1733 Courtyard Way #204 · Naples, FL 34112

$185,000

2 bd · 2.0 ba · 1,132 sqft · Condo public records · 115 Days on market

Built 1981 $651/mo HOA · 24% 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 +21.6/30.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this charming two-bedroom condo in the desirable Kings Lake community of Naples. Featuring high ceilings that create an open, airy feel and fill the space with natural light, this residence offers comfort and style throughout. A newer roof provides added peace of mind, and the included carport space adds everyday convenience. Neutral tile through-out with new carpet in the bedrooms. Both Bathrooms are updated! Ideally located just minutes from 5th Avenue, pristine Gulf beaches, shopping, and great restaurants, this condo delivers the best of Naples living. Enjoy peaceful pool views, low-maintenance living, and excellent value — perfect as a seasonal retreat or full-time ho

Key facts

• Lake views
• Newer roof
• Carport space

Tags

• NEWER ROOF
• CARPORT SPACE
• LAKE VIEWS
• LOW-MAINTENANCE LIVING

Property features AI

Finance

• Other: Part of a 72-unit complex with 12 units in the building and 2 units per floor; Single-floor units in building; Possession at closing
• HOA & community: Mandatory HOA; Condo fee $615 monthly; Master HOA fee $434 annually; Total annual recurring fees $7,814; Total one-time fees $250; Professional management; HOA covers insurance, irrigation water, lawn/land maintenance, legal/accounting, management, exterior pest control, recreation facilities, repairs, reserves, street lights, street maintenance, and water; Community amenities include community pool, community spa/hot tub, tennis court, pickleball, bike storage, internet access, streetlights, and underground utilities; Non-gated community

Exterior

• Parking: Detached carport (1 space)
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential property; Low-rise building (1-3 stories); Built in 1981; Rear exposure faces southwest; Part of Kings Lake / Courtyard at Kings Lake community
• Construction: Concrete block construction
• Exterior features: Stucco exterior; Single-hung windows; Shingle roof; Private road access; Regular lot; Pool/club and water views

Interior

• Kitchen: Electric cooktop; Refrigerator/Freezer
• Bedrooms: 2 bedrooms (split bedroom design)
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Master bath with shower-only configuration
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Volume ceiling; Great room floor plan; Split bedroom layout; Dining area shares space with living room
• Laundry & utility: Unfurnished

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $185k.

Deal economics

• At list price, monthly cash flow is $214 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $185k).
• Recommended offer: $168k (9.0% 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 (-1.7%/yr); 771 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); 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• At $2,749/mo this rent would consume 47% of the median local household income ($70k/yr) (locally 980% 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.

Negotiation context

• It's been on market 115 days — a 9% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $14k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $137k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 24% of rent.
• Climate carrying-cost: severe flood risk; 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 $168,350 (9.0% below list)

Questions for the listing agent

1. It's been on market 115 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. 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?
8. 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.
9. 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.
10. 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: 1.49% ✓
• Cap rate: 8.11%
• Cash-on-cash: 6.50%
• DSCR: 1.29
• GRM: 5.6

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: -13.4%
• Equity multiple: 0.54×
• Total profit: $-23,940
• Equity at exit: $27,584

10-year hold

• IRR: -13.5%
• Equity multiple: 0.37×
• Total profit: $-32,561
• Equity at exit: $15,995

Cash invested: $51,800 (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 34112

• Rents YoY: -1.7%
• Active inventory: 771
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,749 high
• Mortgage (P&I): −$970
• Tax from tax record: −$193 /mo · $2,319/yr
• Insurance: −$77
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$651
• Vacancy / Maint / Mgmt: −$577
• Net cashflow: $214

Break-even live

Break-even rent $2,478

Max offer price $185,000

Occupancy floor 87%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1765 Courtyard Way Unit C-104 Naples, FL	2.0	2.0	1132	$2,700	$2.39	13d	1	0.05mi
1765 Courtyard Way Unit C206 Naples, FL	2.0	2.5	1150	$1,650	$1.43	13d	1	0.05mi
1701 Courtyard Way Naples, FL	2.0	2.0	1072	$1,990	$1.86	23d	1	0.06mi
1933 Courtyard Way Unit D-103 Naples, FL	2.0	2.0	947	$1,850	$1.95	13d	1	0.10mi
1895 Courtyard Way #103 Naples, FL	3.0	2.0	1046	$2,200	$2.10	21d	1	0.13mi
1802 Kings Lake Blvd Unit 2-101 Naples, FL	2.0	2.0	1465	$5,500	$3.75	23d	1	0.13mi
1826 Kings Lake Blvd #101 Naples, FL	3.0	2.0	1456	$2,700	$1.85	13d	1	0.17mi
1808 Kings Lake Blvd #203 Naples, FL	2.0	2.0	1312	$1,775	$1.35	13d	1	0.19mi
141 Bristol Ln Unit C21 Naples, FL	2.0	2.0	1400	$5,900	$4.21	23d	1	0.22mi
2972 Kings Lake Blvd #2972 Naples, FL	2.0	2.0	1100	$3,000	$2.73	23d	1	0.23mi
153 Bristol Ln Unit F102 Naples, FL	2.0	2.0	1009	$4,900	$4.86	23d	1	0.25mi
153 Bristol Ln Unit A Naples, FL	2.0	2.0	1009	$2,250	$2.23	13d	1	0.25mi
1814 Kings Lake Blvd #204 Naples, FL	2.0	2.0	1400	$2,450	$1.75	23d	1	0.27mi
2132 Tama Cir #102 Naples, FL	2.0	2.0	1368	$4,000	$2.92	23d	1	0.29mi
2644 Kings Lake Blvd Unit 6-103 Naples, FL	2.0	2.0	911	$1,875	$2.06	23d	1	0.32mi
2648 Kings Lake Blvd Unit 6-201 Naples, FL	3.0	2.0	1060	$2,200	$2.08	21d	1	0.32mi
2103 Tama Cir Unit 2 Naples, FL	2.0	2.0	1368	$4,000	$2.92	21d	1	0.35mi
4210 Looking Glass Ln Unit 4210 Naples, FL	2.0	2.0	1300	$3,000	$2.31	13d	1	0.35mi
2712 Kings Lake Blvd #201 Naples, FL	1.0	1.0	1076	$2,850	$2.65	23d	1	0.36mi
4180 Looking Glass Ln Unit 4104 Naples, FL	2.0	2.0	1246	$4,000	$3.21	13d	1	0.38mi
1950 W Crown Pointe Blvd Unit B207 Naples, FL	2.0	2.0	1129	$1,950	$1.73	23d	1	0.38mi
2050 W Crown Pointe Blvd Unit C214 Naples, FL	3.0	2.0	1267	$4,200	$3.31	23d	1	0.40mi
1787 Reuven Cir Unit 1001 Naples, FL	2.0	2.0	1112	$1,300	$1.17	13d	1	0.48mi
4472 Beechwood Lake Dr Naples, FL	3.0	2.0	1352	$3,050	$2.26	23d	1	0.49mi
1075 Foxfire Ln Naples, FL	2.0	2.0	1092	$3,300	$3.02	23d	3	0.51mi
4060 Ice Castle Way #10 Naples, FL	2.0	2.0	1246	$3,600	$2.89	13d	1	0.54mi
4040 Ice Castle Way Unit 2 Naples, FL	2.0	2.0	1246	$2,800	$2.25	23d	1	0.55mi
4021 Ice Castle Way #4 Naples, FL	2.0	2.0	1246	$2,600	$2.09	13d	1	0.60mi
1748 Royal Cir Naples, FL	3.0	2.0	1451	$3,200	$2.21	23d	1	0.62mi
4010 Ice Castle Way #7 Naples, FL	2.0	2.0	1314	$3,200	$2.44	23d	1	0.63mi
4502 Parrot Ave Naples, FL	3.0	2.0	1200	$2,950	$2.46	23d	1	0.66mi
5257 Whitten Dr Naples, FL	2.0	2.0	1500	$2,500	$1.67	13d	1	0.67mi
581 Teryl Rd #5 Naples, FL	2.0	2.0	1403	$4,500	$3.21	13d	1	0.68mi
882 Bluebird St Naples, FL	3.0	2.0	1308	$6,000	$4.59	23d	1	0.69mi
5301 Whitten Dr #81 Naples, FL	3.0	2.0	1386	$2,700	$1.95	23d	1	0.70mi
4069 Northlight Dr #1805 Naples, FL	2.0	2.0	1234	$3,000	$2.43	21d	1	0.74mi
432 Teryl Rd Unit 1546319P Naples, FL	2.0	2.0	1496	$1,561	$1.04	13d	1	0.78mi
1820 Florida Club Cir Naples, FL	3.0	2.0	1282	$2,850	$2.22	23d	2	0.81mi
202 Peppermint Ln #2 Naples, FL	2.0	2.0	1335	$5,000	$3.75	13d	1	0.81mi
195 Peppermint Ln Unit 884 Naples, FL	2.0	2.0	1335	$3,800	$2.85	13d	1	0.81mi

HOA detail condo

• Monthly dues: $651 · $7,812/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-06-03
   remarks 693-char remark
2. 2026-06-03
   listed $185,000 Pending 115 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: $2,319 · $193/mo
• Projected year-2 tax: $2,319 · $193/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) · 94% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 29 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: $32,994
• − Mortgage interest: −$10,363
• − Property taxes: −$2,319
• − Insurance: −$1,722
• − Repairs & maintenance: −$2,640
• − Management: −$2,640
• − HOA: −$7,812
• − Depreciation: −$5,382
• Taxable income: $116
• Est. tax owed @ 24.0%: −$28
• After-tax cash flow: $2,541/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): 27,193
• Household income: $69,842
• Rent vs Own: 23.8% rent · 76.2% own
• Severe rent burden: 980.0

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 18% Two or more races 9% Black 6% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 2% Cuban 4% Dominican 1%
• Common ancestry: Hispanic 4% Romanian 3% Portuguese 2%
• Foreign-born: 19% · Canada, Jamaica
• Languages at home: 75% English-only · Spanish 17% French/Haitian/Cajun 4% German/W. Germanic 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: ▼ -235.10%
• Current HPI: 256.9182
• Rent YoY: ▼ -1.69%
• 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

+213.6% since first listed

14 events — show timeline

• 2026-05-01 Pending — NAPLESMLS
• 2026-03-23 Price Changed $185,000 NAPLESMLS
• 2026-03-03 Price Changed $189,000 NAPLESMLS
• 2026-02-19 Price Changed $190,000 NAPLESMLS
• 2026-01-06 Listed $199,000 NAPLESMLS
• 2025-05-21 Listing Removed — NAPLESMLS
• 2025-01-24 Price Changed $244,900 NAPLESMLS
• 2025-01-11 Price Changed $249,000 NAPLESMLS
• 2024-12-10 Price Changed $258,000 NAPLESMLS
• 2024-11-12 Listed $259,000 NAPLESMLS
• 2016-09-12 Sold (Public Records) $137,000 Public Records
• 2005-03-17 Sold (Public Records) $150,000 Public Records
• 2001-04-19 Sold (Public Records) $77,300 Public Records
• 1994-05-25 Sold (Public Records) $59,000 Public Records

Property tax history

+9.6%/yr

Latest (2025): $2,319 · +6.5% YoY. Source: county tax records.