600 Neapolitan Way #153 · Naples, FL 34103

$357,500

2 bd · 2.0 ba · 864 sqft · Condo public records · 399 Days on market

Built 1982 $1283/mo HOA · 25% of rent

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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 +21.9/30.0
• 1% rule +9.6/10.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Just reduced $40,000- Best home in PSR! End Unit with Prime Lagoon Views in Park Shore Resort. All new impact windows and doors! Extra windows because it is an End unit. Experience the best of Naples living in this highly desirable first-floor end unit—offering arguably the finest views in all of Park Shore Resort. With a strong rental history and rare flexibility, this home can be rented daily, weekly, monthly, or annually, or enjoyed as your own private retreat. This turnkey property is surrounded by lush tropical landscaping and features a spectacular resort-style pool with cascading waterfalls, along with top-tier amenities including pickleball, cornhole, tennis, volleyball, a fit

Key facts

• Prime lagoon views
• Resort style pool
• Top tier amenities

Tags

• PRIME LAGOON VIEWS
• RESORT STYLE POOL
• TOP TIER AMENITIES

Property features AI

Finance

• Other: Unit is one of 156 units in the complex and one of 40 units in the building; Building has 4 floors; Unit number 153; Possession at closing or negotiable
• Financial info: Condo fee quoted at $3,848 (quarterly); Total annual recurring fees quoted at $15,392; Total one-time fees quoted at $150
• HOA & community: Mandatory HOA; Quarterly condo fee; On-site management; Maintenance covers cable, internet/Wi‑Fi, lawn/land maintenance, legal/accounting, management, repairs, reserves, security, sewer, street lights, street maintenance, and trash removal; Community amenities: bike storage, common laundry, community pool, community room, attended fitness center, pickleball, restaurant, shuffleboard, tennis court, volleyball; Community type: Condo/Hotel, non-gated, tennis; Total annual recurring HOA fees listed quarterly

Exterior

• Parking: 2+ paved parking spaces
• Security: Community security included in maintenance
• Utilities: Water assessment paid; Sewer assessment paid; Cable available
• Home design: Residential property; Mid-rise building (4–7 stories); End-unit; Rear exposure faces south; Located in Park Shore / Park Shore Resort
• Construction: Concrete block construction; Built in 1982
• Exterior features: Stucco exterior; Rolled roof with roof over; Single-hung and sliding windows; Impact-resistant doors and windows; Paved road access; Waterfront on lagoon/lake with rip rap; Views of lagoon, lake, and pool/club; Irrigation connected to lake/canal

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator/ice maker
• Bedrooms: 2 bedrooms; First-floor bedroom; Master bedroom on ground level; Split bedroom floor plan
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms; Master bath with combo tub and shower
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Built-in cabinets; Cable prewire; Foyer; Breakfast bar; Screened lanai/porch; Turnkey furnished; Common elevator; Two ceiling fans
• Laundry & utility: Washer and dryer included; Washer/dryer hookup; Laundry in residence

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $358k.

Deal economics

• At list price, monthly cash flow is $494 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $358k).
• Recommended offer: $315k (12.0% 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; 21 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 $5,205/mo this rent would consume 53% 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 $11k 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 $100k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 399 days — a 12% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $82k; list at $358k implies a 338% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 25% of rent.
• Climate carrying-cost: major 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 $314,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 399 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 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. 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: 1.46% ✓
• Cap rate: 8.18%
• Cash-on-cash: 6.72%
• DSCR: 1.30
• GRM: 5.7

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: 0.5%
• Equity multiple: 1.02×
• Total profit: $1,851
• Equity at exit: $53,304

10-year hold

• IRR: 15.9%
• Equity multiple: 2.70×
• Total profit: $170,539
• Equity at exit: $30,910

Cash invested: $100,100 (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: 5.7×

Monthly cashflow live

• Estimated rent: $5,205 high
• Mortgage (P&I): −$1,875
• Tax from tax record: −$244 /mo · $2,931/yr
• Insurance: −$149
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,283
• Vacancy / Maint / Mgmt: −$1,093
• Net cashflow: $494

Break-even live

Break-even rent $4,579

Max offer price $357,500

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: $89,375
• Closing costs: $10,725
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
600 Neapolitan Way Naples, FL	1.0–2.0	2.0	832	$5,200	$6.25	23d	2	0.14mi
4523 Fluvia Ave Naples, FL	2.0	1.0	1050	$5,500	$5.24	23d	1	0.51mi
4525 Fluvia Ave Naples, FL	2.0	1.0	1050	$5,500	$5.24	23d	1	0.51mi
788 Park Shore Dr Naples, FL	1.0–2.0	1.5–2.0	931	$5,500	$5.90	13d	3	0.71mi
1100 Pine Ridge Rd Naples, FL	1.0	1.0	868	$2,125	$2.45	14d	3	0.75mi
1400 Pompei Ln Naples, FL	2.0	2.0	1012	$1,888	$1.86	23d	2	0.75mi
1400 Pompei Ln Unit O-21 Naples, FL	2.0	2.0	1025	$2,200	$2.15	23d	1	0.76mi
1400 Pompei Ln Unit S-21 Naples, FL	2.0	2.0	1025	$3,000	$2.93	23d	1	0.76mi
5934 Premier Way Naples, FL	1.0–3.0	1.0–3.0	1350	$3,618	$2.68	14d	29	1.18mi
45 High Point Cir S #303 Naples, FL	2.0	2.0	1015	$5,500	$5.42	23d	1	1.20mi
3030 Binnacle Dr #201 Naples, FL	2.0	2.0	1092	$5,000	$4.58	23d	1	1.21mi
820 Ketch Dr #2 Naples, FL	2.0	2.0	1100	$5,700	$5.18	23d	1	1.30mi
820 Ketch Dr #3 Naples, FL	2.0	2.0	1100	$5,500	$5.00	23d	1	1.30mi
3200 Gulf Shore Blvd N #105 Naples, FL	2.0	2.0	1116	$8,500	$7.62	23d	1	1.34mi
1085 Forest Lakes Dr Unit 8305 Naples, FL	1.0	1.0	766	$3,000	$3.92	14d	1	1.36mi
1085 Forest Lakes Dr Unit 8202 Naples, FL	2.0	2.0	1086	$2,800	$2.58	14d	1	1.36mi
1085 Forest Lakes Dr Unit 8106 Naples, FL	2.0	2.0	1000	$1,900	$1.90	14d	1	1.36mi
1086 Forest Lakes Dr Unit 9303 Naples, FL	2.0	2.0	1000	$2,395	$2.40	14d	1	1.39mi
333 Harbour Dr #211 Naples, FL	2.0	2.0	975	$5,500	$5.64	14d	1	1.43mi
287 Quail Forest Blvd #117 Naples, FL	2.0	2.0	993	$1,695	$1.71	14d	1	1.44mi
287 Quail Forest Blvd #117 Naples, FL	2.0	2.0	993	$1,995	$2.01	21d	1	1.44mi

HOA detail condo

• Monthly dues: $1,283 · $15,396/yr
• Likely covers: waterlandscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $357,500 Active 399 DOM
2. 2026-06-17
   days on market $357,500 Active 398 DOM
3. 2026-06-16
   days on market $357,500 Active 397 DOM
4. 2026-06-15
   days on market $357,500 Active 396 DOM
5. 2026-06-10
   days on market $357,500 Active 391 DOM
6. 2026-06-09
   days on market $357,500 Active 390 DOM
7. 2026-06-08
   days on market $357,500 Active 389 DOM
8. 2026-06-07
   days on market $357,500 Active 388 DOM
9. 2026-06-02
   days on market $357,500 Active 383 DOM
10. 2026-06-01
    days on market $357,500 Active 382 DOM
11. 2026-05-31
    days on market $357,500 Active 381 DOM
12. 2026-05-30
    days on market $357,500 Active 380 DOM
13. 2025-12-02
    price $357,500
14. 2025-09-08
    price $399,900
15. 2025-05-15
    listed $409,900 Active
16. 1994-06-03
    soldstatus $81,700
17. 1989-02-01
    soldstatus $75,000

ⓘ 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: $2,931 · $244/mo
• Projected year-2 tax: $2,967 · $247/mo
• Expected delta: +$36/yr (+$3/mo · 1.2%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 92% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°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: $62,459
• − Mortgage interest: −$20,026
• − Property taxes: −$2,931
• − Insurance: −$2,585
• − Repairs & maintenance: −$4,997
• − Management: −$4,997
• − HOA: −$15,396
• − Depreciation: −$10,400
• Taxable income: $1,128
• Est. tax owed @ 24.0%: −$271
• After-tax cash flow: $5,663/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 — 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

+376.7% since first listed

5 events — show timeline

• 2025-12-02 Price Changed $357,500 NAPLESMLS
• 2025-09-08 Price Changed $399,900 NAPLESMLS
• 2025-05-15 Listed $409,900 NAPLESMLS
• 1994-06-03 Sold (Public Records) $81,700 Public Records
• 1989-02-01 Sold (Public Records) $75,000 Public Records

Property tax history

+7.9%/yr

Latest (2025): $2,931 · +1.5% YoY. Source: county tax records.