2865 Cypress Trace Cir #203 · Island Walk, FL 34119

$225,000

2 bd · 2.0 ba · 1,232 sqft · Condo public records · 114 Days on market

Built 2003 $1304/mo HOA · 36% of rent

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Why this score? — see what drove the C- 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 +17.2/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.3/10.0
• Schools +5.0/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy the view of the golf course from the second floor turn-key furnished condo with a golf membership included. Stainless steel appliances with a brand new dishwasher and disposal in February 2026. The hurricane impact resistant lanai door has been serviced with new rollers for easy maintenance. The AC was replaced 10 years ago. Tile was recently professionally cleaned. Lanai was cleaned an painted. There are 3 community pools around the Trace and walking paths, fitness center and so much more. Everything stays with this condo, just bring your suitcase and enjoy country club privileges including golf practice area, brand new bocci courts and eight pickle ball courts. Cypress Woods has a

Key facts

• Fitness center
• Golf course view
• Golf practice area

Tags

• GOLF COURSE VIEW
• GOLF MEMBERSHIP INCLUDED
• COMMUNITY POOLS
• FITNESS CENTER
• COUNTRY CLUB PRIVILEGES
• GOLF PRACTICE AREA

Property features AI

Finance

• Other: Community type: Golf course
• Financial info: One-time mandatory club fee $10,000; Total one-time fees $10,400; Total annual recurring fees $16,254
• HOA & community: Mandatory HOA; HOA fee $1,288 quarterly; Master HOA fee $10,502 annually; Professional management; HOA maintenance covers insurance, irrigation water, lawn/land maintenance, legal/accounting, manager, exterior pest control, recreation facilities, reserves, sewer, street lights, street maintenance, trash removal, and water; Community amenities include clubhouse, community pool, community spa/hot tub, exercise room, golf course (golf-bundled), bike and jog path, bocce court, business center, library, pickleball, putting green, restaurant, streetlights, tennis court, underground utilities

Exterior

• Parking: 1 assigned parking space; Guest parking available; Detached 1-car carport
• Security: Entry keypad; Impact resistant doors and windows
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential garden-style apartment (Low rise 1-3 stories); Rear exposure faces west; Located in Cypress Woods Golf and Country Club
• Construction: Concrete block construction; Stucco exterior; Tile roof; Built in 2003; Garden apartment building
• Exterior features: Automatic sprinkler system; Golf course view; Zero lot line; Condo documents for lot dimensions

Interior

• Kitchen: Pantry; Dishwasher; Disposal; Microwave; Range; Self-cleaning oven; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Master bathroom with shower only
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Fire sprinkler system; High-speed internet available; Pantry; Smoke detectors; Volume ceilings; Walk-in closet; Window coverings; Great room floor plan; Screened lanai/porch; Turnkey furnished
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $225k.

Deal economics

• At list price, monthly cash flow is $159 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $225k).
• Recommended offer: $205k (9.0% below list) — sets the bar for market timing.

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.
• Market conditions: Rents soft (-2.5%/yr); 591 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); high-income renter base; 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• This rent runs 39% of the median local income ($113k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 114 days — a 9% lower offer ($205k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 11y ago; this cycle's ask is 10127% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: HOA is 36% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $204,750 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.63% ✓
• Cap rate: 7.14%
• Cash-on-cash: 3.02%
• DSCR: 1.13
• GRM: 5.1

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: -17.1%
• Equity multiple: 0.42×
• Total profit: $-36,332
• Equity at exit: $33,548

10-year hold

• IRR: -24.1%
• Equity multiple: 0.09×
• Total profit: $-57,023
• Equity at exit: $19,454

Cash invested: $63,000 (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: 591
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $3,671 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$164 /mo · $1,970/yr
• Insurance: −$94
• HOA: −$1,304
• Vacancy / Maint / Mgmt: −$771
• Net cashflow: $159

Break-even live

Break-even rent $3,471

Max offer price $225,000

Occupancy floor 91%

Sensitivity live

Price	-10% $286	-5% $222	+0% $159	+5% $95	+10% $31
Rent	-10% $-131	-5% $14	+0% $159	+5% $304	+10% $449
Rate	-1.0pp $272	-0.5pp $216	base $159	+0.5pp $100	+1.0pp $41

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2855 Cypress Trace Cir #102 Naples, FL	2.0	2.0	1232	$2,000	$1.62	15d	1	0.03mi
2855 Cypress Trace Cir #202 Naples, FL	2.0	2.0	1232	$4,800	$3.90	15d	1	0.03mi
2870 Cypress Trace Cir #1713 Naples, FL	2.0	2.0	1414	$2,900	$2.05	24d	1	0.05mi
2835 Cypress Trace Cir Unit 1049710P Naples, FL	3.0	2.0	1248	$4,110	$3.29	15d	1	0.06mi
2820 Cypress Trace Cir Naples, FL	2.0	2.0	1254	$3,748	$2.99	24d	3	0.07mi
2880 Cypress Trace Cir #103 Naples, FL	2.0	2.0	1372	$5,500	$4.01	24d	1	0.09mi
2895 Cypress Trace Cir #104 Naples, FL	2.0	2.0	1252	$4,800	$3.83	24d	1	0.11mi
2895 Cypress Trace Cir #202 Naples, FL	2.0	2.0	1232	$4,500	$3.65	24d	1	0.11mi
2700 Cypress Trace Cir #3112 Naples, FL	2.0	2.0	1232	$2,100	$1.70	24d	1	0.14mi
2710 Cypress Trace Cir Naples, FL	2.0	2.0	1213	$3,425	$2.82	24d	2	0.15mi
2925 Cypress Trace Cir #201 Naples, FL	2.0	2.0	1094	$4,500	$4.11	24d	1	0.16mi
2720 Cypress Trace Cir Naples, FL	2.0–3.0	2.0	1283	$2,100	$1.64	24d	3	0.17mi
2690 Cypress Trace Cir #3212 Naples, FL	2.0	2.0	1232	$5,300	$4.30	24d	1	0.17mi
2790 Cypress Trace Cir Naples, FL	2.0	2.0	1537	$5,000	$3.25	24d	2	0.18mi
6605 Huntington Lakes Cir #203 Naples, FL	2.0	2.0	1107	$2,400	$2.17	24d	1	0.22mi
2730 Cypress Trace Cir Unit 2836S Naples, FL	2.0	2.0	1194	$5,000	$4.19	24d	1	0.22mi
2730 Cypress Trace Cir Unit 1 Naples, FL	2.0	2.0	1232	$5,500	$4.46	24d	1	0.22mi
2730 Cypress Trace Cir Unit 2836A Naples, FL	2.0	2.0	1194	$2,000	$1.68	24d	1	0.22mi
2740 Cypress Trace Cir Naples, FL	2.0	2.0	1493	$3,488	$2.34	24d	3	0.24mi
5693 Heron Ln #502 Naples, FL	2.0	2.0	1490	$6,800	$4.56	24d	1	0.27mi
6670 Huntington Lakes Cir #103 Naples, FL	2.0	2.0	1107	$4,250	$3.84	24d	1	0.29mi
6670 Huntington Lakes Cir #103 Naples, FL	2.0	2.0	1107	$4,000	$3.61	15d	1	0.29mi
6655 Huntington Lakes Cir #204 Naples, FL	3.0	2.0	1315	$3,500	$2.66	24d	1	0.36mi
6920 Huntington Lakes Cir #103 Naples, FL	2.0	2.0	1107	$2,700	$2.44	24d	1	0.38mi
2469 Millcreek Ln #102 Naples, FL	2.0	2.0	1107	$3,495	$3.16	24d	1	0.39mi
6750 Huntington Lakes Cir #103 Naples, FL	2.0	2.0	1185	$2,300	$1.94	22d	1	0.40mi
2408 Millcreek Ln #202 Naples, FL	2.0	2.0	1207	$2,200	$1.82	24d	1	0.41mi
6544 Huntington Lakes Cir Unit 9-204 Naples, FL	3.0	2.0	1382	$4,250	$3.08	24d	1	0.41mi
2456 Millcreek Ln #102 Naples, FL	2.0	2.0	1107	$2,375	$2.15	24d	1	0.43mi
6880 Huntington Lakes Cir #203 Naples, FL	2.0	2.0	1231	$3,750	$3.05	24d	1	0.46mi
5455 Worthington Ln #202 Naples, FL	2.0	2.0	1427	$3,900	$2.73	24d	1	0.76mi
5455 Worthington Ln #103 Naples, FL	2.0	2.0	1202	$5,000	$4.16	24d	1	0.76mi
5025 Cedar Springs Dr #102 Naples, FL	2.0	2.0	1202	$1,590	$1.32	15d	1	0.76mi
5025 Cedar Springs Dr #102 Naples, FL	2.0	2.5	1202	$3,510	$2.92	24d	1	0.76mi
5045 Cedar Springs Dr #103 Naples, FL	2.0	2.0	1202	$5,000	$4.16	24d	1	0.76mi
5045 Cedar Springs Dr #203 Naples, FL	2.0	2.0	1427	$4,200	$2.94	24d	1	0.76mi
4970 Deerfield Way Unit F-203 Naples, FL	2.0	2.0	1388	$1,990	$1.43	15d	1	0.80mi
4910 Deerfield Way #103 Naples, FL	2.0	2.0	1200	$4,800	$4.00	22d	1	0.80mi
4910 Deerfield Way Unit A-203 Naples, FL	2.0	2.0	1388	$5,500	$3.96	15d	1	0.80mi
4960 Deerfield Way Unit E102 Naples, FL	2.0	2.0	1202	$4,250	$3.54	15d	1	0.82mi

HOA detail condo

• Monthly dues: $1,304 · $15,648/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-21
   pricedays on market $225,000 Active 114 DOM
2. 2026-06-18
   days on market $239,000 Active 111 DOM
3. 2026-06-17
   days on market $239,000 Active 110 DOM
4. 2026-06-16
   days on market $239,000 Active 109 DOM
5. 2026-06-15
   days on market $239,000 Active 108 DOM
6. 2026-06-14
   days on market $239,000 Active 106 DOM
7. 2026-06-10
   days on market $239,000 Active 103 DOM
8. 2026-06-09
   days on market $239,000 Active 102 DOM
9. 2026-06-08
   days on market $239,000 Active 101 DOM
10. 2026-06-07
    days on market $239,000 Active 100 DOM
11. 2026-06-03
    days on market $239,000 Active 96 DOM
12. 2026-06-03
    remarks 699-char remark
13. 2026-06-03
    listed $239,000 Active 95 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: $1,970 · $164/mo
• Projected year-2 tax: $1,970 · $164/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°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: $44,058
• − Mortgage interest: −$12,603
• − Property taxes: −$1,970
• − Insurance: −$1,125
• − Repairs & maintenance: −$3,525
• − Management: −$3,525
• − HOA: −$15,648
• − Depreciation: −$6,545
• Taxable loss: −$884
• Est. tax savings @ 24.0%: +$212
• After-tax cash flow: $2,115/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

-98.6% since first listed

19 events — show timeline

• 2026-05-07 Listed for Rent $2,200 FGCMLS
• 2026-05-05 Relisted — NAPLESMLS
• 2026-05-05 Listing Removed — NAPLESMLS
• 2026-03-01 Relisted — NAPLESMLS
• 2026-02-22 Pending — NAPLESMLS
• 2026-02-19 Listed $239,000 NAPLESMLS
• 2017-08-15 Listing Removed — NAPLESMLS
• 2017-08-15 Price Changed $157,900 NAPLESMLS
• 2017-07-27 Listed $135,900 NAPLESMLS
• 2017-01-10 Listing Removed — NAPLESMLS
• 2016-10-14 Price Changed $154,900 NAPLESMLS
• 2016-08-10 Price Changed $157,700 NAPLESMLS
• 2016-07-27 Price Changed $159,700 NAPLESMLS
• 2016-05-27 Listed $159,800 NAPLESMLS
• 2016-05-03 Listing Removed — NAPLESMLS
• 2015-08-18 Price Changed $169,900 NAPLESMLS
• 2015-04-02 Listed $159,700 NAPLESMLS
• 2006-01-03 Sold (Public Records) $238,000 Public Records
• 2004-06-21 Sold (Public Records) $158,000 Public Records

Property tax history

+5.3%/yr

Latest (2025): $1,970 · +2.2% YoY. Source: county tax records.