2810 Citrus Lake Dr Unit U201 · Pelican Marsh, FL 34109

$215,000

2 bd · 2.0 ba · 1,260 sqft · Condo · 51 Days on market

Built 1991 Good condition $740/mo HOA · 17% of rent ↓ 4% since listing

---

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 +30.0/30.0
• 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 +3.8/5.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0

Listing remarks

Lakeside is a premier gated community surrounding a beautiful 40-acre lake in the heart of North Naples, offering an unbeatable lifestyle just minutes from the Gulf’s white-sand beaches. This second-floor, two-bedroom, two-bath residence presents a rare opportunity to build instant equity in a high-demand area with A-rated schools. The home features granite countertops in the kitchen and bathrooms. A spacious master suite offers a walk-in closet and en-suite with dual sinks. From the private screened-in lanai, you can enjoy the serene sights and sounds of nature and mature landscaping—a perfect spot to savor your morning coffee or dine al fresco with a glass of wine in hand. Thi

Key facts

• Gated community
• 40 acre lake
• Granite countertops

Tags

• GATED COMMUNITY
• 40 ACRE LAKE
• GRANITE COUNTERTOPS
• PRIVATE SCREENED IN LANAI
• MATURE LANDSCAPING
• ASSIGNED COVERED CARPORT

Property features AI

Finance

• Other: Community amenities include: community pool and spa, clubhouse, exercise room, library, community room, play area, bike and jog path, sidewalks, streetlights, BBQ/picnic area, basketball, pickleball, shuffleboard, billiards, sauna, community park; underground utilities; Community type: boating, gated, tennis
• Financial info: Total annual recurring HOA fees reported; Total one-time fees reported
• HOA & community: Mandatory HOA; Quarterly master HOA fee; Quarterly condo fee; Professional management; HOA covers cable, insurance, internet/WiFi, irrigation water, lawn/land maintenance, pest control (interior & exterior), sewer, street maintenance, street lights, trash removal, water, recreation facilities, reserve, manager, legal/accounting

Exterior

• Parking: 1 assigned parking space; Covered parking; Paved driveway; Detached 1-car carport; Guest parking available
• Security: Gated community
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential garden-style unit in a low-rise (1-3) building; Built in 1991; Concrete block construction with stucco finish; Shingle roof; Rear exposure to the west; Unit: Lot/Unit 201 in the Lakeside development (Lakeside Gardens)
• Construction: Concrete block construction; Stucco exterior; Shingle roof; Built in 1991
• Exterior features: Storage; Lake/Canal irrigation; Landscaped area and wooded area views; Paved road access; Zero lot line

Interior

• Kitchen: Range; Microwave; Refrigerator/Freezer; Disposal
• Bedrooms: 2 bedrooms (split bedroom floor plan)
• Flooring: Concrete; Tile; Wood
• Bathrooms: 2 full bathrooms; Primary bath with dual sinks and shower (no tub)
• Heating & cooling: Central electric heat; Central electric air conditioning; Ceiling fans
• Interior features: Vaulted ceiling; Walk-in closet; Window coverings; Screened lanai/porch; Laundry in residence; 6 total rooms; 4 ceiling fans
• Laundry & utility: Washer and dryer in unit; Tankless water heater; Smoke detector

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $215k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $215k).
• Recommended offer: $209k (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); Barron Collier High School (math 62% / reading 68%, grade B, #76 of 667 statewide, top 11%, 1,650 students, 26% FRL) — zoned schools average 28% FRL vs 55% district-wide (27 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 75% at this address vs 58% district-wide (+17 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 23d 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 $4,344/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 $2k of equity ($1k loan paydown + $634 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 $60k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.

Recommended offer $208,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 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. 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: 2.02% ✓
• Cap rate: 13.03%
• Cash-on-cash: 24.04%
• DSCR: 2.07
• GRM: 4.1

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: 22.5%
• Equity multiple: 2.08×
• Total profit: $65,144
• Equity at exit: $65,618

10-year hold

• IRR: 24.6%
• Equity multiple: 3.56×
• Total profit: $154,341
• Equity at exit: $81,468

Cash invested: $60,200 (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: 4.1×

Monthly cashflow live

• Estimated rent: $4,344 high
• Mortgage (P&I): −$1,127
• Tax est. 1.5%: −$269 /mo · $3,225/yr
• Insurance: −$90
• HOA: −$740
• Vacancy / Maint / Mgmt: −$912
• Net cashflow: $1,206

Break-even live

Break-even rent $2,817

Max offer price $215,000

Occupancy floor 67%

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2860 Citrus Lake Dr Unit R202 Naples, FL	3.0	2.0	1590	$5,000	$3.14	23d	1	0.06mi
2860 Citrus Lake Dr Unit R-202 Naples, FL	3.0	2.0	1590	$5,000	$3.14	13d	1	0.06mi
2880 Citrus Lake Dr Unit Q201 Naples, FL	3.0	2.0	1590	$2,495	$1.57	13d	1	0.10mi
2731 Citrus Lake Dr #202 Naples, FL	2.0	2.0	1260	$2,500	$1.98	13d	1	0.10mi
3048 Horizon Ln #1104 Naples, FL	3.0	2.5	1818	$5,150	$2.83	23d	1	0.14mi
2711 Citrus Lake Dr Unit F302 Naples, FL	2.0	2.0	1272	$4,500	$3.54	13d	1	0.14mi
2711 Citrus Lake Dr Unit F305 Naples, FL	3.0	2.0	1480	$5,500	$3.72	13d	1	0.14mi
2885 Citrus Lake Dr Unit N103 Naples, FL	2.0	2.0	1249	$5,250	$4.20	13d	1	0.15mi
3051 Horizon Ln #1803 Naples, FL	2.0	2.0	1482	$5,100	$3.44	23d	1	0.17mi
3035 Horizon Ln #2206 Naples, FL	2.0	2.0	1246	$6,000	$4.82	23d	1	0.17mi
2671 Citrus Lake Dr Unit E-303 Naples, FL	2.0	2.0	1380	$3,500	$2.54	13d	1	0.18mi
2671 Citrus Lake Dr Unit E-201 Naples, FL	3.0	2.0	1380	$5,250	$3.80	13d	1	0.18mi
2864 Mizzen Way Unit Y106 Naples, FL	2.0	2.0	1350	$5,200	$3.85	13d	1	0.20mi
7030 Lone Oak Blvd Naples, FL	3.0	2.0	1700	$6,400	$3.76	13d	1	0.21mi
2651 Citrus Lake Dr Unit D302 Naples, FL	2.0	2.0	1250	$5,000	$4.00	13d	1	0.21mi
2730 Sailors Way Naples, FL	3.0	3.0	1700	$9,000	$5.29	23d	1	0.22mi
2611 Citrus Lake Dr Unit C-203 Naples, FL	3.0	2.0	1710	$5,500	$3.22	13d	1	0.25mi
7710 Ahoy Ave Naples, FL	3.0	2.0	1580	$2,950	$1.87	23d	1	0.26mi
2835 Mizzen Way Naples, FL	3.0	2.0	1641	$2,900	$1.77	23d	1	0.27mi
3015 Horizon Ln #2702 Naples, FL	3.0	2.0	1399	$1,790	$1.28	23d	1	0.28mi
2541 Citrus Lake Dr Unit A-205 Naples, FL	3.0	2.0	1590	$5,250	$3.30	13d	1	0.32mi
3009 Driftwood Way #2802 Naples, FL	3.0	2.0	1399	$2,000	$1.43	23d	1	0.36mi
7416 Plumbago Bridge Rd #103 Naples, FL	2.0	2.0	1223	$2,400	$1.96	13d	1	0.36mi
2608 Sailors Way #122 Naples, FL	2.0	2.0	1387	$5,500	$3.97	23d	1	0.36mi
3062 Driftwood Way #4301 Naples, FL	3.0	2.0	1573	$6,500	$4.13	23d	1	0.37mi
2516 Orchid Bay Dr #203 Naples, FL	2.0	2.0	1360	$4,750	$3.49	23d	1	0.39mi
3057 Driftwood Way #4004 Naples, FL	3.0	2.5	1818	$6,400	$3.52	23d	1	0.40mi
3017 Driftwood Way #3001 Naples, FL	3.0	2.0	1385	$5,000	$3.61	23d	1	0.41mi
2460 Old Groves Rd Unit E102 Naples, FL	2.0	2.0	1226	$2,400	$1.96	13d	1	0.46mi
3025 Driftwood Way #3203 Naples, FL	2.0	2.0	1248	$3,900	$3.12	23d	1	0.46mi
3049 Driftwood Way #3806 Naples, FL	3.0	2.5	1818	$4,700	$2.59	23d	1	0.46mi
3029 Driftwood Way #3303 Naples, FL	2.0	2.0	1248	$4,000	$3.21	23d	1	0.49mi
7518 Silver Trumpet Ln Unit Q102 Naples, FL	2.0	2.0	1300	$2,600	$2.00	13d	1	0.49mi
3037 Driftwood Way #3505 Naples, FL	2.0	2.0	1248	$2,500	$2.00	23d	1	0.51mi
2585 Old Groves Rd Unit L203 Naples, FL	2.0	2.0	1448	$5,500	$3.80	13d	1	0.54mi
7762 Gardner Dr #102 Naples, FL	2.0	2.0	1607	$6,000	$3.73	23d	1	0.57mi
6654 Tannin Ln Unit B Naples, FL	2.0	2.0	1441	$3,100	$2.15	23d	1	0.59mi
2729 Branch Ln Naples, FL	3.0	2.0	1800	$3,650	$2.03	23d	1	0.63mi
7287 Mill Pond Cir Naples, FL	3.0	2.0	1355	$3,800	$2.80	23d	1	0.63mi
7271 Mill Pond Cir Naples, FL	3.0	2.0	1700	$8,250	$4.85	23d	1	0.66mi

HOA detail condo

• Monthly dues: $740 · $8,880/yr
• Likely covers: landscapingsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-06-03
   remarks 687-char remark
2. 2026-06-03
   listed $215,000 Pending 51 DOM

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

Taxation est. · year 1

• Rental income: $52,132
• − Mortgage interest: −$12,043
• − Property taxes: −$3,225
• − Insurance: −$1,075
• − Repairs & maintenance: −$4,171
• − Management: −$4,171
• − HOA: −$8,880
• − Depreciation: −$6,255
• Taxable income: $12,313
• Est. tax owed @ 24.0%: −$2,955
• After-tax cash flow: $11,519/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, two-bedroom condo in a gated community offers a serene lakeside setting with granite countertops and hardwood floors. A fresh coat of paint on the exterior and trimming the bushes would significantly enhance its curb appeal and resale value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Trim bushes — Improves landscaping and enhances curb appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Trim bushes — Improves landscaping and enhances curb appeal ↑

ⓘ 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

-4.4% since first listed

3 events — show timeline

• 2026-04-24 Pending — NAPLESMLS
• 2026-04-22 Price Changed $215,000 NAPLESMLS
• 2026-03-05 Listed $225,000 NAPLESMLS