494 Lapine Rd

Bawcomville, LA 71292

$195,000D-

4 bd · 2.0 ba · 1,860 sqft · Built 2022 · Manufactured · Active · 469 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,362/mo
• Mortgage (P&I): −$1,023
• Tax + insurance: −$208
• HOA: −$0
• Vac / Maint / Mgmt: −$286
• Net cashflow: $-155/mo
• Annual: $-1,855/yr
• Cap rate: 5.34%
• Cash-on-cash: -3.40%
• DSCR: 0.85
• 1% rule: 0.70%
• Cash to close: $54,600

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $195k.
• At list price, monthly cash flow is $-155 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $168k (14.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $136k (30.1% below list).
• It's been on market 469 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (30.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 56/100 on livability (#347 in LA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: health & safety D, amenities F, commute F.
• Ouachita Parish (suburban): math 31% / reading 45% proficiency, ranked #26 of 98 in LA (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Woodlawn Elementary School (math 33% / reading 52%, grade F, #200 of 646 statewide, top 31%, 565 students, 63% FRL); Woodlawn Middle School (math 29% / reading 48%, grade F, #69 of 218 statewide, top 33%, 314 students, 67% FRL); West Ouachita High School (math 36% / reading 47%, grade F, #71 of 265 statewide, top 27%, 1,080 students, 54% FRL).
• Market conditions: 195 active listings in the ZIP; 345 units permitted in Ouachita Parish in 2024 (0 in 5+ unit buildings).
• 3 sale attempts since 4y 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.
• Cap rate 5.3% vs local median 3.7% in Bawcomville — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent runs 32% of the median local income ($51k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 469 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.
• 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.