301 Thelma St · Lafayette, LA 70506

$85,000

2 bd · 1.0 ba · 910 sqft · SingleFamily public records · 21 Days on market

Built 1954 7,840 sqft lot Est $116k · 26% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• Schools +3.6/10.0
• Rent growth +3.5/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming cottage in excellent condition centrally located in peaceful Jules Domingue sub division. Perfect for investor looking to use for rental property. Home is producing revenue and is currently occupied by tenant with one year lease contract. Home features two bedrooms, one bath, spacious living area and large kitchen open to sunroom. Central air and heat, crown molding, original hardwood floors throughout, lots of windows providing natural light in the home. Refrigerator, gas range, washer and dryer included. Outside there is a storage building, covered parking and patio and two beautiful oak trees. Make your appointment to see this home soon!

Key facts

• University district
• Prime real estate
• 7,840 sq ft lot

Tags

• LOW-MAINTENANCE LIVING SPACE
• MONTHLY RENTAL INCOME
• WALKABILITY TO CAMPUS
• UNIVERSITY DISTRICT
• PRIME REAL ESTATE
• STABLE APPRECIATING AREA

Property features AI

Exterior

• Parking: Carport (1 covered space, total parking 1)
• Utilities: Gas service: Atmos; Public sewer
• Home design: Single-family residence; Fixer condition; City street frontage (paved)
• Construction: Wood siding/frame construction; Composition roof
• Exterior features: Outdoor lighting; Covered porch

Interior

• Kitchen: Gas stove
• Flooring: Vinyl flooring; Wood flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Built-in features; Crown molding; Tile counters
• Laundry & utility: Washer hookup; Washer; Dryer; Refrigerator

🏷️ Possibly a rental listed for sale. The $85,000 price doesn't fit this home's estimated sale value (~$115,570) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $329 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $84k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 4.7% in Lafayette — 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 70/100 on livability (#63 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, employment C-, crime F.
• Lafayette Parish (urban): math 38% / reading 46% proficiency, ranked #19 of 98 in LA (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Westside Elementary School (math 32% / reading 34%, grade F, #297 of 646 statewide, top 46%, 635 students, 72% FRL); Scott Middle School (math 20% / reading 28%, grade F, #143 of 218 statewide, top 65%, 559 students, 65% FRL); Acadiana High School (math 31% / reading 29%, grade F, #125 of 265 statewide, top 47%, 1,813 students, 56% FRL).
• Zoned-school proficiency averages 29% at this address vs 42% district-wide (-13 pts) — the specific schools serving this property underperform the Lafayette Parish average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+4.1%/yr); 404 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,585 units permitted in Lafayette Parish in 2024 (10 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Lafayette County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $24k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 29y ago; this cycle's ask has dropped $15k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $83,725 (1.5% below list)

Questions for the listing agent

1. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.32% ✓
• Cap rate: 10.94%
• Cash-on-cash: 16.59%
• DSCR: 1.74
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $115,570
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
202 Adelma St	0.08mi	2/1.0	850 (-7%)	8mo	$116,000	$136	78
216 Longview Dr	0.17mi	2/1.0	930 (+2%)	14mo	$125,000	$134	76
127 Woodrow St	0.33mi	2/1.0	971 (+7%)	1mo	$123,000	$127	73
205 Longview Dr	0.12mi	2/1.0	832 (-9%)	19mo	$50,000	$60	64
304 Joseph St	0.02mi	2/1.0	780 (-14%)	14mo	$91,000	$117	63
121 Woodrow St	0.33mi	2/1.0	949 (+4%)	21mo	$62,500	$66	60

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.12% rent growth · sell at horizon

5-year hold

• IRR: 8.9%
• Equity multiple: 1.36×
• Total profit: $8,457
• Equity at exit: $12,674

10-year hold

• IRR: 19.0%
• Equity multiple: 2.67×
• Total profit: $39,691
• Equity at exit: $7,349

Cash invested: $23,800 (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 70506

• Home prices YoY: -34.8%
• Rents YoY: 4.1%
• Active inventory: 404
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,119 high
• Mortgage (P&I): −$446
• Tax from tax record: −$74 /mo · $885/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $329

Break-even live

Break-even rent $702

Max offer price $85,000

Occupancy floor 66%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
113 Thelma Dr Lafayette, LA	2.0	1.0	980	$1,100	$1.12	44d	1	0.09mi
113 Thelma Dr Lafayette, LA	2.0	1.0	980	$1,050	$1.07	13d	1	0.09mi
127 Woodrow St Lafayette, LA	2.0	1.0	971	$1,200	$1.24	13d	1	0.32mi
133 Woodrow St Unit A Lafayette, LA	2.0	1.0	930	$1,050	$1.13	21d	1	0.32mi
111 Dora St Lafayette, LA	3.0	1.0	1000	$750	$0.75	44d	1	0.87mi
90 N Luke St Lafayette, LA	1.0–2.0	1.0–1.5	775	$925	$1.19	44d	1	0.87mi
111 Sternberg Dr Lafayette, LA	3.0	2.0	1050	$900	$0.86	44d	1	0.94mi
411 Dulles Dr Lafayette, LA	1.0–3.0	1.0–3.0	1107	$1,164	$1.05	13d	23	1.08mi
406 Silkwood St Unit D Lafayette, LA	2.0	1.0	800	$850	$1.06	44d	1	1.16mi
1901 W University Ave Lafayette, LA	2.0	1.0	600	$800	$1.33	13d	1	1.17mi
1501 W Saint Mary Blvd Unit B Lafayette, LA	2.0	1.0	832	$1,000	$1.20	13d	1	1.23mi
101 Westwood Dr Lafayette, LA	1.0	1.0	651	$1,036	$1.59	13d	3	1.28mi
503 Joan St Lafayette, LA	3.0	2.0	1000	$1,400	$1.40	21d	1	1.33mi

Listing history 21 events

1. 2026-06-09
   status $85,000 Pending 21 DOM
2. 2026-06-08
   days on market $85,000 Active 21 DOM
3. 2026-06-07
   days on market $85,000 Active 20 DOM
4. 2026-06-05
   days on market $85,000 Active 17 DOM
5. 2026-06-03
   days on market $85,000 Active 16 DOM
6. 2026-06-02
   days on market $85,000 Active 15 DOM
7. 2026-06-01
   days on market $85,000 Active 14 DOM
8. 2026-05-31
   days on market $85,000 Active 13 DOM
9. 2026-05-30
   days on market $85,000 Active 12 DOM
10. 2026-05-26
    status Active
11. 2026-05-26
    price $85,000
12. 2026-04-14
    listed $100,000 Active
13. 2025-03-24
    status Active
14. 2025-02-22
    status Active
15. 2025-02-14
    status Pending
16. 2024-03-21
    listed $100,000 Active
17. 2017-06-14
    soldstatus $87,150 657-char remark

    Show marketing remark (657 chars)

    Charming cottage in excellent condition centrally located in peaceful Jules Domingue sub division. Perfect for investor looking to use for rental property. Home is producing revenue and is currently occupied by tenant with one year lease contract. Home features two bedrooms, one bath, spacious living area and large kitchen open to sunroom. Central air and heat, crown molding, original hardwood floors throughout, lots of windows providing natural light in the home. Refrigerator, gas range, washer and dryer included. Outside there is a storage building, covered parking and patio and two beautiful oak trees. Make your appointment to see this home soon!

18. 2016-07-07
    listed $92,000 657-char remark

    Show marketing remark (657 chars)

    Charming cottage in excellent condition centrally located in peaceful Jules Domingue sub division. Perfect for investor looking to use for rental property. Home is producing revenue and is currently occupied by tenant with one year lease contract. Home features two bedrooms, one bath, spacious living area and large kitchen open to sunroom. Central air and heat, crown molding, original hardwood floors throughout, lots of windows providing natural light in the home. Refrigerator, gas range, washer and dryer included. Outside there is a storage building, covered parking and patio and two beautiful oak trees. Make your appointment to see this home soon!

19. 2014-04-21
    listed $93,400
20. 1997-11-13
    soldstatus $44,000
21. 1997-09-29
    listed $46,000

ⓘ 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: $885 · $74/mo
• Projected year-2 tax: $885 · $74/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,428
• − Mortgage interest: −$4,761
• − Property taxes: −$885
• − Insurance: −$425
• − Repairs & maintenance: −$1,074
• − Management: −$1,074
• − Depreciation: −$2,473
• Taxable income: $2,735
• Est. tax owed @ 24.0%: −$656
• After-tax cash flow: $3,292/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: Lafayette Parish
• NCES district ID: 2200870
• Math proficiency: 38% ▼ -32.00%
• Reading proficiency: 46% ▼ -24.00%
• Median HH income: $50,238
• Composite: 36.15/100
• National rank: #4741
• State rank: #19 of 98 in LA

Livability — Lafayette

• Score: 70/100
• State rank: #63
• US rank: #8133

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lafayette, LA
• County: Lafayette Parish · 207,544 people
• City population: 158,114
• Metro: Lafayette, LA
• Population (ZIP): 42,318
• Household income: $57,379
• Rent vs Own: 50.4% rent · 49.6% own
• Severe rent burden: 2095.0

Population outlook (Lafayette County) Hauer SSP2

• Today (2025): 280,930 people
• By 2030: 301,092 · +7.2%
• By 2040: 339,456 · +20.8%
• By 2050: 375,156 · +33.5%
• By 2075: 451,672 · +60.8%
• By 2100: 497,203 · +77.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 60% Black 20% Hispanic / Latino 13% Two or more races 13% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Lithuanian 18% Armenian 1% Slovak 1%
• Foreign-born: 12% · Canada, Vietnam
• Languages at home: 83% English-only · Spanish 9% French/Haitian/Cajun 3% Vietnamese 1%

Political lean MEDSL · Lafayette

• 2024 margin: Solid R (+31.4) · D 33.5% · R 64.8% · Other 1.7%
• 2008→2024 swing: -0.1pp no change · 2008: -31.3pp · 2024: -31.4pp
• All cycles: 2024: R+31.4 2020: R+28.7 2016: R+33.6 2012: R+33.7 2008: R+31.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -75.28%
• Current HPI: 140.8445
• Rent YoY: ▲ 4.12%
• Metro: Lafayette, 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

+84.8% since first listed

12 events — show timeline

• 2026-05-26 Relisted — AcadianaMLS
• 2026-05-26 Price Changed $85,000 AcadianaMLS
• 2026-04-14 Listed $100,000 AcadianaMLS
• 2025-03-24 Relisted — AcadianaMLS
• 2025-02-22 Relisted — AcadianaMLS
• 2025-02-14 Pending — AcadianaMLS
• 2024-03-21 Listed $100,000 AcadianaMLS
• 2017-06-14 Sold (MLS) $87,150 AcadianaMLS
• 2016-07-07 Listed $92,000 AcadianaMLS
• 2014-04-21 Listed $93,400 AcadianaMLS
• 1997-11-13 Sold (MLS) $44,000 AcadianaMLS
• 1997-09-29 Listed $46,000 AcadianaMLS

Property tax history

+2.6%/yr

Latest (2025): $885 · -1.1% YoY. Source: county tax records.