2385 Naples Trace Cir #2 · Pelican Marsh, FL 34109

$269,000

2 bd · 2.0 ba · 1,000 sqft · Condo public records · 24 Days on market

Built 1990 $367/mo HOA · 16% 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 +8.9/30.0
• ARV discount +7.5/15.0
• Appreciation +5.1/10.0
• Schools +5.0/10.0
• 1% rule +3.7/10.0
• Rent growth +2.7/5.0
• DSCR +2.5/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to easy North Naples living in Naples Trace Condos. This 2-bedroom, 2-bath condo offers a comfortable layout, a screened lanai, and a peaceful landscaped/preserve view, creating a relaxing setting for full-time living, a seasonal residence, or an investment opportunity. Enjoy the convenience of low-maintenance condo living with access to the community pool, sundeck, and cabana area. Ideally located near Mercato, shopping, dining, everyday conveniences, and Naples’ beautiful Gulf beaches, this property offers a great opportunity to enjoy the best of Southwest Florida living. Schedule your private showing today.

Key facts

• Community pool
• Screened lanai
• Near mercato

Tags

• SCREENED LANAI
• LANDSCAPED PRESERVE VIEW
• COMMUNITY POOL
• SUNDECK
• CABANA AREA
• NEAR MERCATO

Property features AI

Finance

• Other: Part of an 86-unit complex with 8 units in the building; Unit located in building number 1, lot/unit 102, subdivision number 514900 (Naples Trace)
• HOA & community: Mandatory HOA; Quarterly condo fee of $1,100 (total annual recurring fees $4,400); One-time fees $150; Professional management; Community amenities include community pool, BBQ/picnic area, and sidewalks; HOA maintenance covers insurance, irrigation water, lawn/land maintenance, interior and exterior pest control, reserves, sewer, street lights, street maintenance, trash removal, and water; Non-gated community

Exterior

• Parking: 1 assigned parking space
• Utilities: Water assessment paid; Sewer assessment paid; Cable available
• Home design: Residential low-rise building (1-3 stories); 2-story building; Rear exposure faces northwest
• Construction: Concrete block construction; Stucco exterior finish; Shingle roof; Single-hung windows; Built in 1990
• Exterior features: Patio; Landscaped area and preserve views; Irrigation assessment paid

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator/Freezer
• Bedrooms: 2 bedrooms with a split-bedroom floor plan
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms; Master bath with shower only
• Heating & cooling: Central electric heat; Central electric cooling; Ceiling fans
• Interior features: Smoke detectors; Dining area open to living space; Screened lanai/porch
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $269k.

Deal economics

• At list price, monthly cash flow is $-214 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $231k (14.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $234k (13.0% below list).
• Recommended offer: $231k (14.1% below list) — sets the bar for cash-flow.

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 flat; 425 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).
• This rent runs 30% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $3k of equity ($2k loan paydown + $793 appreciation (0.3% local appreciation)).
• Collier County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($265k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y 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

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $231,121 (14.1% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.87% ✗
• Cap rate: 5.34%
• Cash-on-cash: -3.42%
• DSCR: 0.85
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.29% appreciation · 0.92% rent growth · sell at horizon

5-year hold

• IRR: -6.3%
• Equity multiple: 0.70×
• Total profit: $-22,415
• Equity at exit: $82,099

10-year hold

• IRR: -2.0%
• Equity multiple: 0.79×
• Total profit: $-15,760
• Equity at exit: $101,930

Cash invested: $75,320 (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 34109

• Home prices YoY: 0.1%
• Rents YoY: 0.9%
• Active inventory: 425
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,341 high
• Mortgage (P&I): −$1,411
• Tax from tax record: −$174 /mo · $2,091/yr
• Insurance: −$112
• HOA: −$367
• Vacancy / Maint / Mgmt: −$492
• Net cashflow: $-214

Break-even live

Break-even rent $2,613

Max offer price $231,121

Occupancy floor —

Sensitivity live

Price	-10% $-62	-5% $-138	+0% $-214	+5% $-291	+10% $-367
Rent	-10% $-399	-5% $-307	+0% $-214	+5% $-122	+10% $-29
Rate	-1.0pp $-79	-0.5pp $-146	base $-214	+0.5pp $-284	+1.0pp $-355

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: $67,250
• Closing costs: $8,070
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2385 Naples Trace Cir #2 Naples, FL	2.0	2.0	1000	$1,900	$1.90	24d	1	0.03mi
2345 Carrington Ct Unit 6-102 Naples, FL	2.0	2.0	1213	$1,850	$1.53	24d	1	0.14mi
2325 Carrington Ct #104 Naples, FL	2.0	2.0	1215	$7,500	$6.17	15d	1	0.14mi
2325 Carrington Ct #202 Naples, FL	2.0	2.0	1200	$8,000	$6.67	15d	1	0.14mi
2215 Chesterbrook Ct #203 Naples, FL	2.0	2.0	1433	$8,000	$5.58	15d	1	0.17mi
2295 Carrington Ct Unit 1-104 Naples, FL	2.0	2.0	1215	$7,500	$6.17	24d	1	0.23mi
2295 Carrington Ct Unit 1-101 Naples, FL	2.0	2.0	1300	$2,000	$1.54	24d	1	0.23mi
2290 Carrington Ct #202 Naples, FL	2.0	2.0	1183	$7,500	$6.34	24d	1	0.25mi
110 Cypress Way E Unit F5 Naples, FL	2.0	2.0	1390	$1,750	$1.26	24d	1	0.27mi
124 Cypress Way E Unit E5 Naples, FL	2.0	2.0	1390	$2,000	$1.44	24d	1	0.31mi
113 Wading Bird Cir #206 Naples, FL	2.0	2.0	1210	$1,800	$1.49	15d	1	0.32mi
113 Wading Bird Cir Unit W-204 Naples, FL	2.0	2.0	1084	$3,000	$2.77	15d	1	0.32mi
185 Grand Oaks Way Unit R204 Naples, FL	2.0	2.0	1200	$2,000	$1.67	15d	1	0.33mi
185 Grand Oaks Way Unit R204 Naples, FL	2.0	2.0	1200	$2,000	$1.67	24d	1	0.33mi
135 Cypress Way E Unit C Naples, FL	2.0	2.0	1377	$2,350	$1.71	15d	1	0.35mi
137 Wading Bird Cir Naples, FL	2.0	2.0	1085	$1,650	$1.52	24d	1	0.36mi
137 Wading Bird Cir Unit 104 Naples, FL	2.0	2.0	1150	$1,800	$1.57	24d	1	0.37mi
145 Cypress Way E Unit East145A Naples, FL	2.0	2.0	1377	$2,300	$1.67	24d	1	0.38mi
144 Cypress Way E Unit 701 Naples, FL	2.0	2.0	1064	$1,900	$1.79	15d	1	0.41mi
151 Cypress Way E Naples, FL	2.0	2.0	1350	$1,200	$0.89	24d	1	0.43mi
154 Cypress Way E Unit 1102 Naples, FL	3.0	2.0	1150	$2,650	$2.30	15d	1	0.45mi
138 Pebble Shores Dr #103 Naples, FL	2.0	2.0	1042	$2,450	$2.35	15d	1	0.47mi
157 Wading Bird Cir #104 Naples, FL	2.0	2.0	1000	$1,300	$1.30	24d	1	0.48mi
120 Pebble Shores Dr #106 Naples, FL	2.0	2.0	1132	$6,000	$5.30	15d	1	0.52mi
1020 Palm View Dr Unit C-104 Naples, FL	2.0	2.0	1008	$2,600	$2.58	15d	1	0.55mi
1020 Palm View Dr Unit 103 Naples, FL	2.0	2.0	1088	$1,750	$1.61	24d	1	0.55mi
186 Pebble Shores Dr #103 Naples, FL	2.0	2.0	1042	$2,500	$2.40	24d	1	0.57mi
81 Wickliffe Dr Unit 1073563P Naples, FL	3.0	2.0	1496	$4,681	$3.13	15d	1	0.58mi
10805 Queen Anne Ln #203 Naples, FL	2.0	2.0	1252	$4,800	$3.83	24d	1	0.59mi
681 Palm View Dr Naples, FL	2.0	2.0	1240	$2,100	$1.69	15d	1	0.63mi
729 Palm View Dr Unit D4 Naples, FL	2.0	2.0	1133	$2,250	$1.99	24d	1	0.64mi
9640 Victoria Ln Unit C-305 Naples, FL	2.0	2.0	1191	$4,200	$3.53	15d	1	0.66mi
849 Palm View Dr #28 Naples, FL	2.0	2.0	1360	$3,000	$2.21	24d	1	0.69mi
9828 Luna Cir Unit H203 Naples, FL	2.0	2.0	1216	$2,650	$2.18	15d	1	0.71mi
240 Palm River Blvd Unit C102 Naples, FL	2.0	2.0	1440	$2,995	$2.08	24d	1	0.75mi
241 Palm River Blvd Unit C202 Naples, FL	2.0	2.0	1430	$3,500	$2.45	24d	1	0.78mi
9580 Victoria Ln Unit A-202 Naples, FL	2.0	2.0	1191	$1,900	$1.60	15d	1	0.79mi
4635 Saint Croix Ln #1214 Naples, FL	2.0	2.0	913	$1,900	$2.08	15d	1	0.91mi
4610 Saint Croix Ln #1027 Naples, FL	3.0	2.0	1196	$4,000	$3.34	24d	1	0.93mi
4620 Saint Croix Ln Naples, FL	2.0	2.0	982	$1,800	$1.83	15d	2	0.94mi

HOA detail condo

• Monthly dues: $367 · $4,404/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-21
   days on market $269,000 Active 24 DOM
2. 2026-06-18
   days on market $269,000 Active 21 DOM
3. 2026-06-17
   days on market $269,000 Active 20 DOM
4. 2026-06-16
   days on market $269,000 Active 19 DOM
5. 2026-06-15
   days on market $269,000 Active 18 DOM
6. 2026-06-14
   pricedays on market $269,000 Active 16 DOM
7. 2026-06-10
   days on market $275,000 Active 13 DOM
8. 2026-06-09
   days on market $275,000 Active 12 DOM
9. 2026-06-08
   days on market $275,000 Active 11 DOM
10. 2026-06-07
    days on market $275,000 Active 10 DOM
11. 2026-06-03
    days on market $275,000 Active 6 DOM
12. 2026-06-02
    days on market $275,000 Active 5 DOM
13. 2026-06-01
    days on market $275,000 Active 4 DOM
14. 2026-06-01
    remarks 625-char remark
15. 2026-06-01
    listed $275,000 Active 3 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: $2,091 · $174/mo
• Projected year-2 tax: $2,233 · $186/mo
• Expected delta: +$141/yr (+$12/mo · 6.8%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 56% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 31 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: $28,095
• − Mortgage interest: −$15,068
• − Property taxes: −$2,091
• − Insurance: −$1,345
• − Repairs & maintenance: −$2,248
• − Management: −$2,248
• − HOA: −$4,404
• − Depreciation: −$7,825
• Taxable loss: −$7,134
• Est. tax savings @ 24.0%: +$1,712
• After-tax cash flow: $-861/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): 27,273
• Household income: $92,259
• Rent vs Own: 33.3% rent · 66.7% own
• Severe rent burden: 1712.0

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 (78%)
• Race & ethnicity: White 78% Hispanic / Latino 11% Two or more races 9% Black 4% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1% Cuban 3%
• Common ancestry: Romanian 5% Scotch-Irish 3% Lithuanian 2%
• Foreign-born: 20% · Canada, Jamaica, Vietnam
• Languages at home: 77% English-only · Spanish 10% Other Indo-European 5% Russian/Polish/Slavic 3%

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: ▲ 0.29%
• Current HPI: 279.357
• Rent YoY: ▲ 0.92%
• 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

+375.0% since first listed

9 events — show timeline

• 2026-05-28 Listed $275,000 NAPLESMLS
• 2026-05-22 Listed for Rent $1,900 NAPLESMLS
• 2024-08-30 Sold (Public Records) $265,000 Public Records
• 2015-05-14 Listed $229,900 FORTMLS
• 2008-04-15 Sold (Public Records) $130,000 Public Records
• 2006-10-30 Listing Removed — FORTMLS
• 2003-06-02 Sold (Public Records) $101,500 Public Records
• 1998-12-22 Sold (Public Records) $63,400 Public Records
• 1989-09-01 Sold (Public Records) $57,900 Public Records

Property tax history

+18.6%/yr

Latest (2025): $2,091 · +12.5% YoY. Source: county tax records.