901 Vouray Dr Unit C

Kenner, LA 70065

$139,900D

2 bd · 1.5 ba · 1,300 sqft · Built 1979 · Condo · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,579/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$233
• HOA: −$299
• Vac / Maint / Mgmt: −$332
• Net cashflow: $-19/mo
• Annual: $-223/yr
• Cap rate: 6.13%
• Cash-on-cash: -0.57%
• DSCR: 0.97
• 1% rule: 1.13%
• Cash to close: $39,172

Investor read

• This is a 2-bed/1.5-bath condo listed at $140k.
• At list price, monthly cash flow is $-19 ($-223/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (1.9% below list).
• Meets the 1% rule at list price ($2k rent vs $140k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $137k (1.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#6 in LA, #2,414 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, employment C-, crime 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.
• Zoned schools: Chateau Estates School (math 28% / reading 44%, grade F, #274 of 646 statewide, top 43%, 660 students, 56% FRL); John Q. Adams Middle School (math 22% / reading 36%, grade F, #117 of 218 statewide, top 54%, 900 students, 55% FRL); Bonnabel Magnet Academy High School (math 12% / reading 21%, grade F, #214 of 265 statewide, top 81%, 1,478 students, 52% FRL) — zoned schools average 54% FRL vs 70% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents falling (-4.2%/yr); 292 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 518 units permitted in Jefferson Parish in 2024 (43 in 5+ unit buildings).
• 11 sale attempts since 26y 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 $35k; list at $140k implies a 299% gain — meaningful room to come down on a strong offer.

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 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D 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?
• 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?
• 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.