5350 Andover Dr #202 · Pelican Marsh, FL 34110

$449,000

3 bd · 2.0 ba · 1,928 sqft · Condo public records · 117 Days on market

Built 1999 $656/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 +20.8/30.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• DSCR +6.6/10.0
• Schools +5.0/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home! This bright second-floor end unit in Carlton Lakes offers extra privacy, abundant natural light, and a peaceful setting in the desirable enclave of Cypress Pointe at Carlton Lakes. This 3-bedroom, 2-bath home offers 1,928 square feet, vaulted ceilings, and a well-designed open floor plan. Its location makes it a great choice for full-time living, a winter retreat, or a rental investment, especially with access to a highly sought-after A-rated school district. The kitchen opens to the living area, creating an easy, comfortable flow. The split bedroom layout gives all occupants plenty of privacy, and the attached garage adds everyday convenience and extra storage. The primary su

Key facts

• Two outdoor lanais
• Attached garage
• Split bedroom layout

Tags

• SECOND FLOOR END UNIT
• ABUNDANT NATURAL LIGHT
• SPLIT BEDROOM LAYOUT
• ATTACHED GARAGE
• PRIVATE VIEW
• TWO OUTDOOR LANAIS

Property features AI

Finance

• Other: Part of an 800-unit complex with 4 units in the building; 2 units per floor; building has 2 floors
• HOA & community: Mandatory HOA (Condo management); Master HOA fee $688 quarterly; Condo fee $1,279 quarterly; Total annual recurring fees $7,868; Total one-time fees $2,150; HOA maintenance covers cable, internet/WiFi, lawn/land maintenance, legal/accounting, manager, exterior pest control, reserves, sewer, street maintenance, trash removal, and water; Gated community; Community amenities: basketball, bocce court, clubhouse, community room, exercise room, fishing pier, sidewalk, streetlight, tennis court

Exterior

• Parking: Attached 1-car garage
• Utilities: Central water; Central sewer; Cable available
• Home design: Residential property; Low rise (1-3 stories); Rear exposure facing southwest; Located in CARLTON LAKES (CYPRESS POINTE AT CARLTON LAKES), Unit 202
• Construction: Built in 1999; Concrete block construction
• Exterior features: Tile roof; Sliding windows; Stucco exterior; Preserve view; Water feature view

Interior

• Kitchen: Island; Cooktop - Electric; Range; Microwave; Dishwasher; Refrigerator/Freezer
• Bedrooms: 3 bedrooms; Split bedroom floor plan
• Flooring: Tile; Vinyl
• Bathrooms: 2 full bathrooms; Master bath with shower only
• Heating & cooling: Central electric heat; Central electric cooling; Ceiling fans
• Interior features: Cable prewire; Vaulted ceiling; Walk-in closet; Family room; Guest bath; Guest room; Screened balcony; Screened lanai/porch; Unfurnished
• Laundry & utility: Laundry in residence; Washer; Dryer; Auto garage door; Smoke detector

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $449k.

Deal economics

• At list price, monthly cash flow is $615 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $449k).
• Recommended offer: $409k (9.0% 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.
• Market conditions: Rents soft (-1.1%/yr); 595 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $5,266/mo this rent would consume 65% of the median local household income ($98k/yr) (locally 1006% 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 $13k 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 117 days — a 9% lower offer ($409k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $200k; list at $449k implies a 125% 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 5→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $408,590 (9.0% below list)

Questions for the listing agent

1. It's been on market 117 days. Have you received any prior offers? Is the seller open to a 9% 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: 1.17% ✓
• Cap rate: 7.94%
• Cash-on-cash: 5.87%
• DSCR: 1.26
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -11.0%
• Equity multiple: 0.61×
• Total profit: $-48,649
• Equity at exit: $66,947

10-year hold

• IRR: -7.4%
• Equity multiple: 0.60×
• Total profit: $-50,111
• Equity at exit: $38,821

Cash invested: $125,720 (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 34110

• Rents YoY: -1.1%
• Active inventory: 595
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $5,266 high
• Mortgage (P&I): −$2,355
• Tax from tax record: −$347 /mo · $4,162/yr
• Insurance: −$187
• HOA: −$656
• Vacancy / Maint / Mgmt: −$1,106
• Net cashflow: $615

Break-even live

Break-even rent $4,487

Max offer price $449,000

Occupancy floor 83%

Sensitivity live

Price	-10% $869	-5% $742	+0% $615	+5% $488	+10% $361
Rent	-10% $199	-5% $407	+0% $615	+5% $823	+10% $1,031
Rate	-1.0pp $841	-0.5pp $730	base $615	+0.5pp $499	+1.0pp $381

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: $112,250
• Closing costs: $13,470
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5360 Andover Dr #202 Naples, FL	3.0	2.0	1928	$6,500	$3.37	24d	1	0.02mi
5330 Andover Dr #102 Naples, FL	3.0	2.0	1740	$2,550	$1.47	24d	1	0.04mi
5325 Andover Dr #101 Naples, FL	2.0	2.0	1654	$5,250	$3.17	24d	1	0.08mi
5125 Cedar Springs Dr #204 Naples, FL	3.0	2.0	2177	$5,650	$2.60	24d	1	0.09mi
5105 Cedar Springs Dr #101 Naples, FL	2.0	2.0	1650	$7,000	$4.24	24d	1	0.13mi
5130 Cobble Creek Ct Unit B202 Naples, FL	3.0	2.0	2050	$2,800	$1.37	14d	1	0.16mi
4910 Deerfield Way Unit A-203 Naples, FL	2.0	2.0	1388	$5,500	$3.96	14d	1	0.16mi
5145 Cobble Creek Ct #202 Naples, FL	2.0	2.0	1798	$2,600	$1.45	21d	1	0.19mi
5045 Cedar Springs Dr #203 Naples, FL	2.0	2.0	1427	$4,200	$2.94	24d	1	0.21mi
4970 Deerfield Way Unit F-203 Naples, FL	2.0	2.0	1388	$1,990	$1.43	14d	1	0.21mi
5935 Northridge Dr Naples, FL	2.0	2.0	1671	$2,995	$1.79	24d	1	0.22mi
5632 Whisperwood Blvd #1601 Naples, FL	3.0	2.0	1856	$8,000	$4.31	24d	1	0.23mi
4950 Deerfield Way #202 Naples, FL	2.0	2.0	1388	$2,000	$1.44	21d	1	0.23mi
5645 Whisperwood Blvd #504 Naples, FL	2.0	2.0	1793	$6,000	$3.35	24d	1	0.24mi
5455 Worthington Ln #202 Naples, FL	2.0	2.0	1427	$3,900	$2.73	24d	1	0.24mi
5657 Whisperwood Blvd #204 Naples, FL	2.0	2.0	1793	$6,000	$3.35	24d	1	0.28mi
5630 Sherborn Dr #202 Naples, FL	3.0	2.0	2005	$7,500	$3.74	24d	1	0.32mi
4910 Cougar Ct N Unit 1-205 Naples, FL	2.0	2.0	1377	$2,050	$1.49	14d	1	0.36mi
5693 Heron Ln #502 Naples, FL	2.0	2.0	1490	$6,800	$4.56	24d	1	0.38mi
5765 Grande Reserve Way Unit 7-702 Naples, FL	2.0	2.0	1800	$7,500	$4.17	24d	1	0.40mi
5000 Immokalee Rd Naples, FL	1.0–3.0	1.0–2.0	1115	$4,272	$3.83	14d	68	0.42mi
4945 Cougar Ct S #105 Naples, FL	2.0	2.0	1377	$2,750	$2.00	14d	1	0.43mi
5705 Heron Ln #806 Naples, FL	2.0	2.0	1540	$7,000	$4.55	24d	1	0.45mi
4940 Cougar Ct S Unit 1545947P Naples, FL	2.0	2.0	1367	$2,185	$1.60	14d	1	0.45mi
4965 Sandra Bay Dr #102 Naples, FL	2.0	2.0	1377	$2,200	$1.60	14d	1	0.47mi
15181 Butler Lake Dr #201 Naples, FL	3.0	2.0	2152	$7,500	$3.49	14d	1	0.55mi
15177 Butler Lake Dr #201 Naples, FL	3.0	2.0	2152	$8,500	$3.95	14d	1	0.56mi
250 Willowick Dr Naples, FL	3.0	2.0	1469	$3,500	$2.38	24d	1	0.58mi
2790 Cypress Trace Cir Naples, FL	2.0	2.0	1537	$5,000	$3.25	24d	2	0.58mi
2835 Cypress Trace Cir Unit 1049710P Naples, FL	3.0	2.0	1248	$4,110	$3.29	14d	1	0.61mi
6478 Waverly Green Way Naples, FL	3.0	2.5	1711	$10,000	$5.84	24d	1	0.61mi
208 Erie Dr Unit 1355591P Naples, FL	3.0	2.0	1754	$5,550	$3.16	14d	1	0.63mi
2855 Cypress Trace Cir #202 Naples, FL	2.0	2.0	1232	$4,800	$3.90	14d	1	0.64mi
2855 Cypress Trace Cir #102 Naples, FL	2.0	2.0	1232	$2,000	$1.62	14d	1	0.64mi
2820 Cypress Trace Cir Naples, FL	2.0	2.0	1254	$3,748	$2.99	24d	3	0.64mi
231 Legacy Ct Naples, FL	3.0	3.0	2265	$7,900	$3.49	24d	1	0.64mi
194 Wickliffe Dr Naples, FL	3.0	2.0	1798	$3,500	$1.95	24d	1	0.64mi
300 Diamond Cir #302 Naples, FL	3.0	2.0	1755	$2,600	$1.48	24d	1	0.67mi
15145 Palmer Lake Cir #103 Naples, FL	3.0	2.0	1571	$7,000	$4.46	24d	1	0.67mi
2870 Cypress Trace Cir #1713 Naples, FL	2.0	2.0	1414	$2,900	$2.05	24d	1	0.70mi

HOA detail condo

• Monthly dues: $656 · $7,872/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-10
   days on market $449,000 Active 117 DOM
2. 2026-06-09
   days on market $449,000 Active 116 DOM
3. 2026-06-08
   days on market $449,000 Active 115 DOM
4. 2026-06-07
   days on market $449,000 Active 114 DOM
5. 2026-06-03
   days on market $449,000 Active 110 DOM
6. 2026-06-02
   days on market $449,000 Active 109 DOM
7. 2026-06-01
   days on market $449,000 Active 108 DOM
8. 2026-05-31
   days on market $449,000 Active 107 DOM
9. 2026-05-30
   days on market $449,000 Active 106 DOM
10. 2026-05-13
    price $449,000
11. 2026-04-21
    price $464,900
12. 2026-02-13
    listed $469,000 Active
13. 2008-06-09
    soldstatus $200,000
14. 2003-09-16
    soldstatus $210,000
15. 2003-06-27
    soldstatus $205,000
16. 2000-01-24
    soldstatus $154,900

ⓘ 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: $4,162 · $347/mo
• Projected year-2 tax: $4,162 · $347/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 5 d/yr ≥108°F today · 21 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: $63,187
• − Mortgage interest: −$25,151
• − Property taxes: −$4,162
• − Insurance: −$2,245
• − Repairs & maintenance: −$5,055
• − Management: −$5,055
• − HOA: −$7,872
• − Depreciation: −$13,062
• Taxable income: $585
• Est. tax owed @ 24.0%: −$141
• After-tax cash flow: $7,243/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 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): 25,630
• Household income: $97,564
• Rent vs Own: 23.2% rent · 76.8% own
• Severe rent burden: 1006.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 10% Two or more races 9% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Cuban 3%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 11% · Canada, South Korea
• Languages at home: 87% English-only · Spanish 7% Other Indo-European 3% French/Haitian/Cajun 1%

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: ▼ -172.68%
• Current HPI: 267.4644
• Rent YoY: ▼ -1.06%
• 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

+189.9% since first listed

7 events — show timeline

• 2026-05-13 Price Changed $449,000 NAPLESMLS
• 2026-04-21 Price Changed $464,900 NAPLESMLS
• 2026-02-13 Listed $469,000 NAPLESMLS
• 2008-06-09 Sold (Public Records) $200,000 Public Records
• 2003-09-16 Sold (Public Records) $210,000 Public Records
• 2003-06-27 Sold (Public Records) $205,000 Public Records
• 2000-01-24 Sold (Public Records) $154,900 Public Records

Property tax history

+10.2%/yr

Latest (2025): $4,162 · -2.6% YoY. Source: county tax records.