840 Meadowland Dr Unit J · Pine Ridge, FL 34108

$475,000

2 bd · 2.5 ba · 1,784 sqft · Condo public records · 19 Days on market

Built 1988 $670/mo HOA · 12% 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 +22.5/30.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• 1% rule +6.4/10.0
• Schools +5.0/10.0
• Rent growth +4.7/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Located in the highly desirable Pelican Ridge community in North Naples, this beautifully updated 2-bedroom + den, 2.5-bath townhouse offers the perfect blend of comfort, style, and location. The den/loft is currently being used as a third bedroom, providing flexible living space ideal for guests, a home office, or additional sleeping quarters. This well-maintained residence features real pecan hardwood floors and tile downstairs, newer carpet installed in 2025 upstairs and in the primary bedroom, crown molding, upgraded baseboards, soaring ceilings, abundant natural light, and a cozy wood-burning fireplace that adds warmth and character to the living area. The updated kitchen showcases Kra

Key facts

• Screened lanai
• Granite countertops
• Fenced common area

Tags

• REAL PECAN HARDWOOD FLOORS
• KRAFTMAID MAPLE CABINETRY
• GRANITE COUNTERTOPS
• PRIVATE COURTYARD
• SCREENED LANAI
• FENCED COMMON AREA

Property features AI

Finance

• Other: Property type: Residential; Development: Pelican Ridge; Units in complex: 180; units in building: 2; floors in building: 2; Deeded restrictions; Lot total area reported
• HOA & community: Mandatory HOA (Pelican Ridge); Quarterly master HOA fee; Professional management; Community pool; Non-gated community; HOA covers irrigation water, lawn/land maintenance, exterior pest control, recreation facilities and reserves; Total annual recurring fees reported

Exterior

• Parking: Attached 2-car garage
• Utilities: Central water; Central sewer; Cable available
• Home design: Single-family end-unit; 2-story floor plan; Rear exposure facing south
• Construction: Built in 1988; Concrete block and wood frame construction; Stucco exterior finish; Shingle roof; Single-hung, sliding, transom windows and skylight
• Exterior features: Courtyard; Zero lot line; End-unit

Interior

• Kitchen: Cooktop (electric); Dishwasher; Disposal; Microwave; Refrigerator/Freezer
• Bedrooms: 2 bedrooms plus den; Master bedroom on ground level
• Flooring: Wood flooring; Carpet
• Bathrooms: 2 full bathrooms; 1 half bathroom; Master bath with shower-only layout and multiple shower heads
• Heating & cooling: Central electric heat; Central electric cooling; Ceiling fans
• Interior features: Cathedral and vaulted ceilings; Fireplace; Smoke detectors; Walk-in closet; Window coverings; Den / study; Great room; Loft; Screened lanai/porch; Laundry in garage; Unfurnished
• Laundry & utility: Washer and dryer; Auto garage door

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $475k.

Deal economics

• At list price, monthly cash flow is $801 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $475k).
• Recommended offer: $468k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 3.4% in Pine Ridge — 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 67/100 on livability (#565 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A-; Watch: health & safety C-, schools F, 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.
• Market conditions: Rents rising fast (+8.7%/yr); 682 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• At $5,417/mo this rent would consume 55% of the median local household income ($119k/yr) (locally 237% 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 $14k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $133k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($468k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $132k; list at $475k implies a 260% gain — meaningful room to come down on a strong offer.

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 $467,875 (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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 1.14% ✓
• Cap rate: 8.32%
• Cash-on-cash: 7.23%
• DSCR: 1.32
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 0.5%
• Equity multiple: 1.02×
• Total profit: $2,867
• Equity at exit: $70,824

10-year hold

• IRR: 14.9%
• Equity multiple: 2.50×
• Total profit: $199,298
• Equity at exit: $41,069

Cash invested: $133,000 (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 34108

• Rents YoY: 8.7%
• Active inventory: 682
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $5,417 medium
• Mortgage (P&I): −$2,491
• Tax from tax record: −$120 /mo · $1,438/yr
• Insurance: −$198
• HOA: −$670
• Vacancy / Maint / Mgmt: −$1,138
• Net cashflow: $801

Break-even live

Break-even rent $4,403

Max offer price $475,000

Occupancy floor 80%

Sensitivity live

Price	-10% $1,070	-5% $935	+0% $801	+5% $666	+10% $532
Rent	-10% $373	-5% $587	+0% $801	+5% $1,015	+10% $1,229
Rate	-1.0pp $1,040	-0.5pp $922	base $801	+0.5pp $678	+1.0pp $553

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
840 Meadowland Dr Unit H Naples, FL	3.0	2.5	1748	$6,900	$3.95	24d	1	0.02mi
840 Meadowland Dr Unit H Naples, FL	3.0	2.5	1748	$6,900	$3.95	15d	1	0.04mi
833 Meadowland Dr Unit 14-3 Naples, FL	2.0	2.5	1360	$5,500	$4.04	15d	1	0.08mi
878 Meadowland Dr Unit B Naples, FL	3.0	2.5	1784	$3,200	$1.79	15d	1	0.08mi
878 Meadowland Dr Unit 4 Naples, FL	2.0	2.0	1459	$6,500	$4.46	15d	1	0.08mi
878 Meadowland Dr Unit G Naples, FL	2.0	2.0	1282	$2,500	$1.95	15d	1	0.08mi
820 Meadowland Dr Unit D Naples, FL	2.0	2.5	1432	$5,500	$3.84	15d	1	0.09mi
823 Meadowland Dr Unit 41-2 Naples, FL	3.0	2.5	1784	$9,000	$5.04	15d	1	0.11mi
823 Meadowland Dr Unit H Naples, FL	3.0	2.5	1744	$6,500	$3.73	15d	1	0.11mi
800 Meadowland Dr Unit N Naples, FL	2.0	2.5	1432	$5,500	$3.84	22d	1	0.18mi
800 Meadowland Dr Unit H Naples, FL	2.0	2.5	1432	$2,700	$1.89	15d	1	0.18mi
790 Meadowland Dr Unit 29-2 Naples, FL	2.0	2.5	1432	$6,000	$4.19	15d	1	0.20mi
9115 Strada Pl Naples, FL	1.0–2.0	1.5–2.0	1489	$13,000	$8.73	24d	4	0.31mi
65 Emerald Woods Dr Unit E8 Naples, FL	2.0	2.5	1360	$2,400	$1.76	24d	1	0.32mi
61 Emerald Woods Dr Unit D2 Naples, FL	2.0	2.5	1360	$3,200	$2.35	24d	1	0.33mi
9123 Strada Pl Naples, FL	1.0–2.0	1.0–2.0	1267	$14,000	$11.05	15d	6	0.33mi
600 Lambiance Cir Unit 6 Naples, FL	3.0	2.0	1967	$9,000	$4.58	24d	1	0.36mi
800 L Ambiance Cir #106 Naples, FL	3.0	2.0	1620	$8,500	$5.25	15d	1	0.36mi
322 Sugar Pine Ln #322 Naples, FL	2.0	2.0	1311	$2,350	$1.79	24d	1	0.37mi
1000 L Ambiance Cir #201 Naples, FL	3.0	2.0	1928	$9,500	$4.93	24d	1	0.40mi
200 L Ambiance Cir #101 Naples, FL	2.0	2.0	1395	$8,500	$6.09	15d	1	0.41mi
200 L Ambiance Cir #201 Naples, FL	3.0	2.0	1928	$8,900	$4.62	15d	1	0.41mi
400 L Ambiance Cir #204 Naples, FL	2.0	2.0	1693	$10,000	$5.91	15d	1	0.41mi
400 L Ambiance Cir #206 Naples, FL	3.0	2.0	1928	$10,000	$5.19	15d	1	0.41mi
400 L Ambiance Cir #104 Naples, FL	2.0	2.0	1349	$6,500	$4.82	15d	1	0.41mi
7087 Barrington Cir #201 Naples, FL	3.0	2.0	1663	$6,500	$3.91	24d	1	0.42mi
1033 Egrets Walk Cir Unit 6-101 Naples, FL	3.0	2.0	1584	$2,200	$1.39	24d	1	0.43mi
500 Lambiance Cir Unit 5-104 Naples, FL	2.0	2.0	1349	$8,000	$5.93	24d	1	0.43mi
100 Lambiance Cir Unit 1-101 Naples, FL	2.0	2.0	1389	$8,800	$6.34	24d	1	0.44mi
881 Gulf Pavilion Dr #201 Naples, FL	2.0	2.0	1516	$7,500	$4.95	24d	1	0.44mi
7095 Barrington Cir Unit 6-102 Naples, FL	3.0	2.0	1521	$11,500	$7.56	24d	1	0.45mi
7104 Barrington Cir #102 Naples, FL	3.0	2.0	1527	$2,320	$1.52	15d	1	0.46mi
7104 Barrington Cir Unit 3-102 Naples, FL	3.0	2.0	1527	$8,000	$5.24	24d	1	0.46mi
901 Egrets Run Unit 4-102 Naples, FL	3.0	2.0	1986	$10,000	$5.04	24d	1	0.46mi
7108 Barrington Cir #101 Naples, FL	2.0	2.0	1527	$8,500	$5.57	15d	1	0.47mi
7050 Barrington Cir #202 Naples, FL	2.0	2.0	1663	$9,900	$5.95	24d	1	0.48mi
7046 Barrington Cir #202 Naples, FL	2.0	2.0	1663	$8,500	$5.11	24d	1	0.49mi
1051 Egrets Walk Cir Unit 7-102 Naples, FL	2.0	2.0	1696	$7,250	$4.27	24d	1	0.50mi
1051 Egrets Walk Cir Unit 7-201 Naples, FL	3.0	2.0	1800	$8,500	$4.72	24d	1	0.50mi
834 Gulf Pavilion Dr #204 Naples, FL	2.0	2.0	1516	$5,000	$3.30	22d	1	0.52mi

HOA detail condo

• Monthly dues: $670 · $8,040/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-21
   days on market $475,000 Active 19 DOM
2. 2026-06-18
   days on market $475,000 Active 16 DOM
3. 2026-06-17
   days on market $475,000 Active 15 DOM
4. 2026-06-16
   days on market $475,000 Active 14 DOM
5. 2026-06-15
   days on market $475,000 Active 13 DOM
6. 2026-06-14
   days on market $475,000 Active 11 DOM
7. 2026-06-10
   days on market $475,000 Active 8 DOM
8. 2026-06-09
   days on market $475,000 Active 7 DOM
9. 2026-06-08
   days on market $475,000 Active 6 DOM
10. 2026-06-07
    days on market $475,000 Active 5 DOM
11. 2026-06-03
    remarks 699-char remark
12. 2026-06-03
    listed $475,000 Active 1 DOM

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

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $1,438 · $120/mo
• Projected year-2 tax: $3,942 · $329/mo
• Expected delta: +$2,504/yr (+$209/mo · 174.1%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $65,006
• − Mortgage interest: −$26,607
• − Property taxes: −$1,438
• − Insurance: −$2,375
• − Repairs & maintenance: −$5,200
• − Management: −$5,200
• − HOA: −$8,040
• − Depreciation: −$13,818
• Taxable income: $2,326
• Est. tax owed @ 24.0%: −$558
• After-tax cash flow: $9,052/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 — Pine Ridge

• Score: 67/100
• State rank: #565
• US rank: #10798

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pine Ridge, FL
• County: Collier County · 396,295 people
• City population: 18,514
• Metro: Naples-Marco Island, FL
• Population (ZIP): 16,237
• Household income: $119,212
• Rent vs Own: 14.0% rent · 86.0% own
• Severe rent burden: 237.0

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 (87%)
• Race & ethnicity: White 87% Hispanic / Latino 8% Two or more races 7% Asian 1% Black 1%
• Hispanic origin (detail): Mexican 2% Cuban 3%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 3%
• Foreign-born: 16% · Canada, Dominican Republic, South Korea
• Languages at home: 86% English-only · Spanish 6% Russian/Polish/Slavic 2% Other Indo-European 2%

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: ▼ -587.97%
• Current HPI: 275.1872
• Rent YoY: ▲ 8.74%
• 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

+259.8% since first listed

2 events — show timeline

• 2026-06-02 Listed $475,000 NAPLESMLS
• 1998-09-03 Sold (Public Records) $132,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $1,438 · +2.7% YoY. Source: county tax records.