3508 St Luke Ln

Sulphur, LA 70663

$59,900B+

3 bd · 2.0 ba · 1,120 sqft · Built 1992 · Manufactured · Active · 147 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,018/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$69
• HOA: −$0
• Vac / Maint / Mgmt: −$214
• Net cashflow: $422/mo
• Annual: $5,059/yr
• Cap rate: 14.74%
• Cash-on-cash: 30.16%
• DSCR: 2.34
• 1% rule: 1.70%
• Cash to close: $16,772

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $60k. Condition is rated fair.
• At list price, monthly cash flow is $422 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 147 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#48 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: crime D-, amenities F, commute F.
• Calcasieu Parish (other): math 30% / reading 44% proficiency, ranked #29 of 98 in LA (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Frasch Elementary School (math 44% / reading 63%, grade C, #100 of 646 statewide, top 16%, 539 students, 48% FRL); Leblanc Middle School (math 23% / reading 45%, grade F, #95 of 218 statewide, top 45%, 399 students, 62% FRL); Sulphur High School (math 36% / reading 53%, grade F, #58 of 265 statewide, top 23%, 2,043 students, 47% FRL) — zoned schools at 52% FRL track the district average.
• Market conditions: Rents rising fast (+7.7%/yr); 338 active listings in the ZIP; 1,298 units permitted in Calcasieu Parish in 2024 (526 in 5+ unit buildings).
• Calcasieu County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 7.7% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 14.7% vs local median 8.5% in Sulphur — 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

• It's been on market 147 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition, with visible rust and possible damage.
• Major: exterior siding — The exterior siding is peeling and shows significant wear and tear.
• Major: flooring — The flooring appears to be in poor condition, with visible wear and tear.
• Major: interior walls — The interior walls show signs of wear and tear, with possible paint peeling and damage.
• Major: HVAC system — The HVAC system appears to be old and may need replacement or repair.