2185 San Marco Rd Unit 3-103 · Marco Island, FL 34145

$239,900

2 bd · 2.0 ba · 914 sqft · Condo public records · 93 Days on market

Built 1985 $980/mo HOA · 25% 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 +25.5/30.0
• 1% rule +10.0/10.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.1/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to island living at its finest! This beautifully maintained first-floor condo at 2185 San Marco Rd #3-103 offers convenience, comfort, and a prime location in the heart of Marco Island. Featuring a spacious layout, this unit provides easy access with no stairs and is perfect for full-time living, a seasonal retreat, or investment opportunity. Enjoy a bright and open living space, a well-appointed kitchen, and a private lanai ideal for relaxing or entertaining. The community offers well-kept grounds and amenities, all just minutes from Marco Island’s stunning beaches, dining, shopping, and entertainment. Don’t miss your opportunity to own a piece of paradise in one of Sou

Key facts

• First-floor condo
• Well-kept grounds
• Prime location

Tags

• FIRST-FLOOR CONDO
• PRIVATE LANAI
• WELL-APPOINTED KITCHEN
• WELL-KEPT GROUNDS
• PRIME LOCATION

Property features AI

Other

• Other: Approximate living area reported; Approximate living area value withheld per instructions

Finance

• Other: Part of a complex with 48 units and 8 units in the building; One unit per floor; building has 1 floor; Sub-condo name: Estuary of Marco; Directions: From Collier Blvd (SR 951), head west onto San Marco Rd (CR 92). Continue approximately 1 mile. Property will be on the left within the complex.
• Financial info: Information not provided
• HOA & community: Quarterly condo fee; Condo fee frequency: quarterly; Condo fee amount (reported): $2,939 quarterly; Total annual recurring HOA fees: $11,756; One-time fees reported: $150; Professional management; HOA maintenance covers cable, internet/WiFi access, irrigation water, lawn/land maintenance, manager, exterior pest control, reserves, sewer, and trash removal; Community amenities include bike storage, community pool, and sidewalks; Non-gated community

Exterior

• Parking: Information not provided
• Security: Information not provided
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential end-unit; Low-rise building (1–3 stories); Built in 1985; Rear exposure facing northwest
• Construction: Concrete block construction
• Exterior features: Stucco exterior; Shingle roof; Zero lot line; Pond view; Windows and storm protection: see remarks

Interior

• Kitchen: Range; Dishwasher; Refrigerator/Freezer
• Bedrooms: 2 bedrooms (split bedroom floor plan)
• Flooring: Laminate; Tile
• Bathrooms: 2 full bathrooms; Master bath with shower-only configuration
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Foyer; Dining area located in the living room; Screened lanai/porch
• Laundry & utility: Washer; Dryer; Laundry located in the residence

Utilities

• Utilities: Central water; Central sewer; Central electric heat and cooling; Cable available

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $240k.

Deal economics

• At list price, monthly cash flow is $135 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $240k).
• Recommended offer: $218k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#404 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety A+; Watch: amenities F, commute F, 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 rising fast (+6.6%/yr); 687 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• At $3,859/mo this rent would consume 46% of the median local household income ($102k/yr) (locally 314% 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 $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.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $67k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 23y ago; this cycle's ask has dropped $35k (13%) 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; HOA is 25% of rent.
• 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→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $218,309 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 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 A-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: 1.61% ✓
• Cap rate: 9.10%
• Cash-on-cash: 10.02%
• DSCR: 1.45
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.59% rent growth · sell at horizon

5-year hold

• IRR: -5.7%
• Equity multiple: 0.78×
• Total profit: $-15,032
• Equity at exit: $35,770

10-year hold

• IRR: 9.9%
• Equity multiple: 1.97×
• Total profit: $65,123
• Equity at exit: $20,742

Cash invested: $67,172 (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 34145

• Rents YoY: 6.6%
• Active inventory: 687
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $3,859 medium
• Mortgage (P&I): −$1,258
• Tax from tax record: −$149 /mo · $1,791/yr
• Insurance: −$100
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$980
• Vacancy / Maint / Mgmt: −$810
• Net cashflow: $135

Break-even live

Break-even rent $3,688

Max offer price $239,900

Occupancy floor 92%

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2235 San Marco Rd Unit 5-204 Marco Island, FL	2.0	2.0	948	$2,100	$2.22	14d	1	0.02mi

HOA detail condo

• Monthly dues: $980 · $11,760/yr
• Likely covers: landscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-18
   days on market $239,900 Active 93 DOM
2. 2026-06-17
   days on market $239,900 Active 92 DOM
3. 2026-06-16
   days on market $239,900 Active 91 DOM
4. 2026-06-15
   days on market $239,900 Active 90 DOM
5. 2026-06-14
   days on market $239,900 Active 88 DOM
6. 2026-06-10
   days on market $239,900 Active 85 DOM
7. 2026-06-09
   days on market $239,900 Active 84 DOM
8. 2026-06-09
   price $239,900 Active 83 DOM
9. 2026-06-08
   days on market $249,900 Active 83 DOM
10. 2026-06-07
    days on market $249,900 Active 82 DOM
11. 2026-06-03
    days on market $249,900 Active 78 DOM
12. 2026-06-02
    days on market $249,900 Active 77 DOM
13. 2026-06-01
    days on market $249,900 Active 76 DOM
14. 2026-05-31
    days on market $249,900 Active 75 DOM
15. 2026-05-30
    days on market $249,900 Active 74 DOM
16. 2026-04-29
    price $249,900
17. 2026-03-17
    listed $275,000 Active
18. 2005-11-17
    soldstatus $245,000
19. 2003-11-26
    listed $160,000
20. 1999-12-01
    soldstatus $71,000
21. 1995-10-23
    soldstatus $50,000

ⓘ 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: $1,791 · $149/mo
• Projected year-2 tax: $1,991 · $166/mo
• Expected delta: +$200/yr (+$17/mo · 11.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 28 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: $46,305
• − Mortgage interest: −$13,438
• − Property taxes: −$1,791
• − Insurance: −$6,318
• − Repairs & maintenance: −$3,704
• − Management: −$3,704
• − HOA: −$11,760
• − Depreciation: −$6,979
• Taxable loss: −$1,390
• Est. tax savings @ 24.0%: +$334
• After-tax cash flow: $1,949/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 — Marco Island

• Score: 71/100
• State rank: #404
• US rank: #7149

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marco Island, FL
• County: Collier County · 396,295 people
• City population: 16,205
• Metro: Naples-Marco Island, FL
• Population (ZIP): 16,205
• Household income: $101,523
• Rent vs Own: 10.6% rent · 89.4% own
• Severe rent burden: 314.0

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 (90%)
• Race & ethnicity: White 90% Hispanic / Latino 7% Two or more races 6%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1% Cuban 2%
• Common ancestry: Romanian 5% Lithuanian 2% Slovak 2%
• Foreign-born: 9% · Canada
• Languages at home: 90% English-only · Spanish 5% Other Indo-European 1% 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: ▼ -374.55%
• Current HPI: 284.7538
• Rent YoY: ▲ 6.59%
• 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

+399.8% since first listed

6 events — show timeline

• 2026-04-29 Price Changed $249,900 NAPLESMLS
• 2026-03-17 Listed $275,000 NAPLESMLS
• 2005-11-17 Sold (Public Records) $245,000 Public Records
• 2003-11-26 Listed $160,000 MIML
• 1999-12-01 Sold (Public Records) $71,000 Public Records
• 1995-10-23 Sold (Public Records) $50,000 Public Records

Property tax history

+7.9%/yr

Latest (2025): $1,791 · +4.1% YoY. Source: county tax records.