15505 Cedarwood Ln #105 · Naples, FL 34110

$379,000

3 bd · 2.0 ba · 1,613 sqft · Condo public records · 18 Days on market

Built 2001 $863/mo HOA · 16% 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 +25.6/30.0
• 1% rule +9.0/10.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Three bedrooms and TWO outdoor spaces! You'll love this rarely available "garden unit" in the popular Bermuda Bay II. This first-floor end unit has a walled patio area in front, complete with lush tropical plants and a gas grill. Enjoy outdoor living in your own private space! Plus the convenience of direct access to the garage--walk straight from your one-car garage through your patio and into your home. Once inside, this unit features a large kitchen with pantry, newer cabinets, granite countertops and backsplash, and convenient in-unit laundry. The great room easily fits a both full-size dining and living areas, and a screened lanai in the back offers even more living space, wi

Key facts

• Gas grill
• Walled patio area
• Large kitchen

Tags

• OUTDOOR SPACES
• GARDEN UNIT
• WALLED PATIO AREA
• GAS GRILL
• DIRECT ACCESS TO GARAGE
• LARGE KITCHEN

Property features AI

Other

• Possession: Possession at closing
• Location details: Located in Bay Forest, Bermuda Bay sub-condo; Directions: Off Vanderbilt Drive (west of 41), between Wiggins Pass and Woods Edge; gate access provided when showing confirmed. Continue straight into Bay Forest, right at the stop sign, then left into BBII at the end of Cedarwood. Building 10 is third on the right.
• Multi-unit information: One unit per floor; 87 units in complex; 15 units in building; One-floor building

Finance

• HOA & community: Mandatory HOA (Condo management); Quarterly condo fee; Condo fee: $2,590 quarterly; Total annual recurring fees: $10,360; Total one-time fees: $3,150; HOA maintenance covers insurance, irrigation water, lawn/land maintenance, legal/accounting, manager, master association fee, exterior pest control, reserves, sewer, street lights, street maintenance, trash removal, and water; Community amenities include clubhouse, community pool and spa/hot tub, exercise room, library, internet access, tennis, pickleball, bocce, shuffleboard, bike and jog path, and streetlights

Exterior

• Parking: Detached 1-car garage
• Security: Gated community
• Utilities: Central water (assessment paid); Central sewer (assessment paid); Cable available
• Home design: Residential property; Low-rise building (1-3 stories); One floor/unit; Rear exposure faces northwest
• Construction: Built in 2001; Concrete block construction; Stucco exterior; Tile roof; Single-hung windows
• Exterior features: Patio; Privacy wall; Landscaped area view; Paved private road access; Deeded restrictions

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator/Freezer; Pantry; Gas grill (outdoor)
• Bedrooms: 3 bedrooms; First-floor bedroom; Split bedroom layout
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Master bath with shower only
• Heating & cooling: Central electric heat; Central electric air conditioning; Ceiling fans
• Interior features: Cable prewire; Fire sprinkler system; High-speed internet available; Smoke detectors; Walk-in closet; Open great room floor plan; Turnkey furnished; Common elevator access; Pantry; Dining area combined with living; Eat-in kitchen; Open porch/lanai; Screened lanai/porch
• Laundry & utility: Washer and dryer in residence; Auto garage door

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $379k.

Deal economics

• At list price, monthly cash flow is $829 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $379k).
• Recommended offer: $373k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 80/100 on livability (#126 in FL, #1,903 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: commute D+, cost of living 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 (-1.1%/yr); 595 active listings in the ZIP; 40 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 $5,287/mo this rent would consume 65% of the median local household income ($98k/yr) (locally 1006% 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 $3k of loan paydown is wiped out by about $11k 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 18 days — a 2% lower offer ($373k) is reasonable based on typical stale-listing flexibility.

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 7→32/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $373,315 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.40% ✓
• Cap rate: 9.13%
• Cash-on-cash: 10.13%
• DSCR: 1.45
• GRM: 6.0

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: -6.2%
• Equity multiple: 0.78×
• Total profit: $-23,572
• Equity at exit: $56,510

10-year hold

• IRR: -1.7%
• Equity multiple: 0.90×
• Total profit: $-10,264
• Equity at exit: $32,769

Cash invested: $106,120 (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: 6.0×

Monthly cashflow live

• Estimated rent: $5,287 high
• Mortgage (P&I): −$1,988
• Tax from tax record: −$273 /mo · $3,275/yr
• Insurance: −$158
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$863
• Vacancy / Maint / Mgmt: −$1,110
• Net cashflow: $829

Break-even live

Break-even rent $4,238

Max offer price $379,000

Occupancy floor 79%

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: $94,750
• Closing costs: $11,370
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15415 Cedarwood Ln Unit 3 Naples, FL	2.0	2.0	1428	$2,200	$1.54	14d	1	0.14mi
15400 Cedarwood Ln #102 Naples, FL	2.0	2.0	1286	$6,300	$4.90	14d	1	0.16mi
15400 Cedarwood Ln Unit 1-201 Naples, FL	2.0	2.0	1286	$6,000	$4.67	23d	1	0.16mi
285 Naples Cove Dr #1103 Naples, FL	2.0	2.0	1267	$2,475	$1.95	23d	1	0.19mi
270 Naples Cove Dr #3506 Naples, FL	3.0	2.0	1475	$2,500	$1.69	21d	1	0.21mi
290 Naples Cove Dr Naples, FL	2.0	2.0	1327	$3,400	$2.56	23d	3	0.24mi
15191 Cedarwood Ln #2602 Naples, FL	2.0	2.0	1267	$2,300	$1.82	23d	1	0.29mi
15161 Cedarwood Ln Naples, FL	2.0	2.0	1267	$4,000	$3.16	23d	3	0.33mi
386 Emerald Bay Cir Unit G4 Naples, FL	3.0	2.0	1490	$2,500	$1.68	23d	1	0.42mi
341 Emerald Bay Cir Unit T5 Naples, FL	3.0	2.0	1611	$4,500	$2.79	23d	1	0.48mi
306 Emerald Bay Cir Unit J8 Naples, FL	2.0	2.0	1350	$4,000	$2.96	23d	1	0.51mi
306 Emerald Bay Cir Unit J5 Naples, FL	3.0	2.0	1490	$5,900	$3.96	23d	1	0.51mi
298 Emerald Bay Cir Unit K6 Naples, FL	2.0	2.0	1202	$4,750	$3.95	23d	1	0.53mi
28940 Bermuda Pointe Cir #102 Bonita Springs, FL	2.0	2.0	1076	$5,500	$5.11	23d	1	0.54mi
28720 Bermuda Bay Way #205 Bonita Springs, FL	2.0	2.0	1097	$2,200	$2.01	14d	1	0.64mi
505 Lake Louise Cir #101 Naples, FL	2.0	2.0	1444	$5,500	$3.81	23d	1	0.68mi
1001 Arbor Lake Dr Naples, FL	2.0–3.0	2.0–2.5	1755	$5,500	$3.13	23d	2	0.68mi
999 E Valley Dr Unit 1073522P Bonita Springs, FL	3.0	2.5	1668	$9,929	$5.95	21d	1	0.73mi
513 Lake Louise Cir #202 Naples, FL	2.0	2.0	1444	$5,300	$3.67	23d	1	0.75mi
62 8th St Unit 1073526P Bonita Springs, FL	2.0	2.0	1593	$5,435	$3.41	23d	1	0.77mi
28712 Carmel Way Bonita Springs, FL	3.0	2.5	1626	$9,250	$5.69	23d	1	0.77mi
3930 Windward Passage Cir #202 Bonita Springs, FL	2.0	2.0	1478	$1,900	$1.29	16d	1	0.78mi
3951 Windward Passage Cir #102 Bonita Springs, FL	2.0	2.0	1397	$5,200	$3.72	23d	1	0.81mi
262 Barefoot Beach Blvd Bonita Springs, FL	3.0	2.0–3.0	1864	$10,500	$5.63	23d	2	0.83mi
265 Barefoot Beach Blvd Bonita Springs, FL	2.0–3.0	2.0	1604	$13,000	$8.10	23d	3	0.83mi
265 Barefoot Beach Blvd #203 Bonita Springs, FL	3.0	2.0	1604	$13,000	$8.10	14d	1	0.83mi
74 7th St Bonita Springs, FL	3.0	2.0	1124	$3,150	$2.80	23d	1	0.84mi
526 Lake Louise Cir Unit 4-403 Naples, FL	3.0	2.0	1740	$6,500	$3.74	23d	1	0.88mi
3941 Leeward Passage Ct #203 Bonita Springs, FL	2.0	2.0	1204	$2,000	$1.66	23d	1	0.88mi
28070 Winthrop Cir Bonita Springs, FL	3.0	3.0	2008	$12,000	$5.98	23d	1	0.89mi
3921 Leeward Passage Ct #203 Bonita Springs, FL	2.0	2.0	1204	$3,500	$2.91	23d	1	0.90mi
14780 Glen Eden Dr Naples, FL	3.0	2.5	2184	$8,000	$3.66	23d	1	0.91mi
211 6th St Bonita Springs, FL	3.0	2.0	2000	$11,900	$5.95	23d	1	0.93mi
28211 Winthrop Cir Bonita Springs, FL	3.0	2.0	1918	$10,500	$5.47	23d	1	0.93mi
64 4th St Bonita Springs, FL	2.0	2.0	1231	$3,700	$3.01	23d	2	1.00mi
28450 Winthrop Cir Unit 1546014P Bonita Springs, FL	3.0	2.0	1894	$7,804	$4.12	14d	1	1.00mi
60 4th St Bonita Springs, FL	3.0	2.0	1860	$11,400	$6.13	23d	1	1.03mi
28650 Carriage Home Dr Unit 1049692P Bonita Springs, FL	3.0	2.0	1528	$3,980	$2.60	16d	1	1.05mi
255 Barefoot Beach Blvd Bonita Springs, FL	2.0–3.0	2.0–3.5	1864	$25,000	$13.41	14d	2	1.05mi
255 Barefoot Beach Blvd #4 Bonita Springs, FL	3.0	3.5	2003	$25,000	$12.48	14d	1	1.05mi

HOA detail condo

• Monthly dues: $863 · $10,356/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-05-12
   status Pending
2. 2026-05-04
   status Pending With Contingencies
3. 2026-04-16
   listed $379,000 Active

ⓘ 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: $3,275 · $273/mo
• Projected year-2 tax: $3,275 · $273/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) · 96% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $63,448
• − Mortgage interest: −$21,230
• − Property taxes: −$3,275
• − Insurance: −$2,692
• − Repairs & maintenance: −$5,076
• − Management: −$5,076
• − HOA: −$10,356
• − Depreciation: −$11,025
• Taxable income: $4,717
• Est. tax owed @ 24.0%: −$1,132
• After-tax cash flow: $8,818/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 — Naples

• Score: 80/100
• State rank: #126
• US rank: #1903

Category grades

Amenities A+ Commute D+ Cost of living F Crime A+ Employment A+ Housing C+ Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Collier County · 396,295 people
• City population: 344,941
• 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

3 events — show timeline

• 2026-05-12 Pending — NAPLESMLS
• 2026-05-04 Pending — NAPLESMLS
• 2026-04-16 Listed $379,000 NAPLESMLS

Property tax history

+3.5%/yr

Latest (2025): $3,275 · +3.0% YoY. Source: county tax records.