185 Sandra Del Mar Dr #185 · Mandeville, LA 70448

$109,000

2 bd · 1.5 ba · 1,150 sqft · Condo · 94 Days on market

Built 1983 Good condition $95/sqft · 28% below area Est $150k · 28% under · waterfront $330/mo HOA · 22% of rent

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Why this score? — see what drove the B- 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 +19.1/30.0
• ARV discount +15.0/15.0
• 1% rule +8.9/10.0
• Schools +6.4/10.0
• DSCR +6.0/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Rent growth +2.8/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this beautifully updated 2 bedroom, 1.5 bath townhouse located in Old Mandeville. Ideally located minutes from the Causeway with convenient access to the lakefront, trailhead, and shopping. This recently renovated townhome features vinyl plank flooring throughout, a 3 year old roof, fully fenced patio, and includes all appliances. Whether you're looking for a low-maintenance primary residence or investment opportunity, this property checks all the boxes. Condo fees include water, garbage, flood insurance, exterior insurance, maintenance ground up-keep, and pest control.

Key facts

• Vinyl plank flooring
• $330 HOA
• Parking

Tags

• VINYL PLANK FLOORING
• WALKING DISTANCE TO LAKEFRONT
• HIGHLY DESIRABLE AREA
• STRONG RENTAL POTENTIAL

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $109k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $115 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $109k).
• Recommended offer: $99k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 3.8% in Mandeville — 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 77/100 on livability (#13 in LA, #3,224 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: Mandeville Elementary School (math 62% / reading 72%, grade B+, #35 of 646 statewide, top 5%, 551 students, 29% FRL); Tchefuncte Middle School (math 65% / reading 71%, grade A-, #5 of 218 statewide, top 2%, 697 students, 24% FRL); Mandeville High School (math 59% / reading 63%, grade C+, #19 of 265 statewide, top 7%, 2,259 students, 22% FRL) — zoned schools average 25% FRL vs 40% district-wide (15 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 65% at this address vs 49% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the St. Tammany Parish average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+1.1%/yr); 308 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals lingering (median 53d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $754 of loan paydown is wiped out by about $3k 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 94 days — a 9% lower offer ($99k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $99,190 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.39% ✓
• Cap rate: 7.56%
• Cash-on-cash: 4.53%
• DSCR: 1.20
• GRM: 6.0

CMA / ARV

• ARV (median comp): $150,400
• List price: $109,000
• Delta: -27.53%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.06% rent growth · sell at horizon

5-year hold

• IRR: -12.1%
• Equity multiple: 0.57×
• Total profit: $-13,004
• Equity at exit: $16,252

10-year hold

• IRR: -7.2%
• Equity multiple: 0.59×
• Total profit: $-12,424
• Equity at exit: $9,424

Cash invested: $30,520 (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 →

Active competition Active MLS

• For sale now: 1 active
• Median asking: $99,000 ($86/sqft)
• Median days on market: 319 d
• This list price: 100% of active listings are priced below it
• ARV vs active asking: +51.9% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 70448

• Rents YoY: 1.1%
• Active inventory: 308
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,517 high
• Mortgage (P&I): −$572
• Tax est. 1.5%: −$136 /mo · $1,635/yr
• Insurance: −$45
• HOA: −$330
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $115

Break-even live

Break-even rent $1,371

Max offer price $109,000

Occupancy floor 87%

Sensitivity live

Price	-10% $191	-5% $153	+0% $115	+5% $78	+10% $40
Rent	-10% $-5	-5% $55	+0% $115	+5% $175	+10% $235
Rate	-1.0pp $170	-0.5pp $143	base $115	+0.5pp $87	+1.0pp $58

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: $27,250
• Closing costs: $3,270
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 Sandra Del Mar Dr Unit 102 Mandeville, LA	2.0	1.5	1134	$1,195	$1.05	61d	1	0.04mi
120 Cayman Cv Mandeville, LA	2.0	1.5	1100	$1,250	$1.14	93d	1	0.14mi
332 Mariners Blvd Mandeville, LA	1.0	1.5	820	$1,200	$1.46	93d	1	0.17mi
120 Saint Croix Dr Mandeville, LA	2.0	1.5	1100	$1,600	$1.45	41d	1	0.24mi
4000 Florida St Mandeville, LA	2.0	1.0–1.5	940	$1,245	$1.32	11d	3	0.55mi
225 Magnolia St Mandeville, LA	3.0	2.0	1400	$2,200	$1.57	34d	1	0.80mi
509 Wilkinson St Mandeville, LA	3.0	2.0	1300	$2,000	$1.54	28d	1	0.86mi
518 Ramon St Mandeville, LA	3.0	2.5	1445	$1,500	$1.04	28d	1	0.88mi
518 Ramon St Mandeville, LA	3.0	2.5	1445	$1,550	$1.07	61d	1	0.88mi
215 Elmwood St Mandeville, LA	3.0	2.0	1474	$1,950	$1.32	17d	1	0.91mi
1242 Park Dr Mandeville, LA	2.0	1.5	1160	$1,250	$1.08	72d	1	1.06mi
425 Depre St Unit C Mandeville, LA	1.0	1.0	729	$1,300	$1.78	93d	1	1.13mi
817 Coffee St Mandeville, LA	2.0	2.5	1200	$2,000	$1.67	34d	1	1.25mi
209 W Hickory St Mandeville, LA	3.0	1.5	1350	$1,900	$1.41	66d	1	1.27mi
802 Carroll St Mandeville, LA	2.0	2.5	1264	$1,895	$1.50	34d	1	1.31mi
100 Saint Ann Dr Mandeville, LA	1.0–3.0	1.0–2.5	1112	$1,535	$1.38	11d	12	1.32mi
818 Carroll St Mandeville, LA	2.0	2.5	1260	$1,900	$1.51	47d	1	1.32mi
1402 N Causeway Blvd Mandeville, LA	1.0–2.0	1.0–1.5	840	$1,515	$1.80	11d	6	1.33mi
207 Walnut St Mandeville, LA	3.0	2.0	1075	$1,800	$1.67	52d	1	1.33mi
2130 Jefferson St Mandeville, LA	2.0	1.0	1290	$1,800	$1.40	93d	1	1.35mi
418 Lafitte St Unit A Mandeville, LA	2.0	2.0	950	$2,650	$2.79	47d	1	1.38mi
820 Lafitte St Unit 207 Mandeville, LA	2.0	2.0	1217	$1,675	$1.38	93d	1	1.42mi
2304 McNamara St Mandeville, LA	3.0	2.0	1404	$1,900	$1.35	66d	1	1.43mi
2094 Woodrow St Mandeville, LA	1.0	1.5	1000	$1,500	$1.50	93d	1	1.44mi

Property features AI

Finance

• Other: Pets permitted (cats and dogs OK; no pet restrictions listed)
• HOA & community: HOA (HOCAI) with monthly fee of $330HOA covers common areas and waterCommon grounds/area

Exterior

• Parking: Parking available in a parking lot (1 space)
• Utilities: Public waterPublic sewer
• Home design: 2-story propertyResale (age unknown)Shingle roofVery good condition
• Construction: Brick, stucco, and vinyl siding exteriorSlab foundation
• Exterior features: BalconyFenceConcrete patio/porch

Interior

• Kitchen: DishwasherMicrowaveOvenRangeRefrigerator
• Bedrooms: Total rooms: 3
• Bathrooms: 1 full bathroom1 half bathroom
• Heating & cooling: Central heatingCentral air conditioning
• Interior features: Ceiling fan(s)PantryWood-burning fireplace
• Laundry & utility: In-unit laundry

HOA detail $330/mo · $3,960/yr condo

• Likely covers: watertrash
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-08-08
   days on market $109,000 Active 94 DOM
2. 2026-08-07
   days on market $109,000 Active 93 DOM
3. 2026-08-06
   days on market $109,000 Active 92 DOM
4. 2026-08-05
   days on market $109,000 Active 91 DOM
5. 2026-08-04
   days on market $109,000 Active 90 DOM
6. 2026-08-03
   days on market $109,000 Active 89 DOM
7. 2026-07-31
   days on market $109,000 Active 86 DOM
8. 2026-07-30
   days on market $109,000 Active 85 DOM
9. 2026-07-30
   days on market $109,000 Active 84 DOM
10. 2026-07-28
    days on market $109,000 Active 83 DOM
11. 2026-07-26
    days on market $109,000 Active 81 DOM
12. 2026-07-24
    days on market $109,000 Active 79 DOM
13. 2026-07-23
    days on market $109,000 Active 78 DOM
14. 2026-07-22
    days on market $109,000 Active 77 DOM
15. 2026-07-21
    days on market $109,000 Active 76 DOM
16. 2026-07-20
    days on market $109,000 Active 75 DOM
17. 2026-07-18
    days on market $109,000 Active 73 DOM
18. 2026-07-18
    days on market $109,000 Active 72 DOM
19. 2026-07-16
    days on market $109,000 Active 71 DOM
20. 2026-07-15
    days on market $109,000 Active 70 DOM
21. 2026-07-14
    days on market $109,000 Active 69 DOM
22. 2026-07-13
    days on market $109,000 Active 68 DOM
23. 2026-07-13
    days on market $109,000 Active 67 DOM
24. 2026-07-11
    days on market $109,000 Active 66 DOM
25. 2026-07-10
    days on market $109,000 Active 65 DOM
26. 2026-07-09
    days on market $109,000 Active 64 DOM
27. 2026-07-07
    days on market $109,000 Active 62 DOM
28. 2026-07-06
    days on market $109,000 Active 61 DOM
29. 2026-07-05
    days on market $109,000 Active 60 DOM
30. 2026-07-03
    days on market $109,000 Active 58 DOM
31. 2026-07-02
    days on market $109,000 Active 57 DOM
32. 2026-07-01
    days on market $109,000 Active 56 DOM
33. 2026-06-30
    days on market $109,000 Active 55 DOM
34. 2026-06-29
    days on market $109,000 Active 54 DOM
35. 2026-06-28
    days on market $109,000 Active 53 DOM
36. 2026-06-27
    days on market $109,000 Active 52 DOM
37. 2026-06-27
    days on market $109,000 Active 51 DOM
38. 2026-06-25
    pricedays on market $109,000 Active 49 DOM
39. 2026-06-22
    days on market $112,000 Active 47 DOM
40. 2026-06-21
    days on market $112,000 Active 46 DOM
41. 2026-06-18
    days on market $112,000 Active 43 DOM
42. 2026-06-17
    days on market $112,000 Active 42 DOM
43. 2026-06-16
    days on market $112,000 Active 41 DOM
44. 2026-06-15
    days on market $112,000 Active 40 DOM
45. 2026-06-13
    remarks 587-char remark
46. 2026-06-13
    days on market $112,000 Active 38 DOM
47. 2026-06-10
    days on market $112,000 Active 35 DOM
48. 2026-06-09
    days on market $112,000 Active 34 DOM
49. 2026-06-08
    days on market $112,000 Active 33 DOM
50. 2026-06-07
    days on market $112,000 Active 32 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $18,205
• − Mortgage interest: −$6,106
• − Property taxes: −$1,635
• − Insurance: −$545
• − Repairs & maintenance: −$1,456
• − Management: −$1,456
• − HOA: −$3,960
• − Depreciation: −$3,171
• Taxable loss: −$125
• Est. tax savings @ 24.0%: +$30
• After-tax cash flow: $1,412/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $5,750–$17,250 screening

This recently updated townhome in Mandeville is in good condition with no major repairs needed. It offers a low-maintenance living environment and strong rental potential.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhances curb appeal and adds value to the property. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

C Composite school gradezoned avg 64/100

Zoned Schools

Elementary Mandeville Elementary School B+ LA #35/646 Nat'l #4,366/41,679 Middle Mandeville Junior High School B+ LA #9/218 Nat'l #1,362/14,009 High Mandeville High School C+ LA #19/265 Nat'l #3,443/17,239

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

B Composite livability gradescore 77/100

Livability — Mandeville

• Score: 77/100
• State rank: #13
• US rank: #3224

Category grades

Amenities F Commute F Cost of living C 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: Mandeville, LA
• County: Saint Tammany Parish · 286,725 people
• City population: 50,537
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 26,338
• Household income: $95,682
• Rent vs Own: 19.4% rent · 80.6% own
• Severe rent burden: 4% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 10% Hispanic / Latino 9% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Lithuanian 16% Italian 2% Slovak 2%
• Foreign-born: 5% · Canada, Vietnam, Jamaica
• Languages at home: 92% English-only · Spanish 4% Russian/Polish/Slavic 1% German/W. Germanic 1%

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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: ▼ -113.97%
• Current HPI: 179.9084
• Rent YoY: ▲ 1.06%
• Metro: New Orleans-Metairie, LA
• State GDP YoY: ▲ 3.29%
• F500 in state: 10

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Industry mix (Fortune 500 HQ in LA)

Industry	F500 HQs	Revenue
▸Telecommunications	2	$23B
▸Utilities	1	$12B
▸Wholesale / Distribution	1	$5B
▸Advertising	1	$2B

Property features AI

Finance

• Other: Pets permitted (cats and dogs OK; no pet restrictions listed)
• HOA & community: HOA (HOCAI) with monthly fee of $330HOA covers common areas and waterCommon grounds/area

Exterior

• Parking: Parking available in a parking lot (1 space)
• Utilities: Public waterPublic sewer
• Home design: 2-story propertyResale (age unknown)Shingle roofVery good condition
• Construction: Brick, stucco, and vinyl siding exteriorSlab foundation
• Exterior features: BalconyFenceConcrete patio/porch

Interior

• Kitchen: DishwasherMicrowaveOvenRangeRefrigerator
• Bedrooms: Total rooms: 3
• Bathrooms: 1 full bathroom1 half bathroom
• Heating & cooling: Central heatingCentral air conditioning
• Interior features: Ceiling fan(s)PantryWood-burning fireplace
• Laundry & utility: In-unit laundry

Price history

+1.8% since first listed

6 events — show timeline

• 2026-05-06 Listed $112,000 AcadianaMLS
• 2026-05-06 Listed $112,000 GSREIN
• 2022-10-14 Sold (MLS) $101,000 GSREIN
• 2022-09-16 Pending — GSREIN
• 2022-07-27 Listed $110,000 AcadianaMLS
• 2022-07-27 Listed $110,000 GSREIN