3523 Santiago Way · Naples, FL 34105

$499,900

3 bd · 2.0 ba · 1,268 sqft · SingleFamily public records · 67 Days on market

Built 1973 7,405 sqft lot

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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 +29.5/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fantastic 3/2 pool home located in the back of the community.

Key facts

• Quartz countertops
• Mature fruit trees
• Central naples

Tags

• CENTRAL NAPLES
• LUXURY VINYL FLOORING
• QUARTZ COUNTERTOPS
• REMODELED BATHROOMS
• SOUTHEAST REAR EXPOSURE
• MATURE FRUIT TREES

Property features AI

Finance

• Other: Development: Poinciana Village; Lot is regular-shaped, approximately 0.17 acres; Lot dimensions (approx): 75 front, 100 left, 100 right, 75 back
• HOA & community: Community amenities include basketball, pickleball, play area, sidewalks and tennis court; Non-gated community; HOA maintenance: None

Exterior

• Parking: Attached 2-car garage; Auto garage door
• Utilities: Central water; Central sewer; Cable available; Electric power (central)
• Home design: Residential single-family home; 1 story / ranch; Rear exposure SE; Stucco exterior
• Construction: Concrete block construction; Shingle roof; Single hung windows; Built in 1973
• Exterior features: Fenced yard; Fruit trees; Automatic sprinkler system; Screened lanai/porch; Landscaped view; Private pool (below-ground, concrete)

Interior

• Kitchen: Range; Microwave; Dishwasher; Disposal; Refrigerator
• Bedrooms: 3 bedrooms; Split bedrooms layout
• Flooring: Tile; Vinyl; Wood
• Bathrooms: 2 full bathrooms; Master bath with shower only
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Bar; Built-in cabinets; Cable prewire; Laundry tub; Walk-in closet; Window coverings; Eat-in kitchen; Laundry in garage; Screened lanai/porch; Great room floor plan; Split bedroom floor plan
• Laundry & utility: Washer; Dryer; Laundry tub; Laundry located in garage

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $500k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $500k).
• Recommended offer: $470k (6.0% 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.
• Market conditions: Rents flat; 329 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• At $5,970/mo this rent would consume 78% of the median local household income ($92k/yr) (locally 780% 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 $3k of loan paydown is wiped out by about $15k 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 67 days — a 6% lower offer ($470k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 17y ago; this cycle's ask has dropped $39k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $150k; list at $500k implies a 233% 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→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $469,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.19% ✓
• Cap rate: 10.57%
• Cash-on-cash: 15.28%
• DSCR: 1.68
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.85% rent growth · sell at horizon

5-year hold

• IRR: -1.4%
• Equity multiple: 0.95×
• Total profit: $-7,239
• Equity at exit: $74,537

10-year hold

• IRR: 5.9%
• Equity multiple: 1.40×
• Total profit: $55,360
• Equity at exit: $43,222

Cash invested: $139,972 (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 34105

• Home prices YoY: -30.5%
• Rents YoY: 0.8%
• Active inventory: 329
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $5,970 high
• Mortgage (P&I): −$2,622
• Tax from tax record: −$104 /mo · $1,244/yr
• Insurance: −$208
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,254
• Net cashflow: $1,356

Break-even live

Break-even rent $4,253

Max offer price $499,900

Occupancy floor 72%

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: $124,975
• Closing costs: $14,997
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3511 Santiago Way Naples, FL	4.0	2.0	1800	$6,500	$3.61	23d	1	0.06mi
2581 Poinciana St Naples, FL	3.0	2.0	1255	$9,000	$7.17	23d	1	0.17mi
3520 Bolero Way Unit 1325569P Naples, FL	3.0	2.0	1399	$5,021	$3.59	13d	1	0.25mi
500 Misty Pines Cir #206 Naples, FL	2.0	2.0	1260	$6,000	$4.76	13d	1	0.93mi
500 Misty Pines Cir Unit 2-204 Naples, FL	2.0	2.0	1260	$5,750	$4.56	13d	1	0.93mi
1350 Misty Pines Cir Unit E-204 Naples, FL	2.0	2.0	1200	$7,500	$6.25	13d	1	1.00mi
3308 Europa Dr #30 Naples, FL	2.0	2.0	1205	$5,500	$4.56	23d	1	1.02mi
1044 Woodshire Ln Unit B212 Naples, FL	3.0	2.0	1250	$8,000	$6.40	23d	1	1.13mi
522 Wildwood Ln #522 Naples, FL	2.0	2.0	1656	$8,000	$4.83	23d	1	1.15mi
45 High Point Cir S #303 Naples, FL	2.0	2.0	1015	$5,500	$5.42	23d	1	1.24mi
2400 14th St N Naples, FL	3.0	2.0	1464	$5,890	$4.02	13d	1	1.30mi
202 Bears Paw Trl #97 Naples, FL	2.0	2.0	1665	$10,000	$6.01	23d	1	1.33mi
1860 Bald Eagle Dr Unit 403B Naples, FL	2.0	2.0	1325	$3,000	$2.26	13d	1	1.35mi
1545 Oyster Catcher Pt Unit A Naples, FL	2.0	2.0	1124	$2,200	$1.96	13d	1	1.38mi
287 Quail Forest Blvd #117 Naples, FL	2.0	2.0	993	$1,695	$1.71	13d	1	1.38mi
287 Quail Forest Blvd #117 Naples, FL	2.0	2.0	993	$1,995	$2.01	21d	1	1.38mi
1097 Frank Whiteman Blvd Naples, FL	4.0	3.0	1590	$10,900	$6.86	23d	1	1.40mi
1629 Spoonbill Ln Unit 1629-A Naples, FL	2.0	2.0	1250	$2,000	$1.60	13d	1	1.41mi
2680 Longboat Dr Naples, FL	3.0	2.0	1528	$11,000	$7.20	23d	1	1.41mi
1085 Forest Lakes Dr Unit 8106 Naples, FL	2.0	2.0	1000	$1,900	$1.90	13d	1	1.41mi
1085 Forest Lakes Dr Unit 8202 Naples, FL	2.0	2.0	1086	$2,800	$2.58	13d	1	1.41mi
1554 Oyster Catcher Pt Unit C Naples, FL	2.0	2.0	1124	$2,900	$2.58	23d	1	1.42mi
260 Quail Forest Blvd Naples, FL	1.0–2.0	1.0–2.0	875	$2,533	$2.89	13d	22	1.44mi
2328 Clipper Way Naples, FL	2.0	2.0	1469	$10,000	$6.81	23d	1	1.44mi
1086 Forest Lakes Dr Unit 9303 Naples, FL	2.0	2.0	1000	$2,395	$2.40	13d	1	1.49mi

Listing history 20 events

1. 2026-05-06
   status Pending
2. 2026-04-25
   price $499,900
3. 2026-04-25
   price $514,900
4. 2026-03-21
   price $524,900
5. 2026-02-28
   listed $539,000 Active
6. 2026-02-18
   historical
7. 2026-02-14
   price $550,000
8. 2026-02-08
   price $563,000
9. 2026-01-19
   price $570,000
10. 2026-01-08
    price $580,000
11. 2025-12-26
    price $585,000
12. 2025-11-21
    price $588,000
13. 2025-09-22
    listed $593,000 Active
14. 2010-10-06
    soldstatus $150,000
15. 2010-09-30
    soldstatus $150,000 61-char remark

    Show marketing remark (61 chars)

    Fantastic 3/2 pool home located in the back of the community.

16. 2010-03-17
    listed $170,000 61-char remark

    Show marketing remark (61 chars)

    Fantastic 3/2 pool home located in the back of the community.

17. 2009-06-15
    listed $310,000
18. 2006-05-05
    soldstatus $343,000
19. 2000-10-02
    soldstatus $146,200
20. 1992-02-01
    soldstatus $91,000

ⓘ 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: $1,244 · $104/mo
• Projected year-2 tax: $4,149 · $346/mo
• Expected delta: +$2,906/yr (+$242/mo · 233.7%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 99% 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: $71,639
• − Mortgage interest: −$28,002
• − Property taxes: −$1,244
• − Insurance: −$7,618
• − Repairs & maintenance: −$5,731
• − Management: −$5,731
• − Depreciation: −$14,543
• Taxable income: $8,770
• Est. tax owed @ 24.0%: −$2,105
• After-tax cash flow: $14,170/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

• County: Collier County · 396,295 people
• City population: 344,941
• Metro: Naples-Marco Island, FL
• Population (ZIP): 15,441
• Household income: $92,214
• Rent vs Own: 29.7% rent · 70.3% own
• Severe rent burden: 780.0

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 14% Two or more races 7% Asian 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1% Cuban 3% Salvadoran 1%
• Common ancestry: Romanian 3% Lithuanian 3% Italian 3%
• Foreign-born: 22% · Canada, China, Jamaica
• Languages at home: 77% English-only · Spanish 11% Other Indo-European 3% Russian/Polish/Slavic 3%

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: ▼ -124.65%
• Current HPI: 283.9084
• Rent YoY: ▲ 0.85%
• 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

+449.3% since first listed

20 events — show timeline

• 2026-05-06 Pending — NAPLESMLS
• 2026-04-25 Price Changed $499,900 NAPLESMLS
• 2026-04-25 Price Changed $514,900 NAPLESMLS
• 2026-03-21 Price Changed $524,900 NAPLESMLS
• 2026-02-28 Listed $539,000 NAPLESMLS
• 2026-02-18 Listing Removed — FORTMLS
• 2026-02-14 Price Changed $550,000 FORTMLS
• 2026-02-08 Price Changed $563,000 FORTMLS
• 2026-01-19 Price Changed $570,000 FORTMLS
• 2026-01-08 Price Changed $580,000 FORTMLS
• 2025-12-26 Price Changed $585,000 FORTMLS
• 2025-11-21 Price Changed $588,000 FORTMLS
• 2025-09-22 Listed $593,000 FORTMLS
• 2010-10-06 Sold (Public Records) $150,000 Public Records
• 2010-09-30 Sold (MLS) $150,000 NAPLESMLS
• 2010-03-17 Listed $170,000 NAPLESMLS
• 2009-06-15 Listed $310,000 NAPLESMLS
• 2006-05-05 Sold (Public Records) $343,000 Public Records
• 2000-10-02 Sold (Public Records) $146,200 Public Records
• 1992-02-01 Sold (Public Records) $91,000 Public Records

Property tax history

+3.5%/yr

Latest (2025): $1,244 · +2.8% YoY. Source: county tax records.