2815 Cypress Trace Cir #104 · Island Walk, FL 34119

$232,000

3 bd · 2.0 ba · 1,252 sqft · Condo public records · 118 Days on market

Built 2004 $1338/mo HOA · 32% of rent

---

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 +26.0/30.0
• 1% rule +10.0/10.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss this 2 Bedroom +Den, 2 bath END UNIT condo with a long list of renovations and upgrades. NEW air conditioning 2018! There is no work needed! Flooring is Brazilian Cherry hardwood throughout living room, master bedroom, guest bedroom and den. Unit has been freshly painted and all new baseboard has been installed through every room. The kitchen has been upgraded with granite countertops, remodeled cabinet doors and drawers plus new sink, faucet and disposal. Both master bath and guest bath have been remodeled with new Carrera marble vanities as well as new sinks, faucets and added cabinets in master bath. New fixtures throughout condo.

Key facts

• Quartz countertops
• First floor end unit
• Newer vinyl flooring

Tags

• FIRST FLOOR END UNIT
• NEWER VINYL FLOORING
• UPDATED KITCHEN
• QUARTZ COUNTERTOPS
• BREAKFAST BUFFET CABINETRY
• REMODELED BATHROOMS

Property features AI

Finance

• Other: Part of a complex with 230 units and 8 units in the building; This unit is on a single floor; 1 unit per floor
• Financial info: Condo fee (quarterly); Master HOA fee (annually); Total annual recurring fees reported
• HOA & community: Mandatory HOA; Quarterly condo fee; Annual master HOA fee; Professional management; HOA maintenance covers cable, irrigation water, lawn/land maintenance, legal/accounting, manager, exterior pest control, repairs, reserves, sewer, street lights, street maintenance, trash removal, and water; Community amenities include pool, community room, pickleball, restaurant, sidewalks, streetlights, and tennis courts; Gated, golf-course community with golf-bundled option

Exterior

• Parking: Detached carport (1 space)
• Security: Gated community; Entry keypad
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential property; Low-rise building (1–3 stories); End-unit; Rear exposure faces west; Located in Cypress Woods Golf and Country Club development
• Construction: Concrete block construction; Built in 2004
• Exterior features: Lakefront; Golf course view; Central irrigation; Stucco exterior; Casement and single-hung windows; Tile roof; Gated community; Entry keypad

Interior

• Kitchen: Refrigerator/freezer; Microwave; Garbage disposal
• Bedrooms: 3 bedrooms (split bedrooms)
• Flooring: Tile; Vinyl
• Bathrooms: 2 full bathrooms; Master bathroom with shower only
• Heating & cooling: Central electric heat; Central electric cooling; Ceiling fans
• Interior features: Turnkey furnished; See remarks for additional interior details; Eat-in kitchen; Den (study); Great room; Guest room; Guest bath; Split bedroom floor plan
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $232k.

Deal economics

• At list price, monthly cash flow is $425 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $232k).
• Recommended offer: $211k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#692 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing B+; Watch: health & safety D, amenities F, commute 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 (-2.5%/yr); 591 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); high-income renter base; 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• This rent runs 44% of the median local income ($113k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.

Negotiation context

• It's been on market 118 days — a 9% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago; this cycle's ask has dropped $18k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $167k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $152/mo; HOA is 32% of rent.
• Climate carrying-cost: in FEMA flood zone AH (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $211,120 (9.0% below list)

Questions for the listing agent

1. It's been on market 118 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. 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: 1.80% ✓
• Cap rate: 9.28%
• Cash-on-cash: 10.65%
• DSCR: 1.47
• GRM: 4.6

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: -9.7%
• Equity multiple: 0.66×
• Total profit: $-21,955
• Equity at exit: $34,592

10-year hold

• IRR: -9.1%
• Equity multiple: 0.57×
• Total profit: $-28,226
• Equity at exit: $20,059

Cash invested: $64,960 (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 34119

• Rents YoY: -2.5%
• Active inventory: 591
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $4,184 high
• Mortgage (P&I): −$1,217
• Tax from tax record: −$77 /mo · $928/yr
• Insurance: −$97
• Flood insurance flood zone: −$152 /mo · $1,824/yr
• HOA: −$1,338
• Vacancy / Maint / Mgmt: −$879
• Net cashflow: $425

Break-even live

Break-even rent $3,646

Max offer price $232,000

Occupancy floor 85%

Sensitivity live

Price	-10% $556	-5% $490	+0% $425	+5% $359	+10% $293
Rent	-10% $94	-5% $259	+0% $425	+5% $590	+10% $755
Rate	-1.0pp $542	-0.5pp $484	base $425	+0.5pp $365	+1.0pp $303

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: $58,000
• Closing costs: $6,960
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2790 Cypress Trace Cir Naples, FL	2.0	2.0	1537	$5,000	$3.25	24d	2	0.04mi
2820 Cypress Trace Cir Naples, FL	2.0	2.0	1254	$3,748	$2.99	24d	3	0.07mi
2835 Cypress Trace Cir Unit 1049710P Naples, FL	3.0	2.0	1248	$4,110	$3.29	14d	1	0.09mi
2855 Cypress Trace Cir #202 Naples, FL	2.0	2.0	1232	$4,800	$3.90	14d	1	0.14mi
2855 Cypress Trace Cir #102 Naples, FL	2.0	2.0	1232	$2,000	$1.62	14d	1	0.14mi
2730 Cypress Trace Cir Unit 2836S Naples, FL	2.0	2.0	1194	$5,000	$4.19	24d	1	0.16mi
2730 Cypress Trace Cir Unit 2836A Naples, FL	2.0	2.0	1194	$2,000	$1.68	24d	1	0.16mi
2730 Cypress Trace Cir Unit 1 Naples, FL	2.0	2.0	1232	$5,500	$4.46	24d	1	0.16mi
2740 Cypress Trace Cir Naples, FL	2.0	2.0	1493	$3,488	$2.34	24d	3	0.16mi
2720 Cypress Trace Cir Naples, FL	2.0–3.0	2.0	1283	$5,300	$4.13	24d	3	0.18mi
2870 Cypress Trace Cir #1713 Naples, FL	2.0	2.0	1414	$2,900	$2.05	24d	1	0.18mi
2710 Cypress Trace Cir Naples, FL	2.0	2.0	1213	$3,425	$2.82	24d	2	0.20mi
2880 Cypress Trace Cir #103 Naples, FL	2.0	2.0	1372	$5,500	$4.01	24d	1	0.22mi
2700 Cypress Trace Cir #3112 Naples, FL	2.0	2.0	1232	$2,100	$1.70	24d	1	0.23mi
5693 Heron Ln #502 Naples, FL	2.0	2.0	1490	$6,800	$4.56	24d	1	0.24mi
5705 Heron Ln #806 Naples, FL	2.0	2.0	1540	$7,000	$4.55	24d	1	0.24mi
6605 Huntington Lakes Cir #203 Naples, FL	2.0	2.0	1107	$2,400	$2.17	24d	1	0.24mi
2895 Cypress Trace Cir #202 Naples, FL	2.0	2.0	1232	$4,500	$3.65	24d	1	0.24mi
2895 Cypress Trace Cir #104 Naples, FL	2.0	2.0	1252	$4,800	$3.83	24d	1	0.24mi
2920 Cypress Trace Cir #204 Naples, FL	2.0	2.0	1625	$5,500	$3.38	24d	1	0.26mi
6655 Huntington Lakes Cir #204 Naples, FL	3.0	2.0	1315	$3,500	$2.66	24d	1	0.27mi
2690 Cypress Trace Cir #3212 Naples, FL	2.0	2.0	1232	$5,300	$4.30	24d	1	0.28mi
2525 Aspen Creek Ln #101 Naples, FL	3.0	2.0	1532	$4,500	$2.94	24d	1	0.29mi
2925 Cypress Trace Cir #201 Naples, FL	2.0	2.0	1094	$4,500	$4.11	24d	1	0.30mi
6544 Huntington Lakes Cir Unit 9-204 Naples, FL	3.0	2.0	1382	$4,250	$3.08	24d	1	0.31mi
2408 Millcreek Ln #202 Naples, FL	2.0	2.0	1207	$2,200	$1.82	24d	1	0.31mi
5657 Whisperwood Blvd #204 Naples, FL	2.0	2.0	1793	$6,000	$3.35	24d	1	0.34mi
2469 Millcreek Ln #102 Naples, FL	2.0	2.0	1107	$3,495	$3.16	24d	1	0.34mi
2600 Marshcreek Ln #201 Naples, FL	3.0	2.0	1765	$2,595	$1.47	14d	1	0.35mi
5645 Whisperwood Blvd #504 Naples, FL	2.0	2.0	1793	$6,000	$3.35	24d	1	0.36mi
2456 Millcreek Ln #102 Naples, FL	2.0	2.0	1107	$2,375	$2.15	24d	1	0.36mi
5632 Whisperwood Blvd #1601 Naples, FL	3.0	2.0	1856	$8,000	$4.31	24d	1	0.37mi
5765 Grande Reserve Way Unit 7-702 Naples, FL	2.0	2.0	1800	$7,500	$4.17	24d	1	0.37mi
6670 Huntington Lakes Cir #103 Naples, FL	2.0	2.0	1107	$4,000	$3.61	14d	1	0.37mi
6670 Huntington Lakes Cir #103 Naples, FL	2.0	2.0	1107	$4,250	$3.84	24d	1	0.37mi
6920 Huntington Lakes Cir #103 Naples, FL	2.0	2.0	1107	$2,700	$2.44	24d	1	0.45mi
6750 Huntington Lakes Cir #103 Naples, FL	2.0	2.0	1185	$2,300	$1.94	22d	1	0.51mi
5935 Northridge Dr Naples, FL	2.0	2.0	1671	$2,995	$1.79	24d	1	0.52mi
5105 Cedar Springs Dr #101 Naples, FL	2.0	2.0	1650	$7,000	$4.24	24d	1	0.53mi
6880 Huntington Lakes Cir #203 Naples, FL	2.0	2.0	1231	$3,750	$3.05	24d	1	0.55mi

HOA detail condo

• Monthly dues: $1,338 · $16,056/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-21
   days on market $232,000 Active 118 DOM
2. 2026-06-18
   days on market $232,000 Active 115 DOM
3. 2026-06-17
   days on market $232,000 Active 114 DOM
4. 2026-06-16
   days on market $232,000 Active 113 DOM
5. 2026-06-15
   days on market $232,000 Active 112 DOM
6. 2026-06-14
   days on market $232,000 Active 110 DOM
7. 2026-06-10
   days on market $232,000 Active 107 DOM
8. 2026-06-09
   days on market $232,000 Active 106 DOM
9. 2026-06-08
   days on market $232,000 Active 105 DOM
10. 2026-06-07
    days on market $232,000 Active 104 DOM
11. 2026-06-03
    days on market $232,000 Active 100 DOM
12. 2026-06-03
    remarks 699-char remark
13. 2026-06-03
    listed $232,000 Active 99 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: $928 · $77/mo
• Projected year-2 tax: $1,926 · $160/mo
• Expected delta: +$998/yr (+$83/mo · 107.5%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone AH · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 30 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: $50,209
• − Mortgage interest: −$12,996
• − Property taxes: −$928
• − Insurance: −$2,984
• − Repairs & maintenance: −$4,017
• − Management: −$4,017
• − HOA: −$16,056
• − Depreciation: −$6,749
• Taxable income: $2,462
• Est. tax owed @ 24.0%: −$591
• After-tax cash flow: $4,506/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 — Island Walk

• Score: 64/100
• State rank: #692
• US rank: #14444

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Collier County · 396,295 people
• Metro: Naples-Marco Island, FL
• Population (ZIP): 36,807
• Household income: $113,391
• Rent vs Own: 16.4% rent · 83.6% own
• Severe rent burden: 741.0

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 20% Two or more races 14% Black 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 2% Cuban 4% Dominican 2%
• Common ancestry: Romanian 4% Lithuanian 2% Italian 2%
• Foreign-born: 17% · Canada, Jamaica, Dominican Republic
• Languages at home: 78% English-only · Spanish 15% Other Indo-European 3% Russian/Polish/Slavic 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: ▼ -243.12%
• Current HPI: 269.3208
• Rent YoY: ▼ -2.51%
• 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

+85.6% since first listed

9 events — show timeline

• 2026-06-02 Price Changed $232,000 NAPLESMLS
• 2026-03-08 Price Changed $238,900 NAPLESMLS
• 2026-02-23 Listed $249,900 NAPLESMLS
• 2018-08-10 Sold (Public Records) $167,000 Public Records
• 2018-07-31 Sold (MLS) $167,000 NAPLESMLS
• 2018-06-18 Pending — NAPLESMLS
• 2018-02-22 Price Changed $173,000 NAPLESMLS
• 2017-11-02 Listed $176,900 NAPLESMLS
• 2015-03-20 Sold (Public Records) $125,000 Public Records

Property tax history

-1.7%/yr

Latest (2025): $928 · +2.9% YoY. Source: county tax records.