17 Watercolor Way #17 · Lely, FL 34113

$189,900

2 bd · 2.0 ba · 1,121 sqft · Condo public records · 7 Days on market

Built 1977 $803/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 +26.6/30.0
• 1% rule +10.0/10.0
• DSCR +9.1/10.0
• 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

Modern coastal style meets low-maintenance Southwest Florida living. This move-in-ready second floor condo delivers designer finishes, impact-rated windows and doors for storm protection and peace of mind, and bright open spaces that instantly make you feel at home. Rare features include a deep 1-car garage with extra storage space and the added benefit of being located outside of a special flood zone. Luxury plank flooring flows throughout the home, while the thoughtfully designed open layout creates an inviting space for everyday living and entertaining. The renovated kitchen serves as the centerpiece of the home with quartz countertops, shaker cabinetry, open island seating, led lighting

Key facts

• Renovated kitchen
• Deep 1 car garage
• Move in ready

Tags

• MOVE IN READY
• IMPACT RATED WINDOWS
• DEEP 1 CAR GARAGE
• LOCATED OUTSIDE OF FLOOD ZONE
• LUXURY PLANK FLOORING
• RENOVATED KITCHEN

Property features AI

Finance

• Financial info: Pet policy: conditional; call for details (maximum 1 pet, max weight 25 lbs)
• HOA & community: Homeowners association with management; Quarterly association fee (amount listed); HOA covers association management, grounds maintenance, recreation facilities and trash; Community amenities include clubhouse, pool, tennis courts and pickleball; Non-gated community; Community contains 40 units

Exterior

• Parking: Attached garage (1 covered space)
• Security: High-impact doors for added security
• Utilities: Public water; Public sewer; Cable available
• Home design: Block, concrete and stucco construction; Shingle roof; Property resale condition; Entry on level 2; Faces south; North exposure noted
• Construction: Built with block, concrete and stucco; Shingle roof
• Exterior features: Security/high-impact doors; Balcony; Screened porch; Community pool

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator; Freezer; Kitchen island
• Bedrooms: Other room types noted
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: Built-in features and closet cabinetry; Family/Dining room and combined living/dining area; Kitchen island; Separate shower (shower only); Cable TV; Split bedroom layout; Single hung, sliding, and impact glass windows; Furnishing negotiable
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $190k.

Deal economics

• At list price, monthly cash flow is $443 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).

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); 598 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $3,221/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 $53k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $130k; 46% 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 25% of rent.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $189,900

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.70% ✓
• Cap rate: 9.51%
• Cash-on-cash: 11.49%
• DSCR: 1.51
• GRM: 4.9

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: 3.1%
• Equity multiple: 1.12×
• Total profit: $6,575
• Equity at exit: $28,315

10-year hold

• IRR: 16.0%
• Equity multiple: 2.53×
• Total profit: $81,472
• Equity at exit: $16,419

Cash invested: $53,172 (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 34113

• Rents YoY: 5.6%
• Active inventory: 598
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $3,221 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$157 /mo · $1,888/yr
• Insurance: −$79
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$803
• Vacancy / Maint / Mgmt: −$676
• Net cashflow: $443

Break-even live

Break-even rent $2,660

Max offer price $189,900

Occupancy floor 81%

Sensitivity live

Price	-10% $550	-5% $497	+0% $443	+5% $389	+10% $335
Rent	-10% $188	-5% $316	+0% $443	+5% $570	+10% $697
Rate	-1.0pp $538	-0.5pp $491	base $443	+0.5pp $394	+1.0pp $344

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5293 Dixie Dr Unit 1546039P Naples, FL	2.0	2.0	1130	$1,561	$1.38	15d	1	0.06mi
332 Bradstrom Cir #201 Naples, FL	2.0	2.0	1257	$2,200	$1.75	24d	1	0.06mi
326 Bradstrom Cir Unit 103F Naples, FL	2.0	2.0	1113	$1,800	$1.62	24d	1	0.10mi
326 Bradstrom Cir Unit 204F Naples, FL	3.0	2.0	1200	$3,500	$2.92	24d	1	0.10mi
248 Pebble Beach Cir Unit G201 Naples, FL	2.0	2.0	1163	$2,300	$1.98	24d	1	0.14mi
315 Saint Andrews Blvd Unit A25 Naples, FL	2.0	2.0	1126	$1,530	$1.36	24d	1	0.21mi
452 Bristle Cone Ln #27 Naples, FL	2.0	2.0	1129	$2,000	$1.77	24d	1	0.31mi
7124 Saona Ct Naples, FL	2.0	2.0	1387	$8,000	$5.77	24d	1	0.48mi
7162 Saona Ct Naples, FL	2.0	2.0	1482	$9,000	$6.07	24d	1	0.50mi
6984 Saona Ct Naples, FL	2.0	2.0	1472	$7,500	$5.10	24d	1	0.51mi
7197 Saona Ct Unit 1545994P Naples, FL	2.0	2.0	1291	$4,152	$3.22	15d	1	0.53mi
7110 Cayo Coco Ln Naples, FL	2.0	2.0	1387	$9,250	$6.67	24d	1	0.54mi
7213 Saona Ct Naples, FL	2.0	2.0	1308	$7,500	$5.73	24d	1	0.55mi
7138 Cayo Coco Ln Naples, FL	2.0	2.0	1205	$6,500	$5.39	24d	1	0.56mi
7142 Cayo Coco Ln Naples, FL	2.0	2.0	1490	$10,000	$6.71	24d	1	0.56mi
7242 Saona Ct Naples, FL	2.0	2.0	1204	$7,750	$6.44	24d	1	0.58mi
7289 Saona Ct Naples, FL	2.0	2.0	1411	$10,000	$7.09	24d	1	0.61mi
7204 Cayo Coco Ln Naples, FL	2.0	2.0	1308	$7,500	$5.73	24d	1	0.61mi
7286 Saona Ct Naples, FL	2.0	2.0	1205	$10,000	$8.30	24d	1	0.62mi
520 Augusta Blvd Unit B204 Naples, FL	3.0	2.0	1294	$2,200	$1.70	24d	1	0.63mi
265 Deerwood Cir Naples, FL	2.0	2.0	1179	$5,000	$4.24	24d	1	0.66mi
7263 Cayo Coco Ln Naples, FL	2.0	2.0	1321	$6,500	$4.92	24d	1	0.68mi
7299 Cayo Coco Ln Naples, FL	2.0	2.0	1476	$6,500	$4.40	24d	1	0.68mi
7259 Cayo Coco Ln Naples, FL	2.0	2.0	1411	$6,500	$4.61	24d	1	0.68mi
240 Pebble Beach Blvd #702 Naples, FL	2.0	2.0	1090	$4,000	$3.67	24d	1	0.69mi
190 Pebble Beach Blvd #301 Naples, FL	2.0	2.0	954	$1,700	$1.78	24d	1	0.70mi
413 Augusta Blvd #302 Naples, FL	2.0	2.0	1390	$5,500	$3.96	22d	1	0.73mi
232 Pebble Beach Blvd #104 Naples, FL	3.0	2.0	1298	$1,975	$1.52	24d	1	0.77mi
555 Augusta Blvd Unit 3-1 Naples, FL	2.0	2.0	1249	$4,200	$3.36	24d	1	0.80mi
575 Augusta Blvd Naples, FL	3.0	2.0	1500	$2,100	$1.40	24d	1	0.84mi
605 Augusta Blvd #4 Naples, FL	2.0	2.0	1125	$3,950	$3.51	15d	1	0.90mi
605 Augusta Blvd #14 Naples, FL	2.0	2.0	1125	$4,000	$3.56	24d	1	0.90mi
701 Augusta Blvd Unit 701-8 Naples, FL	2.0	2.0	1250	$4,800	$3.84	15d	1	0.93mi
9509 Avellino Way Naples, FL	2.0	2.0	1434	$7,350	$5.13	15d	2	0.94mi
9509 Avellino Way #1815 Naples, FL	2.0	2.0	1454	$7,500	$5.16	24d	1	0.94mi
5535 Rattlesnake Hammock Rd #302 Naples, FL	2.0	2.0	1205	$2,800	$2.32	24d	1	0.94mi
5651 Rattlesnake Hammock Rd Unit C-108 Naples, FL	2.0	2.0	1054	$1,800	$1.71	24d	1	0.95mi
5635 Rattlesnake Hammock Rd Apt 203D Naples, FL	2.0	2.0	1054	$1,700	$1.61	22d	1	0.95mi
5499 Rattlesnake Hammock Rd Naples, FL	2.0	2.0	1071	$1,775	$1.66	15d	2	0.96mi
705 Augusta Blvd Unit 705-5 Naples, FL	2.0	2.0	1125	$2,000	$1.78	15d	1	0.96mi

HOA detail condo

• Monthly dues: $803 · $9,636/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-03
   status $189,900 Pending 7 DOM
2. 2026-06-02
   days on market $189,900 Active 7 DOM
3. 2026-06-01
   days on market $189,900 Active 6 DOM
4. 2026-05-31
   days on market $189,900 Active 5 DOM
5. 2026-05-30
   days on market $189,900 Active 4 DOM
6. 2026-05-15
   listed $189,900 Active
7. 2021-02-11
   soldstatus $130,000

ⓘ 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: $1,888 · $157/mo
• Projected year-2 tax: $1,888 · $157/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) · 97% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 6 d/yr ≥107°F today · 20 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: $38,652
• − Mortgage interest: −$10,637
• − Property taxes: −$1,888
• − Insurance: −$1,747
• − Repairs & maintenance: −$3,092
• − Management: −$3,092
• − HOA: −$9,636
• − Depreciation: −$5,524
• Taxable income: $3,035
• Est. tax owed @ 24.0%: −$728
• After-tax cash flow: $4,585/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

+46.1% since first listed

2 events — show timeline

• 2026-05-15 Listed $189,900 FORTMLS
• 2021-02-11 Sold (Public Records) $130,000 Public Records

Property tax history

+15.5%/yr

Latest (2025): $1,888 · +6.8% YoY. Source: county tax records.