136 Cypress Way E #7 · Pelican Marsh, FL 34110

$215,000

2 bd · 2.0 ba · 1,064 sqft · Condo · 493 Days on market

Built 1988 $467/mo HOA · 20% of rent ↓ 22% 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 +11.3/30.0
• ARV discount +7.5/15.0
• 1% rule +6.0/10.0
• Schools +5.0/10.0
• DSCR +3.3/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Naples Keep in Palm River offers an unbeatable location, located in the heart of North Naples just minutes from Seed to Table, Mercato, white sand beaches and Veterans Park for our Pickleball lovers. This low maintenance 2 bedroom 2 bath condo is perfect as a seasonal retreat, first time home buyer, or an investor looking to add a wonderful condo to their portfolio. With fresh new paint, new stainless steal appliances and new HVAC system, this condo comes ready to go! Come make this great condo in a great location yours!

Key facts

• White sand beaches
• New hvac system
• $467 HOA

Tags

• HEART OF NORTH NAPLES
• WHITE SAND BEACHES
• NEW STAINLESS STEEL APPLIANCES
• NEW HVAC SYSTEM

Property features AI

Finance

• Other: Part of the PALM RIVER development (Sub condo: NAPLES KEEP); 2 units per floor, 8 units in building, 100 units in complex
• Financial info: Quarterly condo fee: $1,400; Total annual recurring HOA fees: $5,600; One-time fees: $150
• HOA & community: Mandatory HOA (Condo management); Quarterly condo fee; Condo amenities include community pool and community room; Community is non-gated; HOA covers irrigation water, lawn/land maintenance, legal/accounting, exterior pest control, recreation facilities, street lights, street maintenance, and trash removal

Exterior

• Parking: 1 assigned parking space; Guest parking
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential low-rise (1–3) building; 2-story, corner unit; Rear exposure facing east
• Construction: Built in 1988; Concrete block and poured concrete construction; Stucco and wood siding exterior; Shingle roof; Double-hung windows
• Exterior features: Corner lot; Landscaped view; Central irrigation

Interior

• Kitchen: Electric cooktop; Dishwasher; Garbage disposal; Microwave; Refrigerator/Freezer
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Tile
• Bathrooms: 2 full bathrooms; Master bathroom with shower only
• Heating & cooling: Central electric heat; Central electric air conditioning; Smoke detector
• Interior features: Cable prewire; Eat-in kitchen; Screened balcony/lanai/porch; Laundry in residence; Unfurnished
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $215k.

Deal economics

• At list price, monthly cash flow is $-80 ($-964/yr) — negative.
• To cash-flow at today's rent, offer at most $203k (5.4% below list).
• Meets the 1% rule at list price ($2k rent vs $215k).
• Recommended offer: $189k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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 23d 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).

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 493 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $60k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→32/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $189,200 (12.0% 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 493 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.10% ✓
• Cap rate: 5.84%
• Cash-on-cash: -1.60%
• DSCR: 0.93
• GRM: 7.6

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: -23.4%
• Equity multiple: 0.23×
• Total profit: $-46,580
• Equity at exit: $32,057

10-year hold

• IRR: -35.0%
• Equity multiple: -0.21×
• Total profit: $-72,684
• Equity at exit: $18,589

Cash invested: $60,200 (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: 7.6×

Monthly cashflow live

• Estimated rent: $2,370 high
• Mortgage (P&I): −$1,127
• Tax est. 1.5%: −$269 /mo · $3,225/yr
• Insurance: −$90
• HOA: −$467
• Vacancy / Maint / Mgmt: −$498
• Net cashflow: $-80

Break-even live

Break-even rent $2,472

Max offer price $203,373

Occupancy floor 98%

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
124 Cypress Way E Unit E5 Naples, FL	2.0	2.0	1390	$2,000	$1.44	23d	1	0.06mi
144 Cypress Way E Unit 701 Naples, FL	2.0	2.0	1064	$1,900	$1.79	13d	1	0.07mi
110 Cypress Way E Unit F5 Naples, FL	2.0	2.0	1390	$1,750	$1.26	23d	1	0.10mi
154 Cypress Way E Unit 1102 Naples, FL	3.0	2.0	1150	$2,650	$2.30	13d	1	0.12mi
135 Cypress Way E Unit C Naples, FL	2.0	2.0	1377	$2,350	$1.71	13d	1	0.16mi
145 Cypress Way E Unit East145A Naples, FL	2.0	2.0	1377	$2,300	$1.67	23d	1	0.19mi
151 Cypress Way E Naples, FL	2.0	2.0	1350	$1,200	$0.89	23d	1	0.20mi
137 Wading Bird Cir Naples, FL	2.0	2.0	1085	$1,650	$1.52	23d	1	0.22mi
138 Pebble Shores Dr #103 Naples, FL	2.0	2.0	1042	$2,450	$2.35	13d	1	0.23mi
1020 Palm View Dr Unit 103 Naples, FL	2.0	2.0	1088	$1,750	$1.61	23d	1	0.25mi
1020 Palm View Dr Unit C-104 Naples, FL	2.0	2.0	1008	$2,600	$2.58	13d	1	0.25mi
185 Grand Oaks Way Unit R204 Naples, FL	2.0	2.0	1200	$2,000	$1.67	13d	1	0.27mi
185 Grand Oaks Way Unit R204 Naples, FL	2.0	2.0	1200	$2,000	$1.67	23d	1	0.27mi
137 Wading Bird Cir Unit 104 Naples, FL	2.0	2.0	1150	$1,800	$1.57	23d	1	0.27mi
120 Pebble Shores Dr #106 Naples, FL	2.0	2.0	1132	$6,000	$5.30	13d	1	0.29mi
157 Wading Bird Cir #104 Naples, FL	2.0	2.0	1000	$1,300	$1.30	23d	1	0.32mi
81 Wickliffe Dr Unit 1073563P Naples, FL	3.0	2.0	1496	$4,681	$3.13	13d	1	0.33mi
113 Wading Bird Cir Unit W-204 Naples, FL	2.0	2.0	1084	$3,000	$2.77	13d	1	0.34mi
113 Wading Bird Cir #206 Naples, FL	2.0	2.0	1210	$1,800	$1.49	13d	1	0.34mi
186 Pebble Shores Dr #103 Naples, FL	2.0	2.0	1042	$2,500	$2.40	23d	1	0.37mi
2385 Naples Trace Cir #2 Naples, FL	2.0	2.0	1000	$1,900	$1.90	23d	1	0.38mi
849 Palm View Dr #28 Naples, FL	2.0	2.0	1360	$3,000	$2.21	23d	1	0.39mi
681 Palm View Dr Naples, FL	2.0	2.0	1240	$2,100	$1.69	13d	1	0.41mi
729 Palm View Dr Unit D4 Naples, FL	2.0	2.0	1133	$2,250	$1.99	23d	1	0.42mi
2345 Carrington Ct Unit 6-102 Naples, FL	2.0	2.0	1213	$1,850	$1.53	23d	1	0.47mi
2325 Carrington Ct #104 Naples, FL	2.0	2.0	1215	$7,500	$6.17	13d	1	0.50mi
2325 Carrington Ct #202 Naples, FL	2.0	2.0	1200	$8,000	$6.67	13d	1	0.50mi
10805 Queen Anne Ln #203 Naples, FL	2.0	2.0	1252	$4,800	$3.83	23d	1	0.53mi
2215 Chesterbrook Ct #203 Naples, FL	2.0	2.0	1433	$8,000	$5.58	13d	1	0.54mi
240 Palm River Blvd Unit C102 Naples, FL	2.0	2.0	1440	$2,995	$2.08	23d	1	0.57mi
2295 Carrington Ct Unit 1-104 Naples, FL	2.0	2.0	1215	$7,500	$6.17	23d	1	0.59mi
2295 Carrington Ct Unit 1-101 Naples, FL	2.0	2.0	1300	$2,000	$1.54	23d	1	0.59mi
2290 Carrington Ct #202 Naples, FL	2.0	2.0	1183	$7,500	$6.34	23d	1	0.60mi
241 Palm River Blvd Unit C202 Naples, FL	2.0	2.0	1430	$3,500	$2.45	23d	1	0.62mi
4610 Saint Croix Ln #1027 Naples, FL	3.0	2.0	1196	$4,000	$3.34	23d	1	0.83mi
4635 Saint Croix Ln #1214 Naples, FL	2.0	2.0	913	$1,900	$2.08	13d	1	0.85mi
4720 Saint Croix Ln #137 Naples, FL	2.0	2.0	1200	$2,200	$1.83	23d	1	0.85mi
4620 Saint Croix Ln Naples, FL	2.0	2.0	982	$1,800	$1.83	13d	2	0.85mi
250 Willowick Dr Naples, FL	3.0	2.0	1469	$3,500	$2.38	23d	1	0.86mi
4710 Saint Croix Ln #217 Naples, FL	2.0	2.0	1045	$2,200	$2.11	23d	1	0.91mi

HOA detail condo

• Monthly dues: $467 · $5,604/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-06-01
   days on market $215,000 Active 493 DOM
2. 2026-05-31
   days on market $215,000 Active 492 DOM
3. 2026-05-30
   days on market $215,000 Active 491 DOM
4. 2026-04-11
   status Active
5. 2026-04-04
   status Pending With Contingencies
6. 2026-04-03
   price $215,000
7. 2025-12-09
   price $239,900
8. 2025-04-16
   price $269,500
9. 2025-01-17
   listed $275,000 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 6/10 Major FEMA zone X (shaded) · 66% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 32 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: $28,443
• − Mortgage interest: −$12,043
• − Property taxes: −$3,225
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,275
• − Management: −$2,275
• − HOA: −$5,604
• − Depreciation: −$6,255
• Taxable loss: −$4,310
• Est. tax savings @ 24.0%: +$1,034
• After-tax cash flow: $70/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 — Pelican Marsh

No livability data for this city. (Only ~50 U.S. cities are tracked.)

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

-21.8% since first listed

6 events — show timeline

• 2026-04-11 Relisted — NAPLESMLS
• 2026-04-04 Pending — NAPLESMLS
• 2026-04-03 Price Changed $215,000 NAPLESMLS
• 2025-12-09 Price Changed $239,900 NAPLESMLS
• 2025-04-16 Price Changed $269,500 NAPLESMLS
• 2025-01-17 Listed $275,000 NAPLESMLS