5 Watercolor Way #5 · Lely, FL 34113

$255,000

4 bd · 2.0 ba · 1,483 sqft · Condo public records · 265 Days on market

Built 1977 $778/mo HOA · 17% 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

Fully Remodeled 2024 4 Bed, 2 Bath Condo Just Minutes from Naples Beaches! Brand new plumbing, drywall, kitchen cabinets, kitchen countertops, vinyl flooring, paint, bathroom vanities and shower tiles. Stunning spacious condo offers modern living in an unbeatable location—just minutes to the beach, downtown Naples, shops, and restaurants. With 4 bedrooms, 2 full baths, and an attached garage, there’s room for everyone, whether you're looking for a full-time home, vacation getaway, or investment. Rented until May 2026. Photos virtually staged.

Key facts

• Brand new plumbing
• Fully remodeled
• Brand new drywall

Tags

• FULLY REMODELED
• BRAND NEW PLUMBING
• BRAND NEW DRYWALL
• BRAND NEW KITCHEN CABINETS
• BRAND NEW KITCHEN COUNTERTOPS
• BRAND NEW VINYL FLOORING

Property features AI

Finance

• Other: Property is part of a 2-unit building in a 2-unit complex with 2 floors; Lot unit 5, section 20; total area reported as 1800 (source: Property Appraiser Office); Irrigation: Central; View: see remarks; Restrictions: No motorcycles, RVs, or trucks
• HOA & community: Mandatory HOA (Condo management); HOA fee $778 monthly; Annual recurring HOA fees $9,336; HOA maintenance covers insurance, lawn/land maintenance, exterior pest control, street lights, street maintenance, trash removal, and water; Community amenities include clubhouse, community pool, tennis court, and streetlights; Community type: Non-gated; Sub-community: FOUR FOUNTAINS (LELY development)

Exterior

• Parking: Attached garage with 1 garage space
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential property; Low rise (1-3 stories); Rear exposure faces west
• Construction: Concrete block construction; Shingle roof; Built in 1977
• Exterior features: Tennis court; Brick exterior; Windows: see remarks

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Self-cleaning oven; Refrigerator; Refrigerator/freezer
• Bedrooms: 4 bedrooms
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms; Master bath with shower only
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: High speed internet available; Smoke detectors; Split bedroom floor plan; Family room; Guest room; Guest bath; Screened balcony; Screened lanai/porch; Unfurnished
• Laundry & utility: Washer; Dryer; Laundry in residence; Automatic garage door opener

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath condo listed at $255k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $255k).
• Recommended offer: $224k (12.0% below list) — sets the bar for market timing.

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; 26 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 $4,559/mo this rent would consume 67% 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 $2k of loan paydown is wiped out by about $8k 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 $71k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 265 days — a 12% lower offer ($224k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y 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 $205k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 6→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $224,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 265 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — 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. 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 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?
9. 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.
10. 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.
11. 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: 1.79% ✓
• Cap rate: 11.55%
• Cash-on-cash: 18.79%
• DSCR: 1.84
• GRM: 4.7

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: 13.0%
• Equity multiple: 1.54×
• Total profit: $38,392
• Equity at exit: $38,021

10-year hold

• IRR: 24.3%
• Equity multiple: 3.45×
• Total profit: $174,654
• Equity at exit: $22,048

Cash invested: $71,400 (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: 4.7×

Monthly cashflow live

• Estimated rent: $4,559 high
• Mortgage (P&I): −$1,337
• Tax from tax record: −$262 /mo · $3,144/yr
• Insurance: −$106
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$778
• Vacancy / Maint / Mgmt: −$957
• Net cashflow: $1,052

Break-even live

Break-even rent $3,228

Max offer price $255,000

Occupancy floor 72%

Sensitivity live

Price	-10% $1,196	-5% $1,124	+0% $1,052	+5% $979	+10% $907
Rent	-10% $691	-5% $871	+0% $1,052	+5% $1,232	+10% $1,412
Rate	-1.0pp $1,180	-0.5pp $1,116	base $1,052	+0.5pp $985	+1.0pp $918

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: $63,750
• Closing costs: $7,650
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
326 Bradstrom Cir Unit 204F Naples, FL	3.0	2.0	1200	$3,500	$2.92	24d	1	0.07mi
255 Pine Valley Cir Naples, FL	3.0	1.5	1574	$3,500	$2.22	24d	1	0.13mi
9512 Napoli Ln Unit 101 Naples, FL	3.0	2.0	1741	$10,000	$5.74	14d	1	0.36mi
9115 Napoli Ct #101 Naples, FL	3.0	2.0	1741	$9,500	$5.46	24d	1	0.42mi
494 Saint Andrews Blvd Naples, FL	3.0	2.0	1700	$2,800	$1.65	24d	1	0.53mi
520 Augusta Blvd Unit B204 Naples, FL	3.0	2.0	1294	$2,200	$1.70	24d	1	0.57mi
213 Bay Meadows Dr Naples, FL	3.0	2.0	1650	$5,500	$3.33	24d	1	0.59mi
232 Pebble Beach Blvd #104 Naples, FL	3.0	2.0	1298	$1,975	$1.52	24d	1	0.71mi
575 Augusta Blvd Naples, FL	3.0	2.0	1500	$2,100	$1.40	24d	1	0.79mi
709 Augusta Blvd Unit 709-5 Naples, FL	3.0	2.0	1480	$4,000	$2.70	14d	1	0.93mi
5502 Greenwood Cir #1 Naples, FL	3.0	2.0	1450	$2,400	$1.66	24d	1	0.94mi
760 Augusta Blvd Unit D204 Naples, FL	3.0	2.0	1294	$2,300	$1.78	24d	1	0.97mi
5595 Greenwood Cir #92 Naples, FL	3.0	2.0	1450	$5,000	$3.45	24d	1	1.00mi
9510 Avellino Way #1926 Naples, FL	3.0	2.0	1454	$8,000	$5.50	24d	1	1.01mi
5859 Westbourgh Ct Naples, FL	3.0	2.0	1746	$8,500	$4.87	14d	1	1.10mi
5859 Westbourgh Ct Naples, FL	3.0	2.0	1746	$8,500	$4.87	24d	1	1.10mi
5778 Greenwood Cir Naples, FL	3.0	2.0	1450	$4,000	$2.76	24d	1	1.11mi
6065 Divot Ct Naples, FL	3.0	2.0	1738	$10,000	$5.75	24d	1	1.19mi
6101 Dogleg Dr Naples, FL	3.0	2.0	1694	$12,000	$7.08	24d	1	1.23mi
4911 Catalina Dr Unit 22 Naples, FL	3.0	1.5	1200	$1,950	$1.62	14d	1	1.41mi
4907 Catalina Dr Unit 45 Naples, FL	3.0	2.0	1270	$1,900	$1.50	14d	1	1.42mi
9578 Trevi Ct Naples, FL	2.0–3.0	2.0	1320	$8,500	$6.44	24d	2	1.43mi
30 Maui Cir #30 Naples, FL	3.0	2.0	1552	$2,795	$1.80	24d	1	1.45mi
4360 Petal Dr Naples, FL	3.0	1.0–2.0	1018	$3,035	$2.98	14d	37	1.46mi
4830 Cortez Cir Naples, FL	3.0	2.0	1218	$3,100	$2.55	24d	1	1.46mi
5733 Deauville Cir Unit G308 Naples, FL	3.0	2.0	1427	$3,600	$2.52	24d	1	1.50mi

HOA detail condo

• Monthly dues: $778 · $9,336/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 45 events

1. 2026-06-18
   days on market $255,000 Active 265 DOM
2. 2026-06-17
   days on market $255,000 Active 264 DOM
3. 2026-06-16
   days on market $255,000 Active 263 DOM
4. 2026-06-15
   days on market $255,000 Active 262 DOM
5. 2026-06-10
   days on market $255,000 Active 257 DOM
6. 2026-06-09
   days on market $255,000 Active 256 DOM
7. 2026-06-08
   days on market $255,000 Active 255 DOM
8. 2026-06-07
   days on market $255,000 Active 254 DOM
9. 2026-06-03
   days on market $255,000 Active 250 DOM
10. 2026-06-02
    days on market $255,000 Active 249 DOM
11. 2026-06-01
    days on market $255,000 Active 248 DOM
12. 2026-05-31
    days on market $255,000 Active 247 DOM
13. 2026-05-30
    days on market $255,000 Active 246 DOM
14. 2025-11-10
    price $255,000
15. 2025-10-27
    price $260,000
16. 2025-09-26
    listed $265,000 Active
17. 2025-07-31
    historical
18. 2025-06-03
    historical $2,350
19. 2025-04-19
    listed $2,350
20. 2025-04-16
    price $299,000
21. 2025-04-07
    price $305,000
22. 2025-03-22
    price $312,500
23. 2025-03-10
    price $319,000
24. 2025-03-03
    price $324,000
25. 2025-02-13
    price $329,000
26. 2025-01-10
    price $335,000
27. 2025-01-10
    status Active
28. 2025-01-08
    historical
29. 2024-12-30
    price $349,000
30. 2024-12-12
    price $358,000
31. 2024-11-23
    price $365,000
32. 2024-11-09
    listed $375,000 Active
33. 2024-09-10
    soldstatus $205,000
34. 2024-07-23
    historical
35. 2024-05-21
    price $285,000
36. 2024-05-08
    price $299,000
37. 2024-05-08
    listed $319,500 Active
38. 2024-01-14
    historical
39. 2023-12-15
    price $299,000
40. 2023-10-24
    price $300,000
41. 2023-10-08
    price $310,000
42. 2023-08-22
    listed $329,000 Active
43. 2005-09-19
    soldstatus $275,000
44. 1999-10-12
    soldstatus $84,000
45. 1994-08-02
    soldstatus $71,800

ⓘ 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: $3,144 · $262/mo
• Projected year-2 tax: $3,144 · $262/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 8/10 Severe FEMA zone X (shaded) · 97% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 6 d/yr ≥107°F today · 20 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: $54,706
• − Mortgage interest: −$14,284
• − Property taxes: −$3,144
• − Insurance: −$2,072
• − Repairs & maintenance: −$4,376
• − Management: −$4,376
• − HOA: −$9,336
• − Depreciation: −$7,418
• Taxable income: $9,699
• Est. tax owed @ 24.0%: −$2,328
• After-tax cash flow: $10,291/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

+255.2% since first listed

32 events — show timeline

• 2025-11-10 Price Changed $255,000 NAPLESMLS
• 2025-10-27 Price Changed $260,000 NAPLESMLS
• 2025-09-26 Listed $265,000 NAPLESMLS
• 2025-07-31 Listing Removed — NAPLESMLS
• 2025-06-03 Rental Removed $2,350 NAPLESMLS
• 2025-04-19 Listed for Rent $2,350 NAPLESMLS
• 2025-04-16 Price Changed $299,000 NAPLESMLS
• 2025-04-07 Price Changed $305,000 NAPLESMLS
• 2025-03-22 Price Changed $312,500 NAPLESMLS
• 2025-03-10 Price Changed $319,000 NAPLESMLS
• 2025-03-03 Price Changed $324,000 NAPLESMLS
• 2025-02-13 Price Changed $329,000 NAPLESMLS
• 2025-01-10 Price Changed $335,000 NAPLESMLS
• 2025-01-10 Relisted — NAPLESMLS
• 2025-01-08 Listing Removed — NAPLESMLS
• 2024-12-30 Price Changed $349,000 NAPLESMLS
• 2024-12-12 Price Changed $358,000 NAPLESMLS
• 2024-11-23 Price Changed $365,000 NAPLESMLS
• 2024-11-09 Listed $375,000 NAPLESMLS
• 2024-09-10 Sold (Public Records) $205,000 Public Records
• 2024-07-23 Listing Removed — NAPLESMLS
• 2024-05-21 Price Changed $285,000 NAPLESMLS
• 2024-05-08 Price Changed $299,000 NAPLESMLS
• 2024-05-08 Listed $319,500 NAPLESMLS
• 2024-01-14 Listing Removed — NAPLESMLS
• 2023-12-15 Price Changed $299,000 NAPLESMLS
• 2023-10-24 Price Changed $300,000 NAPLESMLS
• 2023-10-08 Price Changed $310,000 NAPLESMLS
• 2023-08-22 Listed $329,000 NAPLESMLS
• 2005-09-19 Sold (Public Records) $275,000 Public Records
• 1999-10-12 Sold (Public Records) $84,000 Public Records
• 1994-08-02 Sold (Public Records) $71,800 Public Records

Property tax history

+10.1%/yr

Latest (2025): $3,144 · +3.6% YoY. Source: county tax records.