228 Belina Dr Unit 5-605 · Berkshire Lakes, FL 34104

$239,800

2 bd · 2.0 ba · 1,200 sqft · Condo · 69 Days on market

Built 1991 $555/mo HOA · 18% 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 +17.6/30.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• Schools +5.0/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

UPDATED INTERIOR – NEW FLOORING – PRIME SAPPHIRE LAKES LOCATION! This beautifully refreshed condo in the Topaz community at Sapphire Lakes offers comfort, style, and convenience in one of Naples’ desirable gated communities. Recent updates include new flooring, white cabinetry, and a freshly repainted interior, creating a bright and modern living space ready for immediate enjoyment. Additional highlights include a 2019 HVAC system, an oversized laundry room with extra storage, a spacious storage room, and a walk-in closet in the primary suite. The screened lanai is equipped with hurricane shutters, providing both peace of mind and added protection. Sapphire Lakes is known

Key facts

• Walk-in closet
• New flooring
• Screened lanai

Tags

• NEW FLOORING
• 2019 HVAC SYSTEM
• OVERSIZED LAUNDRY ROOM
• SPACIOUS STORAGE ROOM
• WALK-IN CLOSET
• SCREENED LANAI

Property features AI

Other

• Directions: From Davis Blvd, head north on Santa Barbara Blvd. Turn right onto Belina Dr. Property will be on the left; Unit 5.
• Possession: Possession at closing
• Multi-unit info: 1 unit per floor; 12 units in building; 550 units in complex; 2 total floors in building

Finance

• HOA & community: Mandatory HOA (professional management); Quarterly condo fee of $1,665 (total annual recurring fees $6,660); HOA maintenance covers cable, insurance, internet/Wi-Fi, irrigation water, lawn/land maintenance, management, master association fee, exterior pest control, recreation facilities, reserves, sewer, street lights, street maintenance, trash removal and water; Community amenities include clubhouse, community pool and spa, exercise room, tennis, pickleball, basketball, bocce, bike and jog paths, bike storage, sidewalks, BBQ/picnic areas, underground utilities and streetlights

Exterior

• Parking: 1 assigned parking space; Guest parking available; Detached 1-space carport
• Security: Gated community
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential property; Low-rise building (1–3 stories); 2-story building; Rear exposure facing NE; Located in Sapphire Lakes (Topaz subdivision, unit 605)
• Construction: Concrete block construction; Built in 1991
• Exterior features: Stucco exterior; Shingle roof; Single-hung windows; Shutters; Gated community; Preserve view; Lake/canal irrigation; Paved private road

Interior

• Kitchen: Pantry; Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bedrooms: 2 bedrooms (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
• Interior features: Cable prewire; Pantry; Smoke detectors; Walk-in closet; Window coverings; Breakfast bar; Dining (family); Eat-in kitchen; Laundry in residence; Screened lanai/porch; Unfurnished
• Laundry & utility: Washer and dryer in unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $240k.

Deal economics

• At list price, monthly cash flow is $189 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Recommended offer: $225k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• 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: Calusa Park Elementary School (math 59% / reading 56%, grade C+, #764 of 2,144 statewide, top 36%, 707 students, 62% FRL); Golden Gate High School (math 38% / reading 39%, grade F, #321 of 667 statewide, top 49%, 1,764 students, 53% FRL) — zoned schools at 57% FRL track the district average.
• Market conditions: Rents soft (-1.1%/yr); 440 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 $3,039/mo this rent would consume 51% of the median local household income ($72k/yr) (locally 1423% 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 69 days — a 6% lower offer ($225k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: 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 $225,412 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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. 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.
7. 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.
8. 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: 1.27% ✓
• Cap rate: 7.24%
• Cash-on-cash: 3.37%
• DSCR: 1.15
• GRM: 6.6

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: -15.3%
• Equity multiple: 0.47×
• Total profit: $-35,356
• Equity at exit: $35,755

10-year hold

• IRR: -15.4%
• Equity multiple: 0.28×
• Total profit: $-48,156
• Equity at exit: $20,734

Cash invested: $67,144 (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 34104

• Rents YoY: -1.1%
• Active inventory: 440
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $3,039 high
• Mortgage (P&I): −$1,258
• Tax est. 1.5%: −$300 /mo · $3,597/yr
• Insurance: −$100
• HOA: −$555
• Vacancy / Maint / Mgmt: −$638
• Net cashflow: $189

Break-even live

Break-even rent $2,800

Max offer price $239,800

Occupancy floor 89%

Sensitivity live

Price	-10% $354	-5% $272	+0% $189	+5% $106	+10% $23
Rent	-10% $-51	-5% $69	+0% $189	+5% $309	+10% $429
Rate	-1.0pp $310	-0.5pp $250	base $189	+0.5pp $127	+1.0pp $63

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: $59,950
• Closing costs: $7,194
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
228 Belina Dr Unit 606 Naples, FL	2.0	2.0	1200	$4,800	$4.00	15d	1	0.02mi
153 Gabriel Cir Unit 3003 Naples, FL	2.0	2.0	1200	$4,000	$3.33	15d	1	0.11mi
218 Gabriel Cir Unit 3809 Naples, FL	2.0	2.0	1200	$3,800	$3.17	15d	1	0.16mi
388 Belina Dr Unit 1104 Naples, FL	2.0	2.0	1200	$4,000	$3.33	15d	1	0.18mi
120 Asaf Dr Unit 4304 Naples, FL	2.0	2.0	1350	$4,300	$3.19	15d	1	0.21mi
448 Gabriel Cir Unit 3310 Naples, FL	2.0	2.0	1200	$3,500	$2.92	15d	1	0.23mi
515 Gabriel Cir Unit 1910 Naples, FL	2.0	2.0	1200	$4,700	$3.92	15d	1	0.26mi
484 Belina Dr Naples, FL	2.0	1.0	1200	$2,400	$2.00	24d	1	0.28mi
675 Luisa Ln Unit 825 Naples, FL	3.0	2.0	1484	$2,300	$1.55	15d	1	0.29mi
7790 Woodbrook Cir #2603 Naples, FL	3.0	2.5	1406	$4,500	$3.20	24d	1	0.35mi
7839 Regal Heron Cir #202 Naples, FL	2.0	2.0	1202	$2,000	$1.66	24d	1	0.37mi
620 Luisa Ct Unit 803 Naples, FL	2.0	2.0	1200	$2,400	$2.00	15d	1	0.38mi
7822 Great Heron Way #106 Naples, FL	3.0	2.0	1431	$2,200	$1.54	24d	1	0.42mi
7822 Great Heron Way #106 Naples, FL	3.0	2.0	1431	$2,200	$1.54	15d	1	0.42mi
7835 Regal Heron Cir Naples, FL	2.0–3.0	2.0	1316	$1,795	$1.36	24d	2	0.42mi
7804 Regal Heron Cir #304 Naples, FL	2.0	2.0	1304	$2,000	$1.53	15d	1	0.43mi
7818 Great Heron Way #303 Naples, FL	2.0	2.0	1304	$3,395	$2.60	15d	1	0.44mi
7831 Regal Heron Cir Unit 1506858P Naples, FL	3.0	2.0	1420	$4,283	$3.02	15d	1	0.45mi
7725 Tara Cir Naples, FL	1.0–3.0	1.0–2.0	929	$1,512	$1.63	15d	1	0.45mi
7823 Regal Heron Cir #103 Naples, FL	2.0	2.0	1304	$1,995	$1.53	15d	1	0.50mi
108 Santa Clara Dr #4 Naples, FL	2.0	2.0	974	$1,950	$2.00	15d	1	0.51mi
116 Santa Clara Dr #12 Naples, FL	1.0	1.0	745	$1,600	$2.15	15d	1	0.55mi
3536 Winifred Row Ln Naples, FL	3.0	2.5	1300	$2,350	$1.81	15d	10	0.56mi
209 Robin Hood Cir #201 Naples, FL	2.0	2.0	1225	$3,500	$2.86	15d	1	0.62mi
150 Santa Clara Dr #15 Naples, FL	1.0	1.0	700	$1,590	$2.27	24d	1	0.63mi
8215 Ibis Club Dr #102 Naples, FL	2.0	2.0	1043	$1,625	$1.56	24d	1	0.64mi
8225 Ibis Club Dr #216 Naples, FL	1.0	1.0	828	$1,600	$1.93	22d	1	0.64mi
8225 Ibis Club Dr #216 Naples, FL	1.0	1.0	811	$1,650	$2.03	24d	1	0.64mi
241 Robin Hood Cir #204 Naples, FL	2.0	2.0	1225	$3,800	$3.10	15d	1	0.65mi
169 Santa Clara Dr #11 Naples, FL	2.0	2.0	1200	$1,890	$1.57	24d	1	0.65mi
161 Santa Clara Dr #14 Naples, FL	2.0	2.0	1043	$2,000	$1.92	22d	1	0.66mi
280 Robin Hood Cir #101 Naples, FL	3.0	2.0	1413	$3,900	$2.76	24d	1	0.68mi
280 Robin Hood Cir #102 Naples, FL	3.0	2.0	1450	$3,995	$2.76	24d	1	0.68mi
1600 Wellesley Cir Naples, FL	1.0–2.0	1.0–2.0	950	$1,900	$2.00	15d	12	0.68mi
8245 Ibis Club Dr #403 Naples, FL	1.0	1.0	811	$1,600	$1.97	15d	1	0.70mi
8265 Ibis Club Dr #610 Naples, FL	1.0	1.0	811	$1,600	$1.97	24d	1	0.70mi
8285 Ibis Club Dr #805 Naples, FL	3.0	2.0	1175	$2,450	$2.09	24d	1	0.71mi
1392 Churchill Cir Unit O101 Naples, FL	3.0	2.0	1350	$2,300	$1.70	15d	1	0.72mi
8255 Ibis Club Dr Naples, FL	2.0	2.0	1021	$1,750	$1.71	15d	2	0.72mi
180 Furse Lakes Cir Unit E8 Naples, FL	2.0	2.0	1425	$4,000	$2.81	15d	1	0.72mi

HOA detail condo

• Monthly dues: $555 · $6,660/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-04-17
   price $239,800
2. 2026-03-19
   listed $239,900 Active

ⓘ 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 3/10 Moderate FEMA zone X (unshaded) · 9% 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: $36,470
• − Mortgage interest: −$13,433
• − Property taxes: −$3,597
• − Insurance: −$1,199
• − Repairs & maintenance: −$2,918
• − Management: −$2,918
• − HOA: −$6,660
• − Depreciation: −$6,976
• Taxable loss: −$1,229
• Est. tax savings @ 24.0%: +$295
• After-tax cash flow: $2,560/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 — Berkshire Lakes

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Collier County · 396,295 people
• Metro: Naples-Marco Island, FL
• Population (ZIP): 26,408
• Household income: $71,686
• Rent vs Own: 31.7% rent · 68.3% own
• Severe rent burden: 1423.0

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: Majority White (62%)
• Race & ethnicity: White 62% Hispanic / Latino 30% Two or more races 19% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 3% Cuban 6% Dominican 1%
• Common ancestry: Lithuanian 6% Romanian 3% Hispanic 2%
• Foreign-born: 30% · Canada, Jamaica, Dominican Republic
• Languages at home: 66% English-only · Spanish 24% French/Haitian/Cajun 5% Russian/Polish/Slavic 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: ▼ -252.48%
• Current HPI: 259.3498
• Rent YoY: ▼ -1.10%
• 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

-0.0% since first listed

2 events — show timeline

• 2026-04-17 Price Changed $239,800 NAPLESMLS
• 2026-03-19 Listed $239,900 NAPLESMLS