8284 Key Royal Cir #1312 · Island Walk, FL 34119

$227,000

2 bd · 1.0 ba · 946 sqft · Condo public records · 48 Days on market

Built 2004 $466/mo HOA · 23% of rent

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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 +8.5/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• 1% rule +4.1/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• Rent growth +1.9/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

RARELY AVAILABLE!! FIRST floor, LAKEVIEW 2/1 condo in Key Royal is sure to impress. This unit boasts lots of upgrades including tile throughout, brick paver patio with sitting area, and carport #286, which is right outside the front door. In addition, there is 1 other assigned parking space, plus one guest spot that comes with the unit. Community amenities include a large clubhouse, 24 hour exercise room, heated pool and spa, poolside tiki hut, car wash area, and garbage valet. In addition, all poolside furniture has been recently replaced, and community enjoys the benefits of an onsite property manager and security patrol. Key Royal is a well-maintained community with low condo fees, and excellent location with plenty of shopping, dining, and golfing nearby. I-75 access is 5 minutes away, and it is a short 8 miles drive to the beach at Wiggins Pass State Park. First floor units are highly desirable in this complex- this one will not last!!

Key facts

• Covered parking
• Pool area
• Club house

Tags

• COVERED PARKING
• VIEW OF LAKE
• CLUB HOUSE
• POOL AREA
• GAME ROOM

Property features AI

Finance

• HOA & community: Condo fee $466 monthly; Professional management; Community amenities include: clubhouse, community pool, community spa/hot tub, exercise room, billiards, library, community room, BBQ/picnic area, bike storage, sidewalks, street lighting, underground utilities, vehicle wash area, internet access; Maintenance covered: cable, irrigation water, lawn/land maintenance, legal/accounting, manager, exterior pest control, recreation facilities, reserves, sewer, street lights, street maintenance, trash removal, water; Gated community; Total annual recurring fees $5,592; Total one-time fees $150

Exterior

• Parking: 1 assigned covered parking space; Detached 1-car carport; Paved parking
• Security: Gated community; Entry keypad
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential low-rise building (1–3 stories); Built in 2004; Rear exposure facing north; Part of Key Royal Condominiums
• Construction: Concrete block construction
• Exterior features: Tile roof; Sliding windows; Stucco exterior finish; Lake view / lakefront; Central irrigation; Paved road access; Gated community; Entry keypad

Interior

• Kitchen: Dishwasher; Disposal; Range; Self-cleaning oven; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Tile
• Bathrooms: 1 full bathroom with tub-and-shower combo (master bath)
• Heating & cooling: Central electric heat; Central electric air conditioning; Ceiling fans
• Interior features: Bar; Cable prewire; Fire sprinkler system; High-speed internet available; Smoke detectors; Breakfast bar; Laundry in residence; Recreation room
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $227k.

Deal economics

• At list price, monthly cash flow is $-199 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $192k (15.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $207k (8.9% below list).
• Recommended offer: $192k (15.4% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 64/100 on livability (#692 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing B+; 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: Laurel Oak Elementary School (math 82% / reading 77%, grade A, #116 of 2,144 statewide, top 6%, 1,203 students, 20% FRL); Oakridge Middle School (math 75% / reading 67%, grade A, #59 of 571 statewide, top 11%, 1,183 students, 26% FRL); Gulf Coast High School (math 57% / reading 68%, grade B-, #93 of 667 statewide, top 14%, 2,447 students, 20% FRL) — zoned schools average 22% FRL vs 55% district-wide (33 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 71% at this address vs 58% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Collier average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents soft (-2.5%/yr); 590 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).

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 48 days — a 3% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y ago; this cycle's ask has dropped $12k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $125k; list at $227k implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $191,934 (15.4% 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 48 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.91% ✗
• Cap rate: 5.24%
• Cash-on-cash: -3.75%
• DSCR: 0.83
• GRM: 9.2

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: -26.6%
• Equity multiple: 0.13×
• Total profit: $-55,291
• Equity at exit: $33,846

10-year hold

• IRR: -42.7%
• Equity multiple: -0.37×
• Total profit: $-87,052
• Equity at exit: $19,627

Cash invested: $63,560 (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 34119

• Rents YoY: -2.5%
• Active inventory: 590
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,067 high
• Mortgage (P&I): −$1,190
• Tax from tax record: −$80 /mo · $964/yr
• Insurance: −$95
• HOA: −$466
• Vacancy / Maint / Mgmt: −$434
• Net cashflow: $-199

Break-even live

Break-even rent $2,318

Max offer price $191,934

Occupancy floor —

Sensitivity live

Price	-10% $-70	-5% $-134	+0% $-199	+5% $-263	+10% $-327
Rent	-10% $-362	-5% $-280	+0% $-199	+5% $-117	+10% $-35
Rate	-1.0pp $-84	-0.5pp $-141	base $-199	+0.5pp $-257	+1.0pp $-317

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: $56,750
• Closing costs: $6,810
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8284 Key Royal Cir #1323 Naples, FL	2.0	1.0	1010	$1,850	$1.83	25d	1	0.01mi
8274 Key Royal Cir Naples, FL	2.0	1.0	946	$1,700	$1.80	25d	2	0.05mi
8294 Key Royal Cir #1633 Naples, FL	2.0	1.0	943	$1,750	$1.86	25d	1	0.06mi
8297 Key Royal Ln Naples, FL	2.0	1.0–2.0	981	$2,250	$2.29	25d	2	0.08mi
8264 Key Royal Cir #831 Naples, FL	2.0	2.0	1020	$1,850	$1.81	25d	1	0.08mi
8271 Key Royal Cir #924 Naples, FL	2.0	2.0	1100	$2,100	$1.91	25d	1	0.08mi
8304 Key Royal Cir #1712 Naples, FL	2.0	1.0	946	$1,750	$1.85	25d	1	0.10mi
8304 Key Royal Cir #1712 Naples, FL	2.0	1.0	1000	$1,700	$1.70	15d	1	0.10mi
8244 Key Royal Cir #615 Naples, FL	2.0	1.0	946	$1,850	$1.96	25d	1	0.11mi
8633 Addison Place Cir Naples, FL	1.0–3.0	1.0–2.0	1077	$2,408	$2.24	15d	31	0.42mi
7905 Preserve Cir Naples, FL	2.0–3.0	1.0–2.0	1272	$1,750	$1.38	15d	3	0.50mi
7975 Preserve Cir #1013 Naples, FL	1.0	1.0	945	$1,450	$1.53	23d	1	0.51mi
7940 Preserve Cir Naples, FL	1.0	1.0	845	$1,750	$2.07	15d	1	0.56mi
7940 Preserve Cir #916 Naples, FL	1.0	1.0	845	$1,750	$2.07	25d	1	0.56mi
15500 Mark Ln Naples, FL	1.0–3.0	1.0–2.0	1090	$2,585	$2.37	15d	27	0.72mi
8820 Walter Way Unit 5215 Naples, FL	1.0	1.0	815	$2,299	$2.82	15d	1	0.73mi
8820 Walter Way Unit 5107 Naples, FL	1.0	1.0	815	$2,249	$2.76	25d	1	0.73mi
14890 Pleasant Bay Ln Naples, FL	1.0–2.0	1.0–2.0	1100	$1,850	$1.68	15d	2	0.90mi
14815 Triangle Bay Dr Naples, FL	2.0–4.0	2.0–4.0	1214	$1,411	$1.16	15d	11	0.96mi
10815 Renaissance Ct Urban Estates, FL	1.0–3.0	1.0–2.0	890	$2,136	$2.40	15d	176	1.44mi

HOA detail condo

• Monthly dues: $466 · $5,592/yr
• Likely covers: trashpoolsecurityparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-21
   days on market $227,000 Active 48 DOM
2. 2026-06-18
   days on market $227,000 Active 45 DOM
3. 2026-06-17
   days on market $227,000 Active 44 DOM
4. 2026-06-16
   days on market $227,000 Active 43 DOM
5. 2026-06-15
   days on market $227,000 Active 42 DOM
6. 2026-06-14
   remarks 438-char remark
7. 2026-06-14
   days on market $227,000 Active 40 DOM
8. 2026-06-10
   pricedays on market $227,000 Active 37 DOM
9. 2026-06-09
   days on market $239,000 Active 36 DOM
10. 2026-06-08
    days on market $239,000 Active 35 DOM
11. 2026-06-07
    days on market $239,000 Active 34 DOM
12. 2026-06-03
    days on market $239,000 Active 30 DOM
13. 2026-06-02
    days on market $239,000 Active 29 DOM
14. 2026-06-01
    days on market $239,000 Active 28 DOM
15. 2026-05-31
    days on market $239,000 Active 27 DOM
16. 2026-05-30
    days on market $239,000 Active 26 DOM
17. 2026-05-04
    listed $239,000 Active
18. 2026-02-25
    historical $2,250
19. 2025-11-15
    listed $2,250
20. 2015-08-18
    soldstatus $125,000
21. 2015-08-17
    price $125,000 954-char remark

    Show marketing remark (954 chars)

    RARELY AVAILABLE!! FIRST floor, LAKEVIEW 2/1 condo in Key Royal is sure to impress. This unit boasts lots of upgrades including tile throughout, brick paver patio with sitting area, and carport #286, which is right outside the front door. In addition, there is 1 other assigned parking space, plus one guest spot that comes with the unit. Community amenities include a large clubhouse, 24 hour exercise room, heated pool and spa, poolside tiki hut, car wash area, and garbage valet. In addition, all poolside furniture has been recently replaced, and community enjoys the benefits of an onsite property manager and security patrol. Key Royal is a well-maintained community with low condo fees, and excellent location with plenty of shopping, dining, and golfing nearby. I-75 access is 5 minutes away, and it is a short 8 miles drive to the beach at Wiggins Pass State Park. First floor units are highly desirable in this complex- this one will not last!!

22. 2015-08-17
    soldstatus $125,000 Sold 954-char remark

    Show marketing remark (954 chars)

    RARELY AVAILABLE!! FIRST floor, LAKEVIEW 2/1 condo in Key Royal is sure to impress. This unit boasts lots of upgrades including tile throughout, brick paver patio with sitting area, and carport #286, which is right outside the front door. In addition, there is 1 other assigned parking space, plus one guest spot that comes with the unit. Community amenities include a large clubhouse, 24 hour exercise room, heated pool and spa, poolside tiki hut, car wash area, and garbage valet. In addition, all poolside furniture has been recently replaced, and community enjoys the benefits of an onsite property manager and security patrol. Key Royal is a well-maintained community with low condo fees, and excellent location with plenty of shopping, dining, and golfing nearby. I-75 access is 5 minutes away, and it is a short 8 miles drive to the beach at Wiggins Pass State Park. First floor units are highly desirable in this complex- this one will not last!!

23. 2015-07-04
    historical 954-char remark

    Show marketing remark (954 chars)

    RARELY AVAILABLE!! FIRST floor, LAKEVIEW 2/1 condo in Key Royal is sure to impress. This unit boasts lots of upgrades including tile throughout, brick paver patio with sitting area, and carport #286, which is right outside the front door. In addition, there is 1 other assigned parking space, plus one guest spot that comes with the unit. Community amenities include a large clubhouse, 24 hour exercise room, heated pool and spa, poolside tiki hut, car wash area, and garbage valet. In addition, all poolside furniture has been recently replaced, and community enjoys the benefits of an onsite property manager and security patrol. Key Royal is a well-maintained community with low condo fees, and excellent location with plenty of shopping, dining, and golfing nearby. I-75 access is 5 minutes away, and it is a short 8 miles drive to the beach at Wiggins Pass State Park. First floor units are highly desirable in this complex- this one will not last!!

24. 2015-07-04
    price $139,900 954-char remark

    Show marketing remark (954 chars)

    RARELY AVAILABLE!! FIRST floor, LAKEVIEW 2/1 condo in Key Royal is sure to impress. This unit boasts lots of upgrades including tile throughout, brick paver patio with sitting area, and carport #286, which is right outside the front door. In addition, there is 1 other assigned parking space, plus one guest spot that comes with the unit. Community amenities include a large clubhouse, 24 hour exercise room, heated pool and spa, poolside tiki hut, car wash area, and garbage valet. In addition, all poolside furniture has been recently replaced, and community enjoys the benefits of an onsite property manager and security patrol. Key Royal is a well-maintained community with low condo fees, and excellent location with plenty of shopping, dining, and golfing nearby. I-75 access is 5 minutes away, and it is a short 8 miles drive to the beach at Wiggins Pass State Park. First floor units are highly desirable in this complex- this one will not last!!

25. 2015-06-19
    listed $139,900 Active 954-char remark

    Show marketing remark (954 chars)

    RARELY AVAILABLE!! FIRST floor, LAKEVIEW 2/1 condo in Key Royal is sure to impress. This unit boasts lots of upgrades including tile throughout, brick paver patio with sitting area, and carport #286, which is right outside the front door. In addition, there is 1 other assigned parking space, plus one guest spot that comes with the unit. Community amenities include a large clubhouse, 24 hour exercise room, heated pool and spa, poolside tiki hut, car wash area, and garbage valet. In addition, all poolside furniture has been recently replaced, and community enjoys the benefits of an onsite property manager and security patrol. Key Royal is a well-maintained community with low condo fees, and excellent location with plenty of shopping, dining, and golfing nearby. I-75 access is 5 minutes away, and it is a short 8 miles drive to the beach at Wiggins Pass State Park. First floor units are highly desirable in this complex- this one will not last!!

26. 2007-11-08
    soldstatus $153,000

ⓘ 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: $964 · $80/mo
• Projected year-2 tax: $1,884 · $157/mo
• Expected delta: +$920/yr (+$77/mo · 95.5%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°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: $24,802
• − Mortgage interest: −$12,716
• − Property taxes: −$964
• − Insurance: −$1,135
• − Repairs & maintenance: −$1,984
• − Management: −$1,984
• − HOA: −$5,592
• − Depreciation: −$6,604
• Taxable loss: −$6,176
• Est. tax savings @ 24.0%: +$1,482
• After-tax cash flow: $-900/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 — Island Walk

• Score: 64/100
• State rank: #692
• US rank: #14444

Category grades

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

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): 36,807
• Household income: $113,391
• Rent vs Own: 16.4% rent · 83.6% own
• Severe rent burden: 741.0

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 (74%)
• Race & ethnicity: White 74% Hispanic / Latino 20% Two or more races 14% Black 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 2% Cuban 4% Dominican 2%
• Common ancestry: Romanian 4% Lithuanian 2% Italian 2%
• Foreign-born: 17% · Canada, Jamaica, Dominican Republic
• Languages at home: 78% English-only · Spanish 15% Other Indo-European 3% 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: ▼ -243.12%
• Current HPI: 269.3208
• Rent YoY: ▼ -2.51%
• 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

+56.2% since first listed

10 events — show timeline

• 2026-05-04 Listed $239,000 NAPLESMLS
• 2026-02-25 Rental Removed $2,250 REDFIN
• 2025-11-15 Listed for Rent $2,250 REDFIN
• 2015-08-18 Sold (Public Records) $125,000 Public Records
• 2015-08-17 Price Changed $125,000 NAPLESMLS
• 2015-08-17 Sold (MLS) $125,000 NAPLESMLS
• 2015-07-04 Price Changed $139,900 NAPLESMLS
• 2015-07-04 Listing Removed — NAPLESMLS
• 2015-06-19 Listed $139,900 NAPLESMLS
• 2007-11-08 Sold (Public Records) $153,000 Public Records

Property tax history

+1.7%/yr

Latest (2025): $964 · +7.5% YoY. Source: county tax records.