350 Emerald Forest Blvd #12203 · Covington, LA 70433

$108,000

1 bd · 1.0 ba · 739 sqft · Condo public records · 97 Days on market

Built 2001 $146/sqft · 14% below area Est $134k · 19% under $594/mo HOA · 46% of rent ↓ 2% since listing

---

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).

• ARV discount +15.0/15.0
• 1% rule +6.9/10.0
• Cash flow +4.9/30.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

1 bed/1 bath condo is located in the gated community of Emerald Forest just minutes from Hwy 190 & I-12. Tenant occupied through July. Pictures are from when unit was vacant. 2nd-floor unit features an open main living area w/ sliding doors onto a private concrete, covered balcony. Kitchen w/ breakfast bar, tons of cabinets and attached utility room. ALL appliances included! COA dues cover pool, gym, library, clubhouse, water and trash pickup.

Key facts

• Pool
• Gym
• Library

Tags

• PRIVATE CONCRETE BALCONY
• BREAKFAST BAR
• ATTACHED UTILITY ROOM
• POOL
• GYM
• LIBRARY

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $108k.

Deal economics

• At list price, monthly cash flow is $-260 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $62k (42.5% below list).
• Meets the 1% rule at list price ($1k rent vs $108k).
• Recommended offer: $62k (42.5% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 75/100 on livability (#17 in LA, #3,876 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• St. Tammany Parish (suburban): math 43% / reading 55% proficiency, ranked #11 of 98 in LA (top 11%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.3%/yr); 524 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,064 units permitted in St. Tammany Parish in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $747 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• St. Tammany County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: HOA is 46% of rent.

Recommended offer $62,046 (42.5% 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 97 days. Have you received any prior offers? Is the seller open to a 43% 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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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?
9. 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.
10. 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.
11. 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: 1.19% ✓
• Cap rate: 3.40%
• Cash-on-cash: -10.32%
• DSCR: 0.54
• GRM: 7.0

CMA / ARV

• ARV (median comp): $133,957
• List price: $108,000
• Delta: -19.38%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.31% rent growth · sell at horizon

5-year hold

• IRR: -31.5%
• Equity multiple: -0.06×
• Total profit: $-32,009
• Equity at exit: $16,103

10-year hold

• IRR: -24.1%
• Equity multiple: -0.34×
• Total profit: $-40,576
• Equity at exit: $9,338

Cash invested: $30,240 (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 70433

• Rents YoY: 4.3%
• Active inventory: 524
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,285 high
• Mortgage (P&I): −$566
• Tax from tax record: −$70 /mo · $840/yr
• Insurance: −$45
• HOA: −$594
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $-260

Break-even live

Break-even rent $1,614

Max offer price $62,046

Occupancy floor —

Sensitivity live

Price	-10% $-199	-5% $-230	+0% $-260	+5% $-291	+10% $-321
Rent	-10% $-362	-5% $-311	+0% $-260	+5% $-209	+10% $-159
Rate	-1.0pp $-206	-0.5pp $-233	base $-260	+0.5pp $-288	+1.0pp $-317

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: $27,000
• Closing costs: $3,240
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
350 Emerald Forest Blvd Covington, LA	1.0–2.0	1.0–2.0	845	$1,300	$1.54	12d	2	0.07mi
140 Holiday Blvd Covington, LA	2.0	1.0–2.0	652	$1,262	$1.93	2d	12	0.65mi
2021 Sullivan Ln Covington, LA	1.0–2.0	1.0–2.0	860	$1,349	$1.57	2d	18	0.90mi
101 Holiday Square Blvd Covington, LA	1.0	1.0	500	$1,140	$2.28	15d	5	1.20mi
1612 Versailles Business Pkwy Covington, LA	1.0–2.0	1.0–2.0	1009	$1,343	$1.33	3d	31	1.36mi

HOA detail condo

• Monthly dues: $594 · $7,128/yr
• Likely covers: watertrashpoolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $108,000 Active 97 DOM
2. 2026-06-17
   days on market $108,000 Active 96 DOM
3. 2026-06-16
   days on market $108,000 Active 95 DOM
4. 2026-06-15
   days on market $108,000 Active 94 DOM
5. 2026-06-13
   days on market $108,000 Active 92 DOM
6. 2026-06-10
   days on market $108,000 Active 89 DOM
7. 2026-06-09
   days on market $108,000 Active 88 DOM
8. 2026-06-08
   days on market $108,000 Active 87 DOM
9. 2026-06-07
   days on market $108,000 Active 86 DOM
10. 2026-06-03
    days on market $108,000 Active 82 DOM
11. 2026-06-02
    days on market $108,000 Active 81 DOM
12. 2026-06-01
    days on market $108,000 Active 80 DOM
13. 2026-05-31
    days on market $108,000 Active 79 DOM
14. 2026-03-13
    listed $108,000 Active 451-char remark

    Show marketing remark (453 chars)

    1 bed/1 bath condo is located in the gated community of Emerald Forest just minutes from Hwy 190 & I-12. Tenant occupied through July. Pictures are from when unit was vacant. 2nd-floor unit features an open main living area w/ sliding doors onto a private concrete, covered balcony. Kitchen w/ breakfast bar, tons of cabinets and attached utility room. ALL appliances included! COA dues cover pool, gym, library, clubhouse, water and trash pickup.

15. 2026-03-13
    listed $108,000 Active 453-char remark

    Show marketing remark (453 chars)

    1 bed/1 bath condo is located in the gated community of Emerald Forest just minutes from Hwy 190 & I-12. Tenant occupied through July. Pictures are from when unit was vacant. 2nd-floor unit features an open main living area w/ sliding doors onto a private concrete, covered balcony. Kitchen w/ breakfast bar, tons of cabinets and attached utility room. ALL appliances included! COA dues cover pool, gym, library, clubhouse, water and trash pickup.

16. 2023-07-08
    historical
17. 2022-11-09
    soldstatus $130,000
18. 2020-01-10
    price $100,000
19. 2019-10-24
    price $104,950
20. 2019-09-18
    price $109,950

ⓘ 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: $840 · $70/mo
• Projected year-2 tax: $840 · $70/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $15,421
• − Mortgage interest: −$6,050
• − Property taxes: −$840
• − Insurance: −$540
• − Repairs & maintenance: −$1,234
• − Management: −$1,234
• − HOA: −$7,128
• − Depreciation: −$3,142
• Taxable loss: −$4,746
• Est. tax savings @ 24.0%: +$1,139
• After-tax cash flow: $-1,983/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: St. Tammany Parish
• NCES district ID: 2201650
• Math proficiency: 43% ▼ -32.00%
• Reading proficiency: 55% ▼ -26.00%
• Median HH income: $61,752
• Composite: 43.04/100
• National rank: #3098
• State rank: #11 of 98 in LA

Livability — Covington

• Score: 75/100
• State rank: #17
• US rank: #3876

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Saint Tammany Parish · 228,296 people
• City population: 64,351
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 41,876
• Household income: $81,241
• Rent vs Own: 29.6% rent · 70.4% own
• Severe rent burden: 1287.0

Population outlook (St. Tammany County) Hauer SSP2

• Today (2025): 286,725 people
• By 2030: 304,175 · +6.1%
• By 2040: 336,203 · +17.3%
• By 2050: 364,590 · +27.2%
• By 2075: 433,362 · +51.1%
• By 2100: 470,333 · +64.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Black 9% Hispanic / Latino 7% Two or more races 7% Native American 1% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 17% Italian 2% Slovak 2%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 5% French/Haitian/Cajun 1% Vietnamese 1%

Political lean MEDSL · St. Tammany

• 2024 margin: Solid R (+43.8) · D 27.3% · R 71.1% · Other 1.6%
• 2008→2024 swing: +9.6pp toward D · 2008: -53.4pp · 2024: -43.8pp
• All cycles: 2024: R+43.8 2020: R+44.2 2016: R+50.8 2012: R+52.2 2008: R+53.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -112.14%
• Current HPI: 181.8348
• Rent YoY: ▲ 4.31%
• 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

-1.8% since first listed

7 events — show timeline

• 2026-03-13 Listed $108,000 GSREIN
• 2026-03-13 Listed $108,000 AcadianaMLS
• 2023-07-08 Rental Removed — GSREIN
• 2022-11-09 Sold (Public Records) $130,000 Public Records
• 2020-01-10 Price Changed $100,000 GSREIN
• 2019-10-24 Price Changed $104,950 GSREIN
• 2019-09-18 Price Changed $109,950 GSREIN

Property tax history

-1.4%/yr

Latest (2025): $840 · -15.3% YoY. Source: county tax records.