8271 Key Royal Cir #932 · Island Walk, FL 34119

$228,000

2 bd · 2.0 ba · 1,062 sqft · Condo public records · 17 Days on market

Built 2003 $397/mo HOA · 18% of rent

---

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
• Schools +5.0/10.0
• 1% rule +4.9/10.0
• DSCR +3.3/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Appreciation +0.0/10.0

Listing remarks

Location, Location! Just off Immokalee Rd, this newly renovated 2-bed, 2-bath, 3rd-floor condo in the gated Key Royal community of Naples is a must-see! Featuring a combo living/dining room, full-size in-unit laundry, and a kitchen with a breakfast bar perfect for entertaining. The spacious master suite offers a walk-in closet and private bath with a tub/shower combo, while the 2nd bedroom also includes a walk-in closet and its own tub/shower combo bath. Enjoy the community pool, spa, picnic area, tiki hut, and more! NEW appliances, water heater, LOW HOAfees, and fantastic rental income potential. Close to top-rated schools. Room dimensions approximate; buyer to verify. Great Income Potenti

Key facts

• Gated community
• Community pool
• Walk in closet

Tags

• GATED COMMUNITY
• COMBO LIVING DINING ROOM
• FULL SIZE IN UNIT LAUNDRY
• KITCHEN WITH BREAKFAST BAR
• WALK IN CLOSET
• COMMUNITY POOL

Property features AI

Finance

• HOA & community: Mandatory HOA; Quarterly condo fee of $1,191 (total annual recurring fees $4,764); Professional management; HOA maintenance covers cable, insurance, lawn/land maintenance, recreation facilities, reserves, sewer, trash removal, and water; Community amenities include bike and jog path, clubhouse, community pool, community spa/hot tub, and exercise room; Gated community

Exterior

• Parking: 1 assigned parking space
• Security: Gated community
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential low-rise building (1–3 stories); Rear exposure facing south; Part of Key Royal Condominiums development
• Construction: Concrete block construction; Tile roof; Built in 2003
• Exterior features: Stucco exterior finish; Sliding windows; Landscaped area view; Regular lot; Canal width: None

Interior

• Kitchen: Cooktop; Range; Microwave; Dishwasher; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Master bath with combo tub and shower
• Heating & cooling: Central electric heat; Central electric cooling; Ceiling fans
• Interior features: Walk-in closet; Dining area with breakfast bar and dining/living configuration; 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 $228k.

Deal economics

• At list price, monthly cash flow is $-83 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $213k (6.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $226k (1.1% below list).
• Recommended offer: $213k (6.5% below list) — sets the bar for cash-flow.

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.
• Zoned schools: Laurel Oak Elementary School (math 82% / reading 77%, grade A, #116 of 2,144 statewide, top 6%, 1,203 students, 20% FRL); Gulf Coast High School (math 57% / reading 68%, grade B-, #93 of 667 statewide, top 14%, 2,447 students, 20% FRL) — zoned schools average 20% FRL vs 55% district-wide (35 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 71% at this address vs 58% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Collier average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents soft (-2.5%/yr); 586 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); high-income renter base; 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 $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 17 days — a 2% lower offer ($225k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 10y 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.
• Current owner paid $145k; list at $228k implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $213,274 (6.5% 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: 0.99% ✗
• Cap rate: 5.85%
• Cash-on-cash: -1.57%
• DSCR: 0.93
• GRM: 8.4

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: -22.9%
• Equity multiple: 0.24×
• Total profit: $-48,653
• Equity at exit: $33,996

10-year hold

• IRR: -30.8%
• Equity multiple: -0.16×
• Total profit: $-73,885
• Equity at exit: $19,713

Cash invested: $63,840 (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: 586
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,255 high
• Mortgage (P&I): −$1,196
• Tax from tax record: −$177 /mo · $2,129/yr
• Insurance: −$95
• HOA: −$397
• Vacancy / Maint / Mgmt: −$474
• Net cashflow: $-83

Break-even live

Break-even rent $2,361

Max offer price $213,274

Occupancy floor 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: $57,000
• Closing costs: $6,840
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8274 Key Royal Cir Naples, FL	2.0	1.0	946	$1,700	$1.80	23d	2	0.02mi
8264 Key Royal Cir #831 Naples, FL	2.0	2.0	1020	$1,850	$1.81	23d	1	0.02mi
8271 Key Royal Cir #924 Naples, FL	2.0	2.0	1100	$2,100	$1.91	23d	1	0.03mi
8284 Key Royal Cir #1323 Naples, FL	2.0	1.0	1010	$1,850	$1.83	23d	1	0.05mi
8288 Key Royal Ln #1431 Naples, FL	3.0	2.0	1186	$2,195	$1.85	13d	1	0.06mi
8244 Key Royal Cir #615 Naples, FL	2.0	1.0	946	$1,850	$1.96	23d	1	0.08mi
8297 Key Royal Ln Naples, FL	2.0	1.0–2.0	981	$2,250	$2.29	23d	2	0.10mi
8294 Key Royal Cir #1633 Naples, FL	2.0	1.0	943	$1,750	$1.86	23d	1	0.11mi
8304 Key Royal Cir #1712 Naples, FL	2.0	1.0	946	$1,750	$1.85	23d	1	0.15mi
8304 Key Royal Cir #1712 Naples, FL	2.0	1.0	1000	$1,700	$1.70	13d	1	0.15mi
8151 Ibis Cove Cir Naples, FL	3.0	2.0	1455	$2,295	$1.58	13d	1	0.22mi
8207 Ibis Cove Cir Unit Y Naples, FL	3.0	2.0	1455	$2,800	$1.92	23d	1	0.24mi
8207 Ibis Cove Cir Unit S Naples, FL	3.0	2.0	1455	$5,000	$3.44	23d	1	0.24mi
8211 Ibis Cove Cir Unit A119 Naples, FL	3.0	2.0	1455	$2,500	$1.72	23d	1	0.24mi
8164 Ibis Cove Cir Unit B202 Naples, FL	3.0	2.0	1455	$2,750	$1.89	23d	1	0.25mi
8633 Addison Place Cir Naples, FL	1.0–3.0	1.0–2.0	1077	$2,408	$2.24	13d	31	0.37mi
8067 Dream Catcher Cir Naples, FL	2.0–3.0	2.5	1430	$2,134	$1.49	13d	28	0.55mi
7975 Preserve Cir #1013 Naples, FL	1.0	1.0	945	$1,450	$1.53	21d	1	0.56mi
7905 Preserve Cir Naples, FL	2.0–3.0	1.0–2.0	1272	$1,750	$1.38	13d	3	0.56mi
7905 Preserve Cir Naples, FL	3.0	2.0	1400	$3,050	$2.18	23d	2	0.56mi
7940 Preserve Cir #916 Naples, FL	1.0	1.0	845	$1,750	$2.07	23d	1	0.61mi
7940 Preserve Cir Naples, FL	1.0	1.0	845	$1,750	$2.07	13d	1	0.61mi
15077 Cortona Way Naples, FL	3.0	2.0	1490	$2,395	$1.61	13d	1	0.64mi
7950 Preserve Cir #812 Naples, FL	2.0	2.0	1215	$1,895	$1.56	23d	1	0.64mi
8820 Walter Way Unit 5107 Naples, FL	1.0	1.0	815	$2,249	$2.76	23d	1	0.67mi
8820 Walter Way Unit 4101 Naples, FL	2.0	2.0	1294	$3,074	$2.38	13d	1	0.67mi
8820 Walter Way Unit 5201 Naples, FL	2.0	2.0	1294	$2,999	$2.32	21d	1	0.67mi
8820 Walter Way Unit 5215 Naples, FL	1.0	1.0	815	$2,299	$2.82	13d	1	0.67mi
15500 Mark Ln Naples, FL	1.0–3.0	1.0–2.0	1090	$2,585	$2.37	13d	27	0.67mi
9063 Gervais Cir #1204 Naples, FL	3.0	2.0	1415	$2,100	$1.48	23d	1	0.76mi
9051 Gervais Cir #1503 Naples, FL	2.0	2.5	1415	$2,350	$1.66	23d	1	0.78mi
9069 Gervais Cir #1109 Naples, FL	2.0	2.5	1200	$1,950	$1.62	23d	1	0.79mi
14905 Pleasant Bay Ln Unit 6204 Naples, FL	3.0	2.0	1252	$1,995	$1.59	13d	1	0.82mi
1927 Morning Sun Ln Unit F27 Naples, FL	2.0	2.0	1307	$3,000	$2.30	23d	1	0.83mi
14885 Pleasant Bay Ln Unit 4202 Naples, FL	3.0	2.0	1252	$1,700	$1.36	13d	1	0.85mi
14885 Pleasant Bay Ln #202 Naples, FL	3.0	2.0	1252	$1,700	$1.36	21d	1	0.85mi
14890 Pleasant Bay Ln Naples, FL	1.0–2.0	1.0–2.0	1100	$1,850	$1.68	13d	2	0.87mi
9093 Gervais Cir #1906 Naples, FL	2.0	2.5	1415	$2,000	$1.41	23d	1	0.90mi
14815 Triangle Bay Dr Naples, FL	2.0–4.0	2.0–4.0	1214	$1,411	$1.16	13d	11	0.93mi
1677 Morning Sun Ln Naples, FL	2.0	2.0	1307	$2,500	$1.91	23d	1	1.04mi

HOA detail condo

• Monthly dues: $397 · $4,764/yr
• Likely covers: waterpoolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-15
   days on market $228,000 Active 17 DOM
2. 2026-06-14
   days on market $228,000 Active 15 DOM
3. 2026-06-10
   days on market $228,000 Active 12 DOM
4. 2026-06-09
   days on market $228,000 Active 11 DOM
5. 2026-06-08
   days on market $228,000 Active 10 DOM
6. 2026-06-07
   days on market $228,000 Active 9 DOM
7. 2026-06-03
   days on market $228,000 Active 5 DOM
8. 2026-06-02
   days on market $228,000 Active 4 DOM
9. 2026-06-01
   pricedays on market $228,000 Active 3 DOM
10. 2026-05-31
    days on market $235,000 Active 2 DOM
11. 2026-05-30
    remarks 699-char remark
12. 2026-05-30
    listed $235,000 Active 1 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: $2,129 · $177/mo
• Projected year-2 tax: $2,129 · $177/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 6/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°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: $27,064
• − Mortgage interest: −$12,772
• − Property taxes: −$2,129
• − Insurance: −$1,140
• − Repairs & maintenance: −$2,165
• − Management: −$2,165
• − HOA: −$4,764
• − Depreciation: −$6,633
• Taxable loss: −$4,704
• Est. tax savings @ 24.0%: +$1,129
• After-tax cash flow: $129/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

+62.2% since first listed

14 events — show timeline

• 2026-05-29 Listed $235,000 NAPLESMLS
• 2025-03-12 Listing Removed — NAPLESMLS
• 2025-02-03 Rental Removed $1,950 NAPLESMLS
• 2025-01-23 Listed for Rent $1,950 NAPLESMLS
• 2025-01-22 Listed $260,000 NAPLESMLS
• 2025-01-22 Listed $260,000 MIML
• 2016-12-15 Sold (MLS) $144,900 Stellar MLS as Distributed by MLS Grid
• 2016-12-12 Sold (MLS) $144,900 NAPLESMLS
• 2016-11-11 Pending — NAPLESMLS
• 2016-11-01 Price Changed $144,900 NAPLESMLS
• 2016-09-23 Price Changed $154,900 NAPLESMLS
• 2016-08-18 Listed $164,900 NAPLESMLS
• 2016-08-17 Listed $144,900 MIML
• 2016-08-17 Listed $144,900 Stellar MLS as Distributed by MLS Grid

Property tax history

+9.3%/yr

Latest (2025): $2,129 · +7.1% YoY. Source: county tax records.