350 Emerald Forest Blvd · Covington, LA 70433

$120,000

2 bd · 2.0 ba · 200 sqft · Condo public records · 158 Days on market

Built 1995 Fair condition $600/sqft · 230% above area Est $182k · 34% 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 +8.5/10.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful Condo in convenient location stores Ecellent condition 1st floor Recent updates include master bathroom, hallway flooring

Key facts

• Hallway flooring
• Convenient location
• Master bathroom

Tags

• CONVENIENT LOCATION
• MASTER BATHROOM
• HALLWAY FLOORING

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $120k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $473 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.0% 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: Rents rising fast (+4.3%/yr); 524 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $830 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 + 4.3% rent growth), your $34k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 158 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 18y ago; this cycle's ask is 10335% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 158 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.35% ✓
• Cap rate: 11.03%
• Cash-on-cash: 16.91%
• DSCR: 1.75
• GRM: 6.2

CMA / ARV

• ARV (median comp): $181,971
• List price: $120,000
• Delta: -34.06%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.31% rent growth · sell at horizon

5-year hold

• IRR: 9.6%
• Equity multiple: 1.38×
• Total profit: $12,873
• Equity at exit: $17,892

10-year hold

• IRR: 19.8%
• Equity multiple: 2.76×
• Total profit: $59,157
• Equity at exit: $10,375

Cash invested: $33,600 (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 70433

• Rents YoY: 4.3%
• Active inventory: 524
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,615 high
• Mortgage (P&I): −$629
• Tax from tax record: −$21 /mo · $251/yr
• Insurance: −$50
• HOA est. from 10 same-building comps: −$102
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $473

Break-even live

Break-even rent $1,015

Max offer price $120,000

Occupancy floor 66%

Sensitivity live

Price	-10% $541	-5% $507	+0% $473	+5% $303	+10% $261
Rent	-10% $346	-5% $410	+0% $473	+5% $537	+10% $601
Rate	-1.0pp $534	-0.5pp $504	base $473	+0.5pp $442	+1.0pp $411

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
350 Emerald Forest Blvd Covington, LA	1.0–2.0	1.0–2.0	845	$1,600	$1.89	12d	2	0.07mi
28 Park Place Dr Covington, LA	1.0–3.0	1.0–2.0	963	$1,253	$1.30	2d	9	0.15mi
469 Tiger Ave Covington, LA	3.0	2.5	2020	$2,700	$1.34	44d	1	0.42mi
445 Tiger Ave Covington, LA	3.0	2.0	1538	$2,300	$1.50	24d	1	0.44mi
3 Hollycrest Blvd Covington, LA	2.0	2.0	1413	$1,495	$1.06	3d	1	0.46mi
308 Robinhood Dr Covington, LA	3.0	2.0	1650	$1,800	$1.09	4d	1	0.55mi
110 Robinhood Dr Covington, LA	3.0	2.0	1600	$1,500	$0.94	44d	1	0.62mi
140 Holiday Blvd Covington, LA	2.0	1.0–2.0	652	$1,525	$2.34	2d	12	0.65mi
19425 Slemmer Rd Unit 2 Covington, LA	3.0	2.0	1100	$1,100	$1.00	22d	1	0.67mi
70040 2nd St Covington, LA	3.0	2.0	1416	$2,000	$1.41	4d	1	0.69mi
70045 3rd St Covington, LA	3.0	2.0	1430	$1,750	$1.22	4d	1	0.71mi
103 Covington Meadow Cir Unit F Covington, LA	3.0	2.5	1476	$1,700	$1.15	44d	1	0.74mi
103 Covington Meadow Cir Unit E Covington, LA	3.0	2.5	1476	$1,700	$1.15	24d	1	0.74mi
100 Covington Meadow Cir Unit D Covington, LA	3.0	2.5	1356	$1,600	$1.18	17d	1	0.76mi
104 Covington Meadow Cir Unit I Covington, LA	3.0	2.5	1476	$1,600	$1.08	24d	1	0.78mi
312 Lismore Ln Covington, LA	3.0	2.5	1521	$2,900	$1.91	24d	1	0.79mi
164 Golden Meadow Dr Covington, LA	1.0	2.0	1100	$1,350	$1.23	20d	1	0.85mi
2021 Sullivan Ln Covington, LA	1.0–2.0	1.0–2.0	860	$1,856	$2.16	2d	18	0.90mi
70076 6th St Covington, LA	3.0	2.0	1151	$1,600	$1.39	24d	1	0.91mi
70361 D St Covington, LA	3.0	2.0	1409	$1,750	$1.24	24d	1	0.93mi
70403 L St Covington, LA	3.0	2.0	1250	$1,695	$1.36	44d	1	0.94mi
70330 A St Covington, LA	3.0	2.0	1163	$1,600	$1.38	20d	1	0.96mi
70096 10th St Covington, LA	3.0	2.0	1391	$1,950	$1.40	17d	1	1.09mi
70412 1st St Covington, LA	3.0	2.0	1182	$1,700	$1.44	17d	1	1.12mi
70266 7th St Covington, LA	3.0	2.0	1736	$1,575	$0.91	44d	1	1.13mi
70293 7th St Covington, LA	3.0	2.0	1450	$1,695	$1.17	44d	1	1.14mi
70252 8th St Covington, LA	3.0	2.0	1230	$1,650	$1.34	24d	1	1.15mi
70300 7th St Covington, LA	3.0	2.0	1448	$1,750	$1.21	24d	1	1.17mi
101 Holiday Square Blvd Covington, LA	1.0	1.0	500	$1,140	$2.28	15d	5	1.20mi
70466 1st St Covington, LA	3.0	2.0	1443	$2,100	$1.46	17d	1	1.21mi
4025 Monarch Ln Covington, LA	3.0	2.0	1853	$2,800	$1.51	44d	1	1.22mi
711 Lionel Ct Abita Springs, LA	3.0	2.0	1497	$2,000	$1.34	24d	1	1.33mi
1612 Versailles Business Pkwy Covington, LA	1.0–2.0	1.0–2.0	1009	$2,089	$2.07	3d	31	1.36mi
70439 8th St Covington, LA	3.0	2.0	1267	$1,500	$1.18	24d	1	1.37mi
70371 10th St Covington, LA	3.0	2.0	1212	$1,695	$1.40	44d	1	1.39mi
21096 Washington Ave Unit B Abita Springs, LA	2.0	1.5	900	$1,050	$1.17	44d	1	1.40mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-18
   days on market $120,000 Active 158 DOM
2. 2026-06-17
   days on market $120,000 Active 157 DOM
3. 2026-06-16
   days on market $120,000 Active 156 DOM
4. 2026-06-15
   days on market $120,000 Active 155 DOM
5. 2026-06-13
   days on market $120,000 Active 153 DOM
6. 2026-06-10
   days on market $120,000 Active 150 DOM
7. 2026-06-09
   days on market $120,000 Active 149 DOM
8. 2026-06-08
   days on market $120,000 Active 148 DOM
9. 2026-06-07
   days on market $120,000 Active 147 DOM
10. 2026-06-03
    days on market $120,000 Active 143 DOM
11. 2026-06-02
    days on market $120,000 Active 142 DOM
12. 2026-06-01
    days on market $120,000 Active 141 DOM
13. 2026-05-31
    days on market $120,000 Active 140 DOM
14. 2026-04-14
    listed $1,150
15. 2026-01-11
    listed $120,000 Active 131-char remark

    Show marketing remark (131 chars)

    Beautiful Condo in convenient location stores Ecellent condition 1st floor Recent updates include master bathroom, hallway flooring

16. 2025-12-31
    listed $165,000 Active 178-char remark

    Show marketing remark (178 chars)

    Beautiful Condo! Excellent condition, Quiet neighborhood, First floor 2 carport, walking area for pets or exercise, both bathrooms handicap accessible including new walk-in bath

17. 2025-11-22
    listed $130,000 Active
18. 2014-10-27
    listed
19. 2013-07-10
    listed
20. 2009-10-22
    listed $99,900
21. 2008-12-07
    listed $125,000

ⓘ 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: $251 · $21/mo
• Projected year-2 tax: $660 · $55/mo
• Expected delta: +$409/yr (+$34/mo · 162.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $19,378
• − Mortgage interest: −$6,722
• − Property taxes: −$251
• − Insurance: −$600
• − Repairs & maintenance: −$1,550
• − Management: −$1,550
• − HOA: −$1,224
• − Depreciation: −$3,491
• Taxable income: $3,989
• Est. tax owed @ 24.0%: −$957
• After-tax cash flow: $4,724/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.

Condition & rehab AI · 8 photos

Fair 45/100 Moderate rehab

This condo requires moderate repairs and updates to improve its condition and value. Key areas for improvement include exterior siding, flooring, and painting. Upgrading these elements will significantly enhance its resale and rental potential.

Repairs flagged

• Major Exterior siding — Significant weathering and discoloration
• Major Carpeted flooring — Worn and faded
• Major Paint — Faded in some areas
• Major Bathroom fixtures — Dated and in need of replacement
• Major Kitchen cabinets — Dated and in need of replacement
• Major Landscaping — Overgrown and in need of trimming

Value-add opportunities

• Both Painting and updating fixtures — Enhances curb appeal and interior aesthetics
• Both New flooring — Improves comfort and appearance
• Both Landscaping — Enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Significant weathering and discoloration	Major	$15,000–50,000
Carpeted flooring · Worn and faded	Major	$15,000–50,000
Paint · Faded in some areas	Major	$15,000–50,000
Bathroom fixtures · Dated and in need of replacement	Major	$15,000–50,000
Kitchen cabinets · Dated and in need of replacement	Major	$15,000–50,000
Landscaping · Overgrown and in need of trimming	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both Painting and updating fixtures — Enhances curb appeal and interior aesthetics ↑
• Both New flooring — Improves comfort and appearance ↑
• Both Landscaping — Enhances curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 41,876
• Household income: $81,241
• Rent vs Own: 29.6% rent · 70.4% own
• Severe rent burden: 1287.0

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 (78%)
• Race & ethnicity: White 78% Black 9% Hispanic / Latino 7% Two or more races 7% Native American 1% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 17% Italian 2% Slovak 2%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 5% French/Haitian/Cajun 1% Vietnamese 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: ▼ -112.14%
• Current HPI: 181.8348
• Rent YoY: ▲ 4.31%
• 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

-99.1% since first listed

8 events — show timeline

• 2026-04-14 Listed for Rent $1,150 REDFIN
• 2026-01-11 Listed $120,000 ForSaleByOwner.com
• 2025-12-31 Listed $165,000 ForSaleByOwner.com
• 2025-11-22 Listed $130,000 ForSaleByOwner.com
• 2014-10-27 Listed — AcadianaMLS
• 2013-07-10 Listed — AcadianaMLS
• 2009-10-22 Listed $99,900 AcadianaMLS
• 2008-12-07 Listed $125,000 AcadianaMLS

Property tax history

+33.9%/yr

Latest (2024): $251 · +187.6% YoY. Source: county tax records.