268 Indies Dr E #202 · Marco Shores-Hammock Bay, FL 34114

$440,000

3 bd · 2.0 ba · 1,509 sqft · Condo public records · 57 Days on market

Built 2023 Excellent condition $520/mo HOA · 8% of rent ↓ 4% since listing

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Why this score? — see what drove the B+ 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 +29.6/30.0
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Condition / age +4.8/5.0
• Appreciation +4.3/10.0
• Rent growth +3.3/5.0
• Livability +2.5/5.0

Listing remarks

LOWEST PRICED HOME IN ANTILLES!!! THIS UPGRADED RESIDENCE IS EXEMPT FROM FLOOD INSURANCE!! !!! This light and bright second floor classic coach home features 3 bedrooms and 2 bathrooms and was built in 2023. High ceilings residence with partial water view consists of almost 2000 sq ft , this spectacular residence features a one-car garage and a spacious master bedroom, with an elegant ensuite featuring an extended floor to ceiling tile in shower and flooring, dual sinks, and an expansive walk-in closet. Additionally, you'll discover a generously proportioned guest bedroom, a versatile office that can easily be converted into a third bedroom and a well-appointed laundry room furnished with a

Key facts

• One car garage
• Versatile office
• Walk in closet

Tags

• ONE CAR GARAGE
• ELEGANT ENSUITE
• WALK IN CLOSET
• VERSATILE OFFICE
• WELL APPOINTED LAUNDRY ROOM
• STAINLESS STEEL APPLIANCES

Property features AI

Finance

• Financial info: Condo fee paid quarterly
• HOA & community: Mandatory HOA; Quarterly condo fee of $1,560; Total annual recurring HOA fees $6,240; One-time mandatory club fee $500; Professional management; Maintenance covers insurance, irrigation water, lawn/land maintenance, legal/accounting, manager, master association fee, exterior pest control, recreation facilities, reserves, security, sewer, street lights, street maintenance, trash removal, and water; Gated community; Community amenities: clubhouse, community pool, community spa/hot tub, exercise room, bocce court, pickleball, BBQ/picnic area, bike storage, community room, library, guest room, sidewalks, streetlights

Exterior

• Parking: Detached 1-car garage
• Security: Community security (included in maintenance)
• Utilities: Central water; Central sewer (assessment unpaid); Cable available; Electric service for heat and cooling
• Home design: Residential carriage/coach style; Low rise (1-3 stories); Built in 2023; Rear exposure faces north; Part of the ANTILLES development
• Construction: Concrete block construction; Stucco exterior; Tile roof; Impact resistant windows and doors; Single hung windows
• Exterior features: Patio; Zero lot line; Landscaped view; Central irrigation; Restrictions: Architectural, Deeded, No Commercial, No RV

Interior

• Kitchen: Island; Electric cooktop; Dishwasher; Disposal; Microwave; Refrigerator/Freezer; Pantry; Eat-in kitchen
• Bedrooms: 3 bedrooms
• Flooring: Tile floors
• 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: Cable prewire; Fire sprinkler system; Pantry; Smoke detectors; Walk-in closet; Window coverings; Split bedroom floor plan; Screened lanai/porch; Guest bath; Guest room; Laundry in residence; Island in kitchen; Dining area that opens to living; Eat-in kitchen; Unfurnished
• Laundry & utility: Washer and dryer included; Washer/dryer hookup; Laundry in residence; Auto garage door

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $440k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $440k).
• Recommended offer: $427k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — 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.
• Market conditions: Rents rising (+3.2%/yr); 900 active listings in the ZIP; 27 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).
• At $6,304/mo this rent would consume 85% of the median local household income ($89k/yr) (locally 550% 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 (-1.5%/yr); year-one equity from $3k of loan paydown is wiped out by about $7k 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 (-1.5% appreciation + 3.2% rent growth), your $123k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($427k) is reasonable based on typical stale-listing flexibility.

Recommended offer $426,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.43% ✓
• Cap rate: 10.64%
• Cash-on-cash: 15.52%
• DSCR: 1.69
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.48% appreciation · 3.21% rent growth · sell at horizon

5-year hold

• IRR: 11.2%
• Equity multiple: 1.49×
• Total profit: $60,564
• Equity at exit: $96,146

10-year hold

• IRR: 18.1%
• Equity multiple: 2.76×
• Total profit: $216,499
• Equity at exit: $92,615

Cash invested: $123,200 (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 34114

• Home prices YoY: -0.6%
• Rents YoY: 3.2%
• Active inventory: 900
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $6,304 high
• Mortgage (P&I): −$2,307
• Tax from tax record: −$375 /mo · $4,504/yr
• Insurance: −$183
• HOA: −$520
• Vacancy / Maint / Mgmt: −$1,324
• Net cashflow: $1,594

Break-even live

Break-even rent $4,286

Max offer price $440,000

Occupancy floor 70%

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: $110,000
• Closing costs: $13,200
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
286 Indies Dr E Unit 202 Naples, FL	3.0	2.0	1509	$3,200	$2.12	23d	1	0.07mi
262 Indies Dr E Unit 101 Naples, FL	3.0	2.0	1537	$7,500	$4.88	23d	1	0.07mi
268 Indies Dr E #102 Naples, FL	2.0	2.0	1537	$7,500	$4.88	23d	1	0.08mi
244 Indies Dr E #101 Naples, FL	3.0	2.0	1537	$7,500	$4.88	21d	1	0.09mi
8482 Bent Creek Way Naples, FL	3.0	2.0	2064	$8,000	$3.88	23d	1	0.09mi
232 Indies Dr E #101 Naples, FL	3.0	2.0	1537	$7,500	$4.88	23d	1	0.13mi
8526 Pepper Tree Way Naples, FL	3.0	2.0	1990	$6,900	$3.47	23d	1	0.15mi
8375 Whisper Trace Ln #202 Naples, FL	3.0	2.0	2106	$3,000	$1.42	21d	1	0.17mi
163 Indies Dr E #106 Naples, FL	3.0	2.0	1698	$7,500	$4.42	23d	1	0.19mi
163 Indies Dr E #203 Naples, FL	2.0	2.0	1448	$7,200	$4.97	23d	1	0.19mi
163 Indies Dr E #206 Naples, FL	3.0	2.0	1698	$6,000	$3.53	23d	1	0.19mi
8365 Whisper Trace Way Unit L204 Naples, FL	3.0	2.0	1752	$6,500	$3.71	14d	1	0.24mi
8355 Whisper Trace Way Unit K104 Naples, FL	3.0	2.0	1674	$6,500	$3.88	14d	1	0.24mi
172 Indies Dr E #101 Naples, FL	3.0	2.0	1980	$7,500	$3.79	14d	1	0.24mi
172 Indies Dr E Unit 8-102 Naples, FL	2.0	2.0	1980	$8,500	$4.29	23d	1	0.25mi
4650 Hawks Nest Way Unit M202 Naples, FL	3.0	2.0	1840	$9,600	$5.22	14d	1	0.65mi
4529 Cardinal Cove Ln #7 Naples, FL	2.0	2.0	1539	$6,500	$4.22	23d	1	0.71mi
3940 Deer Crossing Ct Unit 4-203 Naples, FL	3.0	2.0	2166	$7,500	$3.46	23d	1	0.73mi
3930 Deer Crossing Ct #103 Naples, FL	3.0	2.0	1950	$2,530	$1.30	14d	1	0.73mi
4680 Hawks Nest Way Unit D-103 Naples, FL	2.0	2.0	1414	$3,000	$2.12	14d	1	0.74mi
3985 Deer Crossing Ct #201 Naples, FL	3.0	2.0	1981	$5,795	$2.93	23d	1	0.75mi
3975 Deer Crossing Ct #201 Naples, FL	3.0	2.0	2101	$7,500	$3.57	23d	1	0.76mi
3955 Deer Crossing Ct #103 Naples, FL	3.0	2.0	1812	$7,500	$4.14	23d	1	0.77mi
4685 Hawks Nest Way #103 Naples, FL	2.0	2.0	1440	$6,500	$4.51	14d	1	0.77mi
9571 Mussorie Ct Naples, FL	3.0	3.5	2117	$12,500	$5.90	23d	1	1.25mi
9104 Cherry Oaks Trl Naples, FL	3.0	2.0	1876	$5,000	$2.67	23d	1	1.37mi
1042 Mainsail Dr #822 Naples, FL	3.0	2.0	1276	$1,895	$1.49	23d	1	1.48mi

HOA detail condo

• Monthly dues: $520 · $6,240/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-18
   days on market $440,000 Active 57 DOM
2. 2026-06-17
   days on market $440,000 Active 56 DOM
3. 2026-06-16
   pricedays on market $440,000 Active 55 DOM
4. 2026-06-15
   days on market $455,000 Active 54 DOM
5. 2026-06-14
   days on market $455,000 Active 52 DOM
6. 2026-06-10
   days on market $455,000 Active 49 DOM
7. 2026-06-09
   days on market $455,000 Active 48 DOM
8. 2026-06-08
   days on market $455,000 Active 47 DOM
9. 2026-06-07
   days on market $455,000 Active 46 DOM
10. 2026-06-03
    days on market $455,000 Active 42 DOM
11. 2026-06-02
    days on market $455,000 Active 41 DOM
12. 2026-06-01
    days on market $455,000 Active 40 DOM
13. 2026-05-31
    days on market $455,000 Active 39 DOM
14. 2026-05-30
    days on market $455,000 Active 38 DOM
15. 2026-05-11
    price $455,000
16. 2026-04-22
    listed $475,000 Active

ⓘ 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: $4,504 · $375/mo
• Projected year-2 tax: $4,504 · $375/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $75,644
• − Mortgage interest: −$24,647
• − Property taxes: −$4,504
• − Insurance: −$2,200
• − Repairs & maintenance: −$6,052
• − Management: −$6,052
• − HOA: −$6,240
• − Depreciation: −$12,800
• Taxable income: $13,150
• Est. tax owed @ 24.0%: −$3,156
• After-tax cash flow: $15,970/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

Excellent 95/100 None rehab

This well-maintained and upgraded condo is in excellent condition with a modern kitchen and living spaces. It offers a great value for both resale and rental.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances the home's curb appeal and can attract more buyers
• Both Painting the exterior — Fresh paint can improve the home's appearance and value
• Resale Upgrading the flooring in the bathrooms — Modern flooring can increase the home's appeal to potential buyers
• Resale Upgrading the kitchen appliances — Modern appliances can make the kitchen more appealing to potential buyers

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances the home's curb appeal and can attract more buyers ↑
• Both Painting the exterior — Fresh paint can improve the home's appearance and value ↑
• Resale Upgrading the flooring in the bathrooms — Modern flooring can increase the home's appeal to potential buyers ↑
• Resale Upgrading the kitchen appliances — Modern appliances can make the kitchen more appealing to potential buyers ↑

ⓘ 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 — Marco Shores-Hammock Bay

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

Census & demographics

• County: Collier County · 396,295 people
• Metro: Naples-Marco Island, FL
• Population (ZIP): 23,559
• Household income: $89,334
• Rent vs Own: 15.3% rent · 84.7% own
• Severe rent burden: 550.0

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 (72%)
• Race & ethnicity: White 72% Hispanic / Latino 17% Two or more races 13% Black 7%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1% Cuban 3%
• Common ancestry: Hispanic 5% Romanian 4% Lithuanian 1%
• Foreign-born: 21% · Canada, Jamaica
• Languages at home: 75% English-only · Spanish 15% French/Haitian/Cajun 5% Other Indo-European 4%

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: ▼ -1.48%
• Current HPI: 266.5545
• Rent YoY: ▲ 3.21%
• 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

-4.2% since first listed

2 events — show timeline

• 2026-05-11 Price Changed $455,000 NAPLESMLS
• 2026-04-22 Listed $475,000 NAPLESMLS

Property tax history

+6.5%/yr

Latest (2025): $4,504 · +6.5% YoY. Source: county tax records.