359 Tallow Creek Blvd · Covington, LA 70433

$275,000

3 bd · 2.0 ba · 1,867 sqft · SingleFamily public records · 52 Days on market

Built 2006 $147/sqft · 10% below area Est $305k · 10% under $23/mo HOA · 1% of rent ↓ 4% 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).

• ARV discount +12.0/15.0
• Cash flow +10.1/30.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• DSCR +2.9/10.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Now available in Tallow Creek. Roof replaced August 2025. This 3 bedroom, 2 bath home offers approximately 1,867 square feet of living space and over 2,400 square feet total. The layout opens with a foyer leading into a separate formal dining area, with a dedicated breakfast area just off the kitchen. Real wood flooring, triple crown molding in the main living areas, gas fireplace, and granite countertops with an extended bar overlooking the main living area, along with stainless steel appliances and gas range, all to remain. The primary bedroom features a layout with an impressively large closet positioned just off the entry, providing substantial storage and flexibility. Two additional bedrooms are well-sized with ample closet space. Additional features include a separate laundry area with an energy-efficient washer and dryer set to remain, and a two-car garage with pull down attic access. Original matching wood and tile flooring materials will remain with the home. Utilities are active and the property is vacant and ready for immediate showings. Book your tour today.

Key facts

• Garage
• Built 2006
• Listed 52 days

Property features AI

Finance

• HOA & community: Homeowners association (Tallow Creek HOA) with $275 annual fee

Exterior

• Parking: Garage with door opener; Off-street parking; Three or more parking spaces
• Utilities: Public water; Public sewer
• Home design: One-story; Slab foundation
• Construction: Brick and vinyl siding exterior; Shingle roof; Reflects HVAC replacement in 2020 and about 50% interior repaint (cosmetic updates)
• Exterior features: Concrete patio/porch; City lot; Rectangular lot; Lot dimensions approximately 70 x 120

Interior

• Kitchen: Granite counters; Dishwasher; Disposal; Microwave; Oven; Range; Refrigerator; ENERGY STAR qualified appliances; Stainless steel appliances; Pantry
• Bedrooms: Total rooms: 10
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Attic; Ceiling fans; Granite counters; Jetted tub; Pantry; Pull-down attic stairs; Storm windows; Stainless steel appliances; Very good condition
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $-160 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $247k (10.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $211k (23.4% below list).
• Recommended offer: $211k (23.4% below list) — sets the bar for 1% rule.
• Cap rate 5.6% 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: Madisonville Elementary School (1,145 students, 27% FRL); Madisonville Junior High School (math 41% / reading 58%, grade C, #28 of 218 statewide, top 13%, 655 students, 21% FRL); Covington High School (math 32% / reading 44%, grade F, #90 of 265 statewide, top 34%, 1,660 students, 46% FRL).
• Market conditions: Rents rising fast (+4.3%/yr); 530 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; 1,064 units permitted in St. Tammany Parish in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($81k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 52 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $210,628 (23.4% 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 52 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.77% ✗
• Cap rate: 5.59%
• Cash-on-cash: -2.49%
• DSCR: 0.89
• GRM: 10.9

CMA / ARV

• ARV (median comp): $305,335
• List price: $275,000
• Delta: -9.93%
• 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
228 Arian Ln	0.15mi	3/2.0	1,867 (0%)	7mo	$265,000	$142	87
482 Jj Ln	0.21mi	3/2.0	1,867 (0%)	14mo	$264,500	$142	79
497 Jj Ln	0.21mi	4/2.0 (+1)	1,948 (+4%)	9mo	$275,000	$141	70
301 Mark Dr	0.19mi	3/2.0	2,140 (+15%)	3mo	$305,000	$143	64
526 Moore Blvd	0.08mi	3/2.0	2,147 (+15%)	10mo	$295,000	$137	63
355 Tallow Creek Blvd	0.01mi	3/2.0	2,140 (+15%)	15mo	$309,900	$145	62
71225 Cedar St	0.53mi	4/2.0 (+1)	1,908 (+2%)	6mo	$399,900	$210	62
15074 Pine St	0.62mi	3/2.0	1,729 (-7%)	2mo	$425,000	$246	57
376 Tallow Creek Blvd	0.06mi	3/2.0	2,140 (+15%)	22mo	$319,900	$149	54
343 Randolph Ct	0.67mi	3/2.0	1,784 (-4%)	11mo	$598,500	$335	52
71238 Shady Lake Dr	0.47mi	3/2.0	1,650 (-12%)	12mo	$237,500	$144	48
111 Sage Aly	0.64mi	3/2.0	2,099 (+12%)	6mo	$575,000	$274	44

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: -19.1%
• Equity multiple: 0.33×
• Total profit: $-51,955
• Equity at exit: $41,003

10-year hold

• IRR: -9.3%
• Equity multiple: 0.40×
• Total profit: $-46,572
• Equity at exit: $23,777

Cash invested: $77,000 (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: 10.9×

Monthly cashflow live

• Estimated rent: $2,106 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$244 /mo · $2,931/yr
• Insurance: −$115
• HOA: −$23
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $-160

Break-even live

Break-even rent $2,309

Max offer price $246,736

Occupancy floor —

Sensitivity live

Price	-10% $-4	-5% $-82	+0% $-160	+5% $-238	+10% $-316
Rent	-10% $-326	-5% $-243	+0% $-160	+5% $-77	+10% $6
Rate	-1.0pp $-22	-0.5pp $-90	base $-160	+0.5pp $-231	+1.0pp $-304

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
538 Moore Blvd Covington, LA	4.0	2.0	1948	$2,150	$1.10	25d	1	0.03mi
72291 Forest Dr Covington, LA	3.0	2.0	1680	$2,000	$1.19	45d	1	0.75mi
1842 Ochsner Blvd Covington, LA	1.0–3.0	1.0–2.0	965	$1,785	$1.85	4d	13	1.02mi
726 Place Saint Etienne Covington, LA	4.0	3.0	2249	$3,000	$1.33	19d	1	1.34mi

HOA detail

• Monthly dues: $23 · $276/yr
• Likely covers: gas

Listing history 16 events

1. 2026-06-21
   days on market $275,000 Active 52 DOM
2. 2026-06-18
   days on market $275,000 Active 49 DOM
3. 2026-06-17
   days on market $275,000 Active 48 DOM
4. 2026-06-16
   days on market $275,000 Active 47 DOM
5. 2026-06-15
   days on market $275,000 Active 46 DOM
6. 2026-06-13
   days on market $275,000 Active 44 DOM
7. 2026-06-10
   days on market $275,000 Active 41 DOM
8. 2026-06-09
   days on market $275,000 Active 40 DOM
9. 2026-06-08
   days on market $275,000 Active 39 DOM
10. 2026-06-07
    days on market $275,000 Active 38 DOM
11. 2026-06-03
    days on market $275,000 Active 34 DOM
12. 2026-06-02
    days on market $275,000 Active 33 DOM
13. 2026-06-01
    days on market $275,000 Active 32 DOM
14. 2026-05-31
    days on market $275,000 Active 31 DOM
15. 2026-04-30
    listed $287,500 Active 1087-char remark

    Show marketing remark (1086 chars)

    Now available in Tallow Creek. Roof replaced August 2025. This 3 bedroom, 2 bath home offers approximately 1,867 square feet of living space and over 2,400 square feet total. The layout opens with a foyer leading into a separate formal dining area, with a dedicated breakfast area just off the kitchen. Real wood flooring, triple crown molding in the main living areas, gas fireplace, and granite countertops with an extended bar overlooking the main living area, along with stainless steel appliances and gas range, all to remain. The primary bedroom features a layout with an impressively large closet positioned just off the entry, providing substantial storage and flexibility. Two additional bedrooms are well-sized with ample closet space. Additional features include a separate laundry area with an energy-efficient washer and dryer set to remain, and a two-car garage with pull down attic access. Original matching wood and tile flooring materials will remain with the home. Utilities are active and the property is vacant and ready for immediate showings. Book your tour today.

16. 2026-04-30
    listed $287,500 Active 1086-char remark

    Show marketing remark (1086 chars)

    Now available in Tallow Creek. Roof replaced August 2025. This 3 bedroom, 2 bath home offers approximately 1,867 square feet of living space and over 2,400 square feet total. The layout opens with a foyer leading into a separate formal dining area, with a dedicated breakfast area just off the kitchen. Real wood flooring, triple crown molding in the main living areas, gas fireplace, and granite countertops with an extended bar overlooking the main living area, along with stainless steel appliances and gas range, all to remain. The primary bedroom features a layout with an impressively large closet positioned just off the entry, providing substantial storage and flexibility. Two additional bedrooms are well-sized with ample closet space. Additional features include a separate laundry area with an energy-efficient washer and dryer set to remain, and a two-car garage with pull down attic access. Original matching wood and tile flooring materials will remain with the home. Utilities are active and the property is vacant and ready for immediate showings. Book your tour today.

ⓘ 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: $2,931 · $244/mo
• Projected year-2 tax: $2,931 · $244/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 5/10 Major FEMA zone X · 24% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥109°F today · 23 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: $25,275
• − Mortgage interest: −$15,404
• − Property taxes: −$2,931
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,022
• − Management: −$2,022
• − HOA: −$276
• − Depreciation: −$8,000
• Taxable loss: −$6,755
• Est. tax savings @ 24.0%: +$1,621
• After-tax cash flow: $-299/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

• 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

-4.3% since first listed

4 events — show timeline

• 2026-05-22 Price Changed $275,000 AcadianaMLS
• 2026-05-22 Price Changed $275,000 GSREIN
• 2026-04-30 Listed $287,500 GSREIN
• 2026-04-30 Listed $287,500 AcadianaMLS

Property tax history

+1.3%/yr

Latest (2025): $2,931 · -3.4% YoY. Source: county tax records.