5809 Glencove Dr #902 · Pelican Bay, FL 34108

$538,500

2 bd · 2.0 ba · 1,450 sqft · Condo public records · 354 Days on market

Built 1987 $1250/mo HOA · 23% 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 +10.2/30.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• Schools +5.0/10.0
• Rent growth +4.7/5.0
• Livability +3.3/5.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

HUGE PRICE REDUCTION !!! Owner looking for offer! Unmatched Lake Views from this First-Floor 2 BR/2B Condo - Experience serene lakefront living in one of the most desirable locations in Glencove. This spacious 2 Bedroom, 2 Bath first floor condo offers one of the best views in the community and is just steps away from assigned, covered parking, Grill, Pool and Spa. Highlights include newer appliances, an in-unit washer and dryer, a large walk-in closet and ample storage space. Enjoy Pelican Bay's unique lifestyle offering easy beach access and world-class amenities including 2 beachfront restaurants, state-of-the-art fitness center and tennis courts. All just minutes away from upscale sho

Key facts

• Lakefront living
• Lake views
• Newer appliances

Tags

• LAKE VIEWS
• LAKEFRONT LIVING
• FULLY ENCLOSED GLASS LANAI
• NEWER APPLIANCES
• IN-UNIT WASHER AND DRYER
• LARGE WALK-IN CLOSET

Property features AI

Finance

• Other: Condo/association: Glencove (sub-condo); Condo fee shown as $3,750 quarterly
• HOA & community: Quarterly condo fee; HOA maintenance includes cable, insurance, internet/Wi‑Fi, irrigation water, lawn/land maintenance, manager, exterior pest control; Professional management; Community amenities: private beach, beach club access, bike/jog path, community pool, community room, exercise room, attended fitness center, internet access, restaurant, streetlights, tennis courts, underground utilities; Non-gated community with tennis facilities; Total annual recurring fees: $15,000; Total one-time fees: $10,150

Exterior

• Parking: Detached 1-car carport
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential condominium in Pelican Bay; Low-rise building (1–3 stories), building is 2-story; 2-story floor plan; Rear exposure facing southwest; Unit 902
• Construction: Concrete block construction; Stucco exterior; Tile roof; Built in 1987; Sliding windows
• Exterior features: Pond view; Across from waterfront; Lake view / lakefront setting; Gulf access (see remarks)

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator/Freezer
• Bedrooms: 2 bedrooms (master on ground level)
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms; Master bath with separate tub and shower
• Heating & cooling: Central electric heat; Central electric cooling
• Interior features: Foyer; High-speed internet available; Walk-in closet; Den / study; Dining area combined with living
• Laundry & utility: Washer; Dryer; Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $538k.

Deal economics

• At list price, monthly cash flow is $-370 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $473k (12.1% below list).
• Meets the 1% rule at list price ($6k rent vs $538k).
• Recommended offer: $473k (12.1% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 66/100 on livability (#599 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: health & safety D, amenities F, commute 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.
• Zoned schools: Sea Gate Elementary School (math 86% / reading 81%, grade A+, #60 of 2,144 statewide, top 3%, 703 students, 26% 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 27% FRL vs 55% district-wide (28 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 rising fast (+8.7%/yr); 684 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); high-income renter base; 3,520 units permitted in Collier County in 2024 (959 in 5+ unit buildings).
• At $5,529/mo this rent would consume 56% 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 $4k of loan paydown is wiped out by about $16k 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 354 days — a 12% lower offer ($474k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $56k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 23% of rent.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $473,125 (12.1% 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 354 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: 1.03% ✓
• Cap rate: 5.62%
• Cash-on-cash: -2.42%
• DSCR: 0.89
• GRM: 8.1

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: -14.1%
• Equity multiple: 0.46×
• Total profit: $-80,903
• Equity at exit: $80,292

10-year hold

• IRR: 2.5%
• Equity multiple: 1.23×
• Total profit: $35,064
• Equity at exit: $46,560

Cash invested: $150,780 (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: 684
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $5,529 medium
• Mortgage (P&I): −$2,824
• Tax from tax record: −$373 /mo · $4,477/yr
• Insurance: −$224
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,250
• Vacancy / Maint / Mgmt: −$1,161
• Net cashflow: $-370

Break-even live

Break-even rent $5,997

Max offer price $473,125

Occupancy floor —

Sensitivity live

Price	-10% $-65	-5% $-218	+0% $-370	+5% $-522	+10% $-675
Rent	-10% $-807	-5% $-588	+0% $-370	+5% $-152	+10% $67
Rate	-1.0pp $-99	-0.5pp $-233	base $-370	+0.5pp $-510	+1.0pp $-652

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: $134,625
• Closing costs: $16,155
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5635 Turtle Bay Dr #6 Naples, FL	3.0	2.0	1713	$8,500	$4.96	15d	1	0.08mi
5637 Turtle Bay Dr Unit II-22 Naples, FL	3.0	2.0	1506	$10,000	$6.64	15d	1	0.08mi
5633 Turtle Bay Dr #37 Naples, FL	2.0	2.0	1423	$8,500	$5.97	25d	1	0.10mi
563 Serendipity Dr #563 Naples, FL	2.0	2.0	1545	$8,000	$5.18	25d	1	0.16mi
5550 Heron Point Dr #702 Naples, FL	2.0	2.0	1504	$3,970	$2.64	25d	1	0.18mi
5550 Heron Point Dr #105 Naples, FL	3.0	2.0	1514	$7,000	$4.62	25d	1	0.18mi
5550 Heron Point Dr #1804 Naples, FL	3.0	2.0	1514	$15,000	$9.91	25d	1	0.18mi
5550 Heron Point Dr #1201 Naples, FL	3.0	2.0	1818	$13,000	$7.15	25d	1	0.18mi
5550 Heron Point Dr #802 Naples, FL	2.0	2.0	1263	$12,000	$9.50	25d	1	0.18mi
5550 Heron Point Dr #1403 Naples, FL	2.0	2.0	1263	$13,000	$10.29	25d	1	0.18mi
5550 Heron Point Dr #503 Naples, FL	2.0	2.0	1263	$13,500	$10.69	25d	1	0.18mi
5550 Heron Point Dr #1505 Naples, FL	3.0	2.0	1553	$16,000	$10.30	25d	1	0.18mi
5550 Heron Point Dr #1903 Naples, FL	2.0	2.0	1263	$15,000	$11.88	25d	1	0.18mi
5550 Heron Point Dr #2004 Naples, FL	3.0	2.0	1600	$14,000	$8.75	25d	1	0.18mi
5550 Heron Point Dr #2003 Naples, FL	2.0	2.0	1263	$11,900	$9.42	25d	1	0.18mi
611 Serendipity Dr #611 Naples, FL	2.0	2.0	1300	$10,000	$7.69	23d	1	0.19mi
595 Serendipity Dr #595 Naples, FL	3.0	2.0	1395	$10,000	$7.17	25d	1	0.20mi
5954 Pelican Bay Blvd #222 Naples, FL	2.0	2.0	1436	$4,000	$2.79	25d	1	0.21mi
5501 Heron Point Dr #702 Naples, FL	2.0	2.0	1155	$11,000	$9.52	25d	1	0.22mi
5501 Heron Point Dr #204 Naples, FL	2.0	2.0	1230	$10,000	$8.13	25d	1	0.22mi
5501 Heron Point Dr #1203 Naples, FL	2.0	2.0	1274	$14,500	$11.38	25d	1	0.22mi
5501 Heron Point Dr #201 Naples, FL	2.0	2.0	1230	$12,000	$9.76	23d	1	0.22mi
5501 Heron Point Dr #501 Naples, FL	2.0	2.0	1450	$13,500	$9.31	25d	1	0.22mi
5501 Heron Point Dr #201 Naples, FL	2.0	2.0	1230	$12,000	$9.76	25d	1	0.22mi
5899 Chanteclair Dr Naples, FL	2.0–3.0	2.0	1493	$8,000	$5.36	25d	2	0.22mi
5555 Heron Point Dr Unit 101 Naples, FL	2.0	1.5	1289	$10,000	$7.76	25d	1	0.22mi
5897 Chanteclair Dr Unit 314A Naples, FL	2.0	2.0	1361	$9,000	$6.61	25d	1	0.23mi
5897 Chanteclair Dr #313 Naples, FL	2.0	2.0	1506	$14,000	$9.30	15d	1	0.24mi
5964 Pelican Bay Blvd #434 Naples, FL	2.0	2.0	1436	$15,000	$10.45	15d	1	0.27mi
6000 Pelican Bay Blvd Unit C203 Naples, FL	2.0	2.0	1700	$11,000	$6.47	15d	1	0.36mi
6075 Pelican Bay Blvd #1204 Naples, FL	2.0	2.5	1800	$12,995	$7.22	23d	1	0.42mi
6080 Pelican Bay Blvd Naples, FL	2.0	2.0	1444	$12,000	$8.31	15d	2	0.42mi
6101 Pelican Bay Blvd #1805 Naples, FL	2.0	2.0	1337	$14,000	$10.47	25d	1	0.46mi
6101 Pelican Bay Blvd #805 Naples, FL	2.0	2.0	1452	$13,000	$8.95	15d	1	0.46mi
6131 Pelican Bay Blvd Unit I4 Naples, FL	2.0	2.0	1458	$12,500	$8.57	25d	1	0.53mi
6131 Pelican Bay Blvd Unit I4 Naples, FL	2.0	2.0	1458	$12,500	$8.57	15d	1	0.53mi
6131 Pelican Bay Blvd #7 Naples, FL	3.0	2.0	1458	$12,500	$8.57	15d	1	0.53mi
50 Seagate Dr Unit 302B Naples, FL	2.0	2.0	1305	$6,500	$4.98	25d	1	0.58mi
6361 Pelican Bay Blvd #802 Naples, FL	2.0	2.0	1456	$12,500	$8.59	25d	1	0.74mi
6361 Pelican Bay Blvd #501 Naples, FL	3.0	2.0	1818	$13,000	$7.15	25d	1	0.74mi

HOA detail condo

• Monthly dues: $1,250 · $15,000/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-22
   days on market $538,500 Active 354 DOM
2. 2026-06-18
   days on market $538,500 Active 351 DOM
3. 2026-06-17
   days on market $538,500 Active 350 DOM
4. 2026-06-16
   days on market $538,500 Active 349 DOM
5. 2026-06-15
   days on market $538,500 Active 348 DOM
6. 2026-06-10
   days on market $538,500 Active 343 DOM
7. 2026-06-09
   days on market $538,500 Active 342 DOM
8. 2026-06-08
   days on market $538,500 Active 341 DOM
9. 2026-06-07
   days on market $538,500 Active 340 DOM
10. 2026-06-02
    days on market $538,500 Active 335 DOM
11. 2026-06-01
    days on market $538,500 Active 334 DOM
12. 2026-05-31
    days on market $538,500 Active 333 DOM
13. 2026-05-30
    days on market $538,500 Active 332 DOM
14. 2026-04-12
    price $538,500
15. 2025-12-28
    price $585,000
16. 2025-07-02
    listed $595,000 Active
17. 2025-04-20
    historical
18. 2024-10-22
    listed $768,690 Active
19. 2024-10-11
    historical
20. 2024-04-11
    price $854,100
21. 2023-10-13
    listed $949,000 Active
22. 2018-06-01
    historical
23. 2018-04-12
    price $449,900
24. 2018-01-27
    price $474,900
25. 2017-11-04
    listed $479,900 Active
26. 2006-01-13
    soldstatus $550,000
27. 1995-01-30
    soldstatus $150,000

ⓘ 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: $4,477 · $373/mo
• Projected year-2 tax: $4,477 · $373/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 87% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 6 d/yr ≥111°F today · 24 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: $66,347
• − Mortgage interest: −$30,164
• − Property taxes: −$4,477
• − Insurance: −$3,490
• − Repairs & maintenance: −$5,308
• − Management: −$5,308
• − HOA: −$15,000
• − Depreciation: −$15,665
• Taxable loss: −$13,066
• Est. tax savings @ 24.0%: +$3,136
• After-tax cash flow: $-1,305/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 Bay

• Score: 66/100
• State rank: #599
• US rank: #11487

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pelican Bay, FL
• County: Collier County · 396,295 people
• City population: 16,549
• 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

+259.0% since first listed

14 events — show timeline

• 2026-04-12 Price Changed $538,500 NAPLESMLS
• 2025-12-28 Price Changed $585,000 NAPLESMLS
• 2025-07-02 Listed $595,000 NAPLESMLS
• 2025-04-20 Listing Removed — NAPLESMLS
• 2024-10-22 Listed $768,690 NAPLESMLS
• 2024-10-11 Listing Removed — NAPLESMLS
• 2024-04-11 Price Changed $854,100 NAPLESMLS
• 2023-10-13 Listed $949,000 NAPLESMLS
• 2018-06-01 Listing Removed — NAPLESMLS
• 2018-04-12 Price Changed $449,900 NAPLESMLS
• 2018-01-27 Price Changed $474,900 NAPLESMLS
• 2017-11-04 Listed $479,900 NAPLESMLS
• 2006-01-13 Sold (Public Records) $550,000 Public Records
• 1995-01-30 Sold (Public Records) $150,000 Public Records

Property tax history

+5.7%/yr

Latest (2025): $4,477 · +16.2% YoY. Source: county tax records.