9091 Covina Dr S #6904 · Lely Resort, FL 34113

$499,900

3 bd · 2.5 ba · 1,920 sqft · Condo public records · 137 Days on market

Built 2007 $1245/mo HOA · 19% of rent ↓ 7% 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 +19.4/30.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• Schools +5.0/10.0
• Rent growth +3.9/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

End unit in Ole which is part of Lely Resort only one block from the town center. Excellent location!

Key facts

• End unit
• Lely resort
• Town center

Tags

• END UNIT
• LELY RESORT
• TOWN CENTER

Property features AI

Finance

• Financial info: Total annual recurring fees $17,340; Total one-time fees $450; Special assessment $2,400 annually
• HOA & community: Mandatory HOA; Master HOA fee $100 annually; Condo fee $3,710 quarterly; Professional management; Community is non-gated; HOA maintenance includes cable, internet/WiFi, irrigation water, lawn/land maintenance, manager, exterior pest control, recreation facilities, sewer, street lights, street maintenance, trash removal, and water; Community amenities include clubhouse, community pool and spa/hot tub, fitness center (attended), exercise room, theater, restaurant, library, community room, cabana, guest rooms, tennis, basketball, pickleball, bocce, volleyball, play area, sidewalks and streetlights, underground utilities

Exterior

• Parking: Attached 2-car garage
• Security: Patrolled community
• Utilities: Central water; Central sewer; Power: central electric
• Home design: Residential townhouse; 2-story corner end-unit; Zero lot line; Rear exposure faces northeast; Located in LELY RESORT (OLE sub-condo)
• Construction: Concrete block construction; Stucco exterior finish; Tile roof; Built in 2007
• Exterior features: Deck; Patio; Decorative shutters; Automatic sprinkler (irrigation); Landscaped area view; Reclaimed irrigation

Interior

• Kitchen: Dishwasher; Range; Self-cleaning oven; Microwave; Refrigerator / freezer; Refrigerator icemaker; Garbage disposal; Built-in desk in kitchen area
• Bedrooms: 3 bedrooms; First-floor bedroom; Split bedroom layout
• Flooring: Carpet; Concrete; Laminate; Tile
• Bathrooms: 2 full bathrooms; 1 half bathroom; Master bath with dual sinks and separate tub and shower
• Heating & cooling: Central electric heat; Central electric air conditioning; Ceiling fans (4); Air purifier; Exhaust fan; Cable available
• Interior features: Built-in cabinets; Cable prewire; Fire sprinkler system; French doors; High-speed internet available; Smoke detectors; Walk-in closet; Window coverings; Built-in desk; Breakfast bar / dining in living area; Balcony; Home office; Open porch / lanai; Auto garage door; Self-cleaning oven; Refrigerator / freezer and icemaker; Microwave; Garbage disposal; Dishwasher
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $500k.

Deal economics

• At list price, monthly cash flow is $127 ($2k/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: $440k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#786 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A-; Watch: health & safety D, amenities F, commute 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: Lely Elementary School (math 45% / reading 46%, grade D-, #1,247 of 2,144 statewide, top 59%, 499 students, 62% FRL); Lely High School (math 40% / reading 39%, grade F, #304 of 667 statewide, top 47%, 1,504 students, 54% FRL) — zoned schools at 58% FRL track the district average.
• Zoned-school proficiency averages 42% at this address vs 58% district-wide (-16 pts) — the specific schools serving this property underperform the Collier average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+5.6%/yr); 597 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• At $6,446/mo this rent would consume 95% of the median local household income ($82k/yr) (locally 954% 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 137 days — a 12% lower offer ($440k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask is 17754% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

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→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $439,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 137 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.29% ✓
• Cap rate: 7.62%
• Cash-on-cash: 4.75%
• DSCR: 1.21
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.59% rent growth · sell at horizon

5-year hold

• IRR: -10.3%
• Equity multiple: 0.61×
• Total profit: $-54,657
• Equity at exit: $74,537

10-year hold

• IRR: 3.5%
• Equity multiple: 1.30×
• Total profit: $41,560
• 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 34113

• Rents YoY: 5.6%
• Active inventory: 597
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $6,446 high
• Mortgage (P&I): −$2,622
• Tax from tax record: −$464 /mo · $5,568/yr
• Insurance: −$208
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,245
• Vacancy / Maint / Mgmt: −$1,354
• Net cashflow: $127

Break-even live

Break-even rent $6,285

Max offer price $499,900

Occupancy floor 93%

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 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9072 Rialto St #6302 Naples, FL	3.0	2.0	1771	$8,250	$4.66	21d	1	0.01mi
9076 Rialto St Unit 62 Naples, FL	3.0	2.5	1624	$7,500	$4.62	23d	1	0.02mi
9073 Rialto St #6002 Naples, FL	3.0	2.0	1771	$7,500	$4.23	23d	1	0.05mi
9081 Albion Ln S #6510 Naples, FL	3.0	2.5	2004	$6,280	$3.13	13d	1	0.08mi
9081 Albion Ln S #6505 Naples, FL	2.0	2.0	1225	$7,500	$6.12	23d	1	0.08mi
9088 Chula Vista St Unit 108-3 Naples, FL	2.0	2.0	1404	$5,700	$4.06	23d	1	0.08mi
9102 Capistrano St S Unit 72-3 Naples, FL	2.0	2.5	1520	$6,500	$4.28	23d	1	0.09mi
9092 Chula Vista St #11003 Naples, FL	2.0	2.0	1404	$6,850	$4.88	23d	1	0.09mi
9082 Capistrano St N Unit 48-5 Naples, FL	2.0	2.0	1227	$6,500	$5.30	23d	1	0.10mi
9109 Yuba Ln Unit 80 Naples, FL	3.0	2.5	1729	$3,900	$2.26	23d	1	0.11mi
9071 Albion Ln N #5706 Naples, FL	2.0	2.5	1441	$2,200	$1.53	23d	1	0.11mi
9102 Chula Vista St #11302 Naples, FL	2.0	2.5	1531	$2,695	$1.76	21d	1	0.12mi
8965 Malibu Ln #802 Naples, FL	3.0	2.0	1771	$6,595	$3.72	23d	1	0.13mi
9066 Albion Ln N #5106 Naples, FL	3.0	2.5	1715	$6,500	$3.79	21d	1	0.14mi
9066 Albion Ln N Unit 51-1 Naples, FL	3.0	2.5	1989	$7,000	$3.52	23d	1	0.14mi
9115 Capistrano St S #8207 Naples, FL	2.0	2.5	1494	$6,000	$4.02	23d	1	0.15mi
9111 Capistrano St S #8303 Naples, FL	2.0	2.5	1432	$7,500	$5.24	23d	1	0.17mi
8519 Chase Preserve Dr Naples, FL	2.0	2.0	1827	$9,000	$4.93	23d	1	0.18mi
9118 Chula Vista St #12002 Naples, FL	2.0	2.5	1531	$4,200	$2.74	23d	1	0.19mi
9054 Capistrano St N #4002 Naples, FL	3.0	2.0	1674	$6,000	$3.58	23d	1	0.23mi
9054 Capistrano St N #4003 Naples, FL	2.0	2.0	1385	$2,495	$1.80	23d	1	0.23mi
8175 Celeste Dr Naples, FL	2.0	2.0	1460	$2,395	$1.64	23d	1	0.27mi
8175 Celeste Dr #1229 Naples, FL	3.0	2.0	1640	$2,975	$1.81	23d	1	0.27mi
8175 Celeste Dr #1230 Naples, FL	2.0	2.0	1476	$2,775	$1.88	23d	1	0.27mi
8967 Lely Island Cir Naples, FL	3.0	2.0	2056	$17,000	$8.27	23d	1	0.29mi
9151 Delano St #9702 Naples, FL	3.0	2.5	1733	$2,650	$1.53	13d	1	0.29mi
8135 Celeste Dr #4218 Naples, FL	2.0	2.0	1476	$7,500	$5.08	23d	1	0.29mi
9025 Alturas St #3102 Naples, FL	2.0	3.0	1531	$3,400	$2.22	23d	1	0.30mi
9155 Delano St Unit 1545913P Naples, FL	3.0	2.0	1797	$3,871	$2.15	13d	1	0.30mi
9159 Delano St #9905 Naples, FL	3.0	2.0	1770	$4,995	$2.82	23d	1	0.32mi
9161 Chula Vista St Unit 135-2 Naples, FL	4.0	3.0	1776	$7,500	$4.22	23d	1	0.34mi
8986 Cambria Cir #2204 Naples, FL	3.0	2.0	1771	$7,500	$4.23	23d	1	0.36mi
8986 Cambria Cir Unit 22 Naples, FL	2.0	2.0	1404	$6,000	$4.27	23d	1	0.36mi
8125 Celeste Dr #5113 Naples, FL	3.0	2.0	1635	$7,000	$4.28	23d	1	0.40mi
8125 Celeste Dr #5216 Naples, FL	3.0	2.0	1640	$4,500	$2.74	23d	1	0.40mi
8989 Cambria Cir #1807 Naples, FL	3.0	2.5	2008	$7,000	$3.49	13d	1	0.41mi
9187 Celeste Dr Unit 1073494P Naples, FL	2.0	2.0	1399	$2,979	$2.13	13d	1	0.42mi
8992 Cambria Cir Unit 1546062P Naples, FL	3.0	2.0	2002	$3,097	$1.55	13d	1	0.46mi
8845 Lely Island Cir Naples, FL	3.0	2.0	2373	$12,500	$5.27	23d	1	0.47mi
6903 Mauna Loa Ln Naples, FL	3.0	2.5	2224	$13,500	$6.07	23d	1	0.48mi

HOA detail condo

• Monthly dues: $1,245 · $14,940/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-05-31
   days on market $499,900 Active 137 DOM
2. 2026-05-30
   days on market $499,900 Active 136 DOM
3. 2026-05-02
   historical $2,800
4. 2026-03-13
   listed $2,800
5. 2026-03-13
   historical $2,800
6. 2026-01-14
   listed $499,900 Active
7. 2025-08-10
   price $2,800
8. 2025-05-16
   listed $3,000

ⓘ 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: $5,568 · $464/mo
• Projected year-2 tax: $5,568 · $464/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone AE · 76% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 30 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: $77,353
• − Mortgage interest: −$28,002
• − Property taxes: −$5,568
• − Insurance: −$7,618
• − Repairs & maintenance: −$6,188
• − Management: −$6,188
• − HOA: −$14,940
• − Depreciation: −$14,543
• Taxable loss: −$5,695
• Est. tax savings @ 24.0%: +$1,367
• After-tax cash flow: $2,891/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 — Lely Resort

• Score: 61/100
• State rank: #786
• US rank: #17981

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment A- Housing D- Health & safety D User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lely Resort, FL
• County: Collier County · 396,295 people
• Metro: Naples-Marco Island, FL
• Population (ZIP): 26,056
• Household income: $81,674
• Rent vs Own: 26.7% rent · 73.3% own
• Severe rent burden: 954.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 56% Hispanic / Latino 28% Black 12% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 17% Puerto Rican 3% Cuban 2%
• Common ancestry: Hispanic 10% Romanian 3% Lithuanian 2%
• Foreign-born: 26% · Canada, Jamaica, Vietnam
• Languages at home: 63% English-only · Spanish 24% French/Haitian/Cajun 9% Other Indo-European 2%

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: ▼ -194.86%
• Current HPI: 279.4232
• Rent YoY: ▲ 5.59%
• 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

-6.7% since first listed

6 events — show timeline

• 2026-05-02 Rental Removed $2,800 FGCMLS
• 2026-03-13 Listed for Rent $2,800 FGCMLS
• 2026-03-13 Rental Removed $2,800 NAPLESMLS
• 2026-01-14 Listed $499,900 NAPLESMLS
• 2025-08-10 Price Changed $2,800 NAPLESMLS
• 2025-05-16 Listed for Rent $3,000 NAPLESMLS

Property tax history

+8.8%/yr

Latest (2025): $5,568 · +14.5% YoY. Source: county tax records.