350 Emerald Forest Blvd #16203 · Covington, LA 70433

$120,000

2 bd · 2.0 ba · 991 sqft · Condo public records · 18 Days on market

Built 1999 $535/mo HOA · 36% of rent ↓ 19% since listing

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Why this score? — see what drove the D- 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).

• ARV discount +7.5/15.0
• Cash flow +7.3/30.0
• 1% rule +7.3/10.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• DSCR +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy the simplicity of condo living in this 2-bedroom, 2-bath upstairs unit located in Emerald Forest. The functional floor plan offers comfortable living spaces, spacious bedrooms, and a private balcony overlooking the community grounds. Recent kitchen plumbing updates provide added value, while the upstairs location offers privacy and elevated views. Whether you're looking for a primary residence, a low-maintenance lifestyle, or an investment opportunity, this condo is ready for its next owner. Residents enjoy access to a community pool, clubhouse, fitness center, library, and beautifully maintained grounds, all within a gated community. Conveniently located near shopping, restaurants, medical facilities, and major commuter routes, you'll have everything you need just minutes from your doorstep.

Key facts

• Gated community
• Fitness center
• Community pool

Tags

• PRIVATE BALCONY
• COMMUNITY POOL
• FITNESS CENTER
• GATED COMMUNITY
• ELEVATED VIEWS

Property features AI

Finance

• Other: Property is part of a multi-unit community with 286 total units; Pets: cats allowed with restrictions; other pets restricted
• HOA & community: Emerald Forest association; Monthly association fee (amount provided separately); Association covers common areas and water; Community clubhouse; Common grounds and pool access

Exterior

• Parking: Parking available in a parking lot
• Security: Building security
• Utilities: Public water; Public sewer
• Home design: Condo; 1 story on site (2 total stories in building); Raised foundation; Shingle roof; Average condition
• Construction: Hardboard siding; Shingle roof; Raised foundation; Built with average condition
• Exterior features: Community in-ground pool; City lot (condo); Balcony; Covered patio/porch

Interior

• Kitchen: Microwave; Oven; Range; Refrigerator
• Bedrooms: Total of 4 rooms (bedroom count not specified)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Building security; Balcony; Covered porch/balcony
• Laundry & utility: In-unit laundry with washer hookup and dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $120k.

Deal economics

• At list price, monthly cash flow is $-158 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $92k (23.3% below list).
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $92k (23.3% below list) — sets the bar for cash-flow.
• Cap rate 4.7% vs local median 3.9% in Covington — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 75/100 on livability (#17 in LA, #3,876 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: E. E. Lyon Elementary School (math 57% / reading 57%, grade C+, #79 of 646 statewide, top 13%, 662 students, 63% FRL); Fontainebleau Junior High School (math 38% / reading 62%, grade C, #26 of 218 statewide, top 12%, 877 students, 37% FRL); Fontainebleau High School (math 56% / reading 61%, grade C, #23 of 265 statewide, top 9%, 1,677 students, 33% FRL) — zoned schools at 44% FRL track the district average.
• Market conditions: Rents rising fast (+4.3%/yr); 530 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $830 of loan paydown is wiped out by about $4k 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 18 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 17 sale attempts since 18y 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 36% of rent.

Recommended offer $92,078 (23.3% below list)

Questions for the listing agent

1. 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?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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?
6. 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?
7. 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.
8. 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.
9. 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: 1.23% ✓
• Cap rate: 4.71%
• Cash-on-cash: -5.64%
• DSCR: 0.75
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.31% rent growth · sell at horizon

5-year hold

• IRR: -23.1%
• Equity multiple: 0.19×
• Total profit: $-27,205
• Equity at exit: $17,892

10-year hold

• IRR: -12.3%
• Equity multiple: 0.20×
• Total profit: $-26,978
• Equity at exit: $10,375

Cash invested: $33,600 (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 →

ZIP-level market 70433

• Rents YoY: 4.3%
• Active inventory: 530
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,481 high
• Mortgage (P&I): −$629
• Tax from tax record: −$114 /mo · $1,370/yr
• Insurance: −$50
• HOA: −$535
• Vacancy / Maint / Mgmt: −$311
• Net cashflow: $-158

Break-even live

Break-even rent $1,682

Max offer price $92,078

Occupancy floor —

Sensitivity live

Price	-10% $-90	-5% $-124	+0% $-158	+5% $-192	+10% $-226
Rent	-10% $-275	-5% $-217	+0% $-158	+5% $-100	+10% $-41
Rate	-1.0pp $-98	-0.5pp $-128	base $-158	+0.5pp $-189	+1.0pp $-221

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
350 Emerald Forest Blvd Covington, LA	1.0–2.0	1.0–2.0	845	$1,600	$1.89	13d	2	0.03mi
28 Park Place Dr Covington, LA	1.0–3.0	1.0–2.0	963	$1,253	$1.30	3d	9	0.16mi
140 Holiday Blvd Covington, LA	2.0	1.0–2.0	652	$1,525	$2.34	3d	12	0.60mi
19425 Slemmer Rd Unit 2 Covington, LA	3.0	2.0	1100	$1,100	$1.00	23d	1	0.66mi
2021 Sullivan Ln Covington, LA	1.0–2.0	1.0–2.0	860	$1,856	$2.16	4d	18	0.84mi
164 Golden Meadow Dr Covington, LA	1.0	2.0	1100	$1,350	$1.23	21d	1	0.87mi
101 Holiday Square Blvd Covington, LA	1.0	1.0	500	$1,140	$2.28	16d	5	1.16mi
1612 Versailles Business Pkwy Covington, LA	1.0–2.0	1.0–2.0	1009	$2,089	$2.07	4d	31	1.31mi
21096 Washington Ave Unit B Abita Springs, LA	2.0	1.5	900	$1,050	$1.17	45d	1	1.45mi

HOA detail condo

• Monthly dues: $535 · $6,420/yr
• Likely covers: landscapingpoolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-21
   days on market $120,000 Active 18 DOM
2. 2026-06-18
   days on market $120,000 Active 15 DOM
3. 2026-06-17
   days on market $120,000 Active 14 DOM
4. 2026-06-16
   days on market $120,000 Active 13 DOM
5. 2026-06-15
   days on market $120,000 Active 12 DOM
6. 2026-06-13
   days on market $120,000 Active 10 DOM
7. 2026-06-10
   days on market $120,000 Active 7 DOM
8. 2026-06-09
   days on market $120,000 Active 6 DOM
9. 2026-06-08
   days on market $120,000 Active 5 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $120,000 Active 4 DOM

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

Tax reassessment forecast LA · Resets to sale price

• Current annual tax: $1,370 · $114/mo
• Projected year-2 tax: $1,370 · $114/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $17,778
• − Mortgage interest: −$6,722
• − Property taxes: −$1,370
• − Insurance: −$600
• − Repairs & maintenance: −$1,422
• − Management: −$1,422
• − HOA: −$6,420
• − Depreciation: −$3,491
• Taxable loss: −$3,669
• Est. tax savings @ 24.0%: +$881
• After-tax cash flow: $-1,016/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.

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

Livability — Covington

• Score: 75/100
• State rank: #17
• US rank: #3876

Category grades

Amenities F Commute F Cost of living B+ Crime A- Employment A+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Saint Tammany Parish · 228,296 people
• City population: 64,351
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 41,876
• Household income: $81,241
• Rent vs Own: 29.6% rent · 70.4% own
• Severe rent burden: 1287.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Black 9% Hispanic / Latino 7% Two or more races 7% Native American 1% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 17% Italian 2% Slovak 2%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 5% French/Haitian/Cajun 1% Vietnamese 1%

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: ▼ -112.14%
• Current HPI: 181.8348
• Rent YoY: ▲ 4.31%
• Metro: New Orleans-Metairie, LA
• State GDP YoY: ▲ 3.29%
• F500 in state: 10

Industry mix (Fortune 500 HQ in LA)

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

Price history

-19.5% since first listed

21 events — show timeline

• 2026-06-03 Listed $120,000 GSREIN
• 2026-06-03 Listed $120,000 AcadianaMLS
• 2025-01-16 Price Changed $145,000 AcadianaMLS
• 2025-01-16 Price Changed $145,000 GSREIN
• 2024-11-04 Listed $150,000 AcadianaMLS
• 2015-10-13 Sold (MLS) $107,000 GSREIN
• 2015-09-22 Pending — GSREIN
• 2015-09-04 Listed $114,900 GSREIN
• 2015-09-04 Listed $114,900 AcadianaMLS
• 2010-07-20 Listed $129,900 GSREIN
• 2010-07-20 Listed $129,900 AcadianaMLS
• 2009-11-06 Listed $139,000 GSREIN
• 2009-11-06 Listed $139,000 AcadianaMLS
• 2009-04-27 Listed $145,000 GSREIN
• 2009-04-27 Listed $145,000 AcadianaMLS
• 2008-09-11 Listed $155,500 GSREIN
• 2008-09-11 Listed $155,500 AcadianaMLS
• 2008-06-17 Listed $149,000 GSREIN
• 2008-06-17 Listed $149,000 AcadianaMLS
• 2008-04-24 Listed $149,000 GSREIN
• 2008-04-24 Listed $149,000 AcadianaMLS

Property tax history

-0.5%/yr

Latest (2021): $1,370 · +0.1% YoY. Source: county tax records.