2147 Audubon Ave

Thibodaux, LA 70301

$3,600,000B

None bd · None ba · 68,020 sqft · Built — · MultiFamily · Active · 179 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $104,750/mo
• Mortgage (P&I): −$18,879
• Tax + insurance: −$6,000
• HOA: −$0
• Vac / Maint / Mgmt: −$21,998
• Net cashflow: $57,874/mo
• Annual: $694,484/yr
• Cap rate: 25.58%
• Cash-on-cash: 68.90%
• DSCR: 4.07
• 1% rule: 2.91%
• Cash to close: $1,008,000

Investor read

• This is a 100 × 1-bed/1-bath units multifamily listed at $3.60M. Condition is rated good.
• At list price, monthly cash flow is $58k ($694k/yr) — positive. Per door: $579/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($105k rent vs $3.60M).
• It's been on market 179 days — a 12% lower offer ($3.17M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $3.17M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $25k of loan paydown is wiped out by about $108k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#2 in LA, #723 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, health & safety A+; Watch: crime C-, employment F.
• Lafourche Parish (other): math 31% / reading 49% proficiency, ranked #22 of 98 in LA (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.9%/yr); 513 active listings in the ZIP; 319 units permitted in Lafourche Parish in 2024 (0 in 5+ unit buildings).
• 4 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.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $1.01M cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 25.6% vs local median 3.8% in Thibodaux — 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.
• At $104,750/mo this rent would consume 2153% of the median local household income ($58k/yr) (locally 1513% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 179 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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 A-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.