75115 Highway 437 · Covington, LA 70435

$138,000

3 bd · 2.0 ba · 1,970 sqft · SingleFamily public records · 102 Days on market

Built 1984 1.00 ac lot $70/sqft · 47% below area Est $258k · 47% 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 +9.5/10.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy this 3 bedroom, 2 bath home sitting on 1 ACRE lot with stocked fish pond. Property has several live oak trees to shade it during hot summer days. Put your own touch inside the home to enjoy for years. Property is being sold AS-IS. Owner will not make any repairs after inspections. Price reflects. Have livestock or gardening on your own land. Schedule your showing today. property will not go FHA or VA.

Key facts

• Gardening on land
• Live oak trees
• 1 acre lot

Tags

• 1 ACRE LOT
• STOCKED FISH POND
• LIVE OAK TREES
• GARDENING ON LAND

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $138k.

Deal economics

• At list price, monthly cash flow is $626 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $138k).
• Recommended offer: $126k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.7% vs local median 3.9% in Covington — 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 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.
• Market conditions: 366 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $954 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 15y ago; this cycle's ask has dropped $12k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $138k implies a 113% gain — meaningful room to come down on a strong offer.

Recommended offer $125,580 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.45% ✓
• Cap rate: 11.74%
• Cash-on-cash: 19.44%
• DSCR: 1.87
• GRM: 5.8

CMA / ARV

• ARV (median comp): $258,455
• List price: $138,000
• Delta: -46.61%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
506 Rue De Bac	0.64mi	2/2.0 (-1)	2,215 (+12%)	5mo	$300,350	$136	41
519 Rue De Bac	0.68mi	3/2.0	1,683 (-15%)	22mo	$300,000	$178	25

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: 11.4%
• Equity multiple: 1.45×
• Total profit: $17,542
• Equity at exit: $20,576

10-year hold

• IRR: 20.5%
• Equity multiple: 2.73×
• Total profit: $66,741
• Equity at exit: $11,932

Cash invested: $38,640 (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 70435

• Home prices YoY: -27.3%
• Active inventory: 366
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $2,000 medium
• Mortgage (P&I): −$724
• Tax est. 1.5%: −$172 /mo · $2,070/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $626

Break-even live

Break-even rent $1,207

Max offer price $138,000

Occupancy floor 64%

Sensitivity live

Price	-10% $721	-5% $674	+0% $626	+5% $578	+10% $531
Rent	-10% $468	-5% $547	+0% $626	+5% $705	+10% $784
Rate	-1.0pp $696	-0.5pp $661	base $626	+0.5pp $590	+1.0pp $554

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: $34,500
• Closing costs: $4,140
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20104 Palm Blvd Covington, LA	3.0	2.0	1434	$1,750	$1.22	17d	1	0.30mi

Listing history 25 events

1. 2026-06-21
   days on market $138,000 Active 102 DOM
2. 2026-06-18
   days on market $138,000 Active 99 DOM
3. 2026-06-17
   days on market $138,000 Active 98 DOM
4. 2026-06-16
   days on market $138,000 Active 97 DOM
5. 2026-06-15
   days on market $138,000 Active 96 DOM
6. 2026-06-13
   days on market $138,000 Active 94 DOM
7. 2026-06-10
   days on market $138,000 Active 91 DOM
8. 2026-06-09
   days on market $138,000 Active 90 DOM
9. 2026-06-08
   days on market $138,000 Active 89 DOM
10. 2026-06-07
    days on market $138,000 Active 88 DOM
11. 2026-06-03
    days on market $138,000 Active 84 DOM
12. 2026-06-02
    days on market $138,000 Active 83 DOM
13. 2026-06-01
    days on market $138,000 Active 82 DOM
14. 2026-05-31
    days on market $138,000 Active 81 DOM
15. 2026-05-05
    price $138,000 410-char remark

    Show marketing remark (410 chars)

    Enjoy this 3 bedroom, 2 bath home sitting on 1 ACRE lot with stocked fish pond. Property has several live oak trees to shade it during hot summer days. Put your own touch inside the home to enjoy for years. Property is being sold AS-IS. Owner will not make any repairs after inspections. Price reflects. Have livestock or gardening on your own land. Schedule your showing today. property will not go FHA or VA.

16. 2026-05-05
    price $138,000 410-char remark

    Show marketing remark (410 chars)

    Enjoy this 3 bedroom, 2 bath home sitting on 1 ACRE lot with stocked fish pond. Property has several live oak trees to shade it during hot summer days. Put your own touch inside the home to enjoy for years. Property is being sold AS-IS. Owner will not make any repairs after inspections. Price reflects. Have livestock or gardening on your own land. Schedule your showing today. property will not go FHA or VA.

17. 2026-03-11
    listed $150,000 Active 410-char remark

    Show marketing remark (410 chars)

    Enjoy this 3 bedroom, 2 bath home sitting on 1 ACRE lot with stocked fish pond. Property has several live oak trees to shade it during hot summer days. Put your own touch inside the home to enjoy for years. Property is being sold AS-IS. Owner will not make any repairs after inspections. Price reflects. Have livestock or gardening on your own land. Schedule your showing today. property will not go FHA or VA.

18. 2026-03-11
    listed $150,000 Active 410-char remark

    Show marketing remark (410 chars)

    Enjoy this 3 bedroom, 2 bath home sitting on 1 ACRE lot with stocked fish pond. Property has several live oak trees to shade it during hot summer days. Put your own touch inside the home to enjoy for years. Property is being sold AS-IS. Owner will not make any repairs after inspections. Price reflects. Have livestock or gardening on your own land. Schedule your showing today. property will not go FHA or VA.

19. 2013-08-29
    soldstatus $64,900
20. 2013-08-26
    soldstatus $64,900
21. 2013-02-28
    listed $75,000
22. 2013-02-28
    listed $75,000
23. 2011-01-07
    listed $75,000
24. 2011-01-07
    listed $75,000
25. 2004-08-12
    soldstatus $63,000

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

Taxation est. · year 1

• Rental income: $23,996
• − Mortgage interest: −$7,730
• − Property taxes: −$2,070
• − Insurance: −$690
• − Repairs & maintenance: −$1,920
• − Management: −$1,920
• − Depreciation: −$4,015
• Taxable income: $5,652
• Est. tax owed @ 24.0%: −$1,356
• After-tax cash flow: $6,156/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): 22,475
• Household income: $80,926
• Rent vs Own: 12.2% rent · 87.8% own
• Severe rent burden: 296.0

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 (84%)
• Race & ethnicity: White 84% Black 9% Two or more races 4% Hispanic / Latino 3% Pacific Islander 2%
• Common ancestry: Lithuanian 15% Serbian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% French/Haitian/Cajun 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: ▼ -76.03%
• Current HPI: 202.0458
• 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

+119.0% since first listed

11 events — show timeline

• 2026-05-05 Price Changed $138,000 AcadianaMLS
• 2026-05-05 Price Changed $138,000 GSREIN
• 2026-03-11 Listed $150,000 GSREIN
• 2026-03-11 Listed $150,000 AcadianaMLS
• 2013-08-29 Sold (Public Records) $64,900 Public Records
• 2013-08-26 Sold (MLS) $64,900 GSREIN
• 2013-02-28 Listed $75,000 AcadianaMLS
• 2013-02-28 Listed $75,000 GSREIN
• 2011-01-07 Listed $75,000 GSREIN
• 2011-01-07 Listed $75,000 AcadianaMLS
• 2004-08-12 Sold (Public Records) $63,000 Public Records

Property tax history

-34.8%/yr

Latest (2025): $9 · -3.6% YoY. Source: county tax records.