.22mi
4523 Fluvia Ave Naples, FL	2.0	1.0	1050	$5,500	$5.24	23d	1	1.22mi
4300 Belair Ln Naples, FL	2.0	2.0	1200	$6,750	$5.62	14d	2	1.22mi
4525 Fluvia Ave Naples, FL	2.0	1.0	1050	$5,500	$5.24	23d	1	1.22mi

HOA detail condo

• Monthly dues: $900 · $10,800/yr
• Likely covers: landscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 40 events

1. 2026-06-18
   price $325,000 Active 55 DOM
2. 2026-06-18
   days on market $330,000 Active 55 DOM
3. 2026-06-17
   days on market $330,000 Active 54 DOM
4. 2026-06-16
   days on market $330,000 Active 53 DOM
5. 2026-06-15
   days on market $330,000 Active 52 DOM
6. 2026-06-14
   days on market $330,000 Active 50 DOM
7. 2026-06-10
   days on market $330,000 Active 47 DOM
8. 2026-06-09
   days on market $330,000 Active 46 DOM
9. 2026-06-08
   days on market $330,000 Active 45 DOM
10. 2026-06-07
    pricedays on market $330,000 Active 44 DOM
11. 2026-06-03
    days on market $339,000 Active 40 DOM
12. 2026-06-02
    days on market $339,000 Active 39 DOM
13. 2026-06-01
    days on market $339,000 Active 38 DOM
14. 2026-05-31
    days on market $339,000 Active 37 DOM
15. 2026-05-30
    days on market $339,000 Active 36 DOM
16. 2026-05-20
    price $339,000
17. 2026-04-24
    listed $350,000 Active
18. 2025-10-01
    historical $2,100
19. 2025-09-30
    historical
20. 2025-08-10
    listed $2,100
21. 2025-08-05
    price $385,000
22. 2025-05-16
    historical $2,100
23. 2025-04-15
    price $399,000
24. 2025-02-26
    listed $2,100
25. 2025-02-26
    historical $2,100
26. 2025-02-21
    listed $430,000 Active
27. 2025-02-17
    listed $2,100
28. 2024-12-31
    historical $2,000
29. 2024-12-03
    listed $2,000
30. 2024-12-02
    historical
31. 2024-10-17
    historical $2,000
32. 2024-10-09
    listed $2,000
33. 2024-10-06
    listed $450,000 Active
34. 2024-01-29
    historical $2,000
35. 2024-01-23
    price $2,000
36. 2024-01-10
    price $2,100
37. 2023-12-19
    price $2,200
38. 2023-12-05
    listed $2,600
39. 2023-12-05
    historical
40. 2023-09-30
    listed $450,000 Active

ⓘ 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 7/10 Severe FEMA zone X (shaded) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 27 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: $55,422
• − Mortgage interest: −$18,205
• − Property taxes: −$4,875
• − Insurance: −$2,422
• − Repairs & maintenance: −$4,434
• − Management: −$4,434
• − HOA: −$10,800
• − Depreciation: −$9,455
• Taxable income: $797
• Est. tax owed @ 24.0%: −$191
• After-tax cash flow: $5,042/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 · 12 photos

Good 80/100 Cosmetic rehab

This updated, elegantly appointed 55+ condominium is in good condition with minimal repairs needed. It offers a good ROI with potential for further value increases through cosmetic updates.

Value-add opportunities

• Both Paint interior walls — Fresh paint can enhance the home's curb appeal and interior aesthetics
• Both Replace carpet with hardwood or tile flooring — Hardwood or tile flooring can increase the home's value and make it more appealing to a wider range of buyers
• Both Install smart home technology — Smart home technology can increase the home's value and make it more appealing to buyers who are interested in modern technology
• Both Upgrade kitchen appliances — Upgrading the kitchen appliances can increase the home's value and make it more appealing to buyers who are interested in modern appliances

Renovation cost estimate screening

Value-add ROI direction

• Both Paint interior walls — Fresh paint can enhance the home's curb appeal and interior aesthetics ↑
• Both Replace carpet with hardwood or tile flooring — Hardwood or tile flooring can increase the home's value and make it more appealing to a wider range of buyers ↑
• Both Install smart home technology — Smart home technology can increase the home's value and make it more appealing to buyers who are interested in modern technology ↑
• Both Upgrade kitchen appliances — Upgrading the kitchen appliances can increase the home's value and make it more appealing to buyers who are interested in modern appliances ↑

ⓘ 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

• Census place: Naples, FL
• County: Collier County · 396,295 people
• City population: 344,941
• Metro: Naples-Marco Island, FL
• Population (ZIP): 11,299
• Household income: $116,875
• Rent vs Own: 14.1% rent · 85.9% own
• Severe rent burden: 311.0

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 10% Two or more races 8% Asian 1%
• Common ancestry: Romanian 4% Lithuanian 2% Portuguese 2%
• Foreign-born: 13% · Canada
• Languages at home: 87% English-only · Spanish 9% Other Indo-European 2% German/W. Germanic 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: ▼ -327.53%
• Current HPI: 315.1396
• Rent YoY: ▲ 14.55%
• 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

-24.7% since first listed

25 events — show timeline

• 2026-05-20 Price Changed $339,000 NAPLESMLS
• 2026-04-24 Listed $350,000 NAPLESMLS
• 2025-10-01 Rental Removed $2,100 MARMLS
• 2025-09-30 Listing Removed — MARMLS
• 2025-08-10 Listed for Rent $2,100 MARMLS
• 2025-08-05 Price Changed $385,000 MARMLS
• 2025-05-16 Rental Removed $2,100 MARMLS
• 2025-04-15 Price Changed $399,000 MARMLS
• 2025-02-26 Listed for Rent $2,100 MARMLS
• 2025-02-26 Rental Removed $2,100 NAPLESMLS
• 2025-02-21 Listed $430,000 MARMLS
• 2025-02-17 Listed for Rent $2,100 NAPLESMLS
• 2024-12-31 Rental Removed $2,000 NAPLESMLS
• 2024-12-03 Listed for Rent $2,000 NAPLESMLS
• 2024-12-02 Listing Removed — NAPLESMLS
• 2024-10-17 Rental Removed $2,000 NAPLESMLS
• 2024-10-09 Listed for Rent $2,000 NAPLESMLS
• 2024-10-06 Listed $450,000 NAPLESMLS
• 2024-01-29 Rental Removed $2,000 MARMLS
• 2024-01-23 Price Changed $2,000 MARMLS
• 2024-01-10 Price Changed $2,100 MARMLS
• 2023-12-19 Price Changed $2,200 MARMLS
• 2023-12-05 Listed for Rent $2,600 MARMLS
• 2023-12-05 Listing Removed — NAPLESMLS
• 2023-09-30 Listed $450,000 NAPLESMLS