5635 Rattlesnake Hammock Rd Unit D-203 · Lely, FL 34113

$215,000

2 bd · 2.0 ba · 1,054 sqft · Condo public records · 197 Days on market

Built 1980 $400/mo HOA · 12% 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 +29.3/30.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• 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

Prime investment property! Instant income maker with tenant in place. 2nd floor 2/2 condo with a split floorplan. . Set up as 2 masters as each bedroom has their own bathroom and the 2nd bedroom has a pocket door separating the living area for ultimate privacy. Enjoy beautiful golf course views from the 3rd floor on your own private covered and screened in lanai. The common elevator is close by to make grocery trips a breeze. Covered parking is close by in the assigned carport and plenty of extra parking for your guests. Affordable Naples living close to downtown, 5th ave, restaurants, shopping and the world-renowned Naples Beaches!

Key facts

• In-residence laundry
• Creek views
• Community pool

Tags

• IN-RESIDENCE LAUNDRY
• ELEVATOR ACCESS
• ASSIGNED CARPORT
• COMMUNITY POOL
• GOLF COURSE VIEWS
• CREEK VIEWS

Property features AI

Finance

• Other: Complex has 75 units; 18 units in building; 2 units per floor; single-floor building sections
• HOA & community: Mandatory HOA with professional management; Quarterly condo fee ($1,199) — total annual recurring fees $4,796; One-time fees $150; HOA maintenance covers cable, insurance, internet/Wi-Fi, irrigation water, lawn/land maintenance, legal/accounting, manager, and trash removal; Community amenities include a pool and trash chute; Non-gated community

Exterior

• Parking: 1 assigned covered parking space; Detached 1-car carport
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential low-rise building (1–3 stories); Florida-style building; Unit located in Building D, rear exposure faces south; Part of Golf View Manor Condo (unit 203)
• Construction: Concrete block construction; Built in 1980
• Exterior features: Stucco exterior; Shingle roof; Double-hung and sliding windows; Shutters for storm protection; Landscaped area; Creek and golf course views; Central irrigation

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator; Breakfast bar; Dining area combined with living
• Bedrooms: 2 bedrooms with split layout
• Flooring: Carpet; Tile; Vinyl
• Bathrooms: 2 full bathrooms; Master bathroom with shower only
• Heating & cooling: Central electric heat; Central electric air conditioning; Ceiling fans
• Interior features: Cable prewire; Smoke detectors; Walk-in closet; Common elevator access; Screened balcony; Storage
• Laundry & utility: In-unit washer and dryer; Laundry in residence

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $215k.

Deal economics

• At list price, monthly cash flow is $689 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• Recommended offer: $189k (12.0% 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 $3,209/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 $60k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 197 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 14y ago; this cycle's ask is 11522% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $140k; list at $215k 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 — expect insurance premiums to compound above CPI over the hold.

Recommended offer $189,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 197 days. Have you received any prior offers? Is the seller open to a 12% 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 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?
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: 10.51%
• Cash-on-cash: 15.07%
• DSCR: 1.67
• GRM: 5.6

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: 7.3%
• Equity multiple: 1.30×
• Total profit: $17,913
• Equity at exit: $32,057

10-year hold

• IRR: 19.2%
• Equity multiple: 2.83×
• Total profit: $110,353
• Equity at exit: $18,589

Cash invested: $60,200 (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: 5.6×

Monthly cashflow live

• Estimated rent: $3,209 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$163 /mo · $1,951/yr
• Insurance: −$90
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$400
• Vacancy / Maint / Mgmt: −$674
• Net cashflow: $689

Break-even live

Break-even rent $2,337

Max offer price $215,000

Occupancy floor 74%

Sensitivity live

Price	-10% $811	-5% $750	+0% $689	+5% $628	+10% $568
Rent	-10% $436	-5% $563	+0% $689	+5% $816	+10% $943
Rate	-1.0pp $798	-0.5pp $744	base $689	+0.5pp $634	+1.0pp $577

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5651 Rattlesnake Hammock Rd Unit C-108 Naples, FL	2.0	2.0	1054	$1,800	$1.71	24d	1	0.04mi
5635 Rattlesnake Hammock Rd Apt 203D Naples, FL	2.0	2.0	1054	$1,700	$1.61	22d	1	0.04mi
5535 Rattlesnake Hammock Rd #302 Naples, FL	2.0	2.0	1205	$2,800	$2.32	24d	1	0.14mi
5502 Greenwood Cir #1 Naples, FL	3.0	2.0	1450	$2,400	$1.66	24d	1	0.14mi
5778 Greenwood Cir Naples, FL	3.0	2.0	1450	$4,000	$2.76	24d	1	0.24mi
5595 Greenwood Cir #92 Naples, FL	3.0	2.0	1450	$5,000	$3.45	24d	1	0.27mi
5499 Rattlesnake Hammock Rd Naples, FL	2.0	2.0	1071	$1,775	$1.66	14d	2	0.32mi
413 Augusta Blvd #302 Naples, FL	2.0	2.0	1390	$5,500	$3.96	22d	1	0.41mi
5419 Rattlesnake Hammock Rd Unit 307F Naples, FL	2.0	2.0	1071	$1,950	$1.82	14d	1	0.41mi
332 Charlemagne Blvd Unit H103 Naples, FL	2.0	2.0	1082	$3,495	$3.23	24d	1	0.41mi
332 Charlemagne Blvd Unit H101 Naples, FL	2.0	2.0	1082	$3,500	$3.23	24d	1	0.41mi
4556 Andover Way Unit E104 Naples, FL	2.0	2.0	1072	$5,000	$4.66	14d	1	0.42mi
4556 Andover Way Unit E106 Naples, FL	2.0	2.0	1172	$1,900	$1.62	14d	1	0.42mi
4410 Chantelle Dr Unit H-205 Naples, FL	2.0	2.0	1349	$3,500	$2.59	14d	1	0.43mi
905 Augusta Blvd Naples, FL	2.0	2.0	1125	$1,850	$1.64	24d	1	0.43mi
360 Charlemagne Blvd Unit D105 Naples, FL	2.0	2.0	1082	$3,200	$2.96	24d	1	0.45mi
555 Augusta Blvd Unit 3-1 Naples, FL	2.0	2.0	1249	$4,200	$3.36	24d	1	0.47mi
520 Augusta Blvd Unit B204 Naples, FL	3.0	2.0	1294	$2,200	$1.70	24d	1	0.48mi
709 Augusta Blvd Unit 709-5 Naples, FL	3.0	2.0	1480	$4,000	$2.70	14d	1	0.49mi
575 Augusta Blvd Naples, FL	3.0	2.0	1500	$2,100	$1.40	24d	1	0.49mi
940 Augusta Blvd Unit D939 Naples, FL	2.0	2.0	1419	$2,200	$1.55	24d	1	0.50mi
705 Augusta Blvd Unit 705-5 Naples, FL	2.0	2.0	1125	$2,000	$1.78	14d	1	0.51mi
701 Augusta Blvd Unit 701-8 Naples, FL	2.0	2.0	1250	$4,800	$3.84	14d	1	0.51mi
605 Augusta Blvd #14 Naples, FL	2.0	2.0	1125	$4,000	$3.56	24d	1	0.52mi
605 Augusta Blvd #4 Naples, FL	2.0	2.0	1125	$3,950	$3.51	14d	1	0.52mi
240 Pebble Beach Blvd #702 Naples, FL	2.0	2.0	1090	$4,000	$3.67	24d	1	0.57mi
760 Augusta Blvd Unit D204 Naples, FL	3.0	2.0	1294	$2,300	$1.78	24d	1	0.58mi
5857 Rattlesnake Hammock Rd #208 Naples, FL	2.0	2.0	1133	$3,000	$2.65	14d	1	0.58mi
5733 Deauville Cir Unit G308 Naples, FL	3.0	2.0	1427	$3,600	$2.52	24d	1	0.58mi
265 Deerwood Cir Naples, FL	2.0	2.0	1179	$5,000	$4.24	24d	1	0.61mi
232 Pebble Beach Blvd #104 Naples, FL	3.0	2.0	1298	$1,975	$1.52	24d	1	0.62mi
5841 Rattlesnake Hammock Rd Unit 2 Naples, FL	2.0	2.0	1133	$2,500	$2.21	24d	1	0.62mi
5741 Deauville Cir Unit F108 Naples, FL	3.0	2.0	1427	$3,600	$2.52	24d	1	0.62mi
5841 Rattlesnake Hammock Rd Unit I-203 Naples, FL	2.0	2.0	1015	$3,500	$3.45	14d	1	0.62mi
5708 Deauville Cir Unit 308 Naples, FL	3.0	2.0	1500	$4,500	$3.00	24d	1	0.63mi
190 Pebble Beach Blvd #301 Naples, FL	2.0	2.0	954	$1,700	$1.78	24d	1	0.65mi
452 Bristle Cone Ln #27 Naples, FL	2.0	2.0	1129	$2,000	$1.77	24d	1	0.67mi
5792 Deauville Cir Unit A103 Naples, FL	2.0	2.0	1209	$3,900	$3.23	24d	1	0.70mi
5754 Deauville Cir Unit E104 Naples, FL	1.0	2.0	1209	$1,190	$0.98	24d	1	0.71mi
3685 Amberly Cir Unit D305 Naples, FL	2.0	2.0	1320	$5,100	$3.86	24d	1	0.75mi

HOA detail condo

• Monthly dues: $400 · $4,800/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-18
   days on market $215,000 Active 197 DOM
2. 2026-06-17
   days on market $215,000 Active 196 DOM
3. 2026-06-16
   days on market $215,000 Active 195 DOM
4. 2026-06-15
   days on market $215,000 Active 194 DOM
5. 2026-06-10
   days on market $215,000 Active 189 DOM
6. 2026-06-09
   days on market $215,000 Active 188 DOM
7. 2026-06-08
   days on market $215,000 Active 187 DOM
8. 2026-06-07
   days on market $215,000 Active 186 DOM
9. 2026-06-03
   days on market $215,000 Active 182 DOM
10. 2026-06-02
    days on market $215,000 Active 181 DOM
11. 2026-06-01
    days on market $215,000 Active 180 DOM
12. 2026-05-31
    days on market $215,000 Active 179 DOM
13. 2026-05-30
    remarks 687-char remark
14. 2026-05-30
    listed $215,000 Active 178 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: $1,951 · $163/mo
• Projected year-2 tax: $1,951 · $163/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 7/10 Severe FEMA zone X (shaded) · 90% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme
• 💨 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: $38,512
• − Mortgage interest: −$12,043
• − Property taxes: −$1,951
• − Insurance: −$1,872
• − Repairs & maintenance: −$3,081
• − Management: −$3,081
• − HOA: −$4,800
• − Depreciation: −$6,255
• Taxable income: $5,429
• Est. tax owed @ 24.0%: −$1,303
• After-tax cash flow: $6,969/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

+216.2% since first listed

24 events — show timeline

• 2026-05-30 Price Changed $215,000 NAPLESMLS
• 2026-03-27 Price Changed $209,999 NAPLESMLS
• 2026-03-05 Price Changed $1,700 NAPLESMLS
• 2026-03-04 Price Changed $210,000 NAPLESMLS
• 2026-02-22 Price Changed $229,999 NAPLESMLS
• 2026-02-01 Listed for Rent $1,850 NAPLESMLS
• 2025-12-03 Listed $230,000 NAPLESMLS
• 2024-06-14 Rental Removed $1,850 NAPLESMLS
• 2024-06-04 Price Changed $1,850 NAPLESMLS
• 2024-05-23 Listed for Rent $1,950 NAPLESMLS
• 2024-05-23 Rental Removed $1,950 BEARMLS
• 2024-05-11 Listed for Rent $1,950 BEARMLS
• 2024-04-15 Listing Removed — NAPLESMLS
• 2024-02-15 Price Changed $249,900 NAPLESMLS
• 2024-01-19 Listed $270,000 NAPLESMLS
• 2020-12-31 Sold (Public Records) $140,000 Public Records
• 2020-12-30 Sold (MLS) $140,000 NAPLESMLS
• 2020-12-03 Pending — NAPLESMLS
• 2020-09-24 Listed $149,999 NAPLESMLS
• 2013-01-16 Sold (Public Records) $62,000 Public Records
• 2013-01-11 Sold (MLS) $62,000 NAPLESMLS
• 2012-03-13 Listed $67,999 NAPLESMLS
• 1983-12-01 Sold (Public Records) $59,500 Public Records
• 1982-12-01 Sold (Public Records) $68,000 Public Records

Property tax history

+10.0%/yr

Latest (2025): $1,951 · +8.1% YoY. Source: county tax records.