204 Ledet Dr

Lafourche Crossing, LA 70301

$52,500B+

2 bd · 1.5 ba · 2,095 sqft · Built 1978 · Manufactured · Pending · 283 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,356/mo
• Mortgage (P&I): −$275
• Tax + insurance: −$66
• HOA: −$0
• Vac / Maint / Mgmt: −$285
• Net cashflow: $730/mo
• Annual: $8,755/yr
• Cap rate: 22.97%
• Cash-on-cash: 59.56%
• DSCR: 3.65
• 1% rule: 2.58%
• Cash to close: $14,700

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $52k.
• At list price, monthly cash flow is $730 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $52k).
• It's been on market 283 days — a 12% lower offer ($46k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $46k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $363 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#84 in LA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: schools D+, amenities F, commute 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).
• 3 sale attempts; this cycle's ask has dropped $22k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $15k cash investment doubles in ~2 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.

Questions for listing agent

• It's been on market 283 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1978 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.