4337 Covey Cir Unit 9C · Pelican Marsh, FL 34109

$333,000

2 bd · 2.0 ba · 1,312 sqft · Condo public records · 268 Days on market

Built 2005 $688/mo HOA · 23% of rent

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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 +8.3/30.0
• ARV discount +7.5/15.0
• Appreciation +5.1/10.0
• Schools +5.0/10.0
• 1% rule +4.2/10.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0

Listing remarks MLS

Desirable North Naples neighborhood, west of I-75, close to shopping and restaurants, and just minutes from the beach!! This charming, unique California style villa, lives like a single-family house without the up keep! Living area has a bright comforting feeling, featuring vaulted ceilings with skylights and a cozy fireplace. Tile on diagonal throughout downstairs living area and loft. Sliding glass doors open off the master bedroom, living room and second bedroom onto the private screened courtyard ideal for entertaining. Loft has spacious open patio for soaking in the sunshine, and could be used as a 3rd bedroom. Constructed with poured concrete walls and hurricane shutters, this is an inviting tropical retreat. This community has a pool and tennis courts for your enjoyment.

Key facts

• Hurricane shutters
• Tennis courts
• Tranquil setting

Tags

• PRIVATE COURTYARD
• SUNNY TERRACE
• HURRICANE SHUTTERS
• TENNIS COURTS
• TRANQUIL SETTING
• EASY ACCESS TO I-75

Property features AI

Finance

• Other: No commercial use allowed (restrictions)
• HOA & community: Mandatory HOA; Quarterly master HOA fee ($2,065); Total annual recurring HOA fees $8,260; One-time fees $250; HOA covers cable, trash removal, and water; Community amenities: community pool, tennis, pickleball, basketball; Non-gated community; condo management

Exterior

• Parking: Attached 2-car garage; Additional driveway parking (2+ spaces, paved)
• Security: Manual storm shutters
• Utilities: Central water; Central sewer; Cable available
• Home design: Attached villa (Carriage/Coach style); 2-story building; Rear exposure faces south; Residential property in Quail Woods Courtyards
• Construction: Built in 2005; Concrete block construction; Stucco exterior; Tile roof; Single-hung windows; Zero lot line
• Exterior features: Courtyard; Patio

Interior

• Kitchen: Island; Eat-in kitchen; Dishwasher; Microwave; Self-cleaning oven; Refrigerator/ice maker
• Bedrooms: 2 bedrooms plus den; First-floor bedrooms with a ground-level primary; Split bedroom layout
• Flooring: Tile; Wood
• Bathrooms: 2 full bathrooms; Primary bath with dual sinks, jetted tub, and tub/shower combo
• Heating & cooling: Central electric heat; Central electric air conditioning; Ceiling fans
• Interior features: Built-in cabinets; Vaulted ceiling; Courtyard floor plan; Open screened porch/lanai
• Laundry & utility: Washer; Auto garage door

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $333k.

Deal economics

• At list price, monthly cash flow is $-306 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $279k (16.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $305k (8.3% below list).
• Recommended offer: $279k (16.2% below list) — sets the bar for cash-flow.

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.
• Market conditions: Rents flat; 424 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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).
• This rent runs 40% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $3k of equity ($2k loan paydown + $982 appreciation (0.3% local appreciation)).
• Collier County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 8, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 268 days — a 12% lower offer ($293k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y ago; this cycle's ask has dropped $87k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $170k; list at $333k implies a 96% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $278,915 (16.2% 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 268 days. Have you received any prior offers? Is the seller open to a 16% 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: 0.92% ✗
• Cap rate: 5.19%
• Cash-on-cash: -3.94%
• DSCR: 0.82
• GRM: 9.1

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: -6.9%
• Equity multiple: 0.67×
• Total profit: $-30,559
• Equity at exit: $101,632

10-year hold

• IRR: -2.6%
• Equity multiple: 0.72×
• Total profit: $-26,140
• Equity at exit: $126,181

Cash invested: $93,240 (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: 9.1×

Monthly cashflow live

• Estimated rent: $3,055 high
• Mortgage (P&I): −$1,746
• Tax from tax record: −$146 /mo · $1,756/yr
• Insurance: −$139
• HOA: −$688
• Vacancy / Maint / Mgmt: −$641
• Net cashflow: $-306

Break-even live

Break-even rent $3,442

Max offer price $278,915

Occupancy floor —

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: $83,250
• Closing costs: $9,990
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4635 Saint Croix Ln #1214 Naples, FL	2.0	2.0	913	$1,900	$2.08	13d	1	0.06mi
4610 Saint Croix Ln #1027 Naples, FL	3.0	2.0	1196	$4,000	$3.34	23d	1	0.06mi
4620 Saint Croix Ln Naples, FL	2.0	2.0	982	$1,800	$1.83	13d	2	0.07mi
4720 Saint Croix Ln #137 Naples, FL	2.0	2.0	1200	$2,200	$1.83	23d	1	0.11mi
4650 Saint Croix Ln #725 Naples, FL	2.0	2.0	913	$2,150	$2.35	13d	1	0.12mi
4680 Saint Croix Ln #512 Naples, FL	3.0	2.0	1196	$2,490	$2.08	23d	1	0.15mi
4680 Saint Croix Ln Naples, FL	1.0–3.0	1.0–2.0	931	$2,000	$2.15	13d	2	0.15mi
4710 Saint Croix Ln #217 Naples, FL	2.0	2.0	1045	$2,200	$2.11	23d	1	0.17mi
300 Diamond Cir #302 Naples, FL	3.0	2.0	1755	$2,600	$1.48	23d	1	0.26mi
10805 Queen Anne Ln #203 Naples, FL	2.0	2.0	1252	$4,800	$3.83	23d	1	0.28mi
194 Wickliffe Dr Naples, FL	3.0	2.0	1798	$3,500	$1.95	23d	1	0.30mi
600 Diamond Cir #607 Naples, FL	2.0	2.0	1680	$4,800	$2.86	23d	1	0.33mi
4945 Cougar Ct S #105 Naples, FL	2.0	2.0	1377	$2,750	$2.00	13d	1	0.35mi
4910 Cougar Ct N Unit 1-205 Naples, FL	2.0	2.0	1377	$2,050	$1.49	13d	1	0.36mi
4940 Cougar Ct S Unit 1545947P Naples, FL	2.0	2.0	1367	$2,185	$1.60	13d	1	0.36mi
700 Diamond Cir #706 Naples, FL	3.0	2.0	1786	$2,700	$1.51	23d	1	0.37mi
4965 Sandra Bay Dr #102 Naples, FL	2.0	2.0	1377	$2,200	$1.60	13d	1	0.38mi
5000 Immokalee Rd Naples, FL	1.0–3.0	1.0–2.0	1115	$3,186	$2.86	13d	68	0.42mi
98 Chardon Pl Unit 1073520P Naples, FL	3.0	2.0	1646	$5,886	$3.58	13d	1	0.43mi
4950 Deerfield Way #202 Naples, FL	2.0	2.0	1388	$2,000	$1.44	21d	1	0.47mi
4960 Deerfield Way Unit E102 Naples, FL	2.0	2.0	1202	$4,250	$3.54	13d	1	0.49mi
4910 Deerfield Way #103 Naples, FL	2.0	2.0	1200	$4,800	$4.00	21d	1	0.50mi
4910 Deerfield Way Unit A-203 Naples, FL	2.0	2.0	1388	$5,500	$3.96	13d	1	0.50mi
5145 Cobble Creek Ct #202 Naples, FL	2.0	2.0	1798	$2,600	$1.45	21d	1	0.51mi
81 Wickliffe Dr Unit 1073563P Naples, FL	3.0	2.0	1496	$4,681	$3.13	13d	1	0.51mi
4970 Deerfield Way Unit F-203 Naples, FL	2.0	2.0	1388	$1,990	$1.43	13d	1	0.52mi
5025 Cedar Springs Dr #102 Naples, FL	2.0	2.0	1202	$1,590	$1.32	13d	1	0.55mi
5025 Cedar Springs Dr #102 Naples, FL	2.0	2.5	1202	$3,510	$2.92	23d	1	0.55mi
5045 Cedar Springs Dr #203 Naples, FL	2.0	2.0	1427	$4,200	$2.94	23d	1	0.56mi
5045 Cedar Springs Dr #103 Naples, FL	2.0	2.0	1202	$5,000	$4.16	23d	1	0.56mi
15145 Palmer Lake Cir #103 Naples, FL	3.0	2.0	1571	$7,000	$4.46	23d	1	0.60mi
15144 Palmer Lake Cir #102 Naples, FL	2.0	2.0	1375	$6,500	$4.73	23d	1	0.62mi
208 Erie Dr Unit 1355591P Naples, FL	3.0	2.0	1754	$5,550	$3.16	13d	1	0.65mi
5455 Worthington Ln #103 Naples, FL	2.0	2.0	1202	$5,000	$4.16	23d	1	0.66mi
5455 Worthington Ln #202 Naples, FL	2.0	2.0	1427	$3,900	$2.73	23d	1	0.66mi
5330 Andover Dr #102 Naples, FL	3.0	2.0	1740	$2,550	$1.47	23d	1	0.67mi
5105 Cedar Springs Dr #101 Naples, FL	2.0	2.0	1650	$7,000	$4.24	23d	1	0.69mi
5325 Andover Dr #101 Naples, FL	2.0	2.0	1654	$5,250	$3.17	23d	1	0.71mi
250 Willowick Dr Naples, FL	3.0	2.0	1469	$3,500	$2.38	23d	1	0.71mi
15126 Palmer Lake Cir Naples, FL	2.0–3.0	2.0	1254	$3,000	$2.39	23d	2	0.71mi

HOA detail condo

• Monthly dues: $688 · $8,256/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 33 events

1. 2026-06-18
   days on market $333,000 Active 268 DOM
2. 2026-06-18
   price $333,000 Active 267 DOM
3. 2026-06-17
   days on market $335,000 Active 267 DOM
4. 2026-06-16
   days on market $335,000 Active 266 DOM
5. 2026-06-15
   days on market $335,000 Active 265 DOM
6. 2026-06-10
   days on market $335,000 Active 260 DOM
7. 2026-06-09
   days on market $335,000 Active 259 DOM
8. 2026-06-08
   days on market $335,000 Active 258 DOM
9. 2026-06-07
   days on market $335,000 Active 257 DOM
10. 2026-06-03
    days on market $335,000 Active 253 DOM
11. 2026-06-02
    days on market $335,000 Active 252 DOM
12. 2026-06-01
    days on market $335,000 Active 251 DOM
13. 2026-05-31
    days on market $335,000 Active 250 DOM
14. 2026-05-30
    days on market $335,000 Active 249 DOM
15. 2026-05-06
    price $335,000
16. 2026-04-17
    price $339,000
17. 2026-04-02
    price $345,000
18. 2026-03-05
    price $349,900
19. 2026-02-05
    price $349,000
20. 2026-01-08
    price $349,900
21. 2025-11-22
    price $374,900
22. 2025-10-09
    price $379,900
23. 2025-10-05
    price $399,000
24. 2025-09-23
    listed $419,900 Active
25. 2015-05-14
    listed $395,000
26. 2013-11-19
    soldstatus $170,000
27. 2013-11-01
    soldstatus $170,000 789-char remark

    Show marketing remark (789 chars)

    Desirable North Naples neighborhood, west of I-75, close to shopping and restaurants, and just minutes from the beach!! This charming, unique California style villa, lives like a single-family house without the up keep! Living area has a bright comforting feeling, featuring vaulted ceilings with skylights and a cozy fireplace. Tile on diagonal throughout downstairs living area and loft. Sliding glass doors open off the master bedroom, living room and second bedroom onto the private screened courtyard ideal for entertaining. Loft has spacious open patio for soaking in the sunshine, and could be used as a 3rd bedroom. Constructed with poured concrete walls and hurricane shutters, this is an inviting tropical retreat. This community has a pool and tennis courts for your enjoyment.

28. 2013-10-03
    listed $169,900 789-char remark

    Show marketing remark (789 chars)

    Desirable North Naples neighborhood, west of I-75, close to shopping and restaurants, and just minutes from the beach!! This charming, unique California style villa, lives like a single-family house without the up keep! Living area has a bright comforting feeling, featuring vaulted ceilings with skylights and a cozy fireplace. Tile on diagonal throughout downstairs living area and loft. Sliding glass doors open off the master bedroom, living room and second bedroom onto the private screened courtyard ideal for entertaining. Loft has spacious open patio for soaking in the sunshine, and could be used as a 3rd bedroom. Constructed with poured concrete walls and hurricane shutters, this is an inviting tropical retreat. This community has a pool and tennis courts for your enjoyment.

29. 2009-03-23
    soldstatus $155,000
30. 2009-03-10
    soldstatus $155,000
31. 2008-08-05
    listed $175,000
32. 2006-10-09
    historical
33. 2006-05-11
    soldstatus $270,000

ⓘ 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: $1,756 · $146/mo
• Projected year-2 tax: $2,764 · $230/mo
• Expected delta: +$1,008/yr (+$84/mo · 57.4%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (shaded) · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 29 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: $36,657
• − Mortgage interest: −$18,653
• − Property taxes: −$1,756
• − Insurance: −$1,665
• − Repairs & maintenance: −$2,933
• − Management: −$2,933
• − HOA: −$8,256
• − Depreciation: −$9,687
• Taxable loss: −$9,226
• Est. tax savings @ 24.0%: +$2,214
• After-tax cash flow: $-1,460/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): 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

+24.1% since first listed

19 events — show timeline

• 2026-05-06 Price Changed $335,000 NAPLESMLS
• 2026-04-17 Price Changed $339,000 NAPLESMLS
• 2026-04-02 Price Changed $345,000 NAPLESMLS
• 2026-03-05 Price Changed $349,900 NAPLESMLS
• 2026-02-05 Price Changed $349,000 NAPLESMLS
• 2026-01-08 Price Changed $349,900 NAPLESMLS
• 2025-11-22 Price Changed $374,900 NAPLESMLS
• 2025-10-09 Price Changed $379,900 NAPLESMLS
• 2025-10-05 Price Changed $399,000 NAPLESMLS
• 2025-09-23 Listed $419,900 NAPLESMLS
• 2015-05-14 Listed $395,000 FORTMLS
• 2013-11-19 Sold (Public Records) $170,000 Public Records
• 2013-11-01 Sold (MLS) $170,000 NAPLESMLS
• 2013-10-03 Listed $169,900 NAPLESMLS
• 2009-03-23 Sold (Public Records) $155,000 Public Records
• 2009-03-10 Sold (MLS) $155,000 NAPLESMLS
• 2008-08-05 Listed $175,000 NAPLESMLS
• 2006-10-09 Listing Removed — FORTMLS
• 2006-05-11 Sold (Public Records) $270,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $1,756 · +2.6% YoY. Source: county tax records.