600 Neapolitan Way #225 · Naples, FL 34103

$399,777

2 bd · 2.0 ba · 864 sqft · Condo public records · 121 Days on market

Built 1982 $1330/mo HOA · 26% 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 +16.7/30.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.2/10.0
• 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

Welcome to this chic retreat. This corner residence is an excellent rental income generator at Park Shore Resort, located in the desirable Gulf of Mexico/Park Shore corridor west of Hwy. 41. Offers a prime location nearby to the tennis/pickleball courts and racquetball, providing a perfect setting for the active lifestyle enthusiast. Step inside to discover newly updated bathrooms and flooring, complemented by sleek white cabinets and quartz countertops in the kitchen. The lanai newly renovated with new floors, screens and impact slider doors providing a tranquil spot to unwind and take in the tropical landscape surrounding the 13-acre oasis. Park Shore Resort offers an array of amenities,

Key facts

• Corner residence
• Prime location
• Heated pool

Tags

• CORNER RESIDENCE
• RENTAL INCOME GENERATOR
• PRIME LOCATION
• NEWLY UPDATED BATHROOMS
• NEWLY RENOVATED LANAI
• HEATED POOL

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $400k.

Deal economics

• At list price, monthly cash flow is $184 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $400k).
• Recommended offer: $352k (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.
• 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 $3k of loan paydown is wiped out by about $12k 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 $112k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 121 days — a 12% lower offer ($352k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $218k; list at $400k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 26% 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 $351,803 (12.0% below list)

Questions for the listing agent

1. It's been on market 121 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: 1.30% ✓
• Cap rate: 7.05%
• Cash-on-cash: 2.69%
• DSCR: 1.12
• GRM: 6.4

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: -5.6%
• Equity multiple: 0.78×
• Total profit: $-24,750
• Equity at exit: $59,608

10-year hold

• IRR: 10.7%
• Equity multiple: 2.09×
• Total profit: $121,976
• Equity at exit: $34,565

Cash invested: $111,938 (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: 6.4×

Monthly cashflow live

• Estimated rent: $5,205 high
• Mortgage (P&I): −$2,096
• Tax from tax record: −$268 /mo · $3,219/yr
• Insurance: −$167
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,330
• Vacancy / Maint / Mgmt: −$1,093
• Net cashflow: $184

Break-even live

Break-even rent $4,972

Max offer price $399,777

Occupancy floor 91%

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: $99,944
• Closing costs: $11,993
• 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	14d	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: $1,330 · $15,960/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-03-22
   status Pending
2. 2026-02-27
   price $399,777
3. 2025-11-21
   listed $409,777 Active
4. 2025-07-21
   historical
5. 2025-06-26
   price $439,900
6. 2025-03-11
   listed $455,000 Active
7. 2025-02-28
   historical
8. 2025-01-28
   price $465,000
9. 2024-10-02
   listed $479,900 Active
10. 2024-04-30
    historical
11. 2024-03-06
    price $488,888
12. 2024-01-20
    status Active
13. 2024-01-17
    historical
14. 2024-01-10
    listed $509,900 Active
15. 2023-09-19
    historical
16. 2023-09-04
    price $509,900
17. 2023-07-21
    listed $529,900 Active
18. 2021-04-01
    soldstatus $218,000
19. 2021-03-26
    soldstatus $218,000 Sold
20. 2021-02-11
    status Pending With Contingencies
21. 2020-12-17
    listed $239,000 Active
22. 2006-01-31
    soldstatus $295,000
23. 2005-10-10
    listed $310,000
24. 2004-05-18
    soldstatus $135,000
25. 1994-06-07
    soldstatus $75,200
26. 1982-10-01
    soldstatus $81,500

ⓘ 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: $3,219 · $268/mo
• Projected year-2 tax: $3,318 · $277/mo
• Expected delta: +$99/yr (+$8/mo · 3.1%)

ⓘ 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: −$22,394
• − Property taxes: −$3,219
• − Insurance: −$2,796
• − Repairs & maintenance: −$4,997
• − Management: −$4,997
• − HOA: −$15,960
• − Depreciation: −$11,630
• Taxable loss: −$3,533
• Est. tax savings @ 24.0%: +$848
• After-tax cash flow: $3,058/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

+390.5% since first listed

26 events — show timeline

• 2026-03-22 Pending — NAPLESMLS
• 2026-02-27 Price Changed $399,777 NAPLESMLS
• 2025-11-21 Listed $409,777 NAPLESMLS
• 2025-07-21 Listing Removed — NAPLESMLS
• 2025-06-26 Price Changed $439,900 NAPLESMLS
• 2025-03-11 Listed $455,000 NAPLESMLS
• 2025-02-28 Listing Removed — NAPLESMLS
• 2025-01-28 Price Changed $465,000 NAPLESMLS
• 2024-10-02 Listed $479,900 NAPLESMLS
• 2024-04-30 Listing Removed — NAPLESMLS
• 2024-03-06 Price Changed $488,888 NAPLESMLS
• 2024-01-20 Relisted — NAPLESMLS
• 2024-01-17 Listing Removed — NAPLESMLS
• 2024-01-10 Listed $509,900 NAPLESMLS
• 2023-09-19 Listing Removed — NAPLESMLS
• 2023-09-04 Price Changed $509,900 NAPLESMLS
• 2023-07-21 Listed $529,900 NAPLESMLS
• 2021-04-01 Sold (Public Records) $218,000 Public Records
• 2021-03-26 Sold (MLS) $218,000 NAPLESMLS
• 2021-02-11 Pending — NAPLESMLS
• 2020-12-17 Listed $239,000 NAPLESMLS
• 2006-01-31 Sold (Public Records) $295,000 Public Records
• 2005-10-10 Listed $310,000 FORTMLS
• 2004-05-18 Sold (Public Records) $135,000 Public Records
• 1994-06-07 Sold (Public Records) $75,200 Public Records
• 1982-10-01 Sold (Public Records) $81,500 Public Records

Property tax history

+8.6%/yr

Latest (2025): $3,219 · +0.4% YoY. Source: county tax records.