6650 Ilex Cir Unit 6C · Pelican Marsh, FL 34109

$299,900

2 bd · 2.0 ba · 1,371 sqft · Condo · 45 Days on market

Built 1988 Good condition $652/mo HOA · 14% of rent

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Why this score? — see what drove the B+ 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 +28.2/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.1/10.0
• Schools +5.0/10.0
• Condition / age +4.0/5.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0

Listing remarks

Welcome to easy Naples living in this beautifully updated 3-bedroom, 2-bath condo offering comfort, convenience, and peaceful lake views. Designed with an open-concept layout, the home feels bright and inviting, with spacious living areas ideal for everyday living or seasonal enjoyment. Offered turnkey furnished, this move-in-ready residence features updated finishes, in-unit laundry, a private garage, and rental flexibility, making it an excellent option for full-time residents, seasonal owners, or investors alike. Set within a beautifully maintained community with park-like grounds, residents enjoy a relaxed lifestyle surrounded by winding brick walking paths, charming wooden bridges, ser

Key facts

• Lake views
• Private garage
• In-unit laundry

Tags

• LAKE VIEWS
• OPEN-CONCEPT LAYOUT
• IN-UNIT LAUNDRY
• AMPLE STORAGE
• PRIVATE GARAGE
• PANORAMIC LAKE VISTAS

Property features AI

Finance

• HOA & community: Mandatory HOA; Master HOA fee $605 quarterly; Condo fee $1,350 quarterly; Total annual recurring fees $7,820; Total one-time fees $150; Professional management; HOA maintenance covers cable, insurance, internet/Wi-Fi, irrigation water, lawn/land maintenance, legal/accounting, exterior pest control, trash removal, and water; Community amenities include community pool, community room, tennis court, pickleball, BBQ/picnic area, streetlights, and internet access; Non-gated community

Exterior

• Parking: 1 assigned parking space; Detached 1-car garage
• Security: Smoke detectors
• Utilities: Central water; Central sewer; Cable available; Electric service for heat and cooling
• Home design: Residential property; Low-rise building (1–3); 2-story building; Rear exposure faces northwest; Located in the Walden Oaks development (Barrington sub-condo)
• Construction: Concrete block construction; Built in 1988; Shingle roof
• Exterior features: Shingle roof; Single-hung windows; Shutters for storm protection; Brick exterior finish; Lake view / waterfront on a lake; Paved road access; Restrictions: no commercial, no RV, no truck

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bedrooms: 2 bedrooms plus den; 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 cooling; Ceiling fans
• Interior features: Fire sprinkler system; High-speed internet available; Smoke detectors; Walk-in closet; Window coverings; Breakfast bar and dining in living area; Turnkey furnished; 5 ceiling fans
• Laundry & utility: Washer and dryer in residence; Auto garage door opener

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $300k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $956 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $300k).
• Recommended offer: $291k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — 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; 425 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 $4,658/mo this rent would consume 61% 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 $3k of equity ($2k loan paydown + $884 appreciation (0.3% local appreciation)).
• Collier County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (0.3% appreciation + 0.9% rent growth), your $84k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• 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 $290,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
6. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
7. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
8. 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.
9. 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.
10. 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: 1.55% ✓
• Cap rate: 10.12%
• Cash-on-cash: 13.66%
• DSCR: 1.61
• GRM: 5.4

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: 11.8%
• Equity multiple: 1.56×
• Total profit: $47,188
• Equity at exit: $91,530

10-year hold

• IRR: 14.5%
• Equity multiple: 2.52×
• Total profit: $127,907
• Equity at exit: $113,639

Cash invested: $83,972 (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: 425
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $4,658 high
• Mortgage (P&I): −$1,573
• Tax est. 1.5%: −$375 /mo · $4,498/yr
• Insurance: −$125
• HOA: −$652
• Vacancy / Maint / Mgmt: −$978
• Net cashflow: $956

Break-even live

Break-even rent $3,449

Max offer price $299,900

Occupancy floor 74%

Sensitivity live

Price	-10% $1,163	-5% $1,059	+0% $956	+5% $852	+10% $748
Rent	-10% $588	-5% $772	+0% $956	+5% $1,140	+10% $1,324
Rate	-1.0pp $1,107	-0.5pp $1,032	base $956	+0.5pp $878	+1.0pp $799

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6654 Tannin Ln Unit B Naples, FL	2.0	2.0	1441	$3,100	$2.15	25d	1	0.12mi
13466 Sumter Ln Naples, FL	3.0	2.0	1837	$8,700	$4.74	25d	1	0.21mi
13441 Coronado Dr Naples, FL	3.0	2.0	1837	$10,000	$5.44	25d	1	0.23mi
13435 Silktail Dr Naples, FL	2.0	2.0	1837	$8,950	$4.87	25d	1	0.27mi
7030 Lone Oak Blvd Naples, FL	3.0	2.0	1700	$6,400	$3.76	15d	1	0.27mi
13423 Silktail Dr Naples, FL	2.0	2.0	1831	$2,200	$1.20	25d	1	0.28mi
13379 Silktail Dr Naples, FL	3.0	2.0	1837	$4,400	$2.40	25d	1	0.33mi
3035 Horizon Ln #2206 Naples, FL	2.0	2.0	1246	$6,000	$4.82	25d	1	0.43mi
2602 Fountain View Cir Naples, FL	1.0–2.0	1.0–2.0	995	$2,277	$2.29	15d	41	0.45mi
2880 Citrus Lake Dr Unit Q201 Naples, FL	3.0	2.0	1590	$2,495	$1.57	15d	1	0.49mi
2860 Citrus Lake Dr Unit R202 Naples, FL	3.0	2.0	1590	$5,000	$3.14	25d	1	0.49mi
2860 Citrus Lake Dr Unit R-202 Naples, FL	3.0	2.0	1590	$5,000	$3.14	15d	1	0.49mi
3051 Horizon Ln #1803 Naples, FL	2.0	2.0	1482	$5,100	$3.44	25d	1	0.50mi
2731 Citrus Lake Dr #202 Naples, FL	2.0	2.0	1260	$2,500	$1.98	15d	1	0.51mi
3048 Horizon Ln #1104 Naples, FL	3.0	2.5	1818	$5,150	$2.83	25d	1	0.51mi
3015 Horizon Ln #2702 Naples, FL	3.0	2.0	1399	$1,790	$1.28	25d	1	0.52mi
2711 Citrus Lake Dr Unit F302 Naples, FL	2.0	2.0	1272	$4,500	$3.54	15d	1	0.53mi
2711 Citrus Lake Dr Unit F305 Naples, FL	3.0	2.0	1480	$5,500	$3.72	15d	1	0.53mi
2277 Arbour Walk Cir Naples, FL	1.0–2.0	1.0–2.0	937	$2,540	$2.71	15d	25	0.53mi
2651 Citrus Lake Dr Unit D302 Naples, FL	2.0	2.0	1250	$5,000	$4.00	15d	1	0.54mi
2671 Citrus Lake Dr Unit E-201 Naples, FL	3.0	2.0	1380	$5,250	$3.80	15d	1	0.55mi
2671 Citrus Lake Dr Unit E-303 Naples, FL	2.0	2.0	1380	$3,500	$2.54	15d	1	0.55mi
2611 Citrus Lake Dr Unit C-203 Naples, FL	3.0	2.0	1710	$5,500	$3.22	15d	1	0.56mi
3009 Driftwood Way #2802 Naples, FL	3.0	2.0	1399	$2,000	$1.43	25d	1	0.57mi
3017 Driftwood Way #3001 Naples, FL	3.0	2.0	1385	$5,000	$3.61	25d	1	0.58mi
3025 Driftwood Way #3203 Naples, FL	2.0	2.0	1248	$3,900	$3.12	25d	1	0.61mi
2885 Citrus Lake Dr Unit N103 Naples, FL	2.0	2.0	1249	$5,250	$4.20	15d	1	0.61mi
2541 Citrus Lake Dr Unit A-205 Naples, FL	3.0	2.0	1590	$5,250	$3.30	15d	1	0.62mi
3057 Driftwood Way #4004 Naples, FL	3.0	2.5	1818	$6,400	$3.52	25d	1	0.62mi
3029 Driftwood Way #3303 Naples, FL	2.0	2.0	1248	$4,000	$3.21	25d	1	0.62mi
3062 Driftwood Way #4301 Naples, FL	3.0	2.0	1573	$6,500	$4.13	25d	1	0.64mi
3049 Driftwood Way #3806 Naples, FL	3.0	2.5	1818	$4,700	$2.59	25d	1	0.66mi
3037 Driftwood Way #3505 Naples, FL	2.0	2.0	1248	$2,500	$2.00	25d	1	0.67mi
2864 Mizzen Way Unit Y106 Naples, FL	2.0	2.0	1350	$5,200	$3.85	15d	1	0.68mi
2730 Sailors Way Naples, FL	3.0	3.0	1700	$9,000	$5.29	25d	1	0.70mi
7710 Ahoy Ave Naples, FL	3.0	2.0	1580	$2,950	$1.87	25d	1	0.72mi
2130 Arbour Walk Cir #2724 Naples, FL	2.0	2.0	1022	$1,800	$1.76	25d	1	0.75mi
2835 Mizzen Way Naples, FL	3.0	2.0	1641	$2,900	$1.77	25d	1	0.75mi
7287 Mill Pond Cir Naples, FL	3.0	2.0	1355	$3,800	$2.80	25d	1	0.75mi
2608 Sailors Way #122 Naples, FL	2.0	2.0	1387	$5,500	$3.97	25d	1	0.77mi

HOA detail condo

• Monthly dues: $652 · $7,824/yr
• Likely covers: landscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-21
   days on market $299,900 Active 45 DOM
2. 2026-06-18
   days on market $299,900 Active 42 DOM
3. 2026-06-17
   days on market $299,900 Active 41 DOM
4. 2026-06-16
   days on market $299,900 Active 40 DOM
5. 2026-06-15
   days on market $299,900 Active 39 DOM
6. 2026-06-14
   days on market $299,900 Active 37 DOM
7. 2026-06-10
   days on market $299,900 Active 34 DOM
8. 2026-06-09
   days on market $299,900 Active 33 DOM
9. 2026-06-08
   days on market $299,900 Active 32 DOM
10. 2026-06-07
    days on market $299,900 Active 31 DOM
11. 2026-06-03
    days on market $299,900 Active 27 DOM
12. 2026-06-02
    days on market $299,900 Active 26 DOM
13. 2026-06-01
    days on market $299,900 Active 25 DOM
14. 2026-06-01
    remarks 699-char remark
15. 2026-06-01
    listed $299,900 Active 24 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 6/10 Major FEMA zone X (shaded) · 97% 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: $55,900
• − Mortgage interest: −$16,799
• − Property taxes: −$4,498
• − Insurance: −$1,500
• − Repairs & maintenance: −$4,472
• − Management: −$4,472
• − HOA: −$7,824
• − Depreciation: −$8,724
• Taxable income: $7,611
• Est. tax owed @ 24.0%: −$1,827
• After-tax cash flow: $9,640/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 move-in-ready condo offers a good condition with updated finishes and a bright, open-concept layout. It's an excellent option for full-time residents, seasonal owners, or investors alike.

Value-add opportunities

• Resale Paint interior walls — Fresh paint can make a significant difference in the home's appearance and value
• Rental Replace curtains — Fresh curtains can make the home more appealing to renters
• Both Update flooring in bathrooms — Modern flooring can improve both resale and rental value

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint interior walls — Fresh paint can make a significant difference in the home's appearance and value ↑
• Rental Replace curtains — Fresh curtains can make the home more appealing to renters ↑
• Both Update flooring in bathrooms — Modern flooring can improve 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

• 2026-05-07 Listed $299,900 NAPLESMLS