600 Valley Stream Dr Unit D3 · Lely, FL 34113

$200,000

2 bd · 2.0 ba · 1,406 sqft · Condo public records · 21 Days on market

Built 1973 $853/mo HOA · 28% 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 +19.4/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• Schools +5.0/10.0
• Rent growth +3.9/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

PARADISE $ BEST BUY $ Terrific LOCATION! Terrific $ Value$ Over 1,400 square feet of living area in this spacious first floor garden condo with canal and golf course views (without the golf fees!). Lovingly well maintained 2 bedroom, 2 bath unit is ready for you to move in. Newer appliances, air conditioner (4yrs), hot water heater (3yrs). Lanai has been opened to provide additional living area. Manual hurricane shutters. Unbeatable closet and storage space for this size condo. Located on a private street. Convenient to all of Naples and Marco Island shopping, dining and the white sandy beaches. Very friendly, and well managed 55 plus community.

Key facts

• Tile flooring
• Fresh interior paint
• Lake and canal views

Tags

• FIRST FLOOR CONDOMINIUM
• ENCLOSED LANAI
• LAKE AND CANAL VIEWS
• FRESH INTERIOR PAINT
• EASY CARE VINYL FLOORING
• TILE FLOORING

Property features AI

Finance

• Other: Building contains 10 units; this listing is one unit per floor in a building with one floor of units; Canal width approximately 31–80 feet
• HOA & community: Mandatory HOA with professional management; HOA covers cable, insurance, irrigation water, lawn/land maintenance, manager, pest control (exterior), recreation facilities, repairs, reserves, street maintenance, trash removal, and water; Community pool; Sidewalks; Total one-time fees of $200; Non-gated community

Exterior

• Parking: 1 assigned parking space
• Security: Underground utilities (community feature)
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential property in VALLEY STREAM TOWNHOUSE; Low-rise (1-3) building; 2-story garden-style apartment; Zero lot line; Rear exposure facing east
• Construction: Built in 1973; Concrete block construction; Stucco exterior finish; Metal and rolled roofing
• Exterior features: Automatic sprinkler system; Shutters (manual); Canal and lake waterfront; Water view; Irrigation from lake/canal

Interior

• Kitchen: Range; Microwave; Dishwasher; Disposal; Refrigerator/freezer; Refrigerator with icemaker; Pantry
• Bedrooms: 2 bedrooms; First-floor bedroom; Master bedroom on ground level; Split bedroom floor plan
• Flooring: Laminate floors; Tile floors
• Bathrooms: 2 full bathrooms; Master bathroom with shower only
• Heating & cooling: Central electric heat; Central electric air conditioning; Ceiling fans
• Interior features: Cable prewire; Custom mirrors; High-speed internet available; Pantry; Walk-in closet; Window coverings; Dining area in living room; Glass porch; Great room
• Laundry & utility: Washer; Dryer; Laundry in residence

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $200k.

Deal economics

• At list price, monthly cash flow is $-203 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $164k (17.9% below list).
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $164k (17.9% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 66/100 on livability (#586 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing 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); Manatee Middle School (math 61% / reading 43%, grade C+, #217 of 571 statewide, top 40%, 749 students, 64% FRL); Lely High School (math 40% / reading 39%, grade F, #304 of 667 statewide, top 47%, 1,504 students, 54% FRL).
• Zoned-school proficiency averages 46% at this address vs 58% district-wide (-12 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); 599 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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).
• This rent runs 44% of the median local income ($82k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 21 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y 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 $92k; list at $200k implies a 117% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 28% 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→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $164,136 (17.9% 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. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-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: 1.50% ✓
• Cap rate: 7.63%
• Cash-on-cash: 4.79%
• DSCR: 1.21
• GRM: 5.6

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: -17.7%
• Equity multiple: 0.35×
• Total profit: $-36,537
• Equity at exit: $29,821

10-year hold

• IRR: -2.3%
• Equity multiple: 0.81×
• Total profit: $-10,583
• Equity at exit: $17,292

Cash invested: $56,000 (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: 599
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $3,001 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$162 /mo · $1,950/yr
• Insurance: −$83
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$853
• Vacancy / Maint / Mgmt: −$630
• Net cashflow: $-203

Break-even live

Break-even rent $3,258

Max offer price $164,136

Occupancy floor —

Sensitivity live

Price	-10% $-90	-5% $-146	+0% $-203	+5% $-260	+10% $-316
Rent	-10% $-440	-5% $-322	+0% $-203	+5% $-84	+10% $34
Rate	-1.0pp $-102	-0.5pp $-152	base $-203	+0.5pp $-255	+1.0pp $-308

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4977 Pepper Cir #205 Naples, FL	2.0	2.0	1250	$2,250	$1.80	24d	1	0.08mi
300 Valley Stream Dr Unit 3D Naples, FL	2.0	2.0	979	$1,795	$1.83	24d	1	0.12mi
300 Valley Stream Dr Unit 3D Naples, FL	2.0	2.0	979	$1,795	$1.83	26d	1	0.12mi
200 Valley Stream Dr Unit 8B Naples, FL	2.0	2.0	979	$1,750	$1.79	26d	1	0.16mi
5483 Rattlesnake Hammock Rd Unit 201B Naples, FL	2.0	2.0	1071	$1,800	$1.68	16d	1	0.24mi
4900 Biscayne Dr #22 Naples, FL	2.0	2.0	1108	$1,800	$1.62	24d	1	0.27mi
4830 Cortez Cir Naples, FL	3.0	2.0	1218	$3,100	$2.55	26d	1	0.37mi
4907 Catalina Dr Unit 45 Naples, FL	3.0	2.0	1270	$1,900	$1.50	16d	1	0.38mi
4911 Catalina Dr Unit 22 Naples, FL	3.0	1.5	1200	$1,950	$1.62	16d	1	0.38mi
4360 Petal Dr Naples, FL	3.0	1.0–2.0	1018	$2,566	$2.52	16d	37	0.44mi
232 Pebble Beach Blvd #104 Naples, FL	3.0	2.0	1298	$1,975	$1.52	26d	1	0.47mi
30 Maui Cir #30 Naples, FL	3.0	2.0	1552	$2,795	$1.80	26d	1	0.49mi
190 Pebble Beach Blvd #301 Naples, FL	2.0	2.0	954	$1,700	$1.78	26d	1	0.51mi
4300 Gulfstream Dr Unit 2D Naples, FL	2.0	2.0	1115	$1,295	$1.16	26d	1	0.57mi
6875 Saona Ct Naples, FL	2.0	2.0	1565	$8,000	$5.11	26d	1	0.57mi
240 Pebble Beach Blvd #702 Naples, FL	2.0	2.0	1090	$4,000	$3.67	26d	1	0.57mi
4261 Pearl Harbor Dr Unit 1546170P Naples, FL	3.0	2.0	1797	$3,387	$1.88	16d	1	0.58mi
5419 Rattlesnake Hammock Rd Unit 307F Naples, FL	2.0	2.0	1071	$1,950	$1.82	16d	1	0.59mi
4290 Gulfstream Dr #5 Naples, FL	2.0	2.0	956	$1,600	$1.67	26d	1	0.60mi
4231 Gulfstream Dr Apt 102 Naples, FL	3.0	2.0	1178	$1,995	$1.69	16d	1	0.64mi
332 Charlemagne Blvd Unit H103 Naples, FL	2.0	2.0	1082	$3,495	$3.23	26d	1	0.65mi
332 Charlemagne Blvd Unit H101 Naples, FL	2.0	2.0	1082	$3,500	$3.23	26d	1	0.65mi
213 Bay Meadows Dr Naples, FL	3.0	2.0	1650	$5,500	$3.33	26d	1	0.68mi
3625 Boca Ciega Dr Naples, FL	2.0	2.0	930	$2,400	$2.58	26d	2	0.68mi
5499 Rattlesnake Hammock Rd Naples, FL	2.0	2.0	1071	$1,775	$1.66	16d	2	0.68mi
360 Charlemagne Blvd Unit D105 Naples, FL	2.0	2.0	1082	$3,200	$2.96	26d	1	0.72mi
6984 Saona Ct Naples, FL	2.0	2.0	1472	$7,500	$5.10	26d	1	0.75mi
7259 Cayo Coco Ln Naples, FL	2.0	2.0	1411	$6,500	$4.61	26d	1	0.75mi
2093 Pine Isle Ln #2093 Naples, FL	2.0	2.0	927	$1,695	$1.83	26d	1	0.75mi
7263 Cayo Coco Ln Naples, FL	2.0	2.0	1321	$6,500	$4.92	26d	1	0.75mi
4410 Chantelle Dr Unit H-205 Naples, FL	2.0	2.0	1349	$3,500	$2.59	16d	1	0.77mi
7096 Dominica Dr Naples, FL	2.0	2.0	1563	$7,500	$4.80	26d	1	0.77mi
3655 Boca Ciega Dr #202 Naples, FL	2.0	2.0	966	$1,800	$1.86	26d	1	0.77mi
7299 Cayo Coco Ln Naples, FL	2.0	2.0	1476	$6,500	$4.40	26d	1	0.77mi
5595 Greenwood Cir #92 Naples, FL	3.0	2.0	1450	$5,000	$3.45	26d	1	0.78mi
148 Lake Point Ln Naples, FL	2.0	2.5	1530	$2,100	$1.37	26d	1	0.78mi
7142 Cayo Coco Ln Naples, FL	2.0	2.0	1490	$10,000	$6.71	26d	1	0.78mi
7204 Cayo Coco Ln Naples, FL	2.0	2.0	1308	$7,500	$5.73	26d	1	0.78mi
7110 Cayo Coco Ln Naples, FL	2.0	2.0	1387	$9,250	$6.67	26d	1	0.78mi
7138 Cayo Coco Ln Naples, FL	2.0	2.0	1205	$6,500	$5.39	26d	1	0.78mi

HOA detail condo

• Monthly dues: $853 · $10,236/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-23
   days on market $200,000 Active 21 DOM
2. 2026-06-21
   days on market $200,000 Active 20 DOM
3. 2026-06-18
   days on market $200,000 Active 17 DOM
4. 2026-06-17
   days on market $200,000 Active 16 DOM
5. 2026-06-16
   days on market $200,000 Active 15 DOM
6. 2026-06-15
   days on market $200,000 Active 14 DOM
7. 2026-06-14
   days on market $200,000 Active 12 DOM
8. 2026-06-10
   days on market $200,000 Active 9 DOM
9. 2026-06-09
   days on market $200,000 Active 8 DOM
10. 2026-06-08
    days on market $200,000 Active 7 DOM
11. 2026-06-07
    days on market $200,000 Active 6 DOM
12. 2026-06-03
    days on market $200,000 Active 2 DOM
13. 2026-06-01
    remarks 693-char remark
14. 2026-06-01
    listed $200,000 Active 1 DOM

ⓘ 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: $1,950 · $162/mo
• Projected year-2 tax: $1,950 · $162/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 27 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: $36,018
• − Mortgage interest: −$11,203
• − Property taxes: −$1,950
• − Insurance: −$6,118
• − Repairs & maintenance: −$2,881
• − Management: −$2,881
• − HOA: −$10,236
• − Depreciation: −$5,818
• Taxable loss: −$5,071
• Est. tax savings @ 24.0%: +$1,217
• After-tax cash flow: $-1,219/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

• Score: 66/100
• State rank: #586
• US rank: #11224

Category grades

Amenities F Commute F Cost of living C+ Crime A+ Employment C+ 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): 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

+117.4% since first listed

5 events — show timeline

• 2026-06-01 Listed $200,000 NAPLESMLS
• 2014-11-24 Sold (Public Records) $92,000 Public Records
• 2014-11-21 Price Changed $97,500 NAPLESMLS
• 2014-11-21 Sold (MLS) $92,000 NAPLESMLS
• 2014-09-24 Listed $92,000 NAPLESMLS

Property tax history

+17.1%/yr

Latest (2025): $1,950 · +417.8% YoY. Source: county tax records.