1200 Cherrystone Ct Unit B-109 · Naples, FL 34102

$399,000

2 bd · 2.0 ba · 1,276 sqft · Condo public records · 23 Days on market

Built 1974 $745/mo HOA · 14% of rent

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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 +26.2/30.0
• DSCR +8.9/10.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• Appreciation +7.0/10.0
• Schools +5.0/10.0
• Rent growth +4.7/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0

Listing remarks

An exceptional boating opportunity in Naples at an incredible value! Waterfront living meets direct Gulf access in this charming first-floor residence at Cherrystone Court, complete with a deeded 30-foot boat dock featuring electric & water, a new wooden dock and seawall, and NO BRIDGES to the Gulf — offering the effortless boating lifestyle so many dream of, yet rarely find at this price point. Positioned along a peaceful canal connected to Naples Bay, this 2-bedroom, 2-bath residence offers 1,276 square feet of inviting living space and tranquil canal and boat dock views from the glass-enclosed lanai. Inside, the condo features an updated kitchen with granite countertops and r

Key facts

• Direct gulf access
• New wooden dock
• No bridges to gulf

Tags

• WATERFRONT LIVING
• DIRECT GULF ACCESS
• DEEDED BOAT DOCK
• NEW WOODEN DOCK
• NO BRIDGES TO GULF
• CANAL VIEWS

Property features AI

Finance

• Other: Deeded dock included (wooden) with electricity and water at dock; Gulf access with no bridges; canal width 31–80 feet; Dock deeded and included
• Financial info: Total annual recurring fees reported; Total one-time fees reported
• HOA & community: Quarterly condo fee (community-managed); Professional management; Community amenities include community pool, community room, cabana, BBQ/picnic area, and boat storage; Community type: Boating, non-gated; Maintenance covered: insurance, irrigation water, lawn/land maintenance, pest control (exterior), sewer, water, recreation facilities, repairs, reserves, legal/accounting, manager

Exterior

• Parking: 1 assigned parking space; Guest parking; Paved parking
• Security: Underground utilities (community)
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential low-rise building (1–3 stories); Built in 1974; Concrete block construction; Rear exposure faces east; Located in Oyster Bay development
• Construction: Concrete block construction; Stucco finish; Shingle roof; Built in 1974
• Exterior features: Shingle roof; Single-hung windows; Manual shutters; Stucco exterior; Canal waterfront; Canal view, landscaped area and water views; Reclaimed irrigation; County-maintained paved road with cul-de-sac; Regular lot

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator/ice maker; Breakfast bar; Dining area in living room
• Bedrooms: 2 bedrooms; First-floor bedroom; Split bedroom floor plan
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Master bath with shower (no tub)
• Heating & cooling: Central electric heat; Central electric air conditioning; Ceiling fans
• Interior features: High-speed internet available; Walk-in closet; Window coverings; Glass porch; Screened lanai/porch; Turnkey furnished
• Laundry & utility: Washer and dryer in residence

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $399k.

Deal economics

• At list price, monthly cash flow is $592 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $399k).
• Recommended offer: $393k (1.5% 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.
• Market conditions: Rents rising fast (+8.8%/yr); 614 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 $5,189/mo this rent would consume 48% of the median local household income ($131k/yr) (locally 333% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $19k of equity ($3k loan paydown + $16k appreciation (4.1% local appreciation)).
• Collier County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (4.1% appreciation + 8.0% rent growth), your $112k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($393k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $118k; list at $399k implies a 238% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $393,015 (1.5% below list)

Questions for the listing agent

1. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.30% ✓
• Cap rate: 9.36%
• Cash-on-cash: 10.94%
• DSCR: 1.49
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.08% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 19.6%
• Equity multiple: 2.23×
• Total profit: $137,076
• Equity at exit: $204,249

10-year hold

• IRR: 23.0%
• Equity multiple: 5.11×
• Total profit: $459,490
• Equity at exit: $335,631

Cash invested: $111,720 (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 34102

• Home prices YoY: 1.3%
• Rents YoY: 8.8%
• Active inventory: 614
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $5,189 medium
• Mortgage (P&I): −$2,092
• Tax from tax record: −$77 /mo · $930/yr
• Insurance: −$166
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$745
• Vacancy / Maint / Mgmt: −$1,090
• Net cashflow: $592

Break-even live

Break-even rent $4,440

Max offer price $399,000

Occupancy floor 84%

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1200 Cherrystone Ct Unit A203 Naples, FL	2.0	2.0	1276	$4,950	$3.88	23d	1	0.04mi
1186 Cherrystone Ct Naples, FL	2.0	2.0	1163	$1,995	$1.72	23d	1	0.05mi
1555 Blue Point Ave Unit 3 Naples, FL	2.0	2.0	1025	$1,745	$1.70	13d	1	0.06mi
1165 Clam Ct #7 Naples, FL	2.0	2.5	1449	$2,900	$2.00	23d	1	0.08mi
1686 Blue Point Ave Unit B1 Naples, FL	2.0	2.0	1198	$6,500	$5.43	23d	1	0.09mi
1686 Blue Point Ave Naples, FL	2.0	2.0	1057	$5,500	$5.20	13d	2	0.09mi
1535 Chesapeake Ave Unit A2 Naples, FL	2.0	2.0	1080	$2,000	$1.85	23d	1	0.11mi
1155 Sandpiper St Naples, FL	2.0	2.0	1062	$4,050	$3.81	23d	2	0.11mi
1155 Sandpiper St Naples, FL	2.0	2.0	1062	$3,950	$3.72	21d	3	0.11mi
1501 Chesapeake Ave Unit 1296210P Naples, FL	2.0	2.0	1377	$4,110	$2.98	13d	1	0.11mi
1625 Chesapeake Ave #203 Naples, FL	2.0	2.0	1200	$4,500	$3.75	23d	1	0.12mi
1495 Blue Point Ave Unit C Naples, FL	2.0	2.5	1529	$12,000	$7.85	23d	1	0.12mi
985 Sandpiper St Unit 1I-204 Naples, FL	3.0	2.0	1769	$4,850	$2.74	23d	1	0.13mi
1666 Osprey Ave #203 Naples, FL	2.0	2.0	1200	$7,000	$5.83	23d	1	0.15mi
1400 Blue Point Ave #104 Naples, FL	2.0	2.0	1550	$2,900	$1.87	23d	1	0.16mi
1589 Osprey Ave Naples, FL	3.0	2.0	1868	$3,950	$2.11	23d	1	0.19mi
1589 Osprey Ave Naples, FL	3.0	2.0	1868	$3,750	$2.01	13d	1	0.19mi
1437 Sandpiper St Naples, FL	3.0	2.0	1200	$16,000	$13.33	23d	1	0.20mi
1353 Pelican Ave Naples, FL	2.0	2.0	1203	$8,500	$7.07	23d	1	0.22mi
1376 Chesapeake Ave #2 Naples, FL	2.0	2.0	1218	$2,300	$1.89	23d	1	0.22mi
1120 Little Neck Ct Unit E40 Naples, FL	3.0	2.0	1400	$2,999	$2.14	23d	1	0.22mi
1600 Curlew Ave Naples, FL	3.0	2.0	1817	$20,000	$11.01	23d	1	0.23mi
12 Knights Bridge Rd Unit A32 Naples, FL	2.0	2.0	1095	$3,200	$2.92	21d	1	0.27mi
1549 Sandpiper St #36 Naples, FL	2.0	2.0	1073	$2,195	$2.05	23d	1	0.28mi
1501 Curlew Ave Naples, FL	2.0	1.0	1180	$2,000	$1.69	23d	1	0.28mi
9 Knights Bridge Rd #30 Naples, FL	2.0	2.0	1296	$3,000	$2.31	13d	1	0.28mi
1435 Curlew Ave #1 Naples, FL	2.0	2.0	975	$2,850	$2.92	23d	1	0.31mi
1435 Curlew Ave #1 Naples, FL	2.0	2.0	975	$2,850	$2.92	21d	1	0.31mi
1950 Mayfair ST Unit 923 Naples, FL	2.0	2.0	1142	$4,490	$3.93	13d	1	0.31mi
1950 Mayfair ST Unit 818 Naples, FL	2.0	2.0	1142	$4,415	$3.87	13d	1	0.31mi
1950 Mayfair ST Unit 901 Naples, FL	2.0	2.0	1025	$4,560	$4.45	13d	1	0.31mi
1950 Mayfair ST Unit 1027 Naples, FL	1.0	1.0	888	$3,525	$3.97	13d	1	0.31mi
1395 Curlew Ave Unit 4-3 Naples, FL	2.0	2.0	975	$7,000	$7.18	23d	1	0.33mi
24 Rivard Rd Naples, FL	3.0	2.0	1314	$6,500	$4.95	23d	1	0.33mi
1950 Mayfair St Naples, FL	3.0	1.0–3.5	1514	$8,752	$5.78	13d	109	0.36mi
105 Georgetown Blvd #105 Naples, FL	2.0	2.0	1450	$6,500	$4.48	23d	1	0.39mi
69 Georgetown Blvd #69 Naples, FL	2.0	2.0	1450	$5,500	$3.79	23d	1	0.42mi
91 Georgetown Blvd #91 Naples, FL	2.0	2.0	1450	$7,000	$4.83	23d	1	0.42mi
1747 Sandpiper St Unit B Naples, FL	3.0	2.0	1800	$9,000	$5.00	21d	1	0.44mi
84 Georgetown Blvd #84 Naples, FL	2.0	2.0	1450	$5,500	$3.79	23d	1	0.46mi

HOA detail condo

• Monthly dues: $745 · $8,940/yr
• Likely covers: waterelectric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $399,000 Active 23 DOM
2. 2026-06-17
   days on market $399,000 Active 22 DOM
3. 2026-06-16
   days on market $399,000 Active 21 DOM
4. 2026-06-15
   days on market $399,000 Active 20 DOM
5. 2026-06-14
   days on market $399,000 Active 18 DOM
6. 2026-06-10
   days on market $399,000 Active 15 DOM
7. 2026-06-09
   days on market $399,000 Active 14 DOM
8. 2026-06-08
   days on market $399,000 Active 13 DOM
9. 2026-06-07
   days on market $399,000 Active 12 DOM
10. 2026-06-03
    days on market $399,000 Active 8 DOM
11. 2026-06-02
    days on market $399,000 Active 7 DOM
12. 2026-06-01
    days on market $399,000 Active 6 DOM
13. 2026-05-31
    days on market $399,000 Active 5 DOM
14. 2026-05-30
    days on market $399,000 Active 4 DOM
15. 2026-05-26
    listed $399,000 Active
16. 1997-01-08
    soldstatus $118,000
17. 1992-07-01
    soldstatus $122,000

ⓘ 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: $930 · $77/mo
• Projected year-2 tax: $3,312 · $276/mo
• Expected delta: +$2,382/yr (+$199/mo · 256.3%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 25 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $62,271
• − Mortgage interest: −$22,350
• − Property taxes: −$930
• − Insurance: −$7,114
• − Repairs & maintenance: −$4,982
• − Management: −$4,982
• − HOA: −$8,940
• − Depreciation: −$11,607
• Taxable income: $1,367
• Est. tax owed @ 24.0%: −$328
• After-tax cash flow: $6,774/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)

No district data.

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): 11,179
• Household income: $130,929
• Rent vs Own: 24.1% rent · 75.9% own
• Severe rent burden: 333.0

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 (79%)
• Race & ethnicity: White 79% Hispanic / Latino 9% Two or more races 8% Black 8% Asian 1%
• Hispanic origin (detail): Cuban 6%
• Common ancestry: Hispanic 4% Lithuanian 4% Romanian 4%
• Foreign-born: 17% · Canada, China
• Languages at home: 87% English-only · Spanish 7% French/Haitian/Cajun 4% 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: ▲ 4.08%
• Current HPI: 328.2755
• Rent YoY: ▲ 8.75%
• 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

+227.0% since first listed

3 events — show timeline

• 2026-05-26 Listed $399,000 NAPLESMLS
• 1997-01-08 Sold (Public Records) $118,000 Public Records
• 1992-07-01 Sold (Public Records) $122,000 Public Records

Property tax history

-0.8%/yr

Latest (2025): $930 · +3.0% YoY. Source: county tax records.