15475 Cedarwood Ln #203 · Bonita Springs, FL 34110

$369,000

2 bd · 2.0 ba · 1,422 sqft · Condo public records · 66 Days on market

Built 2001 $863/mo HOA · 19% 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 +21.4/30.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• DSCR +6.8/10.0
• Schools +5.0/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy quick beach access in beautiful Bay Forest off Vanderbilt Drive. This condo offers 2 Bedrooms plus a Den and a detached 1-Car Garage w/ attic space. BRAND NEW GE Kitchen Appliances, BRAND NEW Trane A/C Handler and Compressor, and BRAND NEW Carpet throughout the living areas. Bathrooms, Kitchen, Foyer, and Lanai are all a neutral 12x12 tile. Split bedroom floorplan offer great privacy between rooms. Open concept with lots of natural light. This condo has plenty of closets for storage and extra attic space accessible from the garage by pull down ladder. The Bermuda Bay pool and Chickee Hut is within steps of your building. The Bay Forest clubhouse offers 2 Pickleball Courts, 4 Har Tru Tennis Courts, Brand New Bocce courts, Golf practice nets, meeting room, Library, BBQ Grills, FREE Wifi, and a good sized Gym. Vanderbilt Beach, Delnor Wiggins, and Barefoot Beach are both just minutes down the road by bike or car.

Key facts

• Shuffleboard courts
• Bocce courts
• Updated kitchen

Tags

• OVERSIZED SCREENED LANAI
• UPDATED KITCHEN
• 3 TENNIS COURTS
• JOGGING AND BIKE PATHS
• SHUFFLEBOARD COURTS
• BOCCE COURTS

Property features AI

Finance

• Other: Multifamily info: 2 units per floor, 15 units in building, 87 units in complex, single-floor unit
• Financial info: Total annual recurring fees: $10,360; Total one-time fees: $3,100
• HOA & community: Quarterly condo fee; Professional management; Maintenance covers insurance, irrigation water, lawn/land maintenance, legal/accounting, manager, master association fee, exterior pest control, recreation facilities, repairs, reserves, security, sewer, street lights, street maintenance, trash removal and water; Community amenities include clubhouse, community pool and spa/hot tub, exercise room, library, community room, BBQ/picnic, bike & jog path, bike storage, bocce, bocce court, bocce, fishing pier, guest room, internet access, pickleball, shuffleboard, sidewalks, streetlights, tennis courts, and underground utilities; Gated community with tennis

Exterior

• Parking: Detached garage (1 car, deeded); Assigned covered parking; Guest parking (paved)
• Security: Gated community; Entry keypad; Secured garage
• Utilities: Central water; Central sewer; Cable available; Reclaimed irrigation water
• Home design: Residential low-rise building (1–3 stories); Built in 2001; Concrete block construction with stucco finish; Tile roof; Rear exposure to the south; Unit located in Bay Forest, Bermuda Bay (Building 8, Unit 203)
• Construction: Concrete block construction; Stucco exterior; Tile roof; Year built: 2001
• Exterior features: Automatic sprinkler system (reclaimed irrigation); Screened lanai/porch; Landscaped and wooded area views; Zero lot line; Private, paved road; Deeded restrictions (no RV)

Interior

• Kitchen: Pantry; Cooktop (electric); Range/oven (self-cleaning); Microwave; Dishwasher; Disposal; Refrigerator/freezer; Refrigerator with icemaker; Breakfast bar; Eat-in kitchen / family dining
• Bedrooms: 2 bedrooms plus den; Split bedroom floor plan
• Flooring: Carpet; Laminate; Tile
• Bathrooms: 2 full bathrooms; Master bathroom with shower (no tub)
• Heating & cooling: Central electric heat; Central electric air conditioning; Ceiling fans
• Interior features: Built-in cabinets; Cable prewire; Fire sprinkler system; Foyer; High-speed internet available; Pantry; Smoke detectors; Walk-in closet; Window coverings; Common elevator
• Laundry & utility: Washer and dryer in residence; Auto garage door opener

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $369k.

Deal economics

• At list price, monthly cash flow is $479 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $369k).
• Recommended offer: $347k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 1.7% in Bonita Springs — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 70/100 on livability (#428 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A; Watch: cost of living C-, 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.
• Zoned schools: Naples Park Elementary School (math 67% / reading 57%, grade B, #608 of 2,144 statewide, top 29%, 395 students, 48% FRL).
• Market conditions: Rents soft (-1.1%/yr); 595 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 $4,588/mo this rent would consume 56% of the median local household income ($98k/yr) (locally 1006% 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 $3k of loan paydown is wiped out by about $11k 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 66 days — a 6% lower offer ($347k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $30k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $245k; list at $369k implies a 51% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→32/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $346,860 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% 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: 1.24% ✓
• Cap rate: 8.07%
• Cash-on-cash: 6.34%
• DSCR: 1.28
• GRM: 6.7

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: -11.7%
• Equity multiple: 0.59×
• Total profit: $-42,288
• Equity at exit: $55,019

10-year hold

• IRR: -8.9%
• Equity multiple: 0.54×
• Total profit: $-47,726
• Equity at exit: $31,904

Cash invested: $103,320 (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 34110

• Rents YoY: -1.1%
• Active inventory: 595
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $4,588 high
• Mortgage (P&I): −$1,935
• Tax from tax record: −$127 /mo · $1,528/yr
• Insurance: −$154
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$863
• Vacancy / Maint / Mgmt: −$964
• Net cashflow: $479

Break-even live

Break-even rent $3,982

Max offer price $369,000

Occupancy floor 85%

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: $92,250
• Closing costs: $11,070
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15415 Cedarwood Ln Unit 3 Naples, FL	2.0	2.0	1428	$2,200	$1.54	13d	1	0.08mi
15400 Cedarwood Ln Unit 1-201 Naples, FL	2.0	2.0	1286	$6,000	$4.67	23d	1	0.13mi
15400 Cedarwood Ln #102 Naples, FL	2.0	2.0	1286	$6,300	$4.90	13d	1	0.13mi
285 Naples Cove Dr #1103 Naples, FL	2.0	2.0	1267	$2,475	$1.95	23d	1	0.13mi
270 Naples Cove Dr #3506 Naples, FL	3.0	2.0	1475	$2,500	$1.69	21d	1	0.14mi
290 Naples Cove Dr Naples, FL	2.0	2.0	1327	$3,400	$2.56	23d	3	0.18mi
15191 Cedarwood Ln #2602 Naples, FL	2.0	2.0	1267	$2,300	$1.82	23d	1	0.22mi
15161 Cedarwood Ln Naples, FL	2.0	2.0	1267	$4,000	$3.16	23d	3	0.26mi
386 Emerald Bay Cir Unit G4 Naples, FL	3.0	2.0	1490	$2,500	$1.68	23d	1	0.36mi
341 Emerald Bay Cir Unit T5 Naples, FL	3.0	2.0	1611	$4,500	$2.79	23d	1	0.41mi
306 Emerald Bay Cir Unit J5 Naples, FL	3.0	2.0	1490	$5,900	$3.96	23d	1	0.45mi
306 Emerald Bay Cir Unit J8 Naples, FL	2.0	2.0	1350	$4,000	$2.96	23d	1	0.45mi
298 Emerald Bay Cir Unit K6 Naples, FL	2.0	2.0	1202	$4,750	$3.95	23d	1	0.48mi
28940 Bermuda Pointe Cir #102 Bonita Springs, FL	2.0	2.0	1076	$5,500	$5.11	23d	1	0.59mi
1001 Arbor Lake Dr Naples, FL	2.0–3.0	2.0–2.5	1755	$3,800	$2.16	23d	2	0.61mi
505 Lake Louise Cir #101 Naples, FL	2.0	2.0	1444	$5,500	$3.81	23d	1	0.62mi
28720 Bermuda Bay Way #205 Bonita Springs, FL	2.0	2.0	1097	$2,200	$2.01	14d	1	0.69mi
513 Lake Louise Cir #202 Naples, FL	2.0	2.0	1444	$5,300	$3.67	23d	1	0.70mi
999 E Valley Dr Unit 1073522P Bonita Springs, FL	3.0	2.5	1668	$9,929	$5.95	21d	1	0.80mi
28712 Carmel Way Bonita Springs, FL	3.0	2.5	1626	$9,250	$5.69	23d	1	0.83mi
3930 Windward Passage Cir #202 Bonita Springs, FL	2.0	2.0	1478	$1,900	$1.29	16d	1	0.84mi
62 8th St Unit 1073526P Bonita Springs, FL	2.0	2.0	1593	$5,435	$3.41	23d	1	0.84mi
526 Lake Louise Cir Unit 4-403 Naples, FL	3.0	2.0	1740	$6,500	$3.74	23d	1	0.84mi
265 Barefoot Beach Blvd Bonita Springs, FL	2.0–3.0	2.0	1604	$9,500	$5.92	23d	3	0.85mi
265 Barefoot Beach Blvd #203 Bonita Springs, FL	3.0	2.0	1604	$13,000	$8.10	13d	1	0.85mi
262 Barefoot Beach Blvd Bonita Springs, FL	3.0	2.0–3.0	1864	$10,500	$5.63	23d	2	0.85mi
3951 Windward Passage Cir #102 Bonita Springs, FL	2.0	2.0	1397	$5,200	$3.72	23d	1	0.87mi
74 7th St Bonita Springs, FL	3.0	2.0	1124	$3,150	$2.80	23d	1	0.91mi
3941 Leeward Passage Ct #203 Bonita Springs, FL	2.0	2.0	1204	$2,000	$1.66	23d	1	0.94mi
3921 Leeward Passage Ct #203 Bonita Springs, FL	2.0	2.0	1204	$3,500	$2.91	23d	1	0.96mi
64 4th St Bonita Springs, FL	2.0	2.0	1231	$3,700	$3.01	23d	2	1.06mi
255 Barefoot Beach Blvd Bonita Springs, FL	2.0–3.0	2.0–3.5	1864	$9,700	$5.20	13d	2	1.08mi
28650 Carriage Home Dr Unit 1049692P Bonita Springs, FL	3.0	2.0	1528	$3,980	$2.60	16d	1	1.08mi
60 4th St Bonita Springs, FL	3.0	2.0	1860	$11,400	$6.13	23d	1	1.10mi
28611 Carriage Home Dr #101 Bonita Springs, FL	2.0	2.0	1433	$2,550	$1.78	23d	1	1.16mi
75 3rd St Bonita Springs, FL	3.0	3.0	1630	$8,900	$5.46	23d	1	1.18mi
28327 Hidden Lake Dr Bonita Springs, FL	3.0	2.0	1567	$8,950	$5.71	23d	1	1.18mi
28178 Sunset Dr Bonita Springs, FL	2.0	1.0	936	$2,550	$2.72	21d	1	1.25mi
28700 Trails Edge Blvd Bonita Springs, FL	3.0	2.0	1458	$2,175	$1.49	3d	2	1.27mi
11 2nd St Bonita Springs, FL	3.0	2.0	1595	$9,500	$5.96	23d	1	1.28mi

HOA detail condo

• Monthly dues: $863 · $10,356/yr
• Likely covers: internetpoolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-18
   days on market $369,000 Active 66 DOM
2. 2026-06-17
   days on market $369,000 Active 65 DOM
3. 2026-06-16
   days on market $369,000 Active 64 DOM
4. 2026-06-15
   days on market $369,000 Active 63 DOM
5. 2026-06-14
   days on market $369,000 Active 61 DOM
6. 2026-06-10
   days on market $369,000 Active 58 DOM
7. 2026-06-09
   days on market $369,000 Active 57 DOM
8. 2026-06-09
   price $369,000 Active 56 DOM
9. 2026-06-08
   days on market $378,000 Active 56 DOM
10. 2026-06-07
    pricedays on market $378,000 Active 55 DOM
11. 2026-06-03
    days on market $379,000 Active 51 DOM
12. 2026-06-03
    remarks 699-char remark
13. 2026-06-03
    listed $379,000 Active 50 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: $1,528 · $127/mo
• Projected year-2 tax: $3,063 · $255/mo
• Expected delta: +$1,535/yr (+$128/mo · 100.4%)

ⓘ 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) · 96% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 32 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $55,060
• − Mortgage interest: −$20,670
• − Property taxes: −$1,528
• − Insurance: −$2,642
• − Repairs & maintenance: −$4,405
• − Management: −$4,405
• − HOA: −$10,356
• − Depreciation: −$10,735
• Taxable income: $319
• Est. tax owed @ 24.0%: −$77
• After-tax cash flow: $5,673/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 — Bonita Springs

• Score: 70/100
• State rank: #428
• US rank: #7576

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Collier County · 396,295 people
• City population: 64,727
• Metro: Naples-Marco Island, FL
• Population (ZIP): 25,630
• Household income: $97,564
• Rent vs Own: 23.2% rent · 76.8% own
• Severe rent burden: 1006.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 10% Two or more races 9% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Cuban 3%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 11% · Canada, South Korea
• Languages at home: 87% English-only · Spanish 7% Other Indo-European 3% French/Haitian/Cajun 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: ▼ -172.68%
• Current HPI: 267.4644
• Rent YoY: ▼ -1.06%
• 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

+116.6% since first listed

13 events — show timeline

• 2026-05-20 Price Changed $379,000 NAPLESMLS
• 2026-05-03 Price Changed $389,000 NAPLESMLS
• 2026-04-13 Listed $399,000 NAPLESMLS
• 2018-03-20 Sold (Public Records) $245,000 Public Records
• 2018-03-13 Sold (MLS) $245,000 NAPLESMLS
• 2018-02-12 Pending — NAPLESMLS
• 2017-11-11 Price Changed $249,900 NAPLESMLS
• 2017-09-19 Price Changed $255,000 NAPLESMLS
• 2017-09-19 Relisted — NAPLESMLS
• 2017-09-03 Pending — NAPLESMLS
• 2017-08-26 Listed $245,000 NAPLESMLS
• 2014-03-06 Sold (Public Records) $200,000 Public Records
• 2009-08-14 Sold (Public Records) $175,000 Public Records

Property tax history

-2.0%/yr

Latest (2025): $1,528 · +2.6% YoY. Source: county tax records.