5610 Northboro Dr · Pelican Marsh, FL 34110

$498,000

3 bd · 2.0 ba · 1,928 sqft · SingleFamily · 96 Days on market

Built 2002

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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 +20.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 1% rule +5.4/10.0
• 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

great investment opportunity.

Key facts

• Built 2002
• Listed 96 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $498k.

Deal economics

• At list price, monthly cash flow is $632 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $498k).
• Recommended offer: $453k (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 $5,157/mo this rent would consume 63% 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 $15k 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 96 days — a 9% lower offer ($453k) 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 1→5/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $453,180 (9.0% below list)

Questions for the listing agent

1. It's been on market 96 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.04% ✓
• Cap rate: 7.82%
• Cash-on-cash: 5.44%
• DSCR: 1.24
• GRM: 8.0

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: -11.3%
• Equity multiple: 0.60×
• Total profit: $-55,471
• Equity at exit: $74,253

10-year hold

• IRR: -7.1%
• Equity multiple: 0.61×
• Total profit: $-54,547
• Equity at exit: $43,058

Cash invested: $139,440 (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: 8.0×

Monthly cashflow live

• Estimated rent: $5,157 high
• Mortgage (P&I): −$2,612
• Tax est. 1.5%: −$622 /mo · $7,470/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,083
• Net cashflow: $632

Break-even live

Break-even rent $4,356

Max offer price $498,000

Occupancy floor 83%

Sensitivity live

Price	-10% $976	-5% $804	+0% $632	+5% $460	+10% $288
Rent	-10% $225	-5% $428	+0% $632	+5% $836	+10% $1,039
Rate	-1.0pp $883	-0.5pp $759	base $632	+0.5pp $503	+1.0pp $372

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: $124,500
• Closing costs: $14,940
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5455 Worthington Ln #202 Naples, FL	2.0	2.0	1427	$3,900	$2.73	24d	1	0.07mi
5630 Sherborn Dr #202 Naples, FL	3.0	2.0	2005	$7,500	$3.74	24d	1	0.09mi
5935 Northridge Dr Naples, FL	2.0	2.0	1671	$2,995	$1.79	24d	1	0.16mi
5325 Andover Dr #101 Naples, FL	2.0	2.0	1654	$5,250	$3.17	24d	1	0.20mi
5330 Andover Dr #102 Naples, FL	3.0	2.0	1740	$2,550	$1.47	24d	1	0.21mi
5145 Cobble Creek Ct #202 Naples, FL	2.0	2.0	1798	$2,600	$1.45	21d	1	0.23mi
5360 Andover Dr #202 Naples, FL	3.0	2.0	1928	$6,500	$3.37	24d	1	0.24mi
5130 Cobble Creek Ct Unit B202 Naples, FL	3.0	2.0	2050	$2,800	$1.37	14d	1	0.27mi
5125 Cedar Springs Dr #204 Naples, FL	3.0	2.0	2177	$5,650	$2.60	24d	1	0.33mi
5632 Whisperwood Blvd #1601 Naples, FL	3.0	2.0	1856	$8,000	$4.31	24d	1	0.34mi
5765 Grande Reserve Way Unit 7-702 Naples, FL	2.0	2.0	1800	$7,500	$4.17	24d	1	0.36mi
4910 Deerfield Way Unit A-203 Naples, FL	2.0	2.0	1388	$5,500	$3.96	14d	1	0.36mi
5105 Cedar Springs Dr #101 Naples, FL	2.0	2.0	1650	$7,000	$4.24	24d	1	0.36mi
5645 Whisperwood Blvd #504 Naples, FL	2.0	2.0	1793	$6,000	$3.35	24d	1	0.38mi
250 Willowick Dr Naples, FL	3.0	2.0	1469	$3,500	$2.38	24d	1	0.38mi
6478 Waverly Green Way Naples, FL	3.0	2.5	1711	$10,000	$5.84	24d	1	0.41mi
231 Legacy Ct Naples, FL	3.0	3.0	2265	$7,900	$3.49	24d	1	0.42mi
4950 Deerfield Way #202 Naples, FL	2.0	2.0	1388	$2,000	$1.44	21d	1	0.43mi
4970 Deerfield Way Unit F-203 Naples, FL	2.0	2.0	1388	$1,990	$1.43	14d	1	0.44mi
5657 Whisperwood Blvd #204 Naples, FL	2.0	2.0	1793	$6,000	$3.35	24d	1	0.44mi
5045 Cedar Springs Dr #203 Naples, FL	2.0	2.0	1427	$4,200	$2.94	24d	1	0.44mi
5693 Heron Ln #502 Naples, FL	2.0	2.0	1490	$6,800	$4.56	24d	1	0.44mi
208 Erie Dr Unit 1355591P Naples, FL	3.0	2.0	1754	$5,550	$3.16	14d	1	0.46mi
5705 Heron Ln #806 Naples, FL	2.0	2.0	1540	$7,000	$4.55	24d	1	0.47mi
6522 Waverly Green Way Naples, FL	3.0	2.0	2039	$4,500	$2.21	24d	1	0.52mi
4910 Cougar Ct N Unit 1-205 Naples, FL	2.0	2.0	1377	$2,050	$1.49	14d	1	0.54mi
4945 Cougar Ct S #105 Naples, FL	2.0	2.0	1377	$2,750	$2.00	14d	1	0.61mi
194 Wickliffe Dr Naples, FL	3.0	2.0	1798	$3,500	$1.95	24d	1	0.61mi
5000 Immokalee Rd Naples, FL	1.0–3.0	1.0–2.0	1115	$4,272	$3.83	14d	68	0.62mi
4940 Cougar Ct S Unit 1545947P Naples, FL	2.0	2.0	1367	$2,185	$1.60	14d	1	0.64mi
128 Heritage Way Naples, FL	3.0	2.0	2382	$3,500	$1.47	24d	1	0.65mi
300 Diamond Cir #302 Naples, FL	3.0	2.0	1755	$2,600	$1.48	24d	1	0.66mi
4965 Sandra Bay Dr #102 Naples, FL	2.0	2.0	1377	$2,200	$1.60	14d	1	0.66mi
2835 Cypress Trace Cir Unit 1049710P Naples, FL	3.0	2.0	1248	$4,110	$3.29	14d	1	0.66mi
2855 Cypress Trace Cir #102 Naples, FL	2.0	2.0	1232	$2,000	$1.62	14d	1	0.67mi
2855 Cypress Trace Cir #202 Naples, FL	2.0	2.0	1232	$4,800	$3.90	14d	1	0.67mi
2790 Cypress Trace Cir Naples, FL	2.0	2.0	1537	$5,000	$3.25	24d	2	0.69mi
2895 Cypress Trace Cir #202 Naples, FL	2.0	2.0	1232	$4,500	$3.65	24d	1	0.70mi
2895 Cypress Trace Cir #104 Naples, FL	2.0	2.0	1252	$4,800	$3.83	24d	1	0.70mi
2820 Cypress Trace Cir Naples, FL	2.0	2.0	1254	$3,748	$2.99	24d	3	0.71mi

Listing history 13 events

1. 2026-06-18
   days on market $498,000 Active 96 DOM
2. 2026-06-17
   days on market $498,000 Active 95 DOM
3. 2026-06-16
   days on market $498,000 Active 94 DOM
4. 2026-06-15
   days on market $498,000 Active 93 DOM
5. 2026-06-10
   days on market $498,000 Active 88 DOM
6. 2026-06-09
   days on market $498,000 Active 87 DOM
7. 2026-06-08
   days on market $498,000 Active 86 DOM
8. 2026-06-07
   days on market $498,000 Active 85 DOM
9. 2026-06-02
   days on market $498,000 Active 80 DOM
10. 2026-06-01
    days on market $498,000 Active 79 DOM
11. 2026-05-31
    days on market $498,000 Active 78 DOM
12. 2026-05-30
    days on market $498,000 Active 77 DOM
13. 2026-03-14
    listed $498,000 Active

ⓘ 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 2/10 Low FEMA zone X (unshaded) · 5% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 1 d/yr ≥108°F today · 5 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $61,879
• − Mortgage interest: −$27,896
• − Property taxes: −$7,470
• − Insurance: −$2,490
• − Repairs & maintenance: −$4,950
• − Management: −$4,950
• − Depreciation: −$14,487
• Taxable loss: −$365
• Est. tax savings @ 24.0%: +$88
• After-tax cash flow: $7,673/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

1 event — show timeline

• 2026-03-14 Listed $498,000 ForSaleByOwner.com