203 Long Plantation Blvd Apt D

Lafayette, LA 70508

$165,000C+

2 bd · 1.5 ba · 1,086 sqft · Built 1860 · SingleFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,921/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$601
• HOA: −$75
• Vac / Maint / Mgmt: −$403
• Net cashflow: $-24/mo
• Annual: $-291/yr
• Cap rate: 9.22%
• Cash-on-cash: 10.45%
• DSCR: 1.46
• 1% rule: 1.16%
• Cash to close: $46,200

Investor read

• This is a 2-bed/1.5-bath single-family listed at $165k.
• At list price, monthly cash flow is $-24 ($-291/yr) — negative.
• To cash-flow at today's rent, offer at most $161k (2.6% below list).
• Meets the 1% rule at list price ($2k rent vs $165k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $161k (2.6% below list) — sets the bar for cash-flow.
• 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.
• 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: L.J. Alleman Middle School (math 48% / reading 56%, grade C+, #23 of 218 statewide, top 10%, 952 students, 54% FRL); O. Comeaux High School (math 38% / reading 40%, grade F, #86 of 265 statewide, top 33%, 1,098 students, 56% FRL) — zoned schools at 55% FRL track the district average.
• Watch-outs: flood insurance adds $427/mo; built in 1860 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.2%/yr); 464 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,585 units permitted in Lafayette Parish in 2024 (10 in 5+ unit buildings).
• Lafayette County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 2y 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.
• Current owner paid $143k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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.
• Cap rate 9.2% 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.

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?
• Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.