275 Cays Dr #2208 · Goodland, FL 34114

$450,000

3 bd · 3.0 ba · 1,827 sqft · Condo public records · 28 Days on market

Built 2003 $500/mo HOA · 11% of rent

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Why this score? — see what drove the D+ 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 +12.1/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• 1% rule +4.7/10.0
• Appreciation +4.3/10.0
• DSCR +3.6/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Livability +2.4/5.0

Listing remarks MLS

Welcome to the waterfront boating community of Port of the Islands, where luxury coastal living, direct Gulf access, breathtaking natural beauty come together in perfect harmony. Spacious 3-bed, 3-bath waterfront residence offers over 1,800 sq ft of living space & an exceptional lifestyle for boaters, anglers, nature lovers, or anyone seeking a peaceful SW Florida retreat. One of its most valuable features is the direct boating access to the Gulf through the Ten Thousand Islands with no bridges, making it ideal for larger boats & effortless days on the water. Enjoy year-round fishing, island hopping, kayaking, & unforgettable encounters with dolphins, manatees, & exotic birds, all from your own backyard. Boating enthusiasts will appreciate the newer dock & seawall, along with a 5-ton boat lift capable of accommodating up to a 28-foot boat. Thoughtfully designed split-bedroom floor plan features vaulted ceilings & open-concept living areas perfect for entertaining or relaxed waterfront living. Spacious screened lanai showcases tranquil water views & features new ''no-see-um'' screen mesh, creating the perfect setting for morning coffee, spectacular sunsets, cocktails, or simply unwinding after a day on the water. Master suite offers peaceful waterfront views, walk-in closet, dual sinks, & beautifully remodeled bath with new glass enclosure. Guests will appreciate the privacy of their own bedrooms & baths, making this home ideal for full-time living, seasonal enjoyment, or investment potential. Numerous upgrades provide comfort & peace of mind, including newer Stainless appliances, 2-year-old HVAC, 3-year-old water heater, fresh paint, new staircase carpeting, 1-year-old kitchen tile flooring, Brazilian cherry wood flooring, hurricane shutters throughout including electric rear shutters! Uniquely, this unit offers the ultimate peace of mind with a dedicated transfer switch & brand-new generator, ensuring uninterrupted power. Attached garage & additional parking add convenience, while the beautiful landscaping creates a wonderful tropical atmosphere. Even more impressive are the condo fees, the lowest for a 3-bed, 3-bath residence in Port of the Islands. Seller is providing buyer a 1-year AHS ShieldPlus Home Warranty! Considered one of Collier County's hidden gems, surrounded by protected natural beauty including the Ten Thousand Islands, Big Cypress Preserve, & Picayune Strand State Forest. Community conveniences include a marina, ship store, public boat ramp, fuel station & trailer parking. Optional membership to the on-site hotel club, granting access to amenities including a heated pool, pickleball courts, fitness room, & game room. On-site fire & EMS services. Ideally located 20 min from Marco Island's white sand beaches & 30 min from Downtown Naples shopping & dining. This exceptional home offers a perfect balance of peaceful waterfront living & modern convenience.

Key facts

• Direct gulf access
• Screened lanai
• Newer dock

Tags

• WATERFRONT BOATING COMMUNITY
• DIRECT GULF ACCESS
• NEWER DOCK
• 5-TON BOAT LIFT
• SCREENED LANAI
• TRANQUIL WATER VIEWS

Property features AI

Finance

• Other: Property is part of a multi-unit complex with 84 units (8 units in building, 2 units per floor, 2 floors total); Restrictions: Architectural, deeded, no RV
• HOA & community: Quarterly condo fee ($1,500); Annual recurring HOA fees totaling $6,000; HOA maintenance covers insurance, internet/Wi‑Fi, lawn/land maintenance, legal/accounting, master association fee, exterior pest control, reserves, street lights, and trash removal; Community amenities include boat storage, community boat ramp, community gulf boat access, marina, restaurant, internet access, streetlights, and underground utilities; Community type: Boating, non-gated; Managed by residents

Exterior

• Parking: Attached garage (1 car); Driveway with 2+ parking spaces
• Security: Storm protection with electric and manual shutters
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential low-rise (1–3) building; Carriage/coach style end-unit; Rear exposure facing southwest; Built in 2003; Located in Port of the Islands (Villages of Stella Maris)
• Marina/Dock: Gulf access with no bridges; Boat lift and boat slip available; Dock lease available with electricity and water at dock; Canal width 200+ feet
• Construction: Concrete block construction
• Exterior features: Tile roof; Single-hung windows; Electric and manual shutters; Stucco exterior finish; Zero lot line; Paved road access; Canal, landscaped area, and water views; Reclaimed irrigation

Interior

• Kitchen: Pantry; Dishwasher; Disposal; Self-cleaning oven; Refrigerator/icemaker
• Bedrooms: Three bedrooms plus den with split bedroom floor plan
• Flooring: Carpet; Tile; Wood
• Bathrooms: Three full bathrooms; Primary bath with dual sinks and shower (no tub)
• Heating & cooling: Central electric heat; Central electric cooling; Ceiling fans
• Interior features: Cable prewire and high-speed internet available; Pantry; Smoke detectors; Vaulted ceiling; Walk-in closet; Window coverings; Dining (living) and eat-in kitchen; Den (study), guest room, guest bath, screened lanai/porch; Unfurnished
• Laundry & utility: Washer and dryer in residence; Generator; Auto garage door

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $450k.

Deal economics

• At list price, monthly cash flow is $-522 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $358k (20.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $438k (2.7% below list).
• Recommended offer: $358k (20.5% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 47/100 on livability (#893 in FL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; 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 rising (+3.2%/yr); 900 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 $4,379/mo this rent would consume 59% of the median local household income ($89k/yr) (locally 550% 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 (-1.5%/yr); year-one equity from $3k 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 28 days — a 2% lower offer ($443k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 23y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $360k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; severe wildfire risk; extreme-heat days projected 7→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $357,715 (20.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. 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: 0.97% ✗
• Cap rate: 6.04%
• Cash-on-cash: -0.91%
• DSCR: 0.96
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.48% appreciation · 3.21% rent growth · sell at horizon

5-year hold

• IRR: -14.5%
• Equity multiple: 0.40×
• Total profit: $-75,302
• Equity at exit: $98,331

10-year hold

• IRR: -7.1%
• Equity multiple: 0.40×
• Total profit: $-75,253
• Equity at exit: $94,720

Cash invested: $126,000 (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 34114

• Home prices YoY: -0.6%
• Rents YoY: 3.2%
• Active inventory: 900
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $4,379 medium
• Mortgage (P&I): −$2,360
• Tax from tax record: −$508 /mo · $6,091/yr
• Insurance: −$188
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$500
• Vacancy / Maint / Mgmt: −$919
• Net cashflow: $-522

Break-even live

Break-even rent $5,040

Max offer price $357,715

Occupancy floor —

Sensitivity live

Price	-10% $-268	-5% $-395	+0% $-522	+5% $-650	+10% $-777
Rent	-10% $-868	-5% $-695	+0% $-522	+5% $-349	+10% $-176
Rate	-1.0pp $-296	-0.5pp $-408	base $-522	+0.5pp $-639	+1.0pp $-758

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
146 Windward Cay Naples, FL	3.0	2.0	2244	$7,000	$3.12	24d	1	0.47mi

HOA detail condo

• Monthly dues: $500 · $6,000/yr
• Likely covers: waterelectriclandscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-06-18
   days on market $450,000 Active 28 DOM
2. 2026-06-17
   days on market $450,000 Active 27 DOM
3. 2026-06-16
   days on market $450,000 Active 26 DOM
4. 2026-06-15
   days on market $450,000 Active 25 DOM
5. 2026-06-14
   days on market $450,000 Active 23 DOM
6. 2026-06-10
   days on market $450,000 Active 20 DOM
7. 2026-06-09
   days on market $450,000 Active 19 DOM
8. 2026-06-08
   days on market $450,000 Active 18 DOM
9. 2026-06-07
   days on market $450,000 Active 17 DOM
10. 2026-06-03
    days on market $450,000 Active 13 DOM
11. 2026-06-02
    days on market $450,000 Active 12 DOM
12. 2026-06-01
    days on market $450,000 Active 11 DOM
13. 2026-05-31
    days on market $450,000 Active 10 DOM
14. 2026-05-30
    days on market $450,000 Active 9 DOM
15. 2026-05-22
    listed $450,000 Active 2996-char remark

    Show marketing remark (2996 chars)

    Welcome to the waterfront boating community of Port of the Islands, where luxury coastal living, direct Gulf access, breathtaking natural beauty come together in perfect harmony. Spacious 3-bed, 3-bath waterfront residence offers over 1,800 sq ft of living space & an exceptional lifestyle for boaters, anglers, nature lovers, or anyone seeking a peaceful SW Florida retreat. One of its most valuable features is the direct boating access to the Gulf through the Ten Thousand Islands with no bridges, making it ideal for larger boats & effortless days on the water. Enjoy year-round fishing, island hopping, kayaking, & unforgettable encounters with dolphins, manatees, & exotic birds, all from your own backyard. Boating enthusiasts will appreciate the newer dock & seawall, along with a 5-ton boat lift capable of accommodating up to a 28-foot boat. Thoughtfully designed split-bedroom floor plan features vaulted ceilings & open-concept living areas perfect for entertaining or relaxed waterfront living. Spacious screened lanai showcases tranquil water views & features new ''no-see-um'' screen mesh, creating the perfect setting for morning coffee, spectacular sunsets, cocktails, or simply unwinding after a day on the water. Master suite offers peaceful waterfront views, walk-in closet, dual sinks, & beautifully remodeled bath with new glass enclosure. Guests will appreciate the privacy of their own bedrooms & baths, making this home ideal for full-time living, seasonal enjoyment, or investment potential. Numerous upgrades provide comfort & peace of mind, including newer Stainless appliances, 2-year-old HVAC, 3-year-old water heater, fresh paint, new staircase carpeting, 1-year-old kitchen tile flooring, Brazilian cherry wood flooring, hurricane shutters throughout including electric rear shutters! Uniquely, this unit offers the ultimate peace of mind with a dedicated transfer switch & brand-new generator, ensuring uninterrupted power. Attached garage & additional parking add convenience, while the beautiful landscaping creates a wonderful tropical atmosphere. Even more impressive are the condo fees, the lowest for a 3-bed, 3-bath residence in Port of the Islands. Seller is providing buyer a 1-year AHS ShieldPlus Home Warranty! Considered one of Collier County's hidden gems, surrounded by protected natural beauty including the Ten Thousand Islands, Big Cypress Preserve, & Picayune Strand State Forest. Community conveniences include a marina, ship store, public boat ramp, fuel station & trailer parking. Optional membership to the on-site hotel club, granting access to amenities including a heated pool, pickleball courts, fitness room, & game room. On-site fire & EMS services. Ideally located 20 min from Marco Island's white sand beaches & 30 min from Downtown Naples shopping & dining. This exceptional home offers a perfect balance of peaceful waterfront living & modern convenience.

16. 2026-05-21
    listed $450,000 Active
17. 2026-04-30
    historical
18. 2026-04-01
    price $469,000
19. 2026-04-01
    price $469,000
20. 2026-02-16
    price $479,000
21. 2026-02-16
    price $479,000
22. 2025-10-16
    price $486,900
23. 2025-10-15
    price $486,900
24. 2025-05-12
    listed $499,000 Active
25. 2025-05-12
    listed $499,000 Active
26. 2025-04-22
    historical
27. 2025-02-25
    price $499,900
28. 2025-02-22
    price $529,000
29. 2025-01-29
    listed $550,000 Active
30. 2021-05-12
    soldstatus $360,000 Sold
31. 2021-04-21
    status Pending With Contingencies
32. 2021-03-31
    status Active
33. 2021-03-26
    historical
34. 2021-03-25
    price $359,900
35. 2021-03-09
    listed $397,900 Active
36. 2020-12-22
    historical
37. 2020-09-10
    listed $329,900 Active
38. 2020-05-18
    historical
39. 2020-04-27
    price $314,900
40. 2019-11-04
    listed $324,900 Active
41. 2019-08-24
    historical
42. 2019-06-12
    price $254,900
43. 2019-05-22
    price $259,900
44. 2019-05-08
    listed $277,500 Active
45. 2019-04-02
    historical
46. 2019-01-30
    listed $259,900 Active
47. 2004-05-03
    soldstatus $275,000
48. 2004-04-23
    soldstatus $275,000
49. 2004-01-31
    listed $289,900
50. 2003-07-03
    listed $238,900

ⓘ 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: $6,091 · $508/mo
• Projected year-2 tax: $6,091 · $508/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 9/10 Extreme
• 🌡 Heat 10/10 Extreme 7 d/yr ≥109°F today · 31 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $52,543
• − Mortgage interest: −$25,207
• − Property taxes: −$6,091
• − Insurance: −$7,369
• − Repairs & maintenance: −$4,203
• − Management: −$4,203
• − HOA: −$6,000
• − Depreciation: −$13,091
• Taxable loss: −$13,621
• Est. tax savings @ 24.0%: +$3,269
• After-tax cash flow: $-3,000/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 — Goodland

• Score: 47/100
• State rank: #893
• US rank: #26197

Category grades

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

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): 23,559
• Household income: $89,334
• Rent vs Own: 15.3% rent · 84.7% own
• Severe rent burden: 550.0

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 (72%)
• Race & ethnicity: White 72% Hispanic / Latino 17% Two or more races 13% Black 7%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1% Cuban 3%
• Common ancestry: Hispanic 5% Romanian 4% Lithuanian 1%
• Foreign-born: 21% · Canada, Jamaica
• Languages at home: 75% English-only · Spanish 15% French/Haitian/Cajun 5% Other Indo-European 4%

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: ▼ -1.48%
• Current HPI: 266.5545
• Rent YoY: ▲ 3.21%
• 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

+88.4% since first listed

36 events — show timeline

• 2026-05-22 Listed $450,000 MIML
• 2026-05-21 Listed $450,000 NAPLESMLS
• 2026-04-30 Listing Removed — NAPLESMLS
• 2026-04-01 Price Changed $469,000 NAPLESMLS
• 2026-04-01 Price Changed $469,000 MIML
• 2026-02-16 Price Changed $479,000 NAPLESMLS
• 2026-02-16 Price Changed $479,000 MIML
• 2025-10-16 Price Changed $486,900 MIML
• 2025-10-15 Price Changed $486,900 NAPLESMLS
• 2025-05-12 Listed $499,000 MIML
• 2025-05-12 Listed $499,000 NAPLESMLS
• 2025-04-22 Listing Removed — NAPLESMLS
• 2025-02-25 Price Changed $499,900 NAPLESMLS
• 2025-02-22 Price Changed $529,000 NAPLESMLS
• 2025-01-29 Listed $550,000 NAPLESMLS
• 2021-05-12 Sold (MLS) $360,000 NAPLESMLS
• 2021-04-21 Pending — NAPLESMLS
• 2021-03-31 Relisted — NAPLESMLS
• 2021-03-26 Listing Removed — NAPLESMLS
• 2021-03-25 Price Changed $359,900 NAPLESMLS
• 2021-03-09 Listed $397,900 NAPLESMLS
• 2020-12-22 Listing Removed — NAPLESMLS
• 2020-09-10 Listed $329,900 NAPLESMLS
• 2020-05-18 Listing Removed — NAPLESMLS
• 2020-04-27 Price Changed $314,900 NAPLESMLS
• 2019-11-04 Listed $324,900 NAPLESMLS
• 2019-08-24 Listing Removed — NAPLESMLS
• 2019-06-12 Price Changed $254,900 NAPLESMLS
• 2019-05-22 Price Changed $259,900 NAPLESMLS
• 2019-05-08 Listed $277,500 NAPLESMLS
• 2019-04-02 Listing Removed — NAPLESMLS
• 2019-01-30 Listed $259,900 NAPLESMLS
• 2004-05-03 Sold (Public Records) $275,000 Public Records
• 2004-04-23 Sold (MLS) $275,000 MIML
• 2004-01-31 Listed $289,900 MIML
• 2003-07-03 Listed $238,900 MIML

Property tax history

+12.5%/yr

Latest (2025): $6,091 · -18.6% YoY. Source: county tax records.