185 Sandra Del Mar Dr #185

Mandeville, LA 70448

$109,000B-

2 bd · 1.5 ba · 1,150 sqft · Built 1983 · Condo · Active · 94 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,517/mo
• Mortgage (P&I): −$572
• Tax + insurance: −$182
• HOA: −$330
• Vac / Maint / Mgmt: −$319
• Net cashflow: $115/mo
• Annual: $1,383/yr
• Cap rate: 7.56%
• Cash-on-cash: 4.53%
• DSCR: 1.20
• 1% rule: 1.39%
• Cash to close: $30,520

Investor read

• This is a 2-bed/1.5-bath condo listed at $109k. Condition is rated good.
• 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).
• It's been on market 94 days — a 9% lower offer ($99k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $99k (9.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: HOA is 22% of rent.
• 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).
• St. Tammany County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.

Questions for listing agent

• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?