300 Horse Creek Dr Ph 03 · Naples Park, FL 34110

$449,900

2 bd · 2.0 ba · 1,270 sqft · Condo · 78 Days on market

Built 1993 Good condition $871/mo HOA · 18% of rent ↓ 5% since listing

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Why this score? — see what drove the D 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 +11.8/30.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• Schools +5.0/10.0
• Condition / age +4.0/5.0
• DSCR +3.5/10.0
• Livability +3.2/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

One or more photo(s) has been virtually staged, AI generated or rendered. Best-value waterfront opportunity in North Naples! Welcome to 300 Horse Creek Dr #PH03—a spacious top-floor residence offering long water views, exceptional privacy, and the chance to create a customized coastal retreat in one of Naples’ most desirable locations. Located inside the Tarpon Cove Yacht & Racquet Club, this unit is positioned on the top floor and enjoys enhanced natural light, vaulted ceilings and a peaceful setting with no overhead noise, not to mention - ELECTRIC HURRICANE SHUTTERS ON THE LANAI!. Boat Docks available for sale/rent! The layout offers generous living space, a functional

Key facts

• Covered parking
• Updated condo
• Private beach

Tags

• UPDATED CONDO
• IMPACT WINDOWS
• PRIVATE BEACH
• HIGH CEILINGS
• COVERED PARKING
• SCREENED-IN LANAI

Property features AI

Other

• Location: Development: WIGGINS BAY (Princeton Place)
• Possession: Possession at closing
• Multi-unit information: 5 units per floor; 37 units in building; 185 units in complex; 1 floor in this unit

Finance

• HOA & community: Mandatory HOA (Condo management); Condo fee $712.33 monthly; Master HOA fee $1,915 annually; Community amenities: BBQ/picnic area, beach club access, bike and jog path, bike storage, bocce court, clubhouse, community pool, community room, exercise room, private membership options, restaurant, tennis court; Community type: Boating, Gated; Maintenance covers cable, insurance, internet/WiFi, irrigation water, lawn/land maintenance, legal/accounting, exterior pest control, reserves, street lights, trash removal, water; Total annual recurring fees $10,459; One-time fees $100

Exterior

• Parking: 1 assigned covered parking; Detached 1-car carport; Guest parking
• Security: Guarded gate
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential penthouse in a mid-rise (4-7) building; Built in 1993; Rear exposure faces south; Unit 503
• Construction: Concrete block construction
• Exterior features: Tile roof; Stucco exterior; Impact resistant windows (single hung); Electric shutters; Guard at gate; Bay and mangrove views; Has waterfront (bay); Dock lease for boat access (Gulf access via bridge(s)); Central irrigation; Paved road

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator/Freezer; Eat-in kitchen
• Bedrooms: 2 bedrooms (split bedroom floor plan)
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms; Master bathroom with separate tub and shower
• Heating & cooling: Central electric heat; Central electric air conditioning; Ceiling fans
• Interior features: Cable prewire; Smoke detectors; Vaulted ceilings; Common elevator; Turnkey furnished; Screened balcony; Laundry in residence; 3 ceiling fans
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $450k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-188 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $423k (6.0% below list).
• Meets the 1% rule at list price ($5k rent vs $450k).
• Recommended offer: $423k (6.0% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 64/100 on livability (#696 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A-, employment B+; Watch: health & safety D, schools F, amenities 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 (-1.1%/yr); 595 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 $4,885/mo this rent would consume 60% of the median local household income ($98k/yr) (locally 1006% 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 $13k 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 78 days — a 6% lower offer ($423k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 8→36/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $422,754 (6.0% 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 78 days. Have you received any prior offers? Is the seller open to a 6% 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 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 1.09% ✓
• Cap rate: 5.97%
• Cash-on-cash: -1.15%
• DSCR: 0.95
• GRM: 7.7

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: -23.6%
• Equity multiple: 0.22×
• Total profit: $-98,517
• Equity at exit: $67,082

10-year hold

• IRR: -35.6%
• Equity multiple: -0.22×
• Total profit: $-153,856
• Equity at exit: $38,899

Cash invested: $125,972 (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 34110

• Rents YoY: -1.1%
• Active inventory: 595
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $4,885 high
• Mortgage (P&I): −$2,359
• Tax est. 1.5%: −$562 /mo · $6,748/yr
• Insurance: −$187
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$871
• Vacancy / Maint / Mgmt: −$1,026
• Net cashflow: $-188

Break-even live

Break-even rent $5,122

Max offer price $422,754

Occupancy floor 99%

Sensitivity live

Price	-10% $123	-5% $-32	+0% $-188	+5% $-343	+10% $-499
Rent	-10% $-574	-5% $-381	+0% $-188	+5% $5	+10% $198
Rate	-1.0pp $39	-0.5pp $-73	base $-188	+0.5pp $-304	+1.0pp $-423

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: $112,475
• Closing costs: $13,497
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
300 Horse Creek Dr #408 Naples, FL	2.0	2.0	1434	$5,500	$3.84	24d	1	0.02mi
320 Horse Creek Dr #105 Naples, FL	2.0	2.0	1326	$5,600	$4.22	24d	1	0.05mi
340 Horse Creek Dr #304 Naples, FL	2.0	2.0	1326	$2,950	$2.22	24d	1	0.10mi
360 Horse Creek Dr Naples, FL	2.0	2.0	1589	$5,250	$3.30	14d	4	0.14mi
420 Cove Tower Dr #802 Naples, FL	3.0	2.0	1621	$4,750	$2.93	24d	1	0.18mi
430 Cove Tower Dr #302 Naples, FL	3.0	2.0	1623	$6,500	$4.00	24d	1	0.21mi
430 Cove Tower Dr #1202 Naples, FL	3.0	2.0	1519	$7,800	$5.13	24d	1	0.21mi
13105 Vanderbilt Dr Naples, FL	2.0	2.0	1390	$5,450	$3.92	24d	2	0.22mi
13105 Vanderbilt Dr #808 Naples, FL	2.0	2.0	1390	$5,500	$3.96	22d	1	0.23mi
13105 Vanderbilt Dr #808 Naples, FL	2.0	2.0	1390	$5,500	$3.96	14d	1	0.23mi
425 Cove Tower Dr #902 Naples, FL	2.0	2.0	1854	$9,400	$5.07	24d	1	0.23mi
480 Bermuda Cove Way Unit 1-104 Naples, FL	2.0	2.0	1372	$4,250	$3.10	24d	1	0.24mi
12945 Vanderbilt Dr Naples, FL	2.0	2.0	1301	$5,250	$4.04	24d	2	0.28mi
651 Wiggins Lake Dr #102 Naples, FL	2.0	2.0	1487	$6,500	$4.37	24d	1	0.42mi
774 Wiggins Lake Dr #106 Naples, FL	3.0	2.0	1374	$6,500	$4.73	24d	1	0.47mi
437 Wiggins Lake Ct #201 Naples, FL	2.0	2.0	1283	$4,500	$3.51	24d	1	0.49mi
760 Wiggins Lake Dr #205 Naples, FL	2.0	2.0	1179	$5,500	$4.66	24d	1	0.57mi
757 Wiggins Lake Dr #106 Naples, FL	3.0	2.0	1374	$6,000	$4.37	24d	1	0.59mi
757 Wiggins Lake Dr #106 Naples, FL	3.0	2.0	1374	$6,000	$4.37	14d	1	0.59mi
752 Wiggins Lake Dr #102 Naples, FL	2.0	2.0	1402	$2,375	$1.69	22d	1	0.60mi
1282 Belaire Ct Naples, FL	3.0	3.5	1495	$9,500	$6.35	24d	1	0.62mi
1284 Rainbow Ct Naples, FL	2.0	2.0	1572	$4,200	$2.67	22d	1	0.67mi
1296 Grand Canal Dr Naples, FL	3.0	2.0	1614	$8,000	$4.96	24d	1	0.70mi
817 Carrick Bend Cir #101 Naples, FL	3.0	2.0	1660	$5,995	$3.61	14d	1	0.72mi
1337 Center Ln Naples, FL	3.0	2.0	1500	$4,300	$2.87	24d	1	0.76mi
784 Carrick Bend Cir #101 Naples, FL	3.0	2.0	1515	$3,500	$2.31	24d	1	0.76mi
513 Lake Louise Cir #202 Naples, FL	2.0	2.0	1444	$5,300	$3.67	24d	1	0.80mi
1001 Arbor Lake Dr Naples, FL	2.0–3.0	2.0–2.5	1755	$3,800	$2.16	24d	2	0.83mi
505 Lake Louise Cir #101 Naples, FL	2.0	2.0	1444	$5,500	$3.81	24d	1	0.86mi
526 Lake Louise Cir Unit 4-403 Naples, FL	3.0	2.0	1740	$6,500	$3.74	24d	1	0.89mi
298 Emerald Bay Cir Unit K6 Naples, FL	2.0	2.0	1202	$4,750	$3.95	24d	1	0.95mi
975 Tarpon Cove Dr #204 Naples, FL	3.0	2.0	1340	$5,500	$4.10	14d	1	0.95mi
306 Emerald Bay Cir Unit J5 Naples, FL	3.0	2.0	1490	$5,900	$3.96	24d	1	0.96mi
306 Emerald Bay Cir Unit J8 Naples, FL	2.0	2.0	1350	$4,000	$2.96	24d	1	0.96mi
1025 Tarpon Cove Dr #203 Naples, FL	2.0	2.0	1225	$5,500	$4.49	14d	1	0.98mi
509 Roma Ct Naples, FL	3.0	2.0	1322	$3,850	$2.91	24d	3	1.00mi
519 Roma Ct Naples, FL	3.0	2.0	1260	$4,450	$3.53	14d	6	1.00mi
341 Emerald Bay Cir Unit T5 Naples, FL	3.0	2.0	1611	$4,500	$2.79	24d	1	1.02mi
386 Emerald Bay Cir Unit G4 Naples, FL	3.0	2.0	1490	$2,500	$1.68	24d	1	1.04mi
15161 Cedarwood Ln Naples, FL	2.0	2.0	1267	$4,000	$3.16	24d	3	1.14mi

HOA detail condo

• Monthly dues: $871 · $10,452/yr
• Likely covers: waterelectric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-18
   days on market $449,900 Active 78 DOM
2. 2026-06-17
   days on market $449,900 Active 77 DOM
3. 2026-06-16
   days on market $449,900 Active 76 DOM
4. 2026-06-15
   days on market $449,900 Active 75 DOM
5. 2026-06-14
   days on market $449,900 Active 73 DOM
6. 2026-06-10
   days on market $449,900 Active 70 DOM
7. 2026-06-09
   days on market $449,900 Active 69 DOM
8. 2026-06-08
   days on market $449,900 Active 68 DOM
9. 2026-06-07
   days on market $449,900 Active 67 DOM
10. 2026-06-03
    days on market $449,900 Active 63 DOM
11. 2026-06-02
    days on market $449,900 Active 62 DOM
12. 2026-06-01
    days on market $449,900 Active 61 DOM
13. 2026-05-31
    days on market $449,900 Active 60 DOM
14. 2026-05-30
    days on market $449,900 Active 59 DOM
15. 2026-04-27
    price $449,900
16. 2026-04-01
    listed $475,000 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 8/10 Severe FEMA zone X (shaded) · 97% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 8 d/yr ≥107°F today · 36 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $58,618
• − Mortgage interest: −$25,201
• − Property taxes: −$6,748
• − Insurance: −$3,047
• − Repairs & maintenance: −$4,689
• − Management: −$4,689
• − HOA: −$10,452
• − Depreciation: −$13,088
• Taxable loss: −$9,298
• Est. tax savings @ 24.0%: +$2,231
• After-tax cash flow: $-20/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 · 13 photos

Good 80/100 Cosmetic rehab

This top-floor condo is in good condition with a good condition score of 80. It has a good roof, exterior, and interior walls. The kitchen and bathrooms need new flooring, and the exterior walls need painting. Updating these areas can significantly increase the home's value for both resale and rental.

Value-add opportunities

• Both Updating the flooring in the kitchen and bathrooms — New flooring can enhance the overall appearance and increase the home's value for both resale and rental
• Both Painting the exterior walls — Fresh paint can improve curb appeal and make the home more attractive to potential buyers and renters

Renovation cost estimate screening

Value-add ROI direction

• Both Updating the flooring in the kitchen and bathrooms — New flooring can enhance the overall appearance and increase the home's value for both resale and rental ↑
• Both Painting the exterior walls — Fresh paint can improve curb appeal and make the home more attractive to potential buyers and 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 Park

• Score: 64/100
• State rank: #696
• US rank: #14564

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Collier County · 396,295 people
• Metro: Naples-Marco Island, FL
• Population (ZIP): 25,630
• Household income: $97,564
• Rent vs Own: 23.2% rent · 76.8% own
• Severe rent burden: 1006.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 10% Two or more races 9% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Cuban 3%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 11% · Canada, South Korea
• Languages at home: 87% English-only · Spanish 7% Other Indo-European 3% French/Haitian/Cajun 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: ▼ -172.68%
• Current HPI: 267.4644
• Rent YoY: ▼ -1.06%
• 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

-5.3% since first listed

2 events — show timeline

• 2026-04-27 Price Changed $449,900 NAPLESMLS
• 2026-04-01 Listed $475,000 NAPLESMLS