2875 Citrus Lake Dr Unit M205 · Pelican Marsh, FL 34109

$275,000

2 bd · 2.0 ba · 1,249 sqft · Condo · 25 Days on market

Built 1992 Good condition $713/mo HOA · 18% of rent

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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 +22.6/30.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• Appreciation +5.1/10.0
• Schools +5.0/10.0
• Condition / age +4.0/5.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0

Listing remarks MLS

Located in the heart of North Naples, Lakeside is a premier gated community centered around a stunning 40-acre freshwater lake, offering an exceptional lifestyle just minutes from the Gulf's pristine white-sand beaches. This beautifully maintained second-floor condominium features breathtaking long lake views, 2 bedrooms, 2 full baths, an eat-in kitchen, and 1,249 square feet of thoughtfully designed living space, with the convenience of elevator access. The spacious primary suite offers a walk-in closet and an en-suite bath with dual sinks. Step onto the screened lanai and relax while enjoying the tranquil lake views--perfect for morning coffee, evening dining, and unforgettable sunsets over the water. Ideally located directly across from one of the community's two heated pools, this residence combines convenience with resort-style living. For added buyer confidence, the seller is providing a one-year AHS ShieldPlus Home Warranty for peace of mind. Residents of Lakeside enjoy an impressive array of amenities, including four tennis courts, pickleball, basketball, bocce, shuffleboard, fishing, and kayaking. The two-story clubhouse features a fitness center, sauna, billiards, and full kitchen for private gatherings. A scenic 1.5-mile walking path winds through beautifully landscaped grounds accented by two illuminated lake fountains. Ideally situated near world-class golf, upscale shopping, award-winning dining, outdoor recreation, and convenient access to I-75, this home also benefits from A-rated schools. One of the Trust beneficiaries has a Florida real estate license.

Key facts

• Gated community
• Heated pools
• Long lake views

Tags

• GATED COMMUNITY
• 40 ACRE FRESHWATER LAKE
• LONG LAKE VIEWS
• ELEVATOR ACCESS
• SCREENED LANAI
• HEATED POOLS

Property features AI

Finance

• Other: Community type: boating, gated, tennis
• Financial info: Total annual recurring fees apply; One-time fees apply
• HOA & community: Mandatory HOA; Master association with professional management; Quarterly master HOA fee; Quarterly condo fee; Maintenance covers cable, insurance, internet/Wi-Fi, irrigation water, lawn/land maintenance, pest control (interior & exterior), sewer, street lights/maintenance, trash removal, water, recreation facilities, reserves, legal/accounting, manager, fidelity bond; Community amenities include clubhouse, community pool and spa, exercise room, lakefront beach, tennis, pickleball, basketball, shuffleboard, bike/jog path, sidewalks, BBQ/picnic areas, library, sauna, billiards, boat storage, underground utilities, streetlights

Exterior

• Parking: One assigned covered parking; Detached 1-car carport; Paved driveway; Guest parking available
• Security: Gated community; Entry card and entry keypad access
• Utilities: Central water; Central sewer; Cable available; Electricity (central)
• Home design: Residential garden apartment in a low-rise (1–3) building; Built in 1992; Concrete block construction; Part of the Lakeside development (Lakeside Gardens), unit #205
• Construction: Concrete block construction; Shingle roof; Stucco finish; Built in 1992; Garden apartment building
• Exterior features: Storage; Shingle roof; Sliding windows; Stucco exterior; Lake view; Freshwater lake frontage with rip rap; Lake/canal irrigation; Zero lot line; Paved road access; Rear exposure to the west

Interior

• Kitchen: Pantry; Dishwasher; Disposal; Range; Refrigerator/Freezer
• Bedrooms: 2 bedrooms
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms; Master bath with dual sinks and shower (no tub)
• Heating & cooling: Central electric heat; Central electric cooling; Ceiling fans
• Interior features: High-speed internet available; Pantry; Smoke detectors; Walk-in closet; Split bedroom floor plan; Common elevator; Five ceiling fans; Laundry in residence; Screened lanai/porch; Six total rooms
• Laundry & utility: Washer and dryer in unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $275k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $401 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $275k).
• Recommended offer: $271k (1.5% 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 22d 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).

Forward outlook

• In year one you build about $3k of equity ($2k loan paydown + $811 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 $77k cash investment doubles in ~10 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $270,875 (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. 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: 1.42% ✓
• Cap rate: 8.33%
• Cash-on-cash: 7.29%
• DSCR: 1.32
• GRM: 5.9

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: 3.8%
• Equity multiple: 1.18×
• Total profit: $13,875
• Equity at exit: $83,930

10-year hold

• IRR: 7.0%
• Equity multiple: 1.73×
• Total profit: $56,152
• Equity at exit: $104,204

Cash invested: $77,000 (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: 5.9×

Monthly cashflow live

• Estimated rent: $3,900 high
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$713
• Vacancy / Maint / Mgmt: −$819
• Net cashflow: $401

Break-even live

Break-even rent $3,392

Max offer price $275,000

Occupancy floor 85%

Sensitivity live

Price	-10% $591	-5% $496	+0% $401	+5% $306	+10% $211
Rent	-10% $93	-5% $247	+0% $401	+5% $555	+10% $709
Rate	-1.0pp $540	-0.5pp $471	base $401	+0.5pp $330	+1.0pp $257

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2885 Citrus Lake Dr Unit N103 Naples, FL	2.0	2.0	1249	$5,250	$4.20	14d	1	0.06mi
2864 Mizzen Way Unit Y106 Naples, FL	2.0	2.0	1350	$5,200	$3.85	14d	1	0.13mi
3051 Horizon Ln #1803 Naples, FL	2.0	2.0	1482	$5,100	$3.44	24d	1	0.13mi
2731 Citrus Lake Dr #202 Naples, FL	2.0	2.0	1260	$2,500	$1.98	14d	1	0.17mi
3035 Horizon Ln #2206 Naples, FL	2.0	2.0	1246	$6,000	$4.82	24d	1	0.17mi
2711 Citrus Lake Dr Unit F302 Naples, FL	2.0	2.0	1272	$4,500	$3.54	14d	1	0.20mi
2711 Citrus Lake Dr Unit F305 Naples, FL	3.0	2.0	1480	$5,500	$3.72	14d	1	0.20mi
2671 Citrus Lake Dr Unit E-303 Naples, FL	2.0	2.0	1380	$3,500	$2.54	14d	1	0.24mi
2671 Citrus Lake Dr Unit E-201 Naples, FL	3.0	2.0	1380	$5,250	$3.80	14d	1	0.24mi
3015 Horizon Ln #2702 Naples, FL	3.0	2.0	1399	$1,790	$1.28	24d	1	0.24mi
2651 Citrus Lake Dr Unit D302 Naples, FL	2.0	2.0	1250	$5,000	$4.00	14d	1	0.28mi
3009 Driftwood Way #2802 Naples, FL	3.0	2.0	1399	$2,000	$1.43	24d	1	0.31mi
2516 Orchid Bay Dr #203 Naples, FL	2.0	2.0	1360	$4,750	$3.49	24d	1	0.33mi
7416 Plumbago Bridge Rd #103 Naples, FL	2.0	2.0	1223	$2,400	$1.96	14d	1	0.34mi
3017 Driftwood Way #3001 Naples, FL	3.0	2.0	1385	$5,000	$3.61	24d	1	0.36mi
2608 Sailors Way #122 Naples, FL	2.0	2.0	1387	$5,500	$3.97	24d	1	0.37mi
3025 Driftwood Way #3203 Naples, FL	2.0	2.0	1248	$3,900	$3.12	24d	1	0.42mi
7518 Silver Trumpet Ln Unit Q102 Naples, FL	2.0	2.0	1300	$2,600	$2.00	14d	1	0.43mi
2460 Old Groves Rd Unit E102 Naples, FL	2.0	2.0	1226	$2,400	$1.96	14d	1	0.43mi
3029 Driftwood Way #3303 Naples, FL	2.0	2.0	1248	$4,000	$3.21	24d	1	0.45mi
3037 Driftwood Way #3505 Naples, FL	2.0	2.0	1248	$2,500	$2.00	24d	1	0.46mi
2585 Old Groves Rd Unit L203 Naples, FL	2.0	2.0	1448	$5,500	$3.80	14d	1	0.47mi
6654 Tannin Ln Unit B Naples, FL	2.0	2.0	1441	$3,100	$2.15	24d	1	0.67mi
7287 Mill Pond Cir Naples, FL	3.0	2.0	1355	$3,800	$2.80	24d	1	0.70mi
3320 Bermuda Isle Cir Naples, FL	1.0–3.0	1.0–2.0	1134	$2,390	$2.11	14d	45	0.74mi
7546 Mill Pond Cir Naples, FL	3.0	2.0	1373	$6,500	$4.73	24d	1	0.74mi
7791 Esmeralda Way #203 Naples, FL	2.0	2.0	1022	$1,950	$1.91	14d	1	0.76mi
7794 Emerald Cir Unit A-102 Naples, FL	2.0	2.0	1022	$4,000	$3.91	14d	1	0.78mi
7800 Emerald Cir #104 Naples, FL	2.0	2.0	1022	$2,200	$2.15	22d	1	0.78mi
7800 Emerald Cir Unit B104 Naples, FL	2.0	2.0	1022	$2,200	$2.15	14d	1	0.78mi
2277 Arbour Walk Cir Naples, FL	1.0–2.0	1.0–2.0	937	$2,540	$2.71	14d	25	0.83mi
7778 Emerald Cir #204 Naples, FL	3.0	2.0	1199	$6,750	$5.63	14d	1	0.83mi
7778 Emerald Cir #104 Naples, FL	3.0	2.0	1199	$2,300	$1.92	22d	1	0.83mi
2226 Arbour Walk Cir #1913 Naples, FL	1.0	1.0	740	$1,475	$1.99	24d	1	0.91mi
7754 Emerald Cir Unit T202 Naples, FL	2.0	2.0	1022	$3,850	$3.77	14d	1	0.93mi
2602 Fountain View Cir Naples, FL	1.0–2.0	1.0–2.0	995	$2,277	$2.29	14d	41	0.94mi
7712 Jewel Ln Naples, FL	2.0	2.0	1022	$1,850	$1.81	24d	1	0.97mi
7707 Jewel Ln #201 Naples, FL	3.0	2.0	1199	$2,900	$2.42	24d	1	1.00mi
2118 Arbour Walk Cir Naples, FL	1.0	1.0	750	$1,300	$1.73	24d	1	1.01mi
7719 Jewel Ln #103 Naples, FL	2.0	2.0	1022	$3,800	$3.72	24d	1	1.01mi

HOA detail condo

• Monthly dues: $713 · $8,556/yr
• Likely covers: waterlandscapingpoolgymsecurity
• 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 $275,000 Pending 25 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 7/10 Severe FEMA zone X (shaded) · 98% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 6 d/yr ≥107°F today · 25 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: $46,800
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$2,172
• − Repairs & maintenance: −$3,744
• − Management: −$3,744
• − HOA: −$8,556
• − Depreciation: −$8,000
• Taxable income: $1,054
• Est. tax owed @ 24.0%: −$253
• After-tax cash flow: $4,560/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 · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained second-floor condo in Pelican Marsh offers stunning lake views and is ready for new owners. Minor cosmetic updates could further enhance its appeal.

Value-add opportunities

• Resale Paint exterior trim — Enhances curb appeal and property value.
• Rental Clean gutters — Keeps property in good condition and prevents water damage.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior trim — Enhances curb appeal and property value. ↑
• Rental Clean gutters — Keeps property in good condition and prevents water damage. ↑

ⓘ 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

+0.0% since first listed

4 events — show timeline

• 2026-06-02 Pending — MIML
• 2026-06-02 Pending — NAPLESMLS
• 2026-05-08 Listed $275,000 NAPLESMLS
• 2026-05-08 Listed $275,000 MIML