3118 Albany St

Kenner, LA 70065

$175,000B-

4 bd · 2.0 ba · 1,500 sqft · Built 1965 · SingleFamily · Active · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,980/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$145
• HOA: −$0
• Vac / Maint / Mgmt: −$416
• Net cashflow: $501/mo
• Annual: $6,014/yr
• Cap rate: 9.73%
• Cash-on-cash: 12.27%
• DSCR: 1.55
• 1% rule: 1.13%
• Cash to close: $49,000

Investor read

• This is a 4-bed/2.0-bath single-family listed at $175k. Condition is rated fair.
• At list price, monthly cash flow is $501 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• It's been on market 64 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#6 in LA, #2,414 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, employment C-, crime D.
• Jefferson Parish (suburban): math 24% / reading 34% proficiency, ranked #44 of 98 in LA (top 45%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Airline Park Academy For Advanced Studies (math 92% / reading 92%, grade A+, #3 of 646 statewide, top 0%, 418 students, 16% FRL); Tom Benson School (math 11% / reading 14%, grade F, #546 of 646 statewide, top 85%, 753 students, 60% FRL); Bonnabel Magnet Academy High School (math 12% / reading 21%, grade F, #214 of 265 statewide, top 81%, 1,478 students, 52% FRL) — zoned schools average 43% FRL vs 70% district-wide (28 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents falling (-4.2%/yr); 387 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 94d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 68% of comp listings sitting > 30 days — soft ceiling on asking rent; 518 units permitted in Jefferson Parish in 2024 (43 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.
• Cap rate 9.7% vs local median 5.5% in Kenner — 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.
• This rent runs 35% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1965 — 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.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Worn appearance suggests some touch-up or refinishing may be needed.
• Minor: Bathroom fixtures — Some may need cleaning or replacement to improve appearance.
• Minor: Exterior siding — Some discoloration and wear visible, may need touch-up or repainting.
• Moderate: Flooring — Worn appearance suggests refinishing or replacement may be needed.
• Minor: Interior walls — Some areas may have minor paint imperfections, touch-up may be needed.
• Minor: Windows — Some may need new hardware or weatherstripping to improve functionality and appearance.