Imagination 2 Plan · Naples, FL 34120

$400,990

3 bd · 2.0 ba · 1,778 sqft · SingleFamily · 37 Days on market

Excellent condition Garage

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +6.3/30.0
• Schools +6.0/10.0
• Condition / age +5.0/5.0
• Livability +4.0/5.0
• Rent growth +2.1/5.0
• 1% rule +1.5/10.0
• DSCR +0.6/10.0
• Appreciation +0.0/10.0

Listing remarks

* Base price does not include the homesite premium or design options. * The Imagination 2 is a wonderful home design encompassing 3 bedrooms, 2 baths and a 2-car garage across 1,778 sq. ft. of living space. The open concept kitchen includes a spacious island, breakfast area and glass sliding doors leading to the lanai. The master bedroom includes a walk-in closet, corner shower and private water closet. The remaining 2 bedrooms are located by a secondary bath. A den, an ideal setting for a private office, rounds out this charming home.

Key facts

• Spacious island
• Open concept kitchen
• Glass sliding doors

Tags

• OPEN CONCEPT KITCHEN
• SPACIOUS ISLAND
• GLASS SLIDING DOORS
• WALK-IN CLOSET
• PRIVATE WATER CLOSET
• DEN

🏗️ New construction. The $400,990 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $525,567.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $401k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• To cash-flow at today's rent, offer at most $328k (18.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $341k (15.1% below list).
• Recommended offer: $328k (18.3% below list) — sets the bar for cash-flow.
• Cap rate 4.1% vs local median 2.4% in Naples — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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: Estates Elementary School (math 70% / reading 67%, grade B+, #409 of 2,144 statewide, top 20%, 862 students, 53% FRL); Corkscrew Middle School (math 68% / reading 59%, grade B+, #109 of 571 statewide, top 19%, 958 students, 43% FRL); Palmetto Ridge High School (math 43% / reading 51%, grade D-, #207 of 667 statewide, top 32%, 2,347 students, 38% FRL).
• Market conditions: Rents soft (-1.6%/yr); 1299 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 70d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• This rent runs 44% of the median local income ($94k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k 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.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($389k) is reasonable based on typical stale-listing flexibility.

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→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $327,665 (18.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.65% ✗
• Cap rate: 4.14%
• Cash-on-cash: -7.67%
• DSCR: 0.66
• GRM: 12.9

CMA / ARV

• ARV (median comp): $525,567
• List price: $400,990
• Delta: -23.70%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4564 Skysail Dr	0.17mi	3/2.0	1,842 (+4%)	2mo	$460,093	$250	84
4691 Centaurus Cir	0.28mi	3/2.0	1,859 (+5%)	5mo	$445,000	$239	75
4088 Pegasus Way	0.40mi	3/2.0	1,812 (+2%)	4mo	$445,000	$246	75
4568 Skysail Dr	0.17mi	2/2.0 (-1)	1,632 (-8%)	3mo	$400,000	$245	70
4507 Centaurus Cir	0.48mi	3/2.0	1,860 (+5%)	2mo	$472,000	$254	68
3945 Perseus St	0.23mi	2/2.0 (-1)	1,904 (+7%)	8mo	$573,000	$301	66
4577 Centaurus Cir	0.44mi	3/2.0	1,859 (+5%)	9mo	$440,000	$237	64
4624 Skysail Dr	0.17mi	2/2.0 (-1)	1,632 (-8%)	11mo	$410,000	$251	64
3644 35th Ave NE	0.62mi	3/2.0	1,836 (+3%)	5mo	$525,000	$286	61
4135 Pegasus Way	0.40mi	3/2.5	2,014 (+13%)	1mo	$506,500	$251	56
4102 Pegasus Way	0.41mi	3/2.0	2,014 (+13%)	8mo	$475,000	$236	52
4025 31st Ave NE	0.71mi	3/2.0	1,604 (-10%)	8mo	$509,000	$317	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -40.4%
• Equity multiple: -0.24×
• Total profit: $-181,940
• Equity at exit: $78,364

10-year hold

• IRR: -91.3%
• Equity multiple: -1.09×
• Total profit: $-307,899
• Equity at exit: $45,441

Cash invested: $147,159 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 24 active · 18 under contract
• Months of supply: 13.1 mo (8%/mo absorbed)
• Median asking: $527,986 ($304/sqft)
• Median days on market: 165 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -2.8% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 34120

• Rents YoY: -1.6%
• Active inventory: 1299
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $3,406 high
• Mortgage (P&I): −$2,756
• Tax est. 1.5%: −$657 /mo · $7,884/yr
• Insurance: −$219
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$715
• Net cashflow: $-1,368

Break-even live

Break-even rent $5,137

Max offer price $327,665

Occupancy floor —

Sensitivity live

Price	-10% $-1,004	-5% $-1,186	+0% $-1,368	+5% $-1,549	+10% $-1,731
Rent	-10% $-1,637	-5% $-1,502	+0% $-1,368	+5% $-1,233	+10% $-1,099
Rate	-1.0pp $-1,103	-0.5pp $-1,234	base $-1,368	+0.5pp $-1,504	+1.0pp $-1,642

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: $131,392
• Closing costs: $15,767
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4013 Perseus St Naples, FL	3.0	2.5	2441	$3,150	$1.29	70d	1	0.10mi
4191 Pegasus Way Naples, FL	4.0	3.5	2014	$4,000	$1.99	70d	1	0.27mi
4003 Pegasus Way Naples, FL	3.0	2.5	1966	$3,300	$1.68	72d	1	0.28mi
4580 Centaurus Cir Naples, FL	4.0	2.5	2428	$3,200	$1.32	70d	1	0.42mi
3660 39th Ave NE Naples, FL	3.0	2.0	1389	$2,900	$2.09	70d	1	0.56mi
3465 Everglades Blvd N Naples, FL	4.0	3.0	1928	$2,900	$1.50	70d	1	1.29mi
4383 Randall Blvd Naples, FL	3.0	2.0	1735	$3,600	$2.07	72d	1	1.50mi

Property features AI

Finance

• Financial info: List price $400,990

Exterior

• Parking: 2 garage spaces2 total parking spaces
• Home design: New construction — Imagination 2 planSingle-family plan

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Open living area (approx. 1,778 total living area)

Listing history 50 events

1. 2026-08-08
   days on market $400,990 Active 37 DOM
2. 2026-08-07
   days on market $400,990 Active 36 DOM
3. 2026-08-06
   days on market $400,990 Active 35 DOM
4. 2026-08-05
   days on market $400,990 Active 34 DOM
5. 2026-08-04
   days on market $400,990 Active 33 DOM
6. 2026-08-03
   days on market $400,990 Active 32 DOM
7. 2026-07-31
   days on market $400,990 Active 29 DOM
8. 2026-07-30
   days on market $400,990 Active 28 DOM
9. 2026-07-29
   days on market $400,990 Active 27 DOM
10. 2026-07-27
    days on market $400,990 Active 25 DOM
11. 2026-07-25
    days on market $400,990 Active 23 DOM
12. 2026-07-24
    days on market $400,990 Active 22 DOM
13. 2026-07-23
    days on market $400,990 Active 21 DOM
14. 2026-07-22
    days on market $400,990 Active 20 DOM
15. 2026-07-22
    days on market $400,990 Active 19 DOM
16. 2026-07-18
    days on market $400,990 Active 16 DOM
17. 2026-07-16
    days on market $400,990 Active 14 DOM
18. 2026-07-16
    days on market $400,990 Active 13 DOM
19. 2026-07-14
    days on market $400,990 Active 12 DOM
20. 2026-07-14
    days on market $400,990 Active 11 DOM
21. 2026-07-12
    days on market $400,990 Active 10 DOM
22. 2026-07-11
    days on market $400,990 Active 9 DOM
23. 2026-07-09
    days on market $400,990 Active 7 DOM
24. 2026-07-08
    days on market $400,990 Active 6 DOM
25. 2026-07-07
    days on market $400,990 Active 5 DOM
26. 2026-07-06
    days on market $400,990 Active 4 DOM
27. 2026-07-05
    days on market $400,990 Active 3 DOM
28. 2026-07-04
    days on market $400,990 Active 2 DOM
29. 2026-07-02
    days on marketlisting id $400,990 Active 1 DOM
30. 2026-07-01
    days on market $400,990 Active 22 DOM
31. 2026-06-30
    days on market $400,990 Active 21 DOM
32. 2026-06-29
    days on market $400,990 Active 20 DOM
33. 2026-06-28
    days on market $400,990 Active 19 DOM
34. 2026-06-27
    days on market $400,990 Active 17 DOM
35. 2026-06-25
    days on market $400,990 Active 15 DOM
36. 2026-06-23
    days on market $400,990 Active 13 DOM
37. 2026-06-22
    days on market $400,990 Active 12 DOM
38. 2026-06-18
    days on market $400,990 Active 9 DOM
39. 2026-06-17
    days on market $400,990 Active 8 DOM
40. 2026-06-16
    days on market $400,990 Active 7 DOM
41. 2026-06-15
    days on market $400,990 Active 6 DOM
42. 2026-06-10
    remarks 542-char remark
43. 2026-06-10
    days on marketlisting id $400,990 Active 1 DOM
44. 2026-06-09
    days on market $400,990 Active 915 DOM
45. 2026-06-08
    days on market $400,990 Active 914 DOM
46. 2026-06-07
    days on market $400,990 Active 913 DOM
47. 2026-06-02
    days on market $400,990 Active 908 DOM
48. 2026-06-01
    days on market $400,990 Active 907 DOM
49. 2026-05-31
    days on market $400,990 Active 906 DOM
50. 2026-05-30
    days on market $400,990 Active 905 DOM

ⓘ 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 1/10 Low FEMA zone AE · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥111°F today · 26 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,875
• − Mortgage interest: −$29,440
• − Property taxes: −$7,884
• − Insurance: −$7,746
• − Repairs & maintenance: −$3,270
• − Management: −$3,270
• − Depreciation: −$15,289
• Taxable loss: −$26,024
• Est. tax savings @ 24.0%: +$6,246
• After-tax cash flow: $-10,166/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 · 3 photos

Excellent 100/100 None rehab

This home is in excellent condition with no visible repairs or maintenance needed. It is move-in ready and would benefit from minor aesthetic updates to enhance its resale and rental value.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhances curb appeal and adds value. ↑
• Both New flooring in high-traffic areas — Improves appearance and reduces maintenance costs. ↑

D Composite school gradezoned avg 60/100

Zoned Schools

Elementary Estates Elementary School B+ FL #409/2,144 Nat'l #4,125/41,679 Middle Corkscrew Middle School B+ FL #109/571 Nat'l #1,406/14,009 High Palmetto Ridge High School D- FL #207/667 Nat'l #6,330/17,239

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

A Composite livability gradescore 80/100

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

• County: Collier County · 420,858 people
• City population: 344,941
• Metro: Naples-Marco Island, FL
• Population (ZIP): 42,345
• Household income: $93,861
• Rent vs Own: 9.4% rent · 90.6% own
• Severe rent burden: 14% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 56% Hispanic / Latino 32% Two or more races 23% Black 8% Asian 2%
• Hispanic origin (detail): Mexican 8% Puerto Rican 2% Cuban 13%
• Common ancestry: Hispanic 4% Romanian 3% Italian 2%
• Foreign-born: 28% · Canada, Jamaica, China
• Languages at home: 62% English-only · Spanish 28% French/Haitian/Cajun 5% Other Indo-European 3%

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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: ▼ -223.18%
• Current HPI: 316.2474
• Rent YoY: ▼ -1.65%
• Metro: Naples-Marco Island, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

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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

Property features AI

Finance

• Financial info: List price $400,990

Exterior

• Parking: 2 garage spaces2 total parking spaces
• Home design: New construction — Imagination 2 planSingle-family plan

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Open living area (approx. 1,778 total living area)