3450 Frosty Way #5210 · Naples, FL 34112

$239,000

2 bd · 2.0 ba · 1,246 sqft · Condo · 126 Days on market

Built 1988 Good condition $692/mo HOA · 21% of rent ↓ 4% since listing

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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 +18.0/30.0
• 1% rule +8.5/10.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks

PRICE IMPROVED!! BRING AN OFFER!! Enjoy the best of Naples living without the premium price tag! Located just 9 minutes from Downtown Naples and beaches, this second-floor 2 bed/2 bath condo offers an incredibly convenient lifestyle in a prime in-town location, all for under $240K. Whether it’s dinner on 5th Avenue, a beach day, or everyday shopping and errands, everything is close by and easy to reach. Inside, vaulted ceilings and impact-resistant windows and doors create a bright, comfortable space that feels open and secure. The condo has been exceptionally well cared for and is truly easy to move right into. Major building improvements have already been completed, including the fu

Key facts

• Vaulted ceilings
• Community pools
• $692 HOA

Tags

• PRIME IN-TOWN LOCATION
• VAULTED CEILINGS
• IMPACT-RESISTANT WINDOWS
• SCREENED IN FRONT PORCH
• COMMUNITY POOLS
• TENNIS AND PICKLEBALL COURTS

Property features AI

Finance

• Other: Part of a complex with 96 units and 8 units in the building; 1 floor and 2 units per floor
• Financial info: Condo fee listed quarterly
• HOA & community: Mandatory HOA (non-gated community); Quarterly condo fee; Professional management; Monthly/quarterly maintenance covers cable, insurance, internet/Wi‑Fi, irrigation water, lawn/land maintenance, legal/accounting, exterior pest control, recreation facilities, reserves, sewer, street lights, street maintenance and water; Community amenities include bike/jog path, bocce court, community pool, community room, extra storage, pickleball, sidewalks, streetlights and tennis court; Total annual recurring HOA fees approximately $8,300 and a one-time fee of $150

Exterior

• Parking: See remarks
• Security: Impact-resistant windows and doors
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential low-rise (1-3 stories); Zero lot line; Rear exposure facing east; Concrete block construction; Stucco exterior
• Construction: Built in 1988; Shingle roof; Concrete block construction; Stucco finish
• Exterior features: Patio; Automatic sprinkler system; Impact-resistant doors and windows

Interior

• Kitchen: Electric cooktop; Dishwasher; Microwave
• Bedrooms: 2 bedrooms with split-bedroom floor plan
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Master bath with dual sinks and shower (no tub)
• Heating & cooling: Central electric heat; Central electric cooling and ceiling fans
• Interior features: Cable prewire and high-speed internet available; Smoke detectors; Walk-in closet; Window coverings; Breakfast bar and dining in living area; Family room and great room; Guest bath and guest room; Screened lanai/porch; Furnished; Two ceiling fans
• 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 $239k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-222 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $207k (13.4% below list).
• Meets the 1% rule at list price ($3k rent vs $239k).
• Recommended offer: $207k (13.4% below list) — sets the bar for cash-flow.

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 soft (-1.7%/yr); 771 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• At $3,226/mo this rent would consume 55% of the median local household income ($70k/yr) (locally 980% 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 $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.

Negotiation context

• It's been on market 126 days — a 12% lower offer ($210k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 21% of rent.
• 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 $206,928 (13.4% 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 126 days. Have you received any prior offers? Is the seller open to a 13% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.35% ✓
• Cap rate: 7.32%
• Cash-on-cash: 3.67%
• DSCR: 1.16
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -28.8%
• Equity multiple: 0.08×
• Total profit: $-61,563
• Equity at exit: $35,636

10-year hold

• IRR: -68.8%
• Equity multiple: -0.57×
• Total profit: $-105,332
• Equity at exit: $20,664

Cash invested: $66,920 (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 34112

• Rents YoY: -1.7%
• Active inventory: 771
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $3,226 high
• Mortgage (P&I): −$1,253
• Tax est. 1.5%: −$299 /mo · $3,585/yr
• Insurance: −$100
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$692
• Vacancy / Maint / Mgmt: −$677
• Net cashflow: $-222

Break-even live

Break-even rent $3,507

Max offer price $206,928

Occupancy floor —

Sensitivity live

Price	-10% $-56	-5% $-139	+0% $-222	+5% $-304	+10% $-387
Rent	-10% $-477	-5% $-349	+0% $-222	+5% $-94	+10% $33
Rate	-1.0pp $-101	-0.5pp $-161	base $-222	+0.5pp $-284	+1.0pp $-347

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: $59,750
• Closing costs: $7,170
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3510 Antarctic Cir Unit 1 Naples, FL	2.0	2.0	1200	$2,350	$1.96	24d	1	0.07mi
3504 Antarctic Cir Naples, FL	2.0	2.0	1246	$3,000	$2.41	24d	1	0.07mi
3563 Antarctic Cir #2102 Naples, FL	2.0	2.0	1200	$3,800	$3.17	24d	1	0.08mi
3400 Frosty Way #5 Naples, FL	2.0	2.0	1284	$3,500	$2.73	14d	1	0.08mi
3618 Arctic Cir #3618 Naples, FL	2.0	2.0	1200	$3,450	$2.88	24d	1	0.09mi
3608 Arctic Cir #514 Naples, FL	2.0	2.0	1250	$4,200	$3.36	24d	1	0.13mi
3676 Arctic Cir #112 Naples, FL	2.0	2.0	1246	$2,700	$2.17	22d	1	0.14mi
83 Glades Blvd #3 Naples, FL	2.0	2.0	1204	$5,200	$4.32	14d	1	0.16mi
96 Glades Blvd Unit 513 Naples, FL	2.0	2.0	1370	$4,500	$3.28	14d	1	0.25mi
4069 Northlight Dr #1805 Naples, FL	2.0	2.0	1234	$3,000	$2.43	22d	1	0.27mi
364 Tern Dr #4 Naples, FL	2.0	2.0	1264	$1,800	$1.42	14d	1	0.31mi
1111 Central Dr Unit 417A Naples, FL	2.0	2.0	1265	$6,500	$5.14	24d	1	0.35mi
348 Tern Dr Unit 4 Naples, FL	2.0	2.0	1270	$5,000	$3.94	24d	1	0.36mi
348 Tern Dr #2 Naples, FL	2.0	2.0	1270	$1,800	$1.42	14d	1	0.36mi
1059 San Remo Ave Naples, FL	2.0	1.0	845	$1,795	$2.12	24d	1	0.36mi
4010 Ice Castle Way #7 Naples, FL	2.0	2.0	1314	$3,200	$2.44	24d	1	0.37mi
2155 Great Blue Dr Naples, FL	1.0–3.0	1.0–2.0	895	$1,910	$2.13	14d	43	0.40mi
4021 Ice Castle Way #4 Naples, FL	2.0	2.0	1246	$2,600	$2.09	14d	1	0.41mi
4040 Ice Castle Way Unit 2 Naples, FL	2.0	2.0	1246	$2,800	$2.25	24d	1	0.46mi
306 Palm Dr #2 Naples, FL	2.0	2.0	1270	$5,200	$4.09	24d	1	0.47mi
4060 Ice Castle Way #10 Naples, FL	2.0	2.0	1246	$3,600	$2.89	14d	1	0.48mi
265 Palm Dr Unit 265-2 Naples, FL	2.0	2.0	1215	$1,499	$1.23	14d	1	0.54mi
256 Palm Dr #6 Naples, FL	2.0	2.0	1010	$4,500	$4.46	14d	1	0.57mi
2347 Bayside St Apt B Naples, FL	2.0	1.0	864	$1,595	$1.85	14d	1	0.58mi
240 Palm Dr Unit 48-1 Naples, FL	2.0	2.0	1100	$1,800	$1.64	24d	1	0.60mi
146 Lollypop Ln #851 Naples, FL	2.0	2.0	1335	$3,750	$2.81	24d	1	0.60mi
239 Palm Dr #2 Naples, FL	2.0	2.0	1215	$4,000	$3.29	14d	1	0.61mi
232 Palm Dr Unit 47-5 Naples, FL	2.0	2.0	1010	$2,500	$2.48	24d	1	0.62mi
229 Palm Dr Unit 229-2 Naples, FL	2.0	2.0	1215	$4,400	$3.62	14d	1	0.63mi
2750 Manorca Ave Unit A Naples, FL	2.0	1.0	840	$2,800	$3.33	14d	1	0.63mi
4502 Parrot Ave Naples, FL	3.0	2.0	1200	$2,950	$2.46	24d	1	0.64mi
4180 Looking Glass Ln Unit 4104 Naples, FL	2.0	2.0	1246	$4,000	$3.21	14d	1	0.64mi
216 Palm Dr #5 Naples, FL	2.0	2.0	1010	$4,500	$4.46	14d	1	0.66mi
195 Peppermint Ln Unit 884 Naples, FL	2.0	2.0	1335	$3,800	$2.85	14d	1	0.66mi
195 Peppermint Ln #2 Naples, FL	2.0	2.0	1198	$2,600	$2.17	14d	1	0.66mi
202 Peppermint Ln #2 Naples, FL	2.0	2.0	1335	$5,000	$3.75	14d	1	0.66mi
195 Peppermint Ln Unit 881 Naples, FL	2.0	2.0	1335	$5,000	$3.75	14d	1	0.66mi
195 Peppermint Ln Unit 4 Naples, FL	2.0	2.0	1335	$2,500	$1.87	24d	1	0.66mi
4210 Looking Glass Ln Unit 4210 Naples, FL	2.0	2.0	1300	$3,000	$2.31	14d	1	0.67mi
200 Palm Dr #7 Naples, FL	2.0	2.0	1010	$1,600	$1.58	14d	1	0.69mi

HOA detail condo

• Monthly dues: $692 · $8,304/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-18
   days on market $239,000 Active 126 DOM
2. 2026-06-17
   days on market $239,000 Active 125 DOM
3. 2026-06-16
   days on market $239,000 Active 124 DOM
4. 2026-06-15
   days on market $239,000 Active 123 DOM
5. 2026-06-14
   days on market $239,000 Active 121 DOM
6. 2026-06-10
   days on market $239,000 Active 118 DOM
7. 2026-06-09
   days on market $239,000 Active 117 DOM
8. 2026-06-08
   days on market $239,000 Active 116 DOM
9. 2026-06-07
   days on market $239,000 Active 115 DOM
10. 2026-06-03
    days on market $239,000 Active 111 DOM
11. 2026-06-03
    remarks 693-char remark
12. 2026-06-03
    listed $239,000 Active 110 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 8/10 Severe FEMA zone AE · 97% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,712
• − Mortgage interest: −$13,388
• − Property taxes: −$3,585
• − Insurance: −$6,314
• − Repairs & maintenance: −$3,097
• − Management: −$3,097
• − HOA: −$8,304
• − Depreciation: −$6,953
• Taxable loss: −$6,024
• Est. tax savings @ 24.0%: +$1,446
• After-tax cash flow: $-1,214/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 · 14 photos

Good 75/100 Cosmetic rehab

This second-floor 2 bed/2 bath condo is in good condition and well-maintained. It has an open kitchen and bathrooms, and the exterior walls are in good condition. The property is located in a prime in-town location, making it an attractive investment.

Value-add opportunities

• Resale Paint the exterior walls — Painting the exterior walls can enhance the curb appeal and make the property more attractive to potential buyers.
• Rental Replace the ceiling fans — Replacing the ceiling fans can improve the comfort of the living spaces and make the property more appealing to renters.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint the exterior walls — Painting the exterior walls can enhance the curb appeal and make the property more attractive to potential buyers. ↑
• Rental Replace the ceiling fans — Replacing the ceiling fans can improve the comfort of the living spaces and make the property more appealing to renters. ↑

ⓘ 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 — 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): 27,193
• Household income: $69,842
• Rent vs Own: 23.8% rent · 76.2% own
• Severe rent burden: 980.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 18% Two or more races 9% Black 6% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 2% Cuban 4% Dominican 1%
• Common ancestry: Hispanic 4% Romanian 3% Portuguese 2%
• Foreign-born: 19% · Canada, Jamaica
• Languages at home: 75% English-only · Spanish 17% 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: ▼ -235.10%
• Current HPI: 256.9182
• Rent YoY: ▼ -1.69%
• 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

-4.0% since first listed

2 events — show timeline

• 2026-04-22 Price Changed $239,000 NAPLESMLS
• 2026-02-12 Listed $249,000 NAPLESMLS