2585 Old Groves Rd Unit L102 · Pelican Marsh, FL 34109

$350,000

2 bd · 2.0 ba · 1,324 sqft · Condo · 89 Days on market

Built 1996 Good condition $832/mo HOA · 19% 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 +17.1/30.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• DSCR +5.3/10.0
• Appreciation +5.1/10.0
• Schools +5.0/10.0
• Condition / age +3.8/5.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0

Listing remarks

LOCATION! LOCATION! Discover happiness living in North Naples within this delightful 2-bedroom, 2-bathroom pretty lake-view condo. Conveniently positioned near the second pool and residence gate, this unit provides pleasure and comfort, complete with a carport space and extra front parking. Many desirable features, including a newer AC unit from 2019, updated tile roofs, granite countertops in both bathrooms, and a refreshed kitchen tile, impact glass windows & sliders; this condo offers a touch of modern elegance. The kitchen is a standout, featuring a stylish updated glass backsplash. Embrace the serene lake views from the screened lanai, equipped with sliding glass doors that all

Key facts

• Newer ac unit
• Impact glass windows
• Lake view

Tags

• LAKE VIEW
• NEWER AC UNIT
• UPDATED TILE ROOFS
• GRANITE COUNTERTOPS
• REFRESHED KITCHEN TILE
• IMPACT GLASS WINDOWS

Property features AI

Finance

• Other: Condo complex with 388 units; 8 units in building; 2 floors in building; unit is one of the floor plan; Development: PIPERS GROVE; Zoning: RMF; Lot unit: 102; Restrictions include deeded restrictions (no commercial, no motorcycles, no RV); Waterfront: lake
• HOA & community: Mandatory HOA; Quarterly HOA fee; HOA covers cable, insurance, internet/Wi-Fi, irrigation water, lawn/land maintenance, legal/accounting, exterior pest control, recreation facilities, sewer, street lights, and trash removal; Professional management; Community amenities include clubhouse, community pool, spa/hot tub, tennis courts, bocce court, cabana, BBQ/picnic area, bike and jog path, library, sidewalks, and underground utilities; Gated condo community with tennis; Total annual recurring fees listed

Exterior

• Parking: 1 assigned covered space (deeded); Detached 1-car carport; Guest parking available
• Security: Gated community access
• Utilities: Central water; Central sewer; Cable available; Central electric power
• Home design: Residential low-rise building (1–3 stories); 2-story building; Rear (west) exposure; Zero lot line
• Construction: Concrete block construction; Tile roof; Built in 1996
• Exterior features: Automatic sprinkler system; Lakefront water view; Water display/feature; Single-hung windows; Impact-resistant windows; Stucco exterior; Gated community

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Refrigerator/Freezer; Pantry
• Bedrooms: 2 bedrooms; Master bedroom on ground level; 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 air conditioning
• Interior features: Cable pre-wired; Fire sprinkler system; Pantry; Smoke detectors; Walk-in closet; Window coverings; Dining area (in living room); Screened lanai/porch; Turnkey furnished
• Laundry & utility: Washer and dryer in residence

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $350k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $241 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $329k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — 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 16d 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 $4,420/mo this rent would consume 57% 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 + $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 8, 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 89 days — a 6% lower offer ($329k) 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→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $329,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% 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. 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.
7. 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.
8. 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: 1.26% ✓
• Cap rate: 7.12%
• Cash-on-cash: 2.95%
• DSCR: 1.13
• GRM: 6.6

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: 0.3%
• Equity multiple: 1.02×
• Total profit: $1,508
• Equity at exit: $106,821

10-year hold

• IRR: 3.8%
• Equity multiple: 1.40×
• Total profit: $39,260
• Equity at exit: $132,623

Cash invested: $98,000 (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 34109

• Home prices YoY: 0.1%
• Rents YoY: 0.9%
• Active inventory: 424
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $4,420 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$832
• Vacancy / Maint / Mgmt: −$928
• Net cashflow: $241

Break-even live

Break-even rent $4,115

Max offer price $350,000

Occupancy floor 90%

Sensitivity live

Price	-10% $483	-5% $362	+0% $241	+5% $120	+10% $-1
Rent	-10% $-108	-5% $66	+0% $241	+5% $416	+10% $590
Rate	-1.0pp $417	-0.5pp $330	base $241	+0.5pp $150	+1.0pp $58

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2585 Old Groves Rd Unit L203 Naples, FL	2.0	2.0	1448	$5,500	$3.80	15d	1	0.03mi
7762 Gardner Dr #102 Naples, FL	2.0	2.0	1607	$6,000	$3.73	25d	1	0.09mi
7518 Silver Trumpet Ln Unit Q102 Naples, FL	2.0	2.0	1300	$2,600	$2.00	15d	1	0.12mi
2516 Orchid Bay Dr #203 Naples, FL	2.0	2.0	1360	$4,750	$3.49	25d	1	0.17mi
7822 Gardner Dr Unit 6-101 Naples, FL	2.0	2.0	1607	$2,500	$1.56	25d	1	0.29mi
2835 Mizzen Way Naples, FL	3.0	2.0	1641	$2,900	$1.77	25d	1	0.30mi
2460 Old Groves Rd Unit E102 Naples, FL	2.0	2.0	1226	$2,400	$1.96	15d	1	0.31mi
7416 Plumbago Bridge Rd #103 Naples, FL	2.0	2.0	1223	$2,400	$1.96	15d	1	0.33mi
2730 Sailors Way Naples, FL	3.0	3.0	1700	$9,000	$5.29	25d	1	0.35mi
2864 Mizzen Way Unit Y106 Naples, FL	2.0	2.0	1350	$5,200	$3.85	15d	1	0.35mi
7710 Ahoy Ave Naples, FL	3.0	2.0	1580	$2,950	$1.87	25d	1	0.36mi
2729 Branch Ln Naples, FL	3.0	2.0	1800	$3,650	$2.03	25d	1	0.40mi
2662 Bolero Dr Unit 10 Naples, FL	2.0	2.0	1768	$15,000	$8.48	25d	1	0.42mi
2885 Citrus Lake Dr Unit N103 Naples, FL	2.0	2.0	1249	$5,250	$4.20	15d	1	0.42mi
2608 Sailors Way #122 Naples, FL	2.0	2.0	1387	$5,500	$3.97	25d	1	0.45mi
2654 Bolero Dr Unit 8-1 Naples, FL	3.0	2.0	1768	$20,000	$11.31	25d	1	0.45mi
2625 Estrella Dr Unit 15-1 Naples, FL	3.0	2.0	1768	$18,000	$10.18	25d	1	0.45mi
2860 Citrus Lake Dr Unit R202 Naples, FL	3.0	2.0	1590	$5,000	$3.14	25d	1	0.54mi
2860 Citrus Lake Dr Unit R-202 Naples, FL	3.0	2.0	1590	$5,000	$3.14	15d	1	0.54mi
3048 Horizon Ln #1104 Naples, FL	3.0	2.5	1818	$5,150	$2.83	25d	1	0.54mi
2880 Citrus Lake Dr Unit Q201 Naples, FL	3.0	2.0	1590	$2,495	$1.57	15d	1	0.55mi
2731 Citrus Lake Dr #202 Naples, FL	2.0	2.0	1260	$2,500	$1.98	15d	1	0.56mi
2711 Citrus Lake Dr Unit F305 Naples, FL	3.0	2.0	1480	$5,500	$3.72	15d	1	0.56mi
2711 Citrus Lake Dr Unit F302 Naples, FL	2.0	2.0	1272	$4,500	$3.54	15d	1	0.56mi
2671 Citrus Lake Dr Unit E-201 Naples, FL	3.0	2.0	1380	$5,250	$3.80	15d	1	0.56mi
2671 Citrus Lake Dr Unit E-303 Naples, FL	2.0	2.0	1380	$3,500	$2.54	15d	1	0.56mi
3051 Horizon Ln #1803 Naples, FL	2.0	2.0	1482	$5,100	$3.44	25d	1	0.58mi
2738 Tiburon Blvd E Unit B405 Naples, FL	2.0	2.5	1865	$12,000	$6.43	15d	1	0.58mi
2651 Citrus Lake Dr Unit D302 Naples, FL	2.0	2.0	1250	$5,000	$4.00	15d	1	0.60mi
3062 Driftwood Way #4301 Naples, FL	3.0	2.0	1573	$6,500	$4.13	25d	1	0.60mi
3320 Bermuda Isle Cir Naples, FL	1.0–3.0	1.0–2.0	1134	$2,390	$2.11	15d	45	0.62mi
2611 Citrus Lake Dr Unit C-203 Naples, FL	3.0	2.0	1710	$5,500	$3.22	15d	1	0.62mi
3015 Horizon Ln #2702 Naples, FL	3.0	2.0	1399	$1,790	$1.28	25d	1	0.63mi
2541 Citrus Lake Dr Unit A-205 Naples, FL	3.0	2.0	1590	$5,250	$3.30	15d	1	0.63mi
3035 Horizon Ln #2206 Naples, FL	2.0	2.0	1246	$6,000	$4.82	25d	1	0.64mi
2728 Tiburon Blvd E Naples, FL	2.0–3.0	2.5–3.5	2425	$4,500	$1.86	15d	3	0.64mi
2728 Tiburon Blvd E Unit A-104 Naples, FL	2.0	2.0	1465	$12,500	$8.53	15d	1	0.65mi
2728 Tiburon Blvd E Unit A-203 Naples, FL	2.0	2.0	1465	$11,000	$7.51	15d	1	0.65mi
2728 Tiburon Blvd E Unit A204 Naples, FL	2.0	2.0	1470	$8,500	$5.78	15d	1	0.65mi
2748 Tiburon Blvd E Unit C202 Naples, FL	2.0	2.5	1865	$15,000	$8.04	15d	1	0.65mi

HOA detail condo

• Monthly dues: $832 · $9,984/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-21
   days on market $350,000 Active 89 DOM
2. 2026-06-18
   days on market $350,000 Active 86 DOM
3. 2026-06-17
   days on market $350,000 Active 85 DOM
4. 2026-06-16
   days on market $350,000 Active 84 DOM
5. 2026-06-15
   days on market $350,000 Active 83 DOM
6. 2026-06-14
   days on market $350,000 Active 81 DOM
7. 2026-06-10
   days on market $350,000 Active 78 DOM
8. 2026-06-09
   days on market $350,000 Active 77 DOM
9. 2026-06-08
   days on market $350,000 Active 76 DOM
10. 2026-06-07
    days on market $350,000 Active 75 DOM
11. 2026-06-03
    days on market $350,000 Active 71 DOM
12. 2026-06-03
    remarks 695-char remark
13. 2026-06-03
    listed $350,000 Active 70 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 3/10 Moderate FEMA zone X (unshaded) · 9% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 27 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: $53,040
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$4,243
• − Management: −$4,243
• − HOA: −$9,984
• − Depreciation: −$10,182
• Taxable loss: −$2,218
• Est. tax savings @ 24.0%: +$532
• After-tax cash flow: $3,425/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 75/100 Cosmetic rehab

This well-maintained 2-bedroom, 2-bathroom condo offers a serene lake view and modern updates, making it an attractive option for both resale and rental.

Value-add opportunities

• Resale Paint touch-ups — Fresh paint enhances curb appeal and can increase the home's value.
• Rental Landscaping improvements — Well-maintained landscaping can attract more renters and increase rental value.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint touch-ups — Fresh paint enhances curb appeal and can increase the home's value. ↑
• Rental Landscaping improvements — Well-maintained landscaping can attract more renters and increase 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

• 2026-03-24 Listed $350,000 NAPLESMLS