5515 Rattlesnake Hammock Rd #205 · Lely, FL 34113

$199,900

2 bd · 2.0 ba · 1,060 sqft · Condo public records · 66 Days on market

Built 1979 $595/mo HOA · 19% 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 +27.0/30.0
• 1% rule +10.0/10.0
• DSCR +9.4/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +3.9/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spotless 2 bedroom 2 bath condo in 55+ community within minutes to downtown Naples and beaches. New refrigerator, microwave, washer, dryer, water heater - new tile in both bathrooms, kitchen and entrance way. Condo has just been painted with soft muted color - all you will need to do is move in.

Key facts

• New railing
• New lanai screens
• Hurricane shutters

Tags

• SOUTHERN WATER VIEWS
• GOLF COURSE VIEWS
• NEWLY PAINTED EXTERIOR
• NEW LANAI SCREENS
• NEW RAILING
• HURRICANE SHUTTERS

Property features AI

Finance

• Financial info: Total annual recurring HOA fees listed
• HOA & community: Mandatory HOA with professional management; Quarterly condo fee; HOA covers cable, insurance, irrigation water, lawn/land maintenance, exterior pest control, reserves, street lights, trash removal and water; Community amenities include BBQ/picnic area, bike storage, community pool, sidewalks and streetlights; Non-gated community

Exterior

• Parking: 1 assigned covered space; Paved driveway; Guest parking
• Security: Impact resistant windows and doors; Electric shutters
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential low-rise (1-3 stories); Corner unit; Rear exposure faces south; Located in Golf View Manor Condo development
• Construction: Concrete block construction; Stucco exterior; Built in 1979; Built-up/flat and shingle roofs; Foundation details not specified
• Exterior features: Pond; Freshwater lake frontage; Golf course and water views; Paved road

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms (split bedroom floor plan)
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Master bath with shower only
• Heating & cooling: Central electric heat; Central electric cooling; Ceiling fans
• Interior features: Cable prewire; Walk-in closet; Window coverings; Dining area in living room; Screened lanai/porch; Common elevator; Three ceiling fans; Furnished
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $200k.

Deal economics

• At list price, monthly cash flow is $495 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $188k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#586 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+; Watch: schools D+, health & safety D, amenities 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 rising fast (+5.6%/yr); 597 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 $3,213/mo this rent would consume 47% of the median local household income ($82k/yr) (locally 954% 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 $1k of loan paydown is wiped out by about $6k 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.
• At projected returns (-3.0% appreciation + 5.6% rent growth), your $56k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 17y ago; this cycle's ask is 11006% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $130k; list at $200k implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 1→5/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $187,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
10. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
11. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
12. 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.
13. 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.
14. 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: 1.61% ✓
• Cap rate: 9.66%
• Cash-on-cash: 12.04%
• DSCR: 1.54
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.59% rent growth · sell at horizon

5-year hold

• IRR: 3.6%
• Equity multiple: 1.15×
• Total profit: $8,195
• Equity at exit: $29,806

10-year hold

• IRR: 16.3%
• Equity multiple: 2.55×
• Total profit: $86,770
• Equity at exit: $17,284

Cash invested: $55,972 (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 34113

• Rents YoY: 5.6%
• Active inventory: 597
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $3,213 high
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,998/yr
• Insurance: −$83
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$595
• Vacancy / Maint / Mgmt: −$675
• Net cashflow: $495

Break-even live

Break-even rent $2,586

Max offer price $199,900

Occupancy floor 80%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5535 Rattlesnake Hammock Rd #302 Naples, FL	2.0	2.0	1205	$2,800	$2.32	23d	1	0.06mi
5502 Greenwood Cir #1 Naples, FL	3.0	2.0	1450	$2,400	$1.66	23d	1	0.07mi
5595 Greenwood Cir #92 Naples, FL	3.0	2.0	1450	$5,000	$3.45	23d	1	0.12mi
5499 Rattlesnake Hammock Rd Naples, FL	2.0	2.0	1071	$1,775	$1.66	13d	2	0.14mi
5635 Rattlesnake Hammock Rd Apt 203D Naples, FL	2.0	2.0	1054	$1,700	$1.61	21d	1	0.15mi
5651 Rattlesnake Hammock Rd Unit C-108 Naples, FL	2.0	2.0	1054	$1,800	$1.71	23d	1	0.19mi
5419 Rattlesnake Hammock Rd Unit 307F Naples, FL	2.0	2.0	1071	$1,950	$1.82	13d	1	0.23mi
5778 Greenwood Cir Naples, FL	3.0	2.0	1450	$4,000	$2.76	23d	1	0.23mi
332 Charlemagne Blvd Unit H103 Naples, FL	2.0	2.0	1082	$3,495	$3.23	23d	1	0.24mi
332 Charlemagne Blvd Unit H101 Naples, FL	2.0	2.0	1082	$3,500	$3.23	23d	1	0.24mi
4410 Chantelle Dr Unit H-205 Naples, FL	2.0	2.0	1349	$3,500	$2.59	13d	1	0.30mi
360 Charlemagne Blvd Unit D105 Naples, FL	2.0	2.0	1082	$3,200	$2.96	23d	1	0.31mi
240 Pebble Beach Blvd #702 Naples, FL	2.0	2.0	1090	$4,000	$3.67	23d	1	0.43mi
232 Pebble Beach Blvd #104 Naples, FL	3.0	2.0	1298	$1,975	$1.52	23d	1	0.46mi
190 Pebble Beach Blvd #301 Naples, FL	2.0	2.0	954	$1,700	$1.78	23d	1	0.51mi
413 Augusta Blvd #302 Naples, FL	2.0	2.0	1390	$5,500	$3.96	21d	1	0.53mi
4556 Andover Way Unit E104 Naples, FL	2.0	2.0	1072	$5,000	$4.66	13d	1	0.56mi
4556 Andover Way Unit E106 Naples, FL	2.0	2.0	1172	$1,900	$1.62	13d	1	0.56mi
520 Augusta Blvd Unit B204 Naples, FL	3.0	2.0	1294	$2,200	$1.70	23d	1	0.57mi
905 Augusta Blvd Naples, FL	2.0	2.0	1125	$1,850	$1.64	23d	1	0.62mi
555 Augusta Blvd Unit 3-1 Naples, FL	2.0	2.0	1249	$4,200	$3.36	23d	1	0.62mi
575 Augusta Blvd Naples, FL	3.0	2.0	1500	$2,100	$1.40	23d	1	0.65mi
452 Bristle Cone Ln #27 Naples, FL	2.0	2.0	1129	$2,000	$1.77	23d	1	0.66mi
5708 Deauville Cir Unit 308 Naples, FL	3.0	2.0	1500	$4,500	$3.00	23d	1	0.66mi
5733 Deauville Cir Unit G308 Naples, FL	3.0	2.0	1427	$3,600	$2.52	23d	1	0.66mi
709 Augusta Blvd Unit 709-5 Naples, FL	3.0	2.0	1480	$4,000	$2.70	13d	1	0.67mi
701 Augusta Blvd Unit 701-8 Naples, FL	2.0	2.0	1250	$4,800	$3.84	13d	1	0.68mi
605 Augusta Blvd #4 Naples, FL	2.0	2.0	1125	$3,950	$3.51	13d	1	0.68mi
605 Augusta Blvd #14 Naples, FL	2.0	2.0	1125	$4,000	$3.56	23d	1	0.68mi
705 Augusta Blvd Unit 705-5 Naples, FL	2.0	2.0	1125	$2,000	$1.78	13d	1	0.68mi
200 Valley Stream Dr Unit 8B Naples, FL	2.0	2.0	979	$1,750	$1.79	23d	1	0.68mi
940 Augusta Blvd Unit D939 Naples, FL	2.0	2.0	1419	$2,200	$1.55	23d	1	0.68mi
5741 Deauville Cir Unit F108 Naples, FL	3.0	2.0	1427	$3,600	$2.52	23d	1	0.69mi
300 Valley Stream Dr Unit 3D Naples, FL	2.0	2.0	979	$1,795	$1.83	23d	1	0.70mi
300 Valley Stream Dr Unit 3D Naples, FL	2.0	2.0	979	$1,795	$1.83	21d	1	0.70mi
265 Deerwood Cir Naples, FL	2.0	2.0	1179	$5,000	$4.24	23d	1	0.72mi
5792 Deauville Cir Unit A103 Naples, FL	2.0	2.0	1209	$3,900	$3.23	23d	1	0.73mi
760 Augusta Blvd Unit D204 Naples, FL	3.0	2.0	1294	$2,300	$1.78	23d	1	0.75mi
5857 Rattlesnake Hammock Rd #208 Naples, FL	2.0	2.0	1133	$3,000	$2.65	13d	1	0.77mi
4977 Pepper Cir #205 Naples, FL	2.0	2.0	1250	$2,250	$1.80	21d	1	0.77mi

HOA detail condo

• Monthly dues: $595 · $7,140/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 40 events

1. 2026-06-18
   days on market $199,900 Active 66 DOM
2. 2026-06-17
   days on market $199,900 Active 65 DOM
3. 2026-06-16
   days on market $199,900 Active 64 DOM
4. 2026-06-15
   days on market $199,900 Active 63 DOM
5. 2026-06-14
   days on market $199,900 Active 61 DOM
6. 2026-06-10
   days on market $199,900 Active 58 DOM
7. 2026-06-09
   days on market $199,900 Active 57 DOM
8. 2026-06-08
   days on market $199,900 Active 56 DOM
9. 2026-06-07
   days on market $199,900 Active 55 DOM
10. 2026-06-03
    days on market $199,900 Active 51 DOM
11. 2026-06-02
    days on market $199,900 Active 50 DOM
12. 2026-06-01
    days on market $199,900 Active 49 DOM
13. 2026-05-31
    days on market $199,900 Active 48 DOM
14. 2026-05-30
    days on market $199,900 Active 47 DOM
15. 2026-05-21
    price $1,750
16. 2026-04-28
    listed $1,800
17. 2026-04-28
    historical $1,800
18. 2026-04-28
    listed $1,800
19. 2026-04-15
    historical $4,000
20. 2026-04-15
    price $199,900
21. 2026-04-13
    listed $219,000 Active
22. 2026-04-07
    historical
23. 2026-02-18
    price $219,000
24. 2026-01-08
    listed $4,000
25. 2026-01-08
    historical $4,000
26. 2025-07-29
    listed $4,000
27. 2025-07-05
    price $239,900
28. 2025-04-10
    listed $259,900 Active
29. 2016-03-22
    soldstatus $129,900
30. 2016-03-15
    soldstatus $129,900 296-char remark

    Show marketing remark (296 chars)

    Spotless 2 bedroom 2 bath condo in 55+ community within minutes to downtown Naples and beaches. New refrigerator, microwave, washer, dryer, water heater - new tile in both bathrooms, kitchen and entrance way. Condo has just been painted with soft muted color - all you will need to do is move in.

31. 2016-01-26
    listed $129,900 296-char remark

    Show marketing remark (296 chars)

    Spotless 2 bedroom 2 bath condo in 55+ community within minutes to downtown Naples and beaches. New refrigerator, microwave, washer, dryer, water heater - new tile in both bathrooms, kitchen and entrance way. Condo has just been painted with soft muted color - all you will need to do is move in.

32. 2010-05-18
    soldstatus $85,000
33. 2010-05-18
    soldstatus $85,000
34. 2009-12-07
    listed $109,000
35. 2009-12-05
    listed $109,000
36. 2009-12-04
    historical
37. 2009-01-19
    listed $148,000
38. 2009-01-19
    listed $148,000
39. 1996-08-05
    soldstatus $51,000
40. 1988-11-01
    soldstatus $50,000

ⓘ 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 7/10 Severe FEMA zone X · 94% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 1 d/yr ≥107°F today · 5 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: $38,555
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$1,797
• − Repairs & maintenance: −$3,084
• − Management: −$3,084
• − HOA: −$7,140
• − Depreciation: −$5,815
• Taxable income: $3,438
• Est. tax owed @ 24.0%: −$825
• After-tax cash flow: $5,118/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 — Lely

• Score: 66/100
• State rank: #586
• US rank: #11224

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lely, FL
• County: Collier County · 396,295 people
• Metro: Naples-Marco Island, FL
• Population (ZIP): 26,056
• Household income: $81,674
• Rent vs Own: 26.7% rent · 73.3% own
• Severe rent burden: 954.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 56% Hispanic / Latino 28% Black 12% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 17% Puerto Rican 3% Cuban 2%
• Common ancestry: Hispanic 10% Romanian 3% Lithuanian 2%
• Foreign-born: 26% · Canada, Jamaica, Vietnam
• Languages at home: 63% English-only · Spanish 24% French/Haitian/Cajun 9% Other Indo-European 2%

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: ▼ -194.86%
• Current HPI: 279.4232
• Rent YoY: ▲ 5.59%
• 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

-96.5% since first listed

26 events — show timeline

• 2026-05-21 Price Changed $1,750 NAPLESMLS
• 2026-04-28 Listed for Rent $1,800 NAPLESMLS
• 2026-04-28 Rental Removed $1,800 FGCMLS
• 2026-04-28 Listed for Rent $1,800 FGCMLS
• 2026-04-15 Rental Removed $4,000 FGCMLS
• 2026-04-15 Price Changed $199,900 NAPLESMLS
• 2026-04-13 Listed $219,000 NAPLESMLS
• 2026-04-07 Listing Removed — NAPLESMLS
• 2026-02-18 Price Changed $219,000 NAPLESMLS
• 2026-01-08 Listed for Rent $4,000 FGCMLS
• 2026-01-08 Rental Removed $4,000 NAPLESMLS
• 2025-07-29 Listed for Rent $4,000 NAPLESMLS
• 2025-07-05 Price Changed $239,900 NAPLESMLS
• 2025-04-10 Listed $259,900 NAPLESMLS
• 2016-03-22 Sold (Public Records) $129,900 Public Records
• 2016-03-15 Sold (MLS) $129,900 NAPLESMLS
• 2016-01-26 Listed $129,900 NAPLESMLS
• 2010-05-18 Sold (MLS) $85,000 NAPLESMLS
• 2010-05-18 Sold (MLS) $85,000 MIML
• 2009-12-07 Listed $109,000 NAPLESMLS
• 2009-12-05 Listed $109,000 MIML
• 2009-12-04 Listing Removed — NAPLESMLS
• 2009-01-19 Listed $148,000 MIML
• 2009-01-19 Listed $148,000 NAPLESMLS
• 1996-08-05 Sold (Public Records) $51,000 Public Records
• 1988-11-01 Sold (Public Records) $50,000 Public Records

Property tax history

-30.8%/yr

Latest (2022): $37 · +4.5% YoY. Source: county tax records.