2506 Jay St

Slidell, LA 70460

$84,900B

4 bd · 2.0 ba · 1,587 sqft · Built 1988 · SingleFamily · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,890/mo
• Mortgage (P&I): −$445
• Tax + insurance: −$203
• HOA: −$0
• Vac / Maint / Mgmt: −$397
• Net cashflow: $845/mo
• Annual: $10,139/yr
• Cap rate: 18.24%
• Cash-on-cash: 42.65%
• DSCR: 2.90
• 1% rule: 2.23%
• Cash to close: $23,772

Investor read

• This is a 4-bed/2.0-bath single-family listed at $85k. Condition is rated fair.
• At list price, monthly cash flow is $845 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $587 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#57 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living 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.
• Zoned schools: Henry Mayfield Elementary School (math 35% / reading 45%, grade F, #221 of 646 statewide, top 34%, 832 students, 60% FRL); Slidell Junior High School (math 25% / reading 47%, grade F, #84 of 218 statewide, top 41%, 823 students, 60% FRL); Slidell High School (math 34% / reading 41%, grade F, #93 of 265 statewide, top 36%, 1,883 students, 52% FRL) — zoned schools average 58% FRL vs 40% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.9%/yr); 323 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 119d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 83% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,064 units permitted in St. Tammany Parish in 2024 (0 in 5+ unit buildings).
• St. Tammany County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 14 sale attempts since 16y ago; this cycle's ask has dropped $15k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 5.9% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; 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 18.2% vs local median 5.9% in Slidell — 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 36% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinets — Cabinets are visibly worn and need replacement or repair.
• Major: Kitchen countertops — Countertops are outdated and need replacement.
• Major: Kitchen appliances — Appliances appear old and need replacement.
• Major: Bathroom fixtures — Fixtures are dated and need replacement.
• Minor: Exterior siding — Some discoloration and minor damage present.
• Minor: Landscaping — Overgrown and needs trimming.