186 Panther Pass Cir #186 · Winding Cypress, FL 34114

$124,900

2 bd · 1.5 ba · 488 sqft · Condo public records · 97 Days on market

Built 1987 $299/mo HOA · 13% 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
• Appreciation +4.3/10.0
• Rent growth +3.3/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Thank you for viewing 186 Panther Pass in the Imperial Wilderness community! This gated 55+ community is beautifully maintained, fun, active, and scenic! The featured 2Br, 1.5Ba home boasts a metal roof, attractive exterior pavers, new front door, and is being sold furnished. The kitchen is updated and offers granite countertops, stone and tile backsplash, full-sized stainless-steel appliances, range/oven and convection oven/microwave, dishwasher, disposal, drinking water filtration system, and laminate flooring. The decor provides a tasteful and relaxing vibe. In addition to all of these outstanding features, YOU OWN THE LAND, and the low HOA fee ($792.00 per quarter) covers so much: water, lawn care, basic cable, trash/recycling, and community amenities. Community amenities include the following: 2 pools with spas, bocce, pickleball, tennis, shuffleboard, billiards, a library, clubhouse, dog parks, and more!

Key facts

• Newer a/c system
• New gutters
• Golf cart included

Tags

• GOLF CART INCLUDED
• NEWER A/C SYSTEM
• NEW GUTTERS
• UPDATED ELECTRICAL PANEL
• LIGHTNING SURGE PROTECTOR
• NEW WINDOWS

Property features AI

Finance

• Other: Part of a complex with 542 units; Single-unit building; Unit located in subdivision Imperial Wilderness (lot/unit 186)
• Financial info:
• HOA & community: Mandatory HOA; Quarterly HOA fee; HOA fee covers cable, irrigation water, lawn/land maintenance, sewer, street maintenance, trash removal, water; Professional management; Community amenities include clubhouse, community pool and spa, exercise room, tennis court, pickleball, bocce court, shuffleboard, billiards, fishing pier, dog park, sidewalks, streetlights, common laundry; Gated mobile/manufactured community; Total annual recurring HOA fees: $3,592

Exterior

• Parking:
• Security:
• Utilities: Central water; Central sewer; Cable available
• Home design: Manufactured residential property; Built in 1987; Manufactured building design; Rear exposure faces west; Single-story
• Construction: Manufactured construction; Metal roof; Vinyl siding
• Exterior features: Patio; Vinyl siding exterior; Single-hung windows; Metal roof; Regular lot; Deeded restrictions; View: see remarks; Irrigation: reclaimed

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator/Freezer; Reverse osmosis
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Tile
• Bathrooms: 1 full bathroom; 1 half bathroom; Master bath with shower only
• Heating & cooling: Central electric heat; Ceiling fans
• Interior features: Smoke detectors; Turnkey furnished; Dining area in living room; Laundry in residence
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $125k.

Deal economics

• At list price, monthly cash flow is $164 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $114k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — 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 rising (+3.2%/yr); 900 active listings in the ZIP; solid renter incomes; 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.5%/yr); year-one equity from $864 of loan paydown is wiped out by about $2k 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 97 days — a 9% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 19y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,659 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
8. 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.
9. 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: 1.78% ✓
• Cap rate: 11.97%
• Cash-on-cash: 20.26%
• DSCR: 1.90
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.48% appreciation · 3.21% rent growth · sell at horizon

5-year hold

• IRR: -0.5%
• Equity multiple: 0.98×
• Total profit: $-701
• Equity at exit: $27,292

10-year hold

• IRR: 7.4%
• Equity multiple: 1.69×
• Total profit: $24,180
• Equity at exit: $26,290

Cash invested: $34,972 (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 34114

• Home prices YoY: -0.6%
• Rents YoY: 3.2%
• Active inventory: 900
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $2,218 medium
• Mortgage (P&I): −$655
• Tax est. 1.5%: −$156 /mo · $1,874/yr
• Insurance: −$52
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$299
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $164

Break-even live

Break-even rent $2,011

Max offer price $124,900

Occupancy floor 88%

Sensitivity live

Price	-10% $250	-5% $207	+0% $164	+5% $121	+10% $78
Rent	-10% $-11	-5% $76	+0% $164	+5% $252	+10% $339
Rate	-1.0pp $227	-0.5pp $196	base $164	+0.5pp $132	+1.0pp $99

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $299 · $3,588/yr
• Likely covers: watertrashcablelandscapingpoolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 32 events

1. 2026-06-18
   days on market $124,900 Active 97 DOM
2. 2026-06-17
   days on market $124,900 Active 96 DOM
3. 2026-06-16
   days on market $124,900 Active 95 DOM
4. 2026-06-15
   days on market $124,900 Active 94 DOM
5. 2026-06-14
   days on market $124,900 Active 92 DOM
6. 2026-06-10
   days on market $124,900 Active 89 DOM
7. 2026-06-09
   days on market $124,900 Active 88 DOM
8. 2026-06-08
   days on market $124,900 Active 87 DOM
9. 2026-06-07
   days on market $124,900 Active 86 DOM
10. 2026-06-03
    days on market $124,900 Active 82 DOM
11. 2026-06-02
    days on market $124,900 Active 81 DOM
12. 2026-06-01
    days on market $124,900 Active 80 DOM
13. 2026-05-31
    days on market $124,900 Active 79 DOM
14. 2026-05-30
    days on market $124,900 Active 78 DOM
15. 2026-04-29
    price $124,900
16. 2026-03-13
    listed $135,000 Active
17. 2026-01-31
    historical
18. 2025-08-28
    listed $120,000 Active
19. 2024-07-08
    soldstatus $135,000
20. 2024-07-03
    soldstatus $135,000 Sold 923-char remark

    Show marketing remark (923 chars)

    Thank you for viewing 186 Panther Pass in the Imperial Wilderness community! This gated 55+ community is beautifully maintained, fun, active, and scenic! The featured 2Br, 1.5Ba home boasts a metal roof, attractive exterior pavers, new front door, and is being sold furnished. The kitchen is updated and offers granite countertops, stone and tile backsplash, full-sized stainless-steel appliances, range/oven and convection oven/microwave, dishwasher, disposal, drinking water filtration system, and laminate flooring. The decor provides a tasteful and relaxing vibe. In addition to all of these outstanding features, YOU OWN THE LAND, and the low HOA fee ($792.00 per quarter) covers so much: water, lawn care, basic cable, trash/recycling, and community amenities. Community amenities include the following: 2 pools with spas, bocce, pickleball, tennis, shuffleboard, billiards, a library, clubhouse, dog parks, and more!

21. 2024-06-12
    status Pending With Contingencies 923-char remark

    Show marketing remark (923 chars)

    Thank you for viewing 186 Panther Pass in the Imperial Wilderness community! This gated 55+ community is beautifully maintained, fun, active, and scenic! The featured 2Br, 1.5Ba home boasts a metal roof, attractive exterior pavers, new front door, and is being sold furnished. The kitchen is updated and offers granite countertops, stone and tile backsplash, full-sized stainless-steel appliances, range/oven and convection oven/microwave, dishwasher, disposal, drinking water filtration system, and laminate flooring. The decor provides a tasteful and relaxing vibe. In addition to all of these outstanding features, YOU OWN THE LAND, and the low HOA fee ($792.00 per quarter) covers so much: water, lawn care, basic cable, trash/recycling, and community amenities. Community amenities include the following: 2 pools with spas, bocce, pickleball, tennis, shuffleboard, billiards, a library, clubhouse, dog parks, and more!

22. 2024-05-04
    price $135,000 923-char remark

    Show marketing remark (923 chars)

    Thank you for viewing 186 Panther Pass in the Imperial Wilderness community! This gated 55+ community is beautifully maintained, fun, active, and scenic! The featured 2Br, 1.5Ba home boasts a metal roof, attractive exterior pavers, new front door, and is being sold furnished. The kitchen is updated and offers granite countertops, stone and tile backsplash, full-sized stainless-steel appliances, range/oven and convection oven/microwave, dishwasher, disposal, drinking water filtration system, and laminate flooring. The decor provides a tasteful and relaxing vibe. In addition to all of these outstanding features, YOU OWN THE LAND, and the low HOA fee ($792.00 per quarter) covers so much: water, lawn care, basic cable, trash/recycling, and community amenities. Community amenities include the following: 2 pools with spas, bocce, pickleball, tennis, shuffleboard, billiards, a library, clubhouse, dog parks, and more!

23. 2024-02-26
    price $149,000 923-char remark

    Show marketing remark (923 chars)

    Thank you for viewing 186 Panther Pass in the Imperial Wilderness community! This gated 55+ community is beautifully maintained, fun, active, and scenic! The featured 2Br, 1.5Ba home boasts a metal roof, attractive exterior pavers, new front door, and is being sold furnished. The kitchen is updated and offers granite countertops, stone and tile backsplash, full-sized stainless-steel appliances, range/oven and convection oven/microwave, dishwasher, disposal, drinking water filtration system, and laminate flooring. The decor provides a tasteful and relaxing vibe. In addition to all of these outstanding features, YOU OWN THE LAND, and the low HOA fee ($792.00 per quarter) covers so much: water, lawn care, basic cable, trash/recycling, and community amenities. Community amenities include the following: 2 pools with spas, bocce, pickleball, tennis, shuffleboard, billiards, a library, clubhouse, dog parks, and more!

24. 2023-11-09
    price $159,000 923-char remark

    Show marketing remark (923 chars)

    Thank you for viewing 186 Panther Pass in the Imperial Wilderness community! This gated 55+ community is beautifully maintained, fun, active, and scenic! The featured 2Br, 1.5Ba home boasts a metal roof, attractive exterior pavers, new front door, and is being sold furnished. The kitchen is updated and offers granite countertops, stone and tile backsplash, full-sized stainless-steel appliances, range/oven and convection oven/microwave, dishwasher, disposal, drinking water filtration system, and laminate flooring. The decor provides a tasteful and relaxing vibe. In addition to all of these outstanding features, YOU OWN THE LAND, and the low HOA fee ($792.00 per quarter) covers so much: water, lawn care, basic cable, trash/recycling, and community amenities. Community amenities include the following: 2 pools with spas, bocce, pickleball, tennis, shuffleboard, billiards, a library, clubhouse, dog parks, and more!

25. 2023-10-08
    listed $169,000 Active 923-char remark

    Show marketing remark (923 chars)

    Thank you for viewing 186 Panther Pass in the Imperial Wilderness community! This gated 55+ community is beautifully maintained, fun, active, and scenic! The featured 2Br, 1.5Ba home boasts a metal roof, attractive exterior pavers, new front door, and is being sold furnished. The kitchen is updated and offers granite countertops, stone and tile backsplash, full-sized stainless-steel appliances, range/oven and convection oven/microwave, dishwasher, disposal, drinking water filtration system, and laminate flooring. The decor provides a tasteful and relaxing vibe. In addition to all of these outstanding features, YOU OWN THE LAND, and the low HOA fee ($792.00 per quarter) covers so much: water, lawn care, basic cable, trash/recycling, and community amenities. Community amenities include the following: 2 pools with spas, bocce, pickleball, tennis, shuffleboard, billiards, a library, clubhouse, dog parks, and more!

26. 2023-07-29
    historical
27. 2022-08-01
    listed $190,000 Active
28. 2008-12-23
    soldstatus $59,000
29. 2008-12-19
    soldstatus $59,000
30. 2008-11-24
    listed $59,000
31. 2007-11-13
    listed $79,799
32. 1987-07-01
    soldstatus $16,600

ⓘ 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 8/10 Severe FEMA zone AE · 97% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 29 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,622
• − Mortgage interest: −$6,996
• − Property taxes: −$1,874
• − Insurance: −$5,743
• − Repairs & maintenance: −$2,130
• − Management: −$2,130
• − HOA: −$3,588
• − Depreciation: −$3,633
• Taxable income: $528
• Est. tax owed @ 24.0%: −$127
• After-tax cash flow: $1,840/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 — Winding Cypress

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): 23,559
• Household income: $89,334
• Rent vs Own: 15.3% rent · 84.7% own
• Severe rent burden: 550.0

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 (72%)
• Race & ethnicity: White 72% Hispanic / Latino 17% Two or more races 13% Black 7%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1% Cuban 3%
• Common ancestry: Hispanic 5% Romanian 4% Lithuanian 1%
• Foreign-born: 21% · Canada, Jamaica
• Languages at home: 75% English-only · Spanish 15% French/Haitian/Cajun 5% Other Indo-European 4%

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: ▼ -1.48%
• Current HPI: 266.5545
• Rent YoY: ▲ 3.21%
• 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

+652.4% since first listed

18 events — show timeline

• 2026-04-29 Price Changed $124,900 NAPLESMLS
• 2026-03-13 Listed $135,000 NAPLESMLS
• 2026-01-31 Listing Removed — NAPLESMLS
• 2025-08-28 Listed $120,000 NAPLESMLS
• 2024-07-08 Sold (Public Records) $135,000 Public Records
• 2024-07-03 Sold (MLS) $135,000 NAPLESMLS
• 2024-06-12 Pending — NAPLESMLS
• 2024-05-04 Price Changed $135,000 NAPLESMLS
• 2024-02-26 Price Changed $149,000 NAPLESMLS
• 2023-11-09 Price Changed $159,000 NAPLESMLS
• 2023-10-08 Listed $169,000 NAPLESMLS
• 2023-07-29 Listing Removed — NAPLESMLS
• 2022-08-01 Listed $190,000 NAPLESMLS
• 2008-12-23 Sold (Public Records) $59,000 Public Records
• 2008-12-19 Sold (MLS) $59,000 MIML
• 2008-11-24 Listed $59,000 MIML
• 2007-11-13 Listed $79,799 MIML
• 1987-07-01 Sold (Public Records) $16,600 Public Records

Property tax history

+8.5%/yr

Latest (2025): $140 · -85.6% YoY. Source: county tax records.