3352 West Main St

Gray, LA 70359

$89,900B

1 bd · 1.0 ba · 744 sqft · Built 1899 · SingleFamily · Active · 772 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,213/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$75
• HOA: −$0
• Vac / Maint / Mgmt: −$255
• Net cashflow: $412/mo
• Annual: $4,941/yr
• Cap rate: 11.79%
• Cash-on-cash: 19.63%
• DSCR: 1.87
• 1% rule: 1.35%
• Cash to close: $25,172

Investor read

• This is a 1-bed/1.0-bath single-family listed at $90k.
• At list price, monthly cash flow is $412 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• It's been on market 772 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#222 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B; Watch: crime F, amenities F, commute F.
• Terrebonne Parish (other): math 32% / reading 46% proficiency, ranked #23 of 98 in LA (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Schriever Elementary School (math 32% / reading 47%, grade F, #224 of 646 statewide, top 37%, 447 students, 77% FRL); Evergreen Junior High School (math 21% / reading 46%, grade F, #100 of 218 statewide, top 47%, 699 students, 63% FRL); H. L. Bourgeois High School (math 37% / reading 38%, grade F, #93 of 265 statewide, top 36%, 1,411 students, 55% FRL) — zoned schools at 65% FRL track the district average.
• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 112 active listings in the ZIP; 300 units permitted in Terrebonne Parish in 2024 (0 in 5+ unit buildings).
• 4 sale attempts since 2y 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 $40k; list at $90k implies a 128% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: 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 11.8% vs local median 3.4% in Gray — 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 772 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• 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?
• 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.