7 Garden Pl

River Ridge, LA 70123

$380,000D

4 bd · 2.0 ba · 2,682 sqft · Built 1980 · SingleFamily · Active · 206 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,902/mo
• Mortgage (P&I): −$1,993
• Tax + insurance: −$529
• HOA: −$0
• Vac / Maint / Mgmt: −$609
• Net cashflow: $-229/mo
• Annual: $-2,749/yr
• Cap rate: 5.78%
• Cash-on-cash: -1.83%
• DSCR: 0.92
• 1% rule: 0.76%
• Cash to close: $106,400

Investor read

• This is a 4-bed/2.0-bath single-family listed at $380k.
• At list price, monthly cash flow is $-229 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $340k (10.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $290k (23.6% below list).
• It's been on market 206 days — a 12% lower offer ($334k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $290k (23.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#31 in LA) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A, crime A-; Watch: amenities F, commute F.
• Jefferson Parish (suburban): math 24% / reading 34% proficiency, ranked #44 of 98 in LA (top 45%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Hazel Park/Hilda Knoff School (math 21% / reading 39%, grade F, #328 of 646 statewide, top 51%, 462 students, 64% FRL); Riverdale High School (math 36% / reading 52%, grade F, #62 of 265 statewide, top 23%, 1,019 students, 50% FRL).
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents flat; 163 active listings in the ZIP; 4 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; 518 units permitted in Jefferson Parish in 2024 (43 in 5+ unit buildings).
• 5 sale attempts since 27y 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 $265k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe 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 5.8% vs local median 3.9% in River Ridge — 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 42% of the median local income ($84k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 206 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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?
• 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.