5515 Rattlesnake Hamm Rd #302 · Lely, FL 34113

$169,000

2 bd · 2.0 ba · 1,060 sqft · Condo public records · 3 Days on market

Built 1979 $595/mo HOA · 19% of rent

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Beautiful 2 bedroom 2 bath condo with lovely view of lake and golf course. Minutes from downtown Naples and beaches with shopping and restaurants close by. Condo is being sold turnkey with new air conditioner, water heater and impact window in master bedroom and roll down shutters on the lanai. Sofa and loveseat in the living room are beautiful leather with power movement. New granite counters in the kitchen and bathrooms. The building has just finished a complete roof replacement and being painted in the fall. Golf View Manor is a 55 plus community.

Key facts

• Covered parking
• Golf and water-view
• Community pool

Tags

• COMMUNITY POOL
• COVERED PARKING
• ELEVATOR ACCESS
• GOLF AND WATER-VIEW
• WHITE KITCHEN
• UPDATED STAINLESS REFRIGERATOR

Property features AI

Finance

• Other: Property is part of a complex with 39 units (3 units per floor, 1 floor in building)
• HOA & community: Mandatory HOA; Quarterly condo fee of $1,785 (total annual recurring fees $7,140); One-time fees totaling $150; Professional management; Lawn/land maintenance included; Community amenities: community pool, BBQ/picnic area, bike storage, internet access, sidewalks, streetlight; Non-gated community

Exterior

• Parking: Detached carport (1 space)
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential low-rise (1-3 stories); Unit 302; Rear exposure faces south; Part of Golf View Manor Condo
• Construction: Concrete block construction; Built in 1979
• Exterior features: Stucco exterior; Shingle roof; Single-hung windows; Manual storm shutters; Pond view; Zero lot line

Interior

• Kitchen: Dishwasher; Microwave; Self-cleaning oven; Refrigerator/Freezer
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; No master bath listed
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Split bedroom floor plan; Breakfast room; Common elevator access; 4 ceiling fans; See remarks for additional interior details
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $169k.

Deal economics

• At list price, monthly cash flow is $738 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $169k).

Location & tenants

• Location reads 66/100 on livability (#586 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+; Watch: schools D+, health & safety D, 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 rising fast (+5.6%/yr); 597 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $3,213/mo this rent would consume 47% 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 $1k of loan paydown is wiped out by about $5k 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.
• At projected returns (-3.0% appreciation + 5.6% rent growth), your $47k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 17y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 1→5/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $169,000

Questions for the listing agent

1. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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: 1.90% ✓
• Cap rate: 12.01%
• Cash-on-cash: 20.41%
• DSCR: 1.91
• GRM: 4.4

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: 14.5%
• Equity multiple: 1.61×
• Total profit: $28,675
• Equity at exit: $25,198

10-year hold

• IRR: 25.7%
• Equity multiple: 3.63×
• Total profit: $124,476
• Equity at exit: $14,612

Cash invested: $47,320 (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: 4.4×

Monthly cashflow live

• Estimated rent: $3,213 high
• Mortgage (P&I): −$886
• Tax from tax record: −$182 /mo · $2,179/yr
• Insurance: −$70
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$595
• Vacancy / Maint / Mgmt: −$675
• Net cashflow: $738

Break-even live

Break-even rent $2,278

Max offer price $169,000

Occupancy floor 72%

Sensitivity live

Price	-10% $834	-5% $786	+0% $738	+5% $691	+10% $643
Rent	-10% $485	-5% $612	+0% $738	+5% $865	+10% $992
Rate	-1.0pp $824	-0.5pp $781	base $738	+0.5pp $695	+1.0pp $650

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: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5535 Rattlesnake Hammock Rd #302 Naples, FL	2.0	2.0	1205	$2,800	$2.32	24d	1	0.06mi
5502 Greenwood Cir #1 Naples, FL	3.0	2.0	1450	$2,400	$1.66	24d	1	0.07mi
5595 Greenwood Cir #92 Naples, FL	3.0	2.0	1450	$5,000	$3.45	24d	1	0.12mi
5499 Rattlesnake Hammock Rd Naples, FL	2.0	2.0	1071	$1,775	$1.66	14d	2	0.14mi
5635 Rattlesnake Hammock Rd Apt 203D Naples, FL	2.0	2.0	1054	$1,700	$1.61	22d	1	0.15mi
5651 Rattlesnake Hammock Rd Unit C-108 Naples, FL	2.0	2.0	1054	$1,800	$1.71	24d	1	0.19mi
5419 Rattlesnake Hammock Rd Unit 307F Naples, FL	2.0	2.0	1071	$1,950	$1.82	14d	1	0.23mi
5778 Greenwood Cir Naples, FL	3.0	2.0	1450	$4,000	$2.76	24d	1	0.23mi
332 Charlemagne Blvd Unit H103 Naples, FL	2.0	2.0	1082	$3,495	$3.23	24d	1	0.24mi
332 Charlemagne Blvd Unit H101 Naples, FL	2.0	2.0	1082	$3,500	$3.23	24d	1	0.24mi
4410 Chantelle Dr Unit H-205 Naples, FL	2.0	2.0	1349	$3,500	$2.59	14d	1	0.30mi
360 Charlemagne Blvd Unit D105 Naples, FL	2.0	2.0	1082	$3,200	$2.96	24d	1	0.31mi
240 Pebble Beach Blvd #702 Naples, FL	2.0	2.0	1090	$4,000	$3.67	24d	1	0.43mi
232 Pebble Beach Blvd #104 Naples, FL	3.0	2.0	1298	$1,975	$1.52	24d	1	0.46mi
190 Pebble Beach Blvd #301 Naples, FL	2.0	2.0	954	$1,700	$1.78	24d	1	0.51mi
413 Augusta Blvd #302 Naples, FL	2.0	2.0	1390	$5,500	$3.96	22d	1	0.53mi
4556 Andover Way Unit E104 Naples, FL	2.0	2.0	1072	$5,000	$4.66	14d	1	0.56mi
4556 Andover Way Unit E106 Naples, FL	2.0	2.0	1172	$1,900	$1.62	14d	1	0.56mi
520 Augusta Blvd Unit B204 Naples, FL	3.0	2.0	1294	$2,200	$1.70	24d	1	0.57mi
905 Augusta Blvd Naples, FL	2.0	2.0	1125	$1,850	$1.64	24d	1	0.62mi
555 Augusta Blvd Unit 3-1 Naples, FL	2.0	2.0	1249	$4,200	$3.36	24d	1	0.62mi
575 Augusta Blvd Naples, FL	3.0	2.0	1500	$2,100	$1.40	24d	1	0.65mi
452 Bristle Cone Ln #27 Naples, FL	2.0	2.0	1129	$2,000	$1.77	24d	1	0.66mi
5708 Deauville Cir Unit 308 Naples, FL	3.0	2.0	1500	$4,500	$3.00	24d	1	0.66mi
5733 Deauville Cir Unit G308 Naples, FL	3.0	2.0	1427	$3,600	$2.52	24d	1	0.66mi
709 Augusta Blvd Unit 709-5 Naples, FL	3.0	2.0	1480	$4,000	$2.70	14d	1	0.67mi
701 Augusta Blvd Unit 701-8 Naples, FL	2.0	2.0	1250	$4,800	$3.84	14d	1	0.68mi
605 Augusta Blvd #4 Naples, FL	2.0	2.0	1125	$3,950	$3.51	14d	1	0.68mi
605 Augusta Blvd #14 Naples, FL	2.0	2.0	1125	$4,000	$3.56	24d	1	0.68mi
705 Augusta Blvd Unit 705-5 Naples, FL	2.0	2.0	1125	$2,000	$1.78	14d	1	0.68mi
200 Valley Stream Dr Unit 8B Naples, FL	2.0	2.0	979	$1,750	$1.79	24d	1	0.68mi
940 Augusta Blvd Unit D939 Naples, FL	2.0	2.0	1419	$2,200	$1.55	24d	1	0.68mi
5741 Deauville Cir Unit F108 Naples, FL	3.0	2.0	1427	$3,600	$2.52	24d	1	0.69mi
300 Valley Stream Dr Unit 3D Naples, FL	2.0	2.0	979	$1,795	$1.83	24d	1	0.70mi
300 Valley Stream Dr Unit 3D Naples, FL	2.0	2.0	979	$1,795	$1.83	22d	1	0.70mi
265 Deerwood Cir Naples, FL	2.0	2.0	1179	$5,000	$4.24	24d	1	0.72mi
5792 Deauville Cir Unit A103 Naples, FL	2.0	2.0	1209	$3,900	$3.23	24d	1	0.73mi
760 Augusta Blvd Unit D204 Naples, FL	3.0	2.0	1294	$2,300	$1.78	24d	1	0.75mi
5857 Rattlesnake Hammock Rd #208 Naples, FL	2.0	2.0	1133	$3,000	$2.65	14d	1	0.77mi
4977 Pepper Cir #205 Naples, FL	2.0	2.0	1250	$2,250	$1.80	22d	1	0.77mi

HOA detail condo

• Monthly dues: $595 · $7,140/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 4 events

1. 2026-06-18
   days on market $169,000 Active 3 DOM
2. 2026-06-17
   days on market $169,000 Active 2 DOM
3. 2026-06-15
   remarks 693-char remark
4. 2026-06-15
   listed $169,000 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: $2,179 · $182/mo
• Projected year-2 tax: $2,179 · $182/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 X · 94% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 1 d/yr ≥107°F today · 5 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: $38,555
• − Mortgage interest: −$9,467
• − Property taxes: −$2,179
• − Insurance: −$1,642
• − Repairs & maintenance: −$3,084
• − Management: −$3,084
• − HOA: −$7,140
• − Depreciation: −$4,916
• Taxable income: $7,042
• Est. tax owed @ 24.0%: −$1,690
• After-tax cash flow: $7,172/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

• Census place: Lely, 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

+152.2% since first listed

13 events — show timeline

• 2026-06-15 Listed $169,000 NAPLESMLS
• 2022-05-17 Sold (Public Records) $256,000 Public Records
• 2022-05-12 Sold (MLS) $256,000 NAPLESMLS
• 2022-04-12 Pending — NAPLESMLS
• 2022-04-09 Listed $249,900 NAPLESMLS
• 2014-05-13 Sold (Public Records) $87,000 Public Records
• 2014-05-08 Price Changed $89,900 NAPLESMLS
• 2014-05-08 Sold (MLS) $87,000 NAPLESMLS
• 2014-01-27 Listed $87,000 NAPLESMLS
• 2010-01-05 Sold (MLS) $63,000 NAPLESMLS
• 2009-12-07 Listed $65,000 NAPLESMLS
• 1995-10-27 Sold (Public Records) $49,000 Public Records
• 1982-03-01 Sold (Public Records) $67,000 Public Records

Property tax history

+10.4%/yr

Latest (2025): $2,179 · +1.7% YoY. Source: county tax records.