850 Elkhorn Ct #224 · Marco Island, FL 34145

$379,000

2 bd · 2.0 ba · 787 sqft · Condo public records · 15 Days on market

Built 1988 $834/mo HOA · 16% 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 +25.1/30.0
• 1% rule +8.5/10.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.1/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Boating, Fishing, Golfing and Sunbathing !!! It's all here. Discover the desirable living in Marco Island at The Village at Smokehouse Bay, a two-story condominium featuring two bedrooms and two bathrooms. This well-proportioned residence spans 787 square feet of above-grade finished space, offering an efficient layout ideal for those seeking a manageable footprint without sacrificing comfort. The two-story design maximizes the use of available space, providing distinct areas for living and privacy. Located in Marco Island, Florida, this condo presents an opportunity to own in an established residential community.

Key facts

• $834 HOA
• Parking
• Community pool

Tags

• TWO STORY CONDOMINIUM

Property features AI

Finance

• Other: Senior community
• Financial info: Pets allowed with number/size limits
• HOA & community: Has association (monthly fee); Association amenities include cabana, clubhouse, car wash area, picnic area, parking, pool, shuffleboard court; internet included; Association fee includes cable TV, grounds and structure maintenance, pest control, trash, common areas, reserve funds, roof repairs, pool service

Exterior

• Parking: Asphalt parking; Guest parking; Total 1 parking space
• Security: Smoke detector(s); Security system
• Utilities: Public water; Public sewer; Cable available
• Home design: Condominium; One level (unit); Faces north; Resale condition; Building A
• Construction: Built with CBS construction
• Exterior features: Shingle roof; Not waterfront

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: No main-level bedrooms
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump; Central air; Ceiling fan(s)
• Interior features: Kitchen island; Vaulted ceilings; Walk-in closet(s); Furnished
• Laundry & utility: Laundry closet; Electric dryer hookup; Electric water heater (owned)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $379k.

Deal economics

• At list price, monthly cash flow is $410 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $379k).
• Recommended offer: $373k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#404 in FL) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety A+; Watch: amenities F, commute F, cost of living 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.
• Market conditions: Rents rising fast (+6.6%/yr); 687 active listings in the ZIP; 19 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 $5,098/mo this rent would consume 60% of the median local household income ($102k/yr) (locally 314% 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 $11k 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.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $106k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($373k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 17y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $167k; list at $379k implies a 127% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $373,315 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.35% ✓
• Cap rate: 8.94%
• Cash-on-cash: 9.45%
• DSCR: 1.42
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.59% rent growth · sell at horizon

5-year hold

• IRR: -3.7%
• Equity multiple: 0.85×
• Total profit: $-15,565
• Equity at exit: $56,510

10-year hold

• IRR: 10.7%
• Equity multiple: 2.01×
• Total profit: $107,127
• Equity at exit: $32,769

Cash invested: $106,120 (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 34145

• Rents YoY: 6.6%
• Active inventory: 687
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $5,098 high
• Mortgage (P&I): −$1,988
• Tax from tax record: −$212 /mo · $2,542/yr
• Insurance: −$158
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$834
• Vacancy / Maint / Mgmt: −$1,071
• Net cashflow: $410

Break-even live

Break-even rent $4,579

Max offer price $379,000

Occupancy floor 87%

Sensitivity live

Price	-10% $624	-5% $517	+0% $410	+5% $302	+10% $195
Rent	-10% $7	-5% $208	+0% $410	+5% $611	+10% $812
Rate	-1.0pp $600	-0.5pp $506	base $410	+0.5pp $311	+1.0pp $211

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: $94,750
• Closing costs: $11,370
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
750 W Elkcam Cir #315 Marco Island, FL	2.0	2.0	990	$5,600	$5.66	24d	1	0.25mi
761 W Elkcam Cir Unit B110 Marco Island, FL	2.0	2.5	1066	$3,500	$3.28	24d	1	0.28mi
731 W Elkcam Cir Unit A109 Marco Island, FL	2.0	2.5	1066	$2,500	$2.35	24d	1	0.33mi
694 W Elkcam Cir #1123 Marco Island, FL	2.0	2.0	945	$2,530	$2.68	24d	1	0.38mi
651 W Elkcam Cir #815 Marco Island, FL	2.0	2.0	813	$4,700	$5.78	24d	1	0.38mi
1215 Edington Pl Unit A6 Marco Island, FL	1.0	1.0	570	$4,500	$7.89	21d	1	0.86mi
457 Tallwood St #106 Marco Island, FL	1.0	1.0	539	$1,600	$2.97	24d	1	0.95mi
591 Seaview Ct Unit A306 Marco Island, FL	2.0	2.0	964	$6,000	$6.22	24d	1	1.09mi
60 Pelican St W Naples, FL	1.0	1.0	941	$2,875	$3.06	24d	2	1.12mi
601 Seaview Ct Unit C106 Marco Island, FL	2.0	2.0	964	$5,700	$5.91	24d	1	1.17mi
651 Seaview Ct Unit B207 Marco Island, FL	2.0	2.0	1075	$6,000	$5.58	24d	1	1.19mi
440 Seaview Ct #912 Marco Island, FL	2.0	2.0	1099	$6,500	$5.91	14d	1	1.23mi
380 Seaview Ct #305 Marco Island, FL	2.0	2.0	1100	$6,000	$5.45	14d	1	1.25mi
260 Seaview Ct #604 Marco Island, FL	2.0	2.0	1070	$8,000	$7.48	14d	1	1.33mi
240 Seaview Ct #413 Marco Island, FL	1.0	1.0	750	$6,500	$8.67	24d	1	1.36mi
240 Seaview Ct #211 Marco Island, FL	2.0	2.0	1075	$11,000	$10.23	21d	1	1.37mi
167 N Collier Blvd Marco Island, FL	2.0	1.0	555	$2,100	$3.78	14d	2	1.41mi
130 N Collier Blvd Unit A6 Marco Island, FL	2.0	1.0	704	$1,900	$2.70	24d	1	1.47mi
180 Seaview Ct Marco Island, FL	1.0–2.0	1.5–2.0	721	$4,500	$6.24	24d	2	1.49mi

HOA detail condo

• Monthly dues: $834 · $10,008/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-18
   days on market $379,000 Active 15 DOM
2. 2026-06-17
   days on market $379,000 Active 14 DOM
3. 2026-06-16
   days on market $379,000 Active 13 DOM
4. 2026-06-15
   days on market $379,000 Active 12 DOM
5. 2026-06-14
   days on market $379,000 Active 10 DOM
6. 2026-06-10
   days on market $379,000 Active 7 DOM
7. 2026-06-09
   days on market $379,000 Active 6 DOM
8. 2026-06-08
   days on market $379,000 Active 5 DOM
9. 2026-06-07
   remarks 621-char remark
10. 2026-06-07
    listed $379,000 Active 4 DOM

ⓘ 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: $2,542 · $212/mo
• Projected year-2 tax: $3,146 · $262/mo
• Expected delta: +$604/yr (+$50/mo · 23.8%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 31 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $61,174
• − Mortgage interest: −$21,230
• − Property taxes: −$2,542
• − Insurance: −$7,014
• − Repairs & maintenance: −$4,894
• − Management: −$4,894
• − HOA: −$10,008
• − Depreciation: −$11,025
• Taxable loss: −$432
• Est. tax savings @ 24.0%: +$104
• After-tax cash flow: $5,018/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 — Marco Island

• Score: 71/100
• State rank: #404
• US rank: #7149

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marco Island, FL
• County: Collier County · 396,295 people
• City population: 16,205
• Metro: Naples-Marco Island, FL
• Population (ZIP): 16,205
• Household income: $101,523
• Rent vs Own: 10.6% rent · 89.4% own
• Severe rent burden: 314.0

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 (90%)
• Race & ethnicity: White 90% Hispanic / Latino 7% Two or more races 6%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1% Cuban 2%
• Common ancestry: Romanian 5% Lithuanian 2% Slovak 2%
• Foreign-born: 9% · Canada
• Languages at home: 90% English-only · Spanish 5% Other Indo-European 1% German/W. Germanic 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: ▼ -374.55%
• Current HPI: 284.7538
• Rent YoY: ▲ 6.59%
• 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

+90.5% since first listed

16 events — show timeline

• 2026-06-03 Listed $379,000 Beaches MLS
• 2026-05-01 Listing Removed — Beaches MLS
• 2025-05-04 Listed $379,000 Beaches MLS
• 2025-04-03 Listing Removed — NAPLESMLS
• 2025-01-07 Relisted — MIML
• 2025-01-07 Relisted — NAPLESMLS
• 2024-12-17 Pending — NAPLESMLS
• 2024-12-17 Contingent — MIML
• 2024-12-11 Price Changed $379,000 NAPLESMLS
• 2024-12-11 Price Changed $379,000 MIML
• 2024-09-16 Price Changed $395,900 NAPLESMLS
• 2024-09-16 Price Changed $395,900 MIML
• 2024-04-08 Listed $410,000 NAPLESMLS
• 2024-04-05 Listed $410,000 MIML
• 2010-07-28 Sold (Public Records) $166,950 Public Records
• 2009-06-26 Listed $199,000 NAPLESMLS

Property tax history

+5.7%/yr

Latest (2025): $2,542 · -1.7% YoY. Source: county tax records.