2408 S Grand St Unit 2203 S Grand, 2706 Lee, 2709 Lee, 3413 Halsell

Monroe, LA 71202

$229,000F

None bd · None ba · — sqft · Built — · Condo · Active · 466 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $756/mo
• Mortgage (P&I): −$1,201
• Tax + insurance: −$382
• HOA: −$0
• Vac / Maint / Mgmt: −$159
• Net cashflow: $-986/mo
• Annual: $-11,828/yr
• Cap rate: 1.13%
• Cash-on-cash: -18.45%
• DSCR: 0.18
• 1% rule: 0.33%
• Cash to close: $64,120

Investor read

• This is a condo listed at $229k. Condition is rated poor.
• At list price, monthly cash flow is $-986 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $86k (62.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $76k (67.0% below list).
• It's been on market 466 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $76k (67.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#128 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+; Watch: crime F, amenities F, commute F.
• City Of Monroe School District (urban): math 21% / reading 31% proficiency, ranked #60 of 98 in LA (top 61%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 69 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 345 units permitted in Ouachita Parish in 2024 (0 in 5+ unit buildings).
• Climate carrying-cost: major wind risk, 74% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 1.1% vs local median 5.7% in Monroe — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• 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?
• It's been on market 466 days. Have you received any prior offers? Is the seller open to a 67% 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?
• 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.
• Crime grade is F 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?
• 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?

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition, with visible damage and potential leaks.
• Major: exterior siding — The exterior siding is peeling and in need of repainting.
• Major: foundation — The foundation appears to be in poor condition, with visible cracks and settling.
• Major: flooring — The flooring in the interior appears to be in poor condition, with visible wear and tear.
• Major: interior walls — The interior walls appear to be in poor condition, with visible damage and potential water damage.
• Major: HVAC units — The HVAC units appear to be old and in need of replacement.