1615 Pratt St St · Gretna, LA 70053

$179,000

3 bd · 2.0 ba · 1,250 sqft · SingleFamily · 66 Days on market

Built 1968 $143/sqft · 18% below area Est $219k · 18% under ↓ 19% since listing

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Why this score? — see what drove the C 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 +21.7/30.0
• ARV discount +15.0/15.0
• DSCR +6.9/10.0
• 1% rule +4.9/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well-kept and thoughtfully maintained, this Gretna property offers a comfortable layout with inviting living spaces and practical functionality. Conveniently located with easy access to shopping, dining, and downtown New Orleans, it presents a great opportunity for a variety of buyers. A property worth seeing in person!

Key facts

• Parking
• Built 1968
• Listed 66 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $275 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $177k (1.0% below list).
• Recommended offer: $168k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 5.1% in Gretna — 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 (#58 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, schools B+; Watch: crime F, employment 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.
• Market conditions: 113 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 518 units permitted in Jefferson Parish in 2024 (43 in 5+ unit buildings).
• At $1,772/mo this rent would consume 53% of the median local household income ($40k/yr) (locally 1911% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• 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.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $168,260 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
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 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: 0.99% ✗
• Cap rate: 8.14%
• Cash-on-cash: 6.58%
• DSCR: 1.29
• GRM: 8.4

CMA / ARV

• ARV (median comp): $218,559
• List price: $179,000
• Delta: -18.10%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1110 Virgil St	0.25mi	2/2.0 (-1)	1,246 (-0%)	2mo	$83,000	$67	81
1207 Kepler St	0.04mi	3/2.0	1,385 (+11%)	5mo	$215,000	$155	76
1512 Palfrey St	0.12mi	3/2.0	1,300 (+4%)	17mo	$245,000	$188	73
1311 Kepler St	0.08mi	3/2.0	1,389 (+11%)	11mo	$279,000	$201	69
490 Ocean Ave	0.54mi	3/1.5	1,216 (-3%)	4mo	$167,000	$137	66
1821 Palfrey St	0.18mi	3/2.0	1,375 (+10%)	13mo	$225,000	$164	64
1121 Evergreen Dr	0.74mi	3/2.0	1,247 (-0%)	5mo	$235,000	$188	61
1318 Kepler St	0.11mi	3/2.0	1,435 (+15%)	19mo	$236,000	$164	55
615 Perry St	0.75mi	2/2.0 (-1)	1,198 (-4%)	4mo	$230,000	$192	50
11 Gelbke Dr	0.48mi	2/1.0 (-1)	1,324 (+6%)	12mo	$205,000	$155	48
814 Monroe St	0.68mi	3/2.0	1,420 (+14%)	3mo	$299,900	$211	43
2466 Behrman Hwy	0.73mi	3/2.0	1,117 (-11%)	8mo	$139,000	$124	41

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -6.2%
• Equity multiple: 0.77×
• Total profit: $-11,534
• Equity at exit: $26,689

10-year hold

• IRR: 3.4%
• Equity multiple: 1.25×
• Total profit: $12,338
• Equity at exit: $15,477

Cash invested: $50,120 (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 70053

• Active inventory: 113
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,772 high
• Mortgage (P&I): −$939
• Tax from tax record: −$112 /mo · $1,342/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $275

Break-even live

Break-even rent $1,424

Max offer price $179,000

Occupancy floor 79%

Sensitivity live

Price	-10% $376	-5% $326	+0% $275	+5% $224	+10% $174
Rent	-10% $135	-5% $205	+0% $275	+5% $345	+10% $415
Rate	-1.0pp $365	-0.5pp $321	base $275	+0.5pp $229	+1.0pp $181

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
913 Milton St Gretna, LA	3.0	1.0	1061	$2,800	$2.64	44d	1	0.15mi
1014 Van Trump St Gretna, LA	2.0	2.0	932	$1,750	$1.88	22d	1	0.24mi
1225 Truxton St Unit 21 Gretna, LA	2.0	2.0	1000	$1,075	$1.07	24d	1	0.35mi
1320 Monroe St Gretna, LA	2.0	2.0	1030	$2,000	$1.94	24d	1	0.42mi
1318 Monroe St Gretna, LA	2.0	1.0	1200	$1,595	$1.33	3d	1	0.43mi
14 Gelbke Dr Gretna, LA	3.0	2.0	1327	$1,950	$1.47	44d	1	0.50mi
14 Gelbke Dr Gretna, LA	3.0	2.0	1327	$1,800	$1.36	24d	1	0.50mi
1010 Isbell St Gretna, LA	3.0	1.0	1300	$1,350	$1.04	44d	1	0.60mi
127 Hawkins St Terrytown, LA	2.0	1.0	989	$1,100	$1.11	45d	1	0.61mi
23 New England Ct Gretna, LA	3.0	1.5	1200	$1,600	$1.33	24d	1	0.67mi
517 Burmaster St Gretna, LA	2.0	1.0	900	$1,600	$1.78	44d	1	0.71mi
721 Hinyub Ave Unit D Gretna, LA	2.0	1.5	1200	$1,250	$1.04	44d	1	0.72mi
241 Helen St Unit 3c Terrytown, LA	2.0	1.5	1383	$1,400	$1.01	22d	1	0.72mi
241 Helen St Unit 4D Terrytown, LA	2.0	1.5	1383	$1,400	$1.01	44d	1	0.72mi
300 Terry Pkwy Unit C Terrytown, LA	3.0	2.5	1532	$1,800	$1.17	24d	1	0.79mi
310 Coral Ave Gretna, LA	3.0	1.5	1216	$1,750	$1.44	24d	1	0.86mi
612 Fried St Gretna, LA	3.0	2.0	1250	$1,600	$1.28	44d	1	0.90mi
2320 Mardi Gras Blvd New Orleans, LA	4.0	2.5	1600	$2,500	$1.56	2d	1	0.93mi
1661 Alexander Ct Gretna, LA	2.0	1.5	1350	$1,295	$0.96	44d	1	0.95mi
1665 Alexander Ct Gretna, LA	2.0	1.5	1350	$1,295	$0.96	44d	1	0.95mi
1810 Stumpf Blvd Gretna, LA	3.0	1.0	1000	$1,650	$1.65	44d	1	0.97mi
1629 Gary Ct Unit B Terrytown, LA	2.0	1.5	1200	$1,300	$1.08	44d	1	0.97mi
349 Cherry Blossom Ln Terrytown, LA	3.0	1.5	1225	$1,600	$1.31	24d	1	0.98mi
1204 Amelia St Gretna, LA	2.0	1.0	950	$1,250	$1.32	15d	1	0.98mi
1625 Cooper Rd Unit D Terrytown, LA	2.0	1.5	1200	$1,300	$1.08	44d	1	1.02mi
1629 Cooper Rd Unit B Terrytown, LA	2.0	1.5	1200	$1,300	$1.08	44d	1	1.02mi
1117 Whitney Ave Gretna, LA	1.0–3.0	1.0–2.0	951	$1,489	$1.57	3d	16	1.06mi
2123 Browning Ln Terrytown, LA	3.0	1.5	1073	$1,650	$1.54	3d	1	1.07mi
527 3rd St Gretna, LA	2.0	1.0	878	$1,350	$1.54	44d	1	1.13mi
601 4th St Unit D Gretna, LA	2.0	1.0	987	$1,250	$1.27	44d	1	1.17mi
513 Park Blvd New Orleans, LA	3.0	2.0	1600	$2,300	$1.44	4d	1	1.24mi
1104 Huey P Long Ave Gretna, LA	2.0	1.0	1140	$1,800	$1.58	24d	1	1.24mi
1684 Lauradale Dr New Orleans, LA	4.0	2.0	1571	$2,000	$1.27	24d	1	1.25mi
1945 Pace Blvd Apt 101 New Orleans, LA	2.0	1.0	1000	$1,250	$1.25	11d	1	1.26mi
1945 Pace Blvd Unit 104 New Orleans, LA	2.0	1.0	1000	$1,250	$1.25	24d	1	1.26mi
1906 Cooper Rd Gretna, LA	3.0	2.0	1200	$1,600	$1.33	5d	1	1.26mi
1510 Sumner St New Orleans, LA	2.0	1.0	950	$1,474	$1.55	16d	1	1.27mi
2002 Pace Blvd Unit 103 New Orleans, LA	3.0	2.0	1000	$1,500	$1.50	15d	1	1.27mi
400 Park Blvd Unit A New Orleans, LA	4.0	1.5	1275	$2,200	$1.73	24d	1	1.30mi
1625 Lauradale Dr New Orleans, LA	3.0	2.0	1029	$1,700	$1.65	4d	1	1.31mi

Listing history 20 events

1. 2026-06-18
   days on market $179,000 Active 66 DOM
2. 2026-06-17
   days on market $179,000 Active 65 DOM
3. 2026-06-16
   days on market $179,000 Active 64 DOM
4. 2026-06-15
   days on market $179,000 Active 63 DOM
5. 2026-06-13
   days on market $179,000 Active 61 DOM
6. 2026-06-10
   days on market $179,000 Active 58 DOM
7. 2026-06-09
   days on market $179,000 Active 57 DOM
8. 2026-06-08
   days on market $179,000 Active 56 DOM
9. 2026-06-07
   days on market $179,000 Active 55 DOM
10. 2026-06-03
    days on market $179,000 Active 51 DOM
11. 2026-06-02
    days on market $179,000 Active 50 DOM
12. 2026-06-01
    days on market $179,000 Active 49 DOM
13. 2026-05-31
    days on market $179,000 Active 48 DOM
14. 2026-04-13
    listed $189,000 Active 321-char remark

    Show marketing remark (321 chars)

    Well-kept and thoughtfully maintained, this Gretna property offers a comfortable layout with inviting living spaces and practical functionality. Conveniently located with easy access to shopping, dining, and downtown New Orleans, it presents a great opportunity for a variety of buyers. A property worth seeing in person!

15. 2026-04-13
    listed $189,000 Active 321-char remark

    Show marketing remark (321 chars)

    Well-kept and thoughtfully maintained, this Gretna property offers a comfortable layout with inviting living spaces and practical functionality. Conveniently located with easy access to shopping, dining, and downtown New Orleans, it presents a great opportunity for a variety of buyers. A property worth seeing in person!

16. 2025-09-18
    price $199,900
17. 2025-09-18
    price $199,900
18. 2025-06-19
    listed $234,000 Active
19. 2025-06-19
    listed $199,900 Active
20. 2003-12-01
    soldstatus

ⓘ 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: $1,342 · $112/mo
• Projected year-2 tax: $1,342 · $112/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: $21,268
• − Mortgage interest: −$10,027
• − Property taxes: −$1,342
• − Insurance: −$895
• − Repairs & maintenance: −$1,701
• − Management: −$1,701
• − Depreciation: −$5,207
• Taxable income: $394
• Est. tax owed @ 24.0%: −$94
• After-tax cash flow: $3,205/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: Jefferson Parish
• NCES district ID: 2200840
• Math proficiency: 24% ▼ -36.00%
• Reading proficiency: 34% ▼ -30.00%
• Median HH income: $48,421
• Composite: 25.19/100
• National rank: #7511
• State rank: #44 of 98 in LA

Livability — Gretna

• Score: 70/100
• State rank: #58
• US rank: #7679

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gretna, LA
• County: Jefferson Parish · 426,999 people
• City population: 56,969
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 16,621
• Household income: $39,950
• Rent vs Own: 53.4% rent · 46.6% own
• Severe rent burden: 1911.0

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 451,696 people
• By 2030: 455,451 · +0.8%
• By 2040: 458,308 · +1.5%
• By 2050: 461,031 · +2.1%
• By 2075: 476,351 · +5.5%
• By 2100: 499,377 · +10.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 36% Black 34% Hispanic / Latino 23% Two or more races 15% Asian 2%
• Hispanic origin (detail): Mexican 4% Cuban 2%
• Common ancestry: Lithuanian 7% Iranian 1% Slovak 1%
• Foreign-born: 19% · Canada, Vietnam, China
• Languages at home: 76% English-only · Spanish 20% Vietnamese 1% German/W. Germanic 1%

Political lean MEDSL · Jefferson

• 2024 margin: R (+12.9) · D 42.5% · R 55.5% · Other 2.1%
• 2008→2024 swing: +13.6pp toward D · 2008: -26.6pp · 2024: -12.9pp
• All cycles: 2024: R+12.9 2020: R+11.1 2016: R+14.8 2012: R+18.4 2008: R+26.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -115.90%
• Current HPI: 121.765
• Rent YoY: —
• 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

-19.2% since first listed

7 events — show timeline

• 2026-04-13 Listed $189,000 GSREIN
• 2026-04-13 Listed $189,000 AcadianaMLS
• 2025-09-18 Price Changed $199,900 AcadianaMLS
• 2025-09-18 Price Changed $199,900 GSREIN
• 2025-06-19 Listed $199,900 AcadianaMLS
• 2025-06-19 Listed $234,000 AcadianaMLS
• 2003-12-01 Sold (Public Records) — Public Records

Property tax history

+2.4%/yr

Latest (2025): $1,342 · -0.2% YoY. Source: county tax records.