280 Mia Dr

Bayou Blue, LA 70359

$122,000D

3 bd · 2.0 ba · 1,280 sqft · Built 2004 · Manufactured · Active · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,166/mo
• Mortgage (P&I): −$640
• Tax + insurance: −$278
• HOA: −$0
• Vac / Maint / Mgmt: −$245
• Net cashflow: $4/mo
• Annual: $46/yr
• Cap rate: 7.56%
• Cash-on-cash: 4.53%
• DSCR: 1.20
• 1% rule: 0.96%
• Cash to close: $34,160

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $122k.
• At list price, monthly cash flow is $4 ($46/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (4.4% below list).
• It's been on market 32 days — a 3% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $117k (4.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $843 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#275 in LA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Lafourche Parish (other): math 31% / reading 49% proficiency, ranked #22 of 98 in LA (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bayou Blue Elementary School (511 students, 58% FRL); Bayou Blue Middle School (math 20% / reading 51%, grade F, #91 of 218 statewide, top 42%, 424 students, 52% FRL); Central Lafourche High School (math 28% / reading 50%, grade F, #86 of 265 statewide, top 33%, 1,360 students, 61% FRL) — zoned schools at 57% FRL track the district average.
• Watch-outs: flood insurance adds $125/mo.
• Market conditions: 112 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 319 units permitted in Lafourche Parish in 2024 (0 in 5+ unit buildings).
• 5 sale attempts since 20y 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.
• Current owner paid $64k; list at $122k implies a 89% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.6% vs local median 3.5% in Bayou Blue — 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.

Questions for listing agent

• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.