1510 Imperial Golf Course Blvd #111 · Pelican Marsh, FL 34110

$279,000

2 bd · 2.5 ba · 1,822 sqft · Condo public records · 314 Days on market

Built 1982 $1167/mo HOA · 32% of rent

---

Why this score? — see what drove the D 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 +11.2/30.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• DSCR +3.3/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Experience everyday comfort and coastal charm in this updated two-bedroom, three-bath end-unit townhome, perfectly positioned in the gated neighborhood of Imperial Golf Estates. Wake up to serene lake and fairway views, then savor morning coffee on the private screened lanai or one of two bedroom balconies. Inside, warm pine wood floors, a sunlit great room, and a beautifully renovated kitchen with quartz countertops create a space that feels both welcoming and refined. The spacious primary suite offers a walk-in closet, dual sinks, and a glass-enclosed tile shower for a spa-like retreat. Guests will appreciate their own private balcony and easy access to an updated bath. A detached one-car

Key facts

• Gated neighborhood
• Quartz countertops
• Lake views

Tags

• GATED NEIGHBORHOOD
• LAKE VIEWS
• PRIVATE SCREENED LANAI
• TWO BEDROOM BALCONIES
• RENOVATED KITCHEN
• QUARTZ COUNTERTOPS

Property features AI

Finance

• Other: Unit is part of a complex with 41 units and 10 units in the building; 1 unit per floor; building has 2 floors; Subdivision: Imperial Golf Estates (development name listed)
• HOA & community: Mandatory HOA; Quarterly condo fee; Condo fee $3,500 quarterly (total annual recurring fees listed as $14,000); Professional management; Maintenance covers pest control (interior & exterior), recreation facilities, reserves; Community amenities: clubhouse, community pool, tennis court, bike and jog path, sidewalk, streetlight, underground utilities; Golf course community with private membership option; Community type: gated, golf course

Exterior

• Parking: Detached 1-car garage
• Security: Gated community
• Utilities: Central water; Central sewer; Cable available; Electric service
• Home design: Residential end-unit; Split-level, 2-story layout; Low-rise building (1–3 stories); Rear exposure east
• Construction: Concrete block construction; Stucco exterior; Shingle roof; Built in 1982
• Exterior features: Deck; Patio; Private road; Water display; Golf course view; Lake view; Landscaped area; Water feature

Interior

• Kitchen: Pantry; Cooktop; Range; Self-cleaning oven; Microwave; Dishwasher; Disposal; Refrigerator
• Bedrooms: 2 bedrooms; Master bedroom upstairs; Split bedroom layout
• Flooring: Carpet; Laminate; Tile; Wood
• Bathrooms: 2 full bathrooms; 1 half bathroom; Master bath with dual sinks and shower
• Heating & cooling: Central electric heat; Central electric cooling; Ceiling fans
• Interior features: Built-in cabinets; Cable prewire; Foyer; High-speed internet available; Pantry; Smoke detectors; Tray ceiling; Walk-in closet; Balcony; Great room; Guest bath; Guest room; Laundry in residence; Screened balcony; Screened lanai/porch; Turnkey furnished
• Laundry & utility: Washer; Dryer; Auto garage door

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $279k.

Deal economics

• At list price, monthly cash flow is $-105 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $260k (6.6% below list).
• Meets the 1% rule at list price ($4k rent vs $279k).
• Recommended offer: $246k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade D — 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: Veterans Memorial Elementary School (math 78% / reading 79%, grade A, #141 of 2,144 statewide, top 7%, 743 students, 22% FRL); North Naples Middle School (math 79% / reading 73%, grade A, #34 of 571 statewide, top 6%, 903 students, 25% FRL); Gulf Coast High School (math 57% / reading 68%, grade B-, #93 of 667 statewide, top 14%, 2,447 students, 20% FRL) — zoned schools average 22% FRL vs 55% district-wide (33 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 72% at this address vs 58% district-wide (+14 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 soft (-1.1%/yr); 593 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $3,671/mo this rent would consume 45% 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 $2k of loan paydown is wiped out by about $8k 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 314 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 4y ago; this cycle's ask has dropped $41k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $154k; list at $279k implies a 81% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $245,520 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 314 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 1.32% ✓
• Cap rate: 5.84%
• Cash-on-cash: -1.61%
• DSCR: 0.93
• GRM: 6.3

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: -24.2%
• Equity multiple: 0.21×
• Total profit: $-61,936
• Equity at exit: $41,600

10-year hold

• IRR: -44.8%
• Equity multiple: -0.30×
• Total profit: $-101,204
• Equity at exit: $24,123

Cash invested: $78,120 (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 34110

• Rents YoY: -1.1%
• Active inventory: 593
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $3,671 high
• Mortgage (P&I): −$1,463
• Tax from tax record: −$259 /mo · $3,104/yr
• Insurance: −$116
• HOA: −$1,167
• Vacancy / Maint / Mgmt: −$771
• Net cashflow: $-105

Break-even live

Break-even rent $3,804

Max offer price $260,457

Occupancy floor 98%

Sensitivity live

Price	-10% $53	-5% $-26	+0% $-105	+5% $-184	+10% $-263
Rent	-10% $-395	-5% $-250	+0% $-105	+5% $40	+10% $185
Rate	-1.0pp $36	-0.5pp $-34	base $-105	+0.5pp $-177	+1.0pp $-251

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1530 Imperial Golf Course Blvd #321 Naples, FL	2.0	2.0	1400	$2,100	$1.50	25d	1	0.03mi
1520 Imperial Golf Course Blvd #211 Naples, FL	2.0	2.0	1357	$5,000	$3.68	25d	1	0.07mi
13093 Castle Harbour Dr Unit L10 Naples, FL	2.0	2.0	1531	$2,595	$1.69	25d	1	0.19mi
13093 Castle Harbour Dr Unit L10 Naples, FL	2.0	2.0	1531	$2,595	$1.69	23d	1	0.19mi
13131 Castle Harbour Dr Unit M3 Naples, FL	2.0	2.0	1531	$5,000	$3.27	25d	1	0.21mi
1351 Park Lake Dr Unit 14R Naples, FL	2.0	2.0	1400	$2,200	$1.57	15d	1	0.23mi
13140 Hamilton Harbour Dr Unit F4 Naples, FL	2.0	2.0	1340	$5,500	$4.10	25d	1	0.32mi
1245 Imperial Dr Naples, FL	3.0	3.0	1848	$13,000	$7.03	25d	1	0.38mi
1290 Yesica Ann Cir Unit G203 Naples, FL	2.0	2.0	1245	$6,000	$4.82	15d	1	0.47mi
1190 Yesica Ann Cir Unit B101 Naples, FL	2.0	2.0	1245	$2,500	$2.01	15d	1	0.51mi
1150 Yesica Ann Cir Unit A205 Naples, FL	2.0	2.0	1300	$6,000	$4.62	15d	1	0.56mi
1120 Sarah Jean Cir Unit B205 Naples, FL	3.0	2.0	1370	$2,300	$1.68	15d	1	0.63mi
1911 Princess Ct Naples, FL	3.0	2.0	1978	$3,995	$2.02	25d	1	0.83mi
241 Palm River Blvd Unit C202 Naples, FL	2.0	2.0	1430	$3,500	$2.45	25d	1	0.87mi
240 Palm River Blvd Unit C102 Naples, FL	2.0	2.0	1440	$2,995	$2.08	25d	1	0.91mi
681 Palm View Dr Naples, FL	2.0	2.0	1240	$2,100	$1.69	15d	1	1.06mi
1337 Center Ln Naples, FL	3.0	2.0	1500	$4,300	$2.87	25d	1	1.07mi
849 Palm View Dr #28 Naples, FL	2.0	2.0	1360	$3,000	$2.21	25d	1	1.11mi
1296 Grand Canal Dr Naples, FL	3.0	2.0	1614	$8,000	$4.96	25d	1	1.13mi
1315 Remington Way #1201 Naples, FL	3.0	2.0	2105	$4,900	$2.33	15d	1	1.14mi
975 Tarpon Cove Dr #204 Naples, FL	3.0	2.0	1340	$5,500	$4.10	15d	1	1.17mi
1284 Rainbow Ct Naples, FL	2.0	2.0	1572	$4,200	$2.67	23d	1	1.20mi
752 Wiggins Lake Dr #102 Naples, FL	2.0	2.0	1402	$2,375	$1.69	23d	1	1.22mi
757 Wiggins Lake Dr #106 Naples, FL	3.0	2.0	1374	$6,000	$4.37	15d	1	1.23mi
757 Wiggins Lake Dr #106 Naples, FL	3.0	2.0	1374	$6,000	$4.37	25d	1	1.23mi
2031 Teagarden Ln Naples, FL	3.0	2.5	2447	$5,750	$2.35	25d	1	1.24mi
1282 Belaire Ct Naples, FL	3.0	3.5	1495	$9,500	$6.35	25d	1	1.26mi
1025 Tarpon Cove Dr #203 Naples, FL	2.0	2.0	1225	$5,500	$4.49	15d	1	1.28mi
151 Cypress Way E Naples, FL	2.0	2.0	1350	$1,200	$0.89	25d	1	1.29mi
14478 Sterling Oaks Dr Naples, FL	3.0	3.0	2173	$4,000	$1.84	25d	1	1.30mi
945 Carrick Bend Cir #201 Naples, FL	3.0	2.0	2360	$2,995	$1.27	15d	1	1.30mi
145 Cypress Way E Unit East145A Naples, FL	2.0	2.0	1377	$2,300	$1.67	25d	1	1.31mi
437 Wiggins Lake Ct #201 Naples, FL	2.0	2.0	1283	$4,500	$3.51	25d	1	1.32mi
15855 Secoya Reserve Cir Naples, FL	3.0	2.0	2293	$7,000	$3.05	25d	1	1.33mi
784 Carrick Bend Cir #101 Naples, FL	3.0	2.0	1515	$3,500	$2.31	25d	1	1.35mi
774 Wiggins Lake Dr #106 Naples, FL	3.0	2.0	1374	$6,500	$4.73	25d	1	1.35mi
14508 Sterling Oaks Dr Naples, FL	3.0	2.0	2599	$9,500	$3.66	25d	1	1.35mi
1980 Willow Bend Cir Unit 7-204 Naples, FL	2.0	2.0	1592	$6,000	$3.77	25d	1	1.35mi
135 Cypress Way E Unit C Naples, FL	2.0	2.0	1377	$2,350	$1.71	15d	1	1.36mi
16208 Parque Ln Naples, FL	3.0	2.0	2000	$12,500	$6.25	25d	1	1.39mi

HOA detail condo

• Monthly dues: $1,167 · $14,004/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 34 events

1. 2026-06-22
   days on market $279,000 Active 314 DOM
2. 2026-06-18
   days on market $279,000 Active 311 DOM
3. 2026-06-17
   days on market $279,000 Active 310 DOM
4. 2026-06-16
   days on market $279,000 Active 309 DOM
5. 2026-06-15
   days on market $279,000 Active 308 DOM
6. 2026-06-10
   days on market $279,000 Active 303 DOM
7. 2026-06-09
   days on market $279,000 Active 302 DOM
8. 2026-06-08
   days on market $279,000 Active 301 DOM
9. 2026-06-07
   days on market $279,000 Active 300 DOM
10. 2026-06-02
    days on market $279,000 Active 295 DOM
11. 2026-06-01
    days on market $279,000 Active 294 DOM
12. 2026-05-31
    days on market $279,000 Active 293 DOM
13. 2026-05-30
    days on market $279,000 Active 292 DOM
14. 2026-04-13
    price $279,000
15. 2025-09-11
    price $299,000
16. 2025-08-11
    listed $319,900 Active
17. 2025-07-23
    historical $2,200
18. 2025-06-24
    listed $2,200
19. 2025-06-18
    historical $3,000
20. 2025-06-04
    historical
21. 2025-04-18
    price $349,900
22. 2025-03-17
    price $360,000
23. 2025-02-01
    price $380,000
24. 2024-12-04
    listed $399,900 Active
25. 2024-09-29
    listed $3,000
26. 2023-05-01
    historical
27. 2023-03-20
    listed $449,900 Active
28. 2023-03-16
    historical
29. 2022-12-06
    price $449,900
30. 2022-11-21
    price $499,900
31. 2022-11-07
    price $549,900
32. 2022-09-27
    listed $599,900 Active
33. 1986-12-01
    soldstatus $154,000
34. 1982-02-01
    soldstatus $160,000

ⓘ 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: $3,104 · $259/mo
• Projected year-2 tax: $3,104 · $259/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 6/10 Major FEMA zone X (shaded) · 64% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 30 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: $44,051
• − Mortgage interest: −$15,628
• − Property taxes: −$3,104
• − Insurance: −$1,395
• − Repairs & maintenance: −$3,524
• − Management: −$3,524
• − HOA: −$14,004
• − Depreciation: −$8,116
• Taxable loss: −$5,244
• Est. tax savings @ 24.0%: +$1,259
• After-tax cash flow: $-1/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

+74.4% since first listed

21 events — show timeline

• 2026-04-13 Price Changed $279,000 NAPLESMLS
• 2025-09-11 Price Changed $299,000 NAPLESMLS
• 2025-08-11 Listed $319,900 NAPLESMLS
• 2025-07-23 Rental Removed $2,200 NAPLESMLS
• 2025-06-24 Listed for Rent $2,200 NAPLESMLS
• 2025-06-18 Rental Removed $3,000 NAPLESMLS
• 2025-06-04 Listing Removed — NAPLESMLS
• 2025-04-18 Price Changed $349,900 NAPLESMLS
• 2025-03-17 Price Changed $360,000 NAPLESMLS
• 2025-02-01 Price Changed $380,000 NAPLESMLS
• 2024-12-04 Listed $399,900 NAPLESMLS
• 2024-09-29 Listed for Rent $3,000 NAPLESMLS
• 2023-05-01 Listing Removed — NAPLESMLS
• 2023-03-20 Listed $449,900 NAPLESMLS
• 2023-03-16 Listing Removed — NAPLESMLS
• 2022-12-06 Price Changed $449,900 NAPLESMLS
• 2022-11-21 Price Changed $499,900 NAPLESMLS
• 2022-11-07 Price Changed $549,900 NAPLESMLS
• 2022-09-27 Listed $599,900 NAPLESMLS
• 1986-12-01 Sold (Public Records) $154,000 Public Records
• 1982-02-01 Sold (Public Records) $160,000 Public Records

Property tax history

+8.5%/yr

Latest (2025): $3,104 · +3.1% YoY. Source: county tax records.