503 E Hornsby St · Covington, LA 70433

$219,000

3 bd · 2.0 ba · 1,350 sqft · SingleFamily public records · 34 Days on market

Built 2020 5,736 sqft lot $162/sqft · at area comps Est $213k · at est. ↓ 47% since listing

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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).

• Cash flow +13.0/30.0
• ARV discount +6.3/15.0
• Schools +4.3/10.0
• DSCR +3.9/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• 1% rule +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This stunning, NEWLY CONSTRUCTED home has 3 bedrooms, 2 baths, and a FENCED backyard with oak trees. The kitchen is fully equipped with STAINLESS STEEL appliances. There are beautiful GRANITE countertops in the kitchen and both bathrooms. The bathrooms feature rain shower heads. The living room and master bedroom feature 10FT. CEILINGS, and the master bedroom boasts a walk in closet. This home qualifies for 100% financing.

Key facts

• 10-foot ceilings
• Large walk-in closet
• Granite countertops

Tags

• 10-FOOT CEILINGS
• STAINLESS STEEL APPLIANCES
• GRANITE COUNTERTOPS
• LARGE WALK-IN CLOSET
• FULLY FENCED BACKYARD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $219k.

Deal economics

• At list price, monthly cash flow is $-13 ($-157/yr) — negative.
• To cash-flow at today's rent, offer at most $217k (1.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $181k (17.4% below list).
• Recommended offer: $181k (17.4% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 3.9% in Covington — 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 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.
• Zoned schools: E. E. Lyon Elementary School (math 57% / reading 57%, grade C+, #79 of 646 statewide, top 13%, 662 students, 63% FRL); Pine View Middle School (math 20% / reading 37%, grade F, #119 of 218 statewide, top 57%, 635 students, 62% FRL); Covington High School (math 32% / reading 44%, grade F, #90 of 265 statewide, top 34%, 1,660 students, 46% FRL) — zoned schools average 57% FRL vs 40% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.3%/yr); 530 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 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 $2k of loan paydown is wiped out by about $7k 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 34 days — a 3% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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 $182k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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.

Recommended offer $180,926 (17.4% 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 34 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.83% ✗
• Cap rate: 6.22%
• Cash-on-cash: -0.26%
• DSCR: 0.99
• GRM: 10.1

CMA / ARV

• ARV (median comp): $213,476
• List price: $219,000
• Delta: 2.59%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1423 N Hosmer St	0.11mi	3/2.0	1,401 (+4%)	14mo	$249,900	$178	78
216 E 35th Ave	0.22mi	3/2.5	1,440 (+7%)	6mo	$233,000	$162	72
700 Covington Point Dr	0.46mi	3/2.5	1,380 (+2%)	5mo	$285,000	$207	69
305 E 34th Ave	0.17mi	3/2.0	1,200 (-11%)	7mo	$242,500	$202	68
405 N Ozone Park Rd	0.40mi	3/1.0	1,286 (-5%)	7mo	$110,000	$86	64
524 E 35th Ave	0.17mi	4/2.0 (+1)	1,500 (+11%)	10mo	$178,000	$119	60
959 N Spell St	0.59mi	3/2.0	1,235 (-8%)	8mo	$215,000	$174	51
207 Carriage Pines Ln	0.72mi	3/2.0	1,484 (+10%)	2mo	$269,500	$182	48
304 Carriage Pines Ln	0.65mi	3/2.0	1,484 (+10%)	22mo	$259,900	$175	34
1014 W 31st Ave	0.72mi	3/1.0	1,158 (-14%)	8mo	$70,500	$61	32
1029 W 32nd Ave	0.72mi	3/1.0	1,158 (-14%)	11mo	$120,000	$104	29
826 W 31st Ave	0.66mi	3/2.0	1,168 (-14%)	21mo	$62,500	$54	29

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 · 4.31% rent growth · sell at horizon

5-year hold

• IRR: -15.3%
• Equity multiple: 0.45×
• Total profit: $-33,920
• Equity at exit: $32,654

10-year hold

• IRR: -4.8%
• Equity multiple: 0.67×
• Total profit: $-20,493
• Equity at exit: $18,935

Cash invested: $61,320 (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: 530
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,809 high
• Mortgage (P&I): −$1,148
• Tax from tax record: −$203 /mo · $2,432/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$380
• Net cashflow: $-13

Break-even live

Break-even rent $1,826

Max offer price $216,693

Occupancy floor 96%

Sensitivity live

Price	-10% $111	-5% $49	+0% $-13	+5% $-75	+10% $-137
Rent	-10% $-156	-5% $-85	+0% $-13	+5% $58	+10% $130
Rate	-1.0pp $97	-0.5pp $43	base $-13	+0.5pp $-70	+1.0pp $-128

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
325 E Hornsby St Covington, LA	2.0	2.0	1040	$1,650	$1.59	25d	1	0.10mi
1419 N Hosmer St Covington, LA	3.0	2.0	1401	$1,950	$1.39	21d	1	0.13mi
209 W 31st Ave Covington, LA	3.0	2.0	1100	$1,450	$1.32	16d	1	0.51mi
720 N Tyler St Covington, LA	3.0	2.0	1336	$1,500	$1.12	45d	1	0.84mi
208 Knoll Pine Cir Covington, LA	3.0	2.0	1613	$1,900	$1.18	19d	1	0.91mi
7 Holly Dr Covington, LA	3.0	2.0	1478	$1,975	$1.34	45d	1	1.01mi
72298 Ingram St Covington, LA	2.0	1.0	875	$1,200	$1.37	25d	1	1.02mi
619 W 25th Ave Covington, LA	3.0	2.0	1200	$1,700	$1.42	45d	1	1.03mi
19392 Crawford Rd Covington, LA	2.0	2.5	1721	$1,600	$0.93	45d	1	1.13mi
19690 Calden CT Covington, LA	4.0	2.5	1826	$2,300	$1.26	45d	1	1.28mi
19638 Calden CT Covington, LA	3.0	2.0	1451	$2,250	$1.55	25d	1	1.28mi
19638 Calden CT Covington, LA	3.0	2.0	1451	$2,250	$1.55	12d	1	1.28mi
2000 Pine Crest Ave Covington, LA	2.0–4.0	2.0	1121	$1,411	$1.26	25d	1	1.34mi
1016 Ronald Reagan Hwy Covington, LA	1.0–3.0	1.0–2.0	1081	$1,745	$1.61	3d	24	1.36mi
313 W 20th Ave Covington, LA	2.0	2.0	1200	$1,600	$1.33	25d	1	1.37mi

Listing history 18 events

1. 2026-06-03
   days on market $219,000 Active 34 DOM
2. 2026-06-02
   days on market $219,000 Active 33 DOM
3. 2026-06-01
   days on market $219,000 Active 32 DOM
4. 2026-05-31
   days on market $219,000 Active 31 DOM
5. 2026-04-30
   listed $219,000 Active 570-char remark
6. 2026-04-30
   listed $219,000 Active 570-char remark
7. 2026-03-14
   price $1,750
8. 2026-02-14
   listed $1,800
9. 2020-09-01
   soldstatus $182,000
10. 2020-08-31
    soldstatus $182,000 Closed

    Show marketing remark (426 chars)

    This stunning, NEWLY CONSTRUCTED home has 3 bedrooms, 2 baths, and a FENCED backyard with oak trees. The kitchen is fully equipped with STAINLESS STEEL appliances. There are beautiful GRANITE countertops in the kitchen and both bathrooms. The bathrooms feature rain shower heads. The living room and master bedroom feature 10FT. CEILINGS, and the master bedroom boasts a walk in closet. This home qualifies for 100% financing.

11. 2020-06-22
    status Pending

    Show marketing remark (426 chars)

    This stunning, NEWLY CONSTRUCTED home has 3 bedrooms, 2 baths, and a FENCED backyard with oak trees. The kitchen is fully equipped with STAINLESS STEEL appliances. There are beautiful GRANITE countertops in the kitchen and both bathrooms. The bathrooms feature rain shower heads. The living room and master bedroom feature 10FT. CEILINGS, and the master bedroom boasts a walk in closet. This home qualifies for 100% financing.

12. 2020-05-02
    price $180,000

    Show marketing remark (426 chars)

    This stunning, NEWLY CONSTRUCTED home has 3 bedrooms, 2 baths, and a FENCED backyard with oak trees. The kitchen is fully equipped with STAINLESS STEEL appliances. There are beautiful GRANITE countertops in the kitchen and both bathrooms. The bathrooms feature rain shower heads. The living room and master bedroom feature 10FT. CEILINGS, and the master bedroom boasts a walk in closet. This home qualifies for 100% financing.

13. 2020-04-02
    price $185,000

    Show marketing remark (426 chars)

    This stunning, NEWLY CONSTRUCTED home has 3 bedrooms, 2 baths, and a FENCED backyard with oak trees. The kitchen is fully equipped with STAINLESS STEEL appliances. There are beautiful GRANITE countertops in the kitchen and both bathrooms. The bathrooms feature rain shower heads. The living room and master bedroom feature 10FT. CEILINGS, and the master bedroom boasts a walk in closet. This home qualifies for 100% financing.

14. 2020-03-26
    price $188,000

    Show marketing remark (426 chars)

    This stunning, NEWLY CONSTRUCTED home has 3 bedrooms, 2 baths, and a FENCED backyard with oak trees. The kitchen is fully equipped with STAINLESS STEEL appliances. There are beautiful GRANITE countertops in the kitchen and both bathrooms. The bathrooms feature rain shower heads. The living room and master bedroom feature 10FT. CEILINGS, and the master bedroom boasts a walk in closet. This home qualifies for 100% financing.

15. 2020-03-13
    price $189,000

    Show marketing remark (426 chars)

    This stunning, NEWLY CONSTRUCTED home has 3 bedrooms, 2 baths, and a FENCED backyard with oak trees. The kitchen is fully equipped with STAINLESS STEEL appliances. There are beautiful GRANITE countertops in the kitchen and both bathrooms. The bathrooms feature rain shower heads. The living room and master bedroom feature 10FT. CEILINGS, and the master bedroom boasts a walk in closet. This home qualifies for 100% financing.

16. 2020-02-11
    listed $190,000 Active

    Show marketing remark (426 chars)

    This stunning, NEWLY CONSTRUCTED home has 3 bedrooms, 2 baths, and a FENCED backyard with oak trees. The kitchen is fully equipped with STAINLESS STEEL appliances. There are beautiful GRANITE countertops in the kitchen and both bathrooms. The bathrooms feature rain shower heads. The living room and master bedroom feature 10FT. CEILINGS, and the master bedroom boasts a walk in closet. This home qualifies for 100% financing.

17. 2020-02-11
    listed $180,000

    Show marketing remark (426 chars)

    This stunning, NEWLY CONSTRUCTED home has 3 bedrooms, 2 baths, and a FENCED backyard with oak trees. The kitchen is fully equipped with STAINLESS STEEL appliances. There are beautiful GRANITE countertops in the kitchen and both bathrooms. The bathrooms feature rain shower heads. The living room and master bedroom feature 10FT. CEILINGS, and the master bedroom boasts a walk in closet. This home qualifies for 100% financing.

18. 2001-08-30
    soldstatus $3,333

ⓘ 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: $2,432 · $203/mo
• Projected year-2 tax: $2,432 · $203/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 4/10 Moderate FEMA zone X (shaded) · 22% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,711
• − Mortgage interest: −$12,267
• − Property taxes: −$2,432
• − Insurance: −$1,095
• − Repairs & maintenance: −$1,737
• − Management: −$1,737
• − Depreciation: −$6,371
• Taxable loss: −$3,928
• Est. tax savings @ 24.0%: +$943
• After-tax cash flow: $786/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

• Census place: Covington, LA
• 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

-47.5% since first listed

14 events — show timeline

• 2026-06-05 Rental Removed $1,750 RAAMLS
• 2026-04-30 Listed $219,000 AcadianaMLS
• 2026-03-14 Price Changed $1,750 RAAMLS
• 2026-02-14 Listed for Rent $1,800 RAAMLS
• 2020-09-01 Sold (Public Records) $182,000 Public Records
• 2020-08-31 Sold (MLS) $182,000 GSREIN
• 2020-06-22 Pending — GSREIN
• 2020-05-02 Price Changed $180,000 GSREIN
• 2020-04-02 Price Changed $185,000 GSREIN
• 2020-03-26 Price Changed $188,000 GSREIN
• 2020-03-13 Price Changed $189,000 GSREIN
• 2020-02-11 Listed $180,000 AcadianaMLS
• 2020-02-11 Listed $190,000 GSREIN
• 2001-08-30 Sold (Public Records) $3,333 Public Records

Property tax history

+39.8%/yr

Latest (2025): $2,432 · -4.0% YoY. Source: county tax records.