6360 Lexington Ct #201 · Pelican Marsh, FL 34110

$500,000

3 bd · 2.0 ba · 1,928 sqft · Condo public records · 104 Days on market

Built 2004 $813/mo HOA · 15% 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 +17.1/30.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• DSCR +5.3/10.0
• Schools +5.0/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to your dream lakefront residence in the desirable gated community of Carlton Lakes. This 2nd floor condo offers some of the best lake and fountain views from one of the finest locations within the community. Enjoy vaulted ceilings, a spacious kitchen that open up to the living area making it great for entertaining. You have two outdoor lanai spaces to relax on, complete with electric hurricane shutters on the rear lanai for added peace of mind. The interior showcases freshly painted walls, elegant plantation shutters, and upgraded carpet in the bedrooms and den, complemented by top-of-the-line stainless steel appliances. Community amenities include bocce and tennis courts, a 60 ft

Key facts

• Gated community
• Lakefront residence
• Outdoor lanai spaces

Tags

• LAKEFRONT RESIDENCE
• GATED COMMUNITY
• LAKE AND FOUNTAIN VIEWS
• OUTDOOR LANAI SPACES
• ELECTRIC HURRICANE SHUTTERS
• FRESHLY PAINTED WALLS

Property features AI

Finance

• HOA & community: Mandatory HOA; Master HOA fee $688 quarterly; Condo fee $1,750 quarterly; Total annual recurring fees $9,752; Total one-time fees $2,150; Condo management; HOA maintenance covers cable, insurance, internet/Wi-Fi, irrigation water, lawn/land maintenance, legal/accounting, manager, exterior pest control, reserves, sewer and water; Community amenities include clubhouse, community pool and spa/hot tub, exercise room, tennis and basketball courts, bocce, bike/jog paths, fishing pier, picnic/BBQ areas, playground, sidewalks and streetlights

Exterior

• Parking: Attached garage with 1 garage space
• Security: Gated community with guard at gate; Entry keypad
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential low-rise (1-3) carriage/coach style; Built in 2004; Rear exposure facing southeast; Located in the Carlton Lakes development (Lexington sub-condo, unit 201)
• Construction: Concrete block construction; Tile roof; Stucco finish
• Exterior features: Lakefront with water view; Zero lot line; Paved road access; Irrigation tied to lake/canal and reclaimed water; Electric and manual storm shutters; Single-hung windows; Stucco exterior; Tile roof; Entry keypad and gated community with guard at gate

Interior

• Kitchen: Range; Self-cleaning oven; Microwave; Dishwasher; Garbage disposal; Refrigerator/freezer
• Bedrooms: 3 bedrooms with a split-bedroom floor plan
• Flooring: Tile; Carpet
• Bathrooms: 2 full bathrooms; Master bathroom with dual sinks and shower (no tub)
• Heating & cooling: Central electric heating; Central electric cooling; Ceiling fans
• Interior features: Cable prewire and high-speed internet available; Smoke detectors; Window coverings; Breakfast bar, formal dining and dining/living area; Den/study; Screened lanai/porch; Negotiable furnishings
• Laundry & utility: Washer and dryer in residence; Auto garage door

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $500k.

Deal economics

• At list price, monthly cash flow is $347 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $500k).
• Recommended offer: $455k (9.0% 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.
• 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 $5,462/mo this rent would consume 67% 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 $15k 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 104 days — a 9% lower offer ($455k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $455,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.09% ✓
• Cap rate: 7.13%
• Cash-on-cash: 2.98%
• DSCR: 1.13
• GRM: 7.6

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: -15.4%
• Equity multiple: 0.47×
• Total profit: $-74,513
• Equity at exit: $74,552

10-year hold

• IRR: -14.2%
• Equity multiple: 0.31×
• Total profit: $-96,654
• Equity at exit: $43,231

Cash invested: $140,000 (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 34110

• Rents YoY: -1.1%
• Active inventory: 595
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $5,462 high
• Mortgage (P&I): −$2,622
• Tax from tax record: −$325 /mo · $3,896/yr
• Insurance: −$208
• HOA: −$813
• Vacancy / Maint / Mgmt: −$1,147
• Net cashflow: $347

Break-even live

Break-even rent $5,023

Max offer price $500,000

Occupancy floor 89%

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: $125,000
• Closing costs: $15,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5630 Sherborn Dr #202 Naples, FL	3.0	2.0	2005	$7,500	$3.74	23d	1	0.12mi
6478 Waverly Green Way Naples, FL	3.0	2.5	1711	$10,000	$5.84	23d	1	0.21mi
5935 Northridge Dr Naples, FL	2.0	2.0	1671	$2,995	$1.79	23d	1	0.25mi
5455 Worthington Ln #202 Naples, FL	2.0	2.0	1427	$3,900	$2.73	23d	1	0.25mi
6522 Waverly Green Way Naples, FL	3.0	2.0	2039	$4,500	$2.21	23d	1	0.33mi
5765 Grande Reserve Way Unit 7-702 Naples, FL	2.0	2.0	1800	$7,500	$4.17	23d	1	0.34mi
5325 Andover Dr #101 Naples, FL	2.0	2.0	1654	$5,250	$3.17	23d	1	0.37mi
231 Legacy Ct Naples, FL	3.0	3.0	2265	$7,900	$3.49	23d	1	0.38mi
250 Willowick Dr Naples, FL	3.0	2.0	1469	$3,500	$2.38	23d	1	0.39mi
5330 Andover Dr #102 Naples, FL	3.0	2.0	1740	$2,550	$1.47	23d	1	0.39mi
5145 Cobble Creek Ct #202 Naples, FL	2.0	2.0	1798	$2,600	$1.45	21d	1	0.43mi
5360 Andover Dr #202 Naples, FL	3.0	2.0	1928	$6,500	$3.37	23d	1	0.43mi
5632 Whisperwood Blvd #1601 Naples, FL	3.0	2.0	1856	$8,000	$4.31	23d	1	0.44mi
5705 Heron Ln #806 Naples, FL	2.0	2.0	1540	$7,000	$4.55	23d	1	0.47mi
5130 Cobble Creek Ct Unit B202 Naples, FL	3.0	2.0	2050	$2,800	$1.37	14d	1	0.48mi
5693 Heron Ln #502 Naples, FL	2.0	2.0	1490	$6,800	$4.56	23d	1	0.49mi
208 Erie Dr Unit 1355591P Naples, FL	3.0	2.0	1754	$5,550	$3.16	14d	1	0.49mi
5645 Whisperwood Blvd #504 Naples, FL	2.0	2.0	1793	$6,000	$3.35	23d	1	0.49mi
5125 Cedar Springs Dr #204 Naples, FL	3.0	2.0	2177	$5,650	$2.60	23d	1	0.52mi
5105 Cedar Springs Dr #101 Naples, FL	2.0	2.0	1650	$7,000	$4.24	23d	1	0.54mi
5657 Whisperwood Blvd #204 Naples, FL	2.0	2.0	1793	$6,000	$3.35	23d	1	0.56mi
4910 Deerfield Way Unit A-203 Naples, FL	2.0	2.0	1388	$5,500	$3.96	14d	1	0.57mi
128 Heritage Way Naples, FL	3.0	2.0	2382	$3,500	$1.47	23d	1	0.63mi
4950 Deerfield Way #202 Naples, FL	2.0	2.0	1388	$2,000	$1.44	21d	1	0.63mi
5045 Cedar Springs Dr #203 Naples, FL	2.0	2.0	1427	$4,200	$2.94	23d	1	0.64mi
4970 Deerfield Way Unit F-203 Naples, FL	2.0	2.0	1388	$1,990	$1.43	14d	1	0.64mi
2895 Cypress Trace Cir #202 Naples, FL	2.0	2.0	1232	$4,500	$3.65	23d	1	0.66mi
2895 Cypress Trace Cir #104 Naples, FL	2.0	2.0	1252	$4,800	$3.83	23d	1	0.66mi
2855 Cypress Trace Cir #202 Naples, FL	2.0	2.0	1232	$4,800	$3.90	14d	1	0.66mi
2855 Cypress Trace Cir #102 Naples, FL	2.0	2.0	1232	$2,000	$1.62	14d	1	0.66mi
2835 Cypress Trace Cir Unit 1049710P Naples, FL	3.0	2.0	1248	$4,110	$3.29	14d	1	0.67mi
2880 Cypress Trace Cir #103 Naples, FL	2.0	2.0	1372	$5,500	$4.01	23d	1	0.70mi
2870 Cypress Trace Cir #1713 Naples, FL	2.0	2.0	1414	$2,900	$2.05	23d	1	0.70mi
2820 Cypress Trace Cir Naples, FL	2.0	2.0	1254	$3,748	$2.99	23d	3	0.72mi
2790 Cypress Trace Cir Naples, FL	2.0	2.0	1537	$5,000	$3.25	23d	2	0.73mi
5945 Paradise Cir Naples, FL	3.0	3.5	2564	$3,610	$1.41	23d	1	0.74mi
4910 Cougar Ct N Unit 1-205 Naples, FL	2.0	2.0	1377	$2,050	$1.49	14d	1	0.74mi
2920 Cypress Trace Cir #204 Naples, FL	2.0	2.0	1625	$5,500	$3.38	23d	1	0.75mi
194 Wickliffe Dr Naples, FL	3.0	2.0	1798	$3,500	$1.95	23d	1	0.75mi
16097 Ravina Way #36 Naples, FL	3.0	2.5	1580	$2,395	$1.52	21d	1	0.79mi

HOA detail condo

• Monthly dues: $813 · $9,756/yr
• Likely covers: electricsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $500,000 Active 104 DOM
2. 2026-06-17
   days on market $500,000 Active 103 DOM
3. 2026-06-16
   days on market $500,000 Active 102 DOM
4. 2026-06-15
   days on market $500,000 Active 101 DOM
5. 2026-06-14
   days on market $500,000 Active 99 DOM
6. 2026-06-10
   days on market $500,000 Active 96 DOM
7. 2026-06-09
   days on market $500,000 Active 95 DOM
8. 2026-06-08
   days on market $500,000 Active 94 DOM
9. 2026-06-07
   days on market $500,000 Active 93 DOM
10. 2026-06-03
    days on market $500,000 Active 89 DOM
11. 2026-06-02
    days on market $500,000 Active 88 DOM
12. 2026-06-01
    days on market $500,000 Active 87 DOM
13. 2026-05-31
    days on market $500,000 Active 86 DOM
14. 2026-05-30
    days on market $500,000 Active 85 DOM
15. 2026-03-06
    listed $500,000 Active

ⓘ 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: $3,896 · $325/mo
• Projected year-2 tax: $4,150 · $346/mo
• Expected delta: +$254/yr (+$21/mo · 6.5%)

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

Climate risk First Street

• 🌊 Flood 2/10 Low FEMA zone X (unshaded) · 3% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 31 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: $65,549
• − Mortgage interest: −$28,008
• − Property taxes: −$3,896
• − Insurance: −$2,500
• − Repairs & maintenance: −$5,244
• − Management: −$5,244
• − HOA: −$9,756
• − Depreciation: −$14,545
• Taxable loss: −$3,644
• Est. tax savings @ 24.0%: +$874
• After-tax cash flow: $5,042/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 — 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): 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

1 event — show timeline

• 2026-03-06 Listed $500,000 NAPLESMLS

Property tax history

+5.5%/yr

Latest (2025): $3,896 · +4.2% YoY. Source: county tax records.