2338 Corinne Dr · Chalmette, LA 70043

$155,000

2 bd · 1.0 ba · 1,099 sqft · SingleFamily · 44 Days on market

Built 1966 $141/sqft · 20% below area Est $195k · 20% under

---

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 +17.3/30.0
• ARV discount +15.0/15.0
• DSCR +5.4/10.0
• Schools +5.0/10.0
• 1% rule +4.4/10.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Thoughtfully updated 2-bedroom, 1-bath brick cottage offering a functional open layout and abundant natural light throughout. Interior features include tile and laminate flooring, wood cabinetry, and stainless steel appliances. Recent improvements include a newer roof and fresh interior paint. A generously sized laundry room adds everyday convenience, while the oversized carport, detached shed, and spacious backyard provide additional flexibility and storage.

Key facts

• Parking
• Built 1966
• Listed 44 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $47 ($569/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 $146k (5.9% below list).
• Recommended offer: $146k (5.9% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 5.4% in Chalmette — 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.

Location & tenants

• Location reads 65/100 on livability (#137 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: crime F, amenities F, commute F.
• Market conditions: Rents rising (+3.1%/yr); 214 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 112 units permitted in St. Bernard Parish in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• St. Bernard County population projected at +89% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 13y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $134k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,827 (5.9% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.94% ✗
• Cap rate: 7.17%
• Cash-on-cash: 3.15%
• DSCR: 1.14
• GRM: 8.9

CMA / ARV

• ARV (median comp): $194,838
• List price: $155,000
• Delta: -20.45%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2338 Corinne Dr	0.00mi	2/1.0	1,099 (0%)	0mo	$159,000	$145	100
2517 Mumphrey Rd	0.11mi	3/2.0 (+1)	1,100 (+0%)	7mo	$192,000	$175	80
2200 Volpe Dr	0.33mi	3/1.5 (+1)	1,056 (-4%)	2mo	$157,000	$149	70
2709 Riverland Dr	0.32mi	3/1.5 (+1)	1,045 (-5%)	6mo	$185,000	$177	65
2309 Plaza Dr	0.58mi	2/1.0	1,162 (+6%)	6mo	$152,900	$132	58
2320 Gallo Dr	0.18mi	3/1.5 (+1)	1,205 (+10%)	13mo	$185,000	$154	57
2712 Dauterive Dr	0.57mi	3/1.5 (+1)	1,160 (+6%)	10mo	$180,000	$155	48
2700 Plaza Dr	0.59mi	3/2.0 (+1)	1,192 (+8%)	2mo	$199,000	$167	48
3312 Veronica Dr	0.74mi	3/2.0 (+1)	1,100 (+0%)	15mo	$185,000	$168	44
2713 Dauterive Dr	0.56mi	3/2.0 (+1)	1,215 (+11%)	10mo	$199,900	$165	39
3020 Decomine Dr	0.63mi	3/2.0 (+1)	1,230 (+12%)	9mo	$170,000	$138	34
2229 Marietta St	0.70mi	3/1.5 (+1)	945 (-14%)	16mo	$150,000	$159	23

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.11% rent growth · sell at horizon

5-year hold

• IRR: -14.1%
• Equity multiple: 0.50×
• Total profit: $-21,892
• Equity at exit: $23,111

10-year hold

• IRR: -5.0%
• Equity multiple: 0.67×
• Total profit: $-14,337
• Equity at exit: $13,402

Cash invested: $43,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Louisiana: 90 Strongly Landlord-Friendly · R+12
• County: — inherits STATE
• City: — inherits STATE

5-day notice; no state rent control; civil-law jurisdiction; landlord-favorable.

Methodology + full state rankings →

ZIP-level market 70043

• Rents YoY: 3.1%
• Active inventory: 214
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,458 high
• Mortgage (P&I): −$813
• Tax from tax record: −$161 /mo · $1,929/yr
• Insurance: −$65
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $47

Break-even live

Break-even rent $1,398

Max offer price $155,000

Occupancy floor 92%

Sensitivity live

Price	-10% $135	-5% $91	+0% $47	+5% $4	+10% $-40
Rent	-10% $-68	-5% $-10	+0% $47	+5% $105	+10% $163
Rate	-1.0pp $125	-0.5pp $87	base $47	+0.5pp $7	+1.0pp $-34

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2514 Chalona Dr Chalmette, LA	2.0	1.0	828	$1,400	$1.69	23d	1	0.17mi
2525 Riverland Dr Apt 103 Chalmette, LA	1.0	1.0	900	$1,100	$1.22	23d	1	0.23mi
2602 Chalona Dr Unit C Chalmette, LA	2.0	1.5	900	$1,200	$1.33	4d	1	0.23mi
2228 Riverland Dr Chalmette, LA	3.0	1.0	1300	$1,800	$1.38	4d	1	0.27mi
2431 Octavia Dr Chalmette, LA	3.0	2.0	1100	$1,499	$1.36	45d	1	0.44mi
2335 Plaza Dr Chalmette, LA	2.0	1.0	765	$1,300	$1.70	45d	1	0.54mi
2337 Plaza Dr Chalmette, LA	3.0	2.0	925	$1,500	$1.62	45d	1	0.54mi
2319 Plaza Dr Chalmette, LA	2.0	1.0	1000	$1,200	$1.20	5d	1	0.55mi
2329 Lyndell Dr Chalmette, LA	2.0	1.0	1265	$1,400	$1.11	45d	1	0.60mi
3321 Plaza Dr Chalmette, LA	3.0	2.0	1400	$1,650	$1.18	12d	1	0.81mi
321 Rosemary Pl Chalmette, LA	2.0	2.0	1000	$1,550	$1.55	3d	1	0.83mi
2012 E Beauregard St Chalmette, LA	2.0	1.0	749	$1,500	$2.00	45d	1	0.85mi
3209 Golden Dr Unit C Chalmette, LA	2.0	1.5	950	$1,200	$1.26	17d	1	0.86mi
2029 W Beauregard St Chalmette, LA	3.0	2.0	1176	$2,200	$1.87	18d	1	0.86mi
226 E Casa Calvo St Chalmette, LA	3.0	2.0	1330	$1,900	$1.43	45d	1	0.91mi
3305 Golden Dr Unit D Chalmette, LA	2.0	1.5	1100	$1,200	$1.09	17d	1	0.91mi
203 E Moreau St Chalmette, LA	3.0	1.5	965	$1,700	$1.76	5d	1	0.95mi
3329 Golden Dr Unit A Chalmette, LA	2.0	1.5	1200	$1,200	$1.00	45d	1	0.96mi
3106 Laplace St Chalmette, LA	3.0	2.5	1390	$1,650	$1.19	45d	1	0.97mi
3629 Charles Dr Chalmette, LA	3.0	2.0	1405	$1,600	$1.14	16d	1	0.98mi
3108 Laplace St Chalmette, LA	3.0	2.5	1390	$1,650	$1.19	45d	1	0.98mi
3108 Tournefort St Chalmette, LA	3.0	2.0	1399	$1,750	$1.25	4d	1	1.03mi
3513 Golden Dr Chalmette, LA	2.0	2.0	1000	$1,200	$1.20	45d	1	1.05mi
2709 Munster Blvd Meraux, LA	3.0	2.0	1411	$1,900	$1.35	25d	1	1.07mi
3316 Laplace St Chalmette, LA	2.0	1.0	850	$1,200	$1.41	45d	1	1.07mi
2107 Montesquieu St Chalmette, LA	2.0	1.0	1150	$1,199	$1.04	23d	1	1.09mi
511 E Genie St Chalmette, LA	3.0	2.0	1100	$1,500	$1.36	3d	1	1.13mi
222 W Morales St Unit C Chalmette, LA	2.0	1.0	850	$1,100	$1.29	25d	1	1.14mi
3612 Laplace St Chalmette, LA	2.0	1.5	1090	$1,300	$1.19	18d	1	1.21mi
406 Dubarry Pl Chalmette, LA	3.0	2.0	950	$1,550	$1.63	45d	1	1.25mi
3711 Tournefort St Chalmette, LA	3.0	2.0	1250	$1,850	$1.48	5d	1	1.30mi
3400 Montesquieu St Unit 1-B Chalmette, LA	3.0	2.5	1372	$2,550	$1.86	3d	1	1.30mi
428 W Solidelle St Unit B Chalmette, LA	1.0	1.0	1017	$1,600	$1.57	45d	1	1.45mi
428 W Solidelle St Unit B Chalmette, LA	1.0	1.0	1017	$1,600	$1.57	25d	1	1.45mi
2004 Webster St Meraux, LA	3.0	2.0	1400	$1,750	$1.25	18d	1	1.49mi

Listing history 13 events

1. 2026-04-27
   price $155,000 463-char remark

   Show marketing remark (463 chars)

   Thoughtfully updated 2-bedroom, 1-bath brick cottage offering a functional open layout and abundant natural light throughout. Interior features include tile and laminate flooring, wood cabinetry, and stainless steel appliances. Recent improvements include a newer roof and fresh interior paint. A generously sized laundry room adds everyday convenience, while the oversized carport, detached shed, and spacious backyard provide additional flexibility and storage.

2. 2026-04-27
   price $155,000 463-char remark

   Show marketing remark (463 chars)

   Thoughtfully updated 2-bedroom, 1-bath brick cottage offering a functional open layout and abundant natural light throughout. Interior features include tile and laminate flooring, wood cabinetry, and stainless steel appliances. Recent improvements include a newer roof and fresh interior paint. A generously sized laundry room adds everyday convenience, while the oversized carport, detached shed, and spacious backyard provide additional flexibility and storage.

3. 2026-04-10
   listed $165,000 Active 463-char remark

   Show marketing remark (463 chars)

   Thoughtfully updated 2-bedroom, 1-bath brick cottage offering a functional open layout and abundant natural light throughout. Interior features include tile and laminate flooring, wood cabinetry, and stainless steel appliances. Recent improvements include a newer roof and fresh interior paint. A generously sized laundry room adds everyday convenience, while the oversized carport, detached shed, and spacious backyard provide additional flexibility and storage.

4. 2026-04-10
   listed $165,000 Active 463-char remark

   Show marketing remark (463 chars)

   Thoughtfully updated 2-bedroom, 1-bath brick cottage offering a functional open layout and abundant natural light throughout. Interior features include tile and laminate flooring, wood cabinetry, and stainless steel appliances. Recent improvements include a newer roof and fresh interior paint. A generously sized laundry room adds everyday convenience, while the oversized carport, detached shed, and spacious backyard provide additional flexibility and storage.

5. 2019-09-27
   soldstatus $133,500 Closed
6. 2019-09-27
   soldstatus $133,500
7. 2019-08-20
   status Pending
8. 2019-08-13
   listed $136,500
9. 2019-08-13
   listed $136,500 Active
10. 2013-07-09
    soldstatus $79,900
11. 2013-07-08
    soldstatus $79,900
12. 2013-04-18
    listed $79,900
13. 2013-04-18
    listed $79,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast LA · Resets to sale price

• Current annual tax: $1,929 · $161/mo
• Projected year-2 tax: $1,929 · $161/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 7/10 Severe FEMA zone X (shaded) · 60% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 22 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,499
• − Mortgage interest: −$8,682
• − Property taxes: −$1,929
• − Insurance: −$1,572
• − Repairs & maintenance: −$1,400
• − Management: −$1,400
• − Depreciation: −$4,509
• Taxable loss: −$1,993
• Est. tax savings @ 24.0%: +$478
• After-tax cash flow: $1,047/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)

No district data.

Livability — Chalmette

• Score: 65/100
• State rank: #137
• US rank: #12500

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment D- Housing A+ Health & safety A User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chalmette, LA
• County: Saint Bernard Parish · 22,638 people
• City population: 22,638
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 22,638
• Household income: $55,068
• Rent vs Own: 39.0% rent · 61.0% own
• Severe rent burden: 881.0

Population outlook (St. Bernard County) Hauer SSP2

• Today (2025): 66,513 people
• By 2030: 77,768 · +16.9%
• By 2040: 101,296 · +52.3%
• By 2050: 125,770 · +89.1%
• By 2075: 188,160 · +182.9%
• By 2100: 239,339 · +259.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 55% Black 26% Hispanic / Latino 12% Two or more races 10% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 13% Slovak 2%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 88% English-only · Spanish 8% Arabic 1% Vietnamese 1%

Political lean MEDSL · St. Bernard

• 2024 margin: Strong R (+29.3) · D 34.5% · R 63.8% · Other 1.7%
• 2008→2024 swing: +16.1pp toward D · 2008: -45.4pp · 2024: -29.3pp
• All cycles: 2024: R+29.3 2020: R+28.5 2016: R+33.4 2012: R+24.7 2008: R+45.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -211.77%
• Current HPI: 194.8123
• Rent YoY: ▲ 3.11%
• Metro: New Orleans-Metairie, LA
• State GDP YoY: ▲ 3.29%
• F500 in state: 10

Industry mix (Fortune 500 HQ in LA)

Industry	F500 HQs	Revenue
▸Telecommunications	2	$23B
▸Utilities	1	$12B
▸Wholesale / Distribution	1	$5B
▸Advertising	1	$2B

Price history

+94.0% since first listed

13 events — show timeline

• 2026-04-27 Price Changed $155,000 AcadianaMLS
• 2026-04-27 Price Changed $155,000 GSREIN
• 2026-04-10 Listed $165,000 GSREIN
• 2026-04-10 Listed $165,000 AcadianaMLS
• 2019-09-27 Sold (Public Records) $133,500 Public Records
• 2019-09-27 Sold (MLS) $133,500 GSREIN
• 2019-08-20 Pending — GSREIN
• 2019-08-13 Listed $136,500 GSREIN
• 2019-08-13 Listed $136,500 AcadianaMLS
• 2013-07-09 Sold (Public Records) $79,900 Public Records
• 2013-07-08 Sold (MLS) $79,900 GSREIN
• 2013-04-18 Listed $79,900 AcadianaMLS
• 2013-04-18 Listed $79,900 GSREIN

Property tax history

+6.8%/yr

Latest (2025): $1,929 · -0.7% YoY. Source: county tax records.