2761 Citrus Lake Dr Unit H102 · Pelican Marsh, FL 34109

$429,000

2 bd · 2.0 ba · 1,260 sqft · Condo · 455 Days on market

Built 1990 Good condition $727/mo HOA · 17% 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 +9.9/30.0
• ARV discount +7.5/15.0
• 1% rule +5.1/10.0
• Appreciation +5.1/10.0
• Schools +5.0/10.0
• Condition / age +4.0/5.0
• DSCR +2.8/10.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0

Listing remarks

TOTALLY REMODELED - GORGEOUS - LAKEFRONT - COVERED PARKING - GROUND FLOOR. This Stunning Lakefront Condo in Lakeside is a rare opportunity that has been Completely Remodeled with exquisite detail. Featuring 2 bedrooms and 2 baths, it boasts an open-concept Custom Kitchen designed with the wall removed to create a spacious living area that maximizes breathtaking lake views. The New Kitchen has custom cabinetry with soft close drawers, Whirlpool stainless steel appliances, large deep sink, quartz countertops and a breakfast bar perfect for casual meals and enhanced with recessed lighting and a tray ceiling for added elegance. The Master Shower and Guest Bath have been totally remodeled with n

Key facts

• Lakefront
• Custom kitchen
• Gated community

Tags

• LAKEFRONT
• CUSTOM KITCHEN
• QUARTZ COUNTERTOPS
• PAVER DECK
• GATED COMMUNITY
• TWO SWIMMING POOLS

Property features AI

Finance

• Other: Part of a large complex with many units and multiple buildings
• Financial info: Quarterly condo fee amount is listed; One-time fees apply
• HOA & community: Mandatory HOA with professional management; Quarterly condo fee; Maintenance covers cable, insurance, irrigation water, lawn/land maintenance, manager, master association fee, pest control (exterior and interior), recreation facilities, reserves, trash removal, and water; Community amenities include clubhouse, community pool and spa, exercise room, tennis, pickleball, bocce, shuffleboard, basketball, walking/bike paths, fishing pier, lakefront beach, library, play area, sauna, billiards, bike storage, extra storage, internet access, streetlights, sidewalks, and underground utilities; Gated community

Exterior

• Parking: 1 assigned covered parking space; Detached 1-car carport
• Security: Gated community; Entry keypad
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential low-rise building (1–3 stories); Zero lot line setting; Rear exposure faces north; Part of the Lakeside development
• Construction: Concrete block construction; Stucco and vinyl siding exterior; Shingle roof; Built in 1990
• Exterior features: Storage; Water feature/lake on the property; Lake view; Irrigation with lake/canal and reclaimed water

Interior

• Kitchen: Pantry; Disposal; Microwave; Range; Refrigerator/ice maker; Self-cleaning oven
• Bedrooms: 2 bedrooms with a split bedroom layout
• Flooring: Tile flooring
• Bathrooms: 2 full bathrooms; Master bath with dual sinks and a 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; Walk-in closet; Great room floor plan; Common elevator access; Screened lanai/porch; Laundry in residence
• Laundry & utility: Washer and dryer included; Laundry located inside the residence

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $429k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-336 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $380k (11.3% below list).
• Meets the 1% rule at list price ($4k rent vs $429k).
• Recommended offer: $378k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade D — 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.
• Zoned schools: Pelican Marsh Elementary School (math 87% / reading 83%, grade A+, #35 of 2,144 statewide, top 2%, 709 students, 29% FRL); Pine Ridge Middle School (math 74% / reading 70%, grade A, #52 of 571 statewide, top 10%, 832 students, 31% FRL); Barron Collier High School (math 62% / reading 68%, grade B, #76 of 667 statewide, top 11%, 1,650 students, 26% FRL) — zoned schools average 29% FRL vs 55% district-wide (26 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 74% at this address vs 58% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Collier average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents flat; 424 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); solid renter incomes; 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• At $4,332/mo this rent would consume 56% 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 ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 455 days — a 12% lower offer ($378k) is reasonable based on typical stale-listing flexibility.

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; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $377,520 (12.0% 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. It's been on market 455 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
10. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
11. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
12. 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.
13. 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.
14. 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: 1.01% ✓
• Cap rate: 5.54%
• Cash-on-cash: -2.69%
• DSCR: 0.88
• GRM: 8.3

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: -6.4%
• Equity multiple: 0.70×
• Total profit: $-36,308
• Equity at exit: $130,931

10-year hold

• IRR: -2.3%
• Equity multiple: 0.76×
• Total profit: $-28,772
• Equity at exit: $162,558

Cash invested: $120,120 (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: 8.3×

Monthly cashflow live

• Estimated rent: $4,332 high
• Mortgage (P&I): −$2,250
• Tax est. 1.5%: −$536 /mo · $6,435/yr
• Insurance: −$179
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$727
• Vacancy / Maint / Mgmt: −$910
• Net cashflow: $-336

Break-even live

Break-even rent $4,757

Max offer price $380,355

Occupancy floor —

Sensitivity live

Price	-10% $-40	-5% $-188	+0% $-336	+5% $-484	+10% $-633
Rent	-10% $-678	-5% $-507	+0% $-336	+5% $-165	+10% $6
Rate	-1.0pp $-120	-0.5pp $-227	base $-336	+0.5pp $-447	+1.0pp $-560

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: $107,250
• Closing costs: $12,870
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2731 Citrus Lake Dr #202 Naples, FL	2.0	2.0	1260	$2,500	$1.98	15d	1	0.05mi
2711 Citrus Lake Dr Unit F305 Naples, FL	3.0	2.0	1480	$5,500	$3.72	15d	1	0.08mi
2711 Citrus Lake Dr Unit F302 Naples, FL	2.0	2.0	1272	$4,500	$3.54	15d	1	0.08mi
2671 Citrus Lake Dr Unit E-303 Naples, FL	2.0	2.0	1380	$3,500	$2.54	15d	1	0.12mi
2671 Citrus Lake Dr Unit E-201 Naples, FL	3.0	2.0	1380	$5,250	$3.80	15d	1	0.12mi
2860 Citrus Lake Dr Unit R-202 Naples, FL	3.0	2.0	1590	$5,000	$3.14	15d	1	0.13mi
2860 Citrus Lake Dr Unit R202 Naples, FL	3.0	2.0	1590	$5,000	$3.14	25d	1	0.13mi
2651 Citrus Lake Dr Unit D302 Naples, FL	2.0	2.0	1250	$5,000	$4.00	15d	1	0.15mi
2880 Citrus Lake Dr Unit Q201 Naples, FL	3.0	2.0	1590	$2,495	$1.57	15d	1	0.16mi
2611 Citrus Lake Dr Unit C-203 Naples, FL	3.0	2.0	1710	$5,500	$3.22	15d	1	0.19mi
2885 Citrus Lake Dr Unit N103 Naples, FL	2.0	2.0	1249	$5,250	$4.20	15d	1	0.19mi
3048 Horizon Ln #1104 Naples, FL	3.0	2.5	1818	$5,150	$2.83	25d	1	0.20mi
7030 Lone Oak Blvd Naples, FL	3.0	2.0	1700	$6,400	$3.76	15d	1	0.21mi
2730 Sailors Way Naples, FL	3.0	3.0	1700	$9,000	$5.29	25d	1	0.21mi
2864 Mizzen Way Unit Y106 Naples, FL	2.0	2.0	1350	$5,200	$3.85	15d	1	0.22mi
3051 Horizon Ln #1803 Naples, FL	2.0	2.0	1482	$5,100	$3.44	25d	1	0.23mi
3035 Horizon Ln #2206 Naples, FL	2.0	2.0	1246	$6,000	$4.82	25d	1	0.23mi
7710 Ahoy Ave Naples, FL	3.0	2.0	1580	$2,950	$1.87	25d	1	0.24mi
2541 Citrus Lake Dr Unit A-205 Naples, FL	3.0	2.0	1590	$5,250	$3.30	15d	1	0.26mi
2835 Mizzen Way Naples, FL	3.0	2.0	1641	$2,900	$1.77	25d	1	0.27mi
2608 Sailors Way #122 Naples, FL	2.0	2.0	1387	$5,500	$3.97	25d	1	0.32mi
7416 Plumbago Bridge Rd #103 Naples, FL	2.0	2.0	1223	$2,400	$1.96	15d	1	0.33mi
3015 Horizon Ln #2702 Naples, FL	3.0	2.0	1399	$1,790	$1.28	25d	1	0.34mi
2516 Orchid Bay Dr #203 Naples, FL	2.0	2.0	1360	$4,750	$3.49	25d	1	0.40mi
3009 Driftwood Way #2802 Naples, FL	3.0	2.0	1399	$2,000	$1.43	25d	1	0.42mi
3062 Driftwood Way #4301 Naples, FL	3.0	2.0	1573	$6,500	$4.13	25d	1	0.43mi
2460 Old Groves Rd Unit E102 Naples, FL	2.0	2.0	1226	$2,400	$1.96	15d	1	0.43mi
3057 Driftwood Way #4004 Naples, FL	3.0	2.5	1818	$6,400	$3.52	25d	1	0.46mi
3017 Driftwood Way #3001 Naples, FL	3.0	2.0	1385	$5,000	$3.61	25d	1	0.47mi
7518 Silver Trumpet Ln Unit Q102 Naples, FL	2.0	2.0	1300	$2,600	$2.00	15d	1	0.49mi
3025 Driftwood Way #3203 Naples, FL	2.0	2.0	1248	$3,900	$3.12	25d	1	0.52mi
3049 Driftwood Way #3806 Naples, FL	3.0	2.5	1818	$4,700	$2.59	25d	1	0.52mi
3029 Driftwood Way #3303 Naples, FL	2.0	2.0	1248	$4,000	$3.21	25d	1	0.55mi
2585 Old Groves Rd Unit L203 Naples, FL	2.0	2.0	1448	$5,500	$3.80	15d	1	0.55mi
7287 Mill Pond Cir Naples, FL	3.0	2.0	1355	$3,800	$2.80	25d	1	0.57mi
3037 Driftwood Way #3505 Naples, FL	2.0	2.0	1248	$2,500	$2.00	25d	1	0.57mi
7762 Gardner Dr #102 Naples, FL	2.0	2.0	1607	$6,000	$3.73	25d	1	0.59mi
6654 Tannin Ln Unit B Naples, FL	2.0	2.0	1441	$3,100	$2.15	25d	1	0.59mi
7271 Mill Pond Cir Naples, FL	3.0	2.0	1700	$8,250	$4.85	25d	1	0.59mi
7546 Mill Pond Cir Naples, FL	3.0	2.0	1373	$6,500	$4.73	25d	1	0.64mi

HOA detail condo

• Monthly dues: $727 · $8,724/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-22
   days on market $429,000 Active 455 DOM
2. 2026-06-18
   days on market $429,000 Active 452 DOM
3. 2026-06-17
   days on market $429,000 Active 451 DOM
4. 2026-06-16
   days on market $429,000 Active 450 DOM
5. 2026-06-15
   days on market $429,000 Active 449 DOM
6. 2026-06-10
   days on market $429,000 Active 444 DOM
7. 2026-06-09
   days on market $429,000 Active 443 DOM
8. 2026-06-08
   days on market $429,000 Active 442 DOM
9. 2026-06-07
   days on market $429,000 Active 441 DOM
10. 2026-06-03
    remarks 699-char remark
11. 2026-06-03
    listed $429,000 Active 436 DOM

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 29 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: $51,980
• − Mortgage interest: −$24,031
• − Property taxes: −$6,435
• − Insurance: −$2,942
• − Repairs & maintenance: −$4,158
• − Management: −$4,158
• − HOA: −$8,724
• − Depreciation: −$12,480
• Taxable loss: −$10,949
• Est. tax savings @ 24.0%: +$2,628
• After-tax cash flow: $-1,406/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 · 13 photos

Good 80/100 Cosmetic rehab

This remodeled lakefront condo is in excellent condition with a good condition score of 80. It has a good roof, exterior, flooring, and interior walls/paint. The kitchen and bathrooms are in good condition with custom cabinetry and soft close drawers. The home is move-in ready with a good foundation and structure. The only potential areas for improvement are painting the exterior siding and landscaping improvements to enhance curb appeal and increase the home's value.

Value-add opportunities

• Resale Painting the exterior siding — Enhances curb appeal and can increase the home's value
• Resale Landscaping improvements — Enhances curb appeal and can increase the home's value

Renovation cost estimate screening

Value-add ROI direction

• Resale Painting the exterior siding — Enhances curb appeal and can increase the home's value ↑
• Resale Landscaping improvements — Enhances curb appeal and can increase the home's 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

• 2025-03-23 Listed $429,000 NAPLESMLS