2841 Citrus Lake Dr Unit K201 · Pelican Marsh, FL 34109

$395,000

3 bd · 2.0 ba · 1,590 sqft · Condo · 19 Days on market

Built 1992 Good condition $788/mo HOA · 17% 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 +15.1/30.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Appreciation +5.1/10.0
• Schools +5.0/10.0
• DSCR +4.6/10.0
• Condition / age +4.0/5.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0

Listing remarks

RARELY AVAILABLE • GORGEOUS LAKEFRONT • GARAGE. It’s not often that a condo like this becomes available in the sought-after Lakeside community. This beautifully remodeled 3-bedroom, 2-bath home offers incredible, serene views of the community’s 40-acre lake right from your own living room. From the moment you step inside from your attached garage or the front door, the spacious living area is filled with natural light thanks to large windows and sliding glass doors that open wide to the water. The open floor plan flows beautifully from the living room to the dining area and kitchen, creating a perfect space for having friends over or enjoying a quiet evening at home. E

Key facts

• Lakefront
• Remodeled
• Natural light

Tags

• LAKEFRONT
• REMODELED
• NATURAL LIGHT
• STAINLESS STEEL APPLIANCES
• BREAKFAST BAR
• VAULTED CEILINGS

Property features AI

Other

• Location: Sub-condo: Lakeside Carriage Homes; Lot/unit: 201; Deeded restrictions: limited number of vehicles; no commercial vehicles; no motorcycles; no RVs
• Possession: Possession at closing
• Multi-unit information: 2 units per floor; 396 units in complex; 12 units in building; Single-floor building

Finance

• HOA & community: Mandatory HOA; Quarterly condo fee; Condo fee amount $2,365 (quarterly); Professional management; One-time other fee $1,000; Total annual recurring fees $9,460; Total one-time fees $1,220; HOA maintenance covers cable, insurance, internet/Wi‑Fi, irrigation water, lawn/land maintenance, legal/accounting, manager, master association fee, pest control (exterior and interior), recreation facilities, reserves, street lights, and water; Community amenities include clubhouse, community pool and spa/hot tub, exercise room, tennis, pickleball, basketball, bocce, shuffleboard, fishing pier, lakefront beach, bike and jog path, bike storage, playground, BBQ/picnic area, library, billiards, sauna, community room, sidewalks, and underground utilities; Community type: gated with tennis

Exterior

• Parking: Attached garage with 1 garage space
• Security: Entry keypad; Gated community
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential carriage/coach style; Low-rise (1-3 stories); Built in 1992; Rear exposure faces north; Located in the Lakeside development
• Construction: Concrete block construction
• Exterior features: Shingle roof; Single-hung and sliding windows; Electric shutters; Stucco and vinyl siding exterior; Zero lot line; Lakefront view; Lake waterfront; Irrigation with lake/canal and reclaimed water

Interior

• Kitchen: Pantry; Dishwasher; Disposal; Microwave; Range; Refrigerator; Self-cleaning oven; Eat-in kitchen
• Bedrooms: 3 bedrooms with split-bedroom floor plan
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Master bath with dual sinks and shower (no tub)
• Heating & cooling: Central electric heat; Central electric air conditioning; Ceiling fans
• Interior features: Foyer; French doors; High-speed internet available; Multiple phone lines; Pantry; Smoke detectors; Vaulted ceiling; Walk-in closet; Window coverings; Great room; Screened lanai/porch
• Laundry & utility: Laundry in residence; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $395k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $130 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $395k).
• Recommended offer: $389k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• 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 flat; 424 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 $4,618/mo this rent would consume 60% of the median local household income ($92k/yr) (locally 1712% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $4k of equity ($3k loan paydown + $1k appreciation (0.3% local appreciation)).
• Collier County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 7, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($389k) is reasonable based on typical stale-listing flexibility.

Recommended offer $389,075 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
5. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
6. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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: 1.17% ✓
• Cap rate: 6.69%
• Cash-on-cash: 1.41%
• DSCR: 1.06
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.29% appreciation · 0.92% rent growth · sell at horizon

5-year hold

• IRR: -1.3%
• Equity multiple: 0.94×
• Total profit: $-6,660
• Equity at exit: $120,555

10-year hold

• IRR: 2.4%
• Equity multiple: 1.25×
• Total profit: $27,997
• Equity at exit: $149,674

Cash invested: $110,600 (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 34109

• Home prices YoY: 0.1%
• Rents YoY: 0.9%
• Active inventory: 424
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $4,618 high
• Mortgage (P&I): −$2,071
• Tax est. 1.5%: −$494 /mo · $5,925/yr
• Insurance: −$165
• HOA: −$788
• Vacancy / Maint / Mgmt: −$970
• Net cashflow: $130

Break-even live

Break-even rent $4,453

Max offer price $395,000

Occupancy floor 92%

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: $98,750
• Closing costs: $11,850
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2860 Citrus Lake Dr Unit R202 Naples, FL	3.0	2.0	1590	$5,000	$3.14	23d	1	0.09mi
2860 Citrus Lake Dr Unit R-202 Naples, FL	3.0	2.0	1590	$5,000	$3.14	14d	1	0.09mi
2885 Citrus Lake Dr Unit N103 Naples, FL	2.0	2.0	1249	$5,250	$4.20	14d	1	0.10mi
2731 Citrus Lake Dr #202 Naples, FL	2.0	2.0	1260	$2,500	$1.98	14d	1	0.11mi
2880 Citrus Lake Dr Unit Q201 Naples, FL	3.0	2.0	1590	$2,495	$1.57	14d	1	0.12mi
2864 Mizzen Way Unit Y106 Naples, FL	2.0	2.0	1350	$5,200	$3.85	14d	1	0.14mi
2711 Citrus Lake Dr Unit F302 Naples, FL	2.0	2.0	1272	$4,500	$3.54	14d	1	0.14mi
2711 Citrus Lake Dr Unit F305 Naples, FL	3.0	2.0	1480	$5,500	$3.72	14d	1	0.14mi
3048 Horizon Ln #1104 Naples, FL	3.0	2.5	1818	$5,150	$2.83	23d	1	0.15mi
2730 Sailors Way Naples, FL	3.0	3.0	1700	$9,000	$5.29	23d	1	0.15mi
2671 Citrus Lake Dr Unit E-303 Naples, FL	2.0	2.0	1380	$3,500	$2.54	14d	1	0.18mi
2671 Citrus Lake Dr Unit E-201 Naples, FL	3.0	2.0	1380	$5,250	$3.80	14d	1	0.18mi
3051 Horizon Ln #1803 Naples, FL	2.0	2.0	1482	$5,100	$3.44	23d	1	0.19mi
7710 Ahoy Ave Naples, FL	3.0	2.0	1580	$2,950	$1.87	23d	1	0.20mi
2835 Mizzen Way Naples, FL	3.0	2.0	1641	$2,900	$1.77	23d	1	0.21mi
3035 Horizon Ln #2206 Naples, FL	2.0	2.0	1246	$6,000	$4.82	23d	1	0.21mi
2651 Citrus Lake Dr Unit D302 Naples, FL	2.0	2.0	1250	$5,000	$4.00	14d	1	0.22mi
2611 Citrus Lake Dr Unit C-203 Naples, FL	3.0	2.0	1710	$5,500	$3.22	14d	1	0.25mi
2476 Orchid Bay Dr Unit W201 Naples, FL	3.0	2.0	1928	$2,600	$1.35	14d	1	0.25mi
7030 Lone Oak Blvd Naples, FL	3.0	2.0	1700	$6,400	$3.76	14d	1	0.28mi
3015 Horizon Ln #2702 Naples, FL	3.0	2.0	1399	$1,790	$1.28	23d	1	0.30mi
7416 Plumbago Bridge Rd #103 Naples, FL	2.0	2.0	1223	$2,400	$1.96	14d	1	0.30mi
2608 Sailors Way #122 Naples, FL	2.0	2.0	1387	$5,500	$3.97	23d	1	0.32mi
2541 Citrus Lake Dr Unit A-205 Naples, FL	3.0	2.0	1590	$5,250	$3.30	14d	1	0.32mi
2516 Orchid Bay Dr #203 Naples, FL	2.0	2.0	1360	$4,750	$3.49	23d	1	0.33mi
3009 Driftwood Way #2802 Naples, FL	3.0	2.0	1399	$2,000	$1.43	23d	1	0.37mi
3062 Driftwood Way #4301 Naples, FL	3.0	2.0	1573	$6,500	$4.13	23d	1	0.37mi
2460 Old Groves Rd Unit E102 Naples, FL	2.0	2.0	1226	$2,400	$1.96	14d	1	0.40mi
3296 Twilight Ln #6202 Naples, FL	3.0	2.5	2133	$6,500	$3.05	14d	1	0.40mi
3057 Driftwood Way #4004 Naples, FL	3.0	2.5	1818	$6,400	$3.52	23d	1	0.41mi
7518 Silver Trumpet Ln Unit Q102 Naples, FL	2.0	2.0	1300	$2,600	$2.00	14d	1	0.42mi
3017 Driftwood Way #3001 Naples, FL	3.0	2.0	1385	$5,000	$3.61	23d	1	0.42mi
3049 Driftwood Way #3806 Naples, FL	3.0	2.5	1818	$4,700	$2.59	23d	1	0.47mi
2585 Old Groves Rd Unit L203 Naples, FL	2.0	2.0	1448	$5,500	$3.80	14d	1	0.47mi
3025 Driftwood Way #3203 Naples, FL	2.0	2.0	1248	$3,900	$3.12	23d	1	0.48mi
7762 Gardner Dr #102 Naples, FL	2.0	2.0	1607	$6,000	$3.73	23d	1	0.50mi
3029 Driftwood Way #3303 Naples, FL	2.0	2.0	1248	$4,000	$3.21	23d	1	0.50mi
7720 Gardner Dr #201 Naples, FL	3.0	3.0	1960	$5,500	$2.81	23d	1	0.52mi
3037 Driftwood Way #3505 Naples, FL	2.0	2.0	1248	$2,500	$2.00	23d	1	0.52mi
2729 Branch Ln Naples, FL	3.0	2.0	1800	$3,650	$2.03	23d	1	0.58mi

HOA detail condo

• Monthly dues: $788 · $9,456/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-18
   days on market $395,000 Active 19 DOM
2. 2026-06-17
   days on market $395,000 Active 18 DOM
3. 2026-06-16
   days on market $395,000 Active 17 DOM
4. 2026-06-15
   days on market $395,000 Active 16 DOM
5. 2026-06-14
   days on market $395,000 Active 14 DOM
6. 2026-06-10
   days on market $395,000 Active 11 DOM
7. 2026-06-09
   days on market $395,000 Active 10 DOM
8. 2026-06-08
   days on market $395,000 Active 9 DOM
9. 2026-06-07
   days on market $395,000 Active 8 DOM
10. 2026-06-03
    days on market $395,000 Active 4 DOM
11. 2026-06-02
    days on market $395,000 Active 3 DOM
12. 2026-06-01
    days on market $395,000 Active 2 DOM
13. 2026-05-31
    remarks 677-char remark
14. 2026-05-31
    listed $395,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $55,414
• − Mortgage interest: −$22,126
• − Property taxes: −$5,925
• − Insurance: −$1,975
• − Repairs & maintenance: −$4,433
• − Management: −$4,433
• − HOA: −$9,456
• − Depreciation: −$11,491
• Taxable loss: −$4,425
• Est. tax savings @ 24.0%: +$1,062
• After-tax cash flow: $2,626/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained, lakefront condo is move-in ready with a good condition score and minimal repairs needed. It offers a serene lake view and a spacious, open floor plan.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and adds value
• Both New flooring in high-traffic areas — Updates flooring can increase both resale and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both New flooring in high-traffic areas — Updates flooring can increase both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Pelican Marsh

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Collier County · 396,295 people
• Metro: Naples-Marco Island, FL
• Population (ZIP): 27,273
• Household income: $92,259
• Rent vs Own: 33.3% rent · 66.7% own
• Severe rent burden: 1712.0

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 (78%)
• Race & ethnicity: White 78% Hispanic / Latino 11% Two or more races 9% Black 4% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1% Cuban 3%
• Common ancestry: Romanian 5% Scotch-Irish 3% Lithuanian 2%
• Foreign-born: 20% · Canada, Jamaica, Vietnam
• Languages at home: 77% English-only · Spanish 10% Other Indo-European 5% Russian/Polish/Slavic 3%

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: ▲ 0.29%
• Current HPI: 279.357
• Rent YoY: ▲ 0.92%
• 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

1 event — show timeline

• 2026-05-30 Listed $395,000 NAPLESMLS