720 Heavens Dr #3 · Mandeville, LA 70471

$160,000

3 bd · 2.0 ba · 1,250 sqft · Condo public records · 18 Days on market

Built 1986 $345/mo HOA · 20% of rent

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Why this score? — see what drove the D 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 +12.1/30.0
• ARV discount +7.5/15.0
• 1% rule +5.5/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• DSCR +3.6/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Conveniently located Condo in Great School District - Minutes from the Causeway - Primary Suite downstairs while 2 Additional Bedrooms with shared Full Bathroom are Upstairs - Wood Burning Fireplace and Cathedral Ceiling in Living Area - Galley Kitchen with Eat-in Breakfast Bar - Fenced Rear Yard - Assigned 2 Parking Spaces - Community Pool Access - Pictures are of Home Vacant - Tenant Occupied until 06/30/2026

Key facts

• Eat-in breakfast bar
• Galley kitchen
• Cathedral ceiling

Tags

• PRIMARY SUITE DOWNSTAIRS
• WOOD BURNING FIREPLACE
• CATHEDRAL CEILING
• GALLEY KITCHEN
• EAT-IN BREAKFAST BAR
• FENCED REAR YARD

Property features AI

Finance

• HOA & community: Carriage House Condo association; Association fee: $345 (includes common areas); Community features: common grounds, pool

Exterior

• Parking: Driveway; Additional parking available
• Utilities: Public water; Public sewer; Central heating; Central air conditioning
• Home design: Condo; 2 stories
• Construction: Vinyl siding; Shingle roof; Slab foundation; Very good condition
• Exterior features: Fenced; Community pool; Outside city limits

Interior

• Kitchen: Dishwasher; Microwave; Oven; Range; Refrigerator
• Bedrooms: Total rooms: 5
• Bathrooms: 2 full bathrooms
• Interior features: Cathedral ceilings; High ceilings; Vaulted ceilings; Wood-burning fireplace
• Laundry & utility: In-unit washer and dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $160k.

Deal economics

• At list price, monthly cash flow is $-36 ($-433/yr) — negative.
• To cash-flow at today's rent, offer at most $154k (4.0% below list).
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $154k (4.0% below list) — sets the bar for cash-flow.
• Cap rate 6.0% vs local median 3.4% in Mandeville — 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 77/100 on livability (#13 in LA, #3,224 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.
• Zoned schools: Pontchartrain Elementary School (math 82% / reading 82%, grade A+, #9 of 646 statewide, top 1%, 748 students, 22% FRL); Tchefuncte Middle School (math 65% / reading 71%, grade A-, #5 of 218 statewide, top 2%, 697 students, 24% FRL); Mandeville High School (math 59% / reading 63%, grade C+, #19 of 265 statewide, top 7%, 2,259 students, 22% FRL) — zoned schools average 23% FRL vs 40% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 70% at this address vs 49% district-wide (+21 pts) — the actual schools serving this property are materially stronger than the St. Tammany Parish average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+3.3%/yr); 231 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 20y 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 $118k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 20% of rent.
• Climate carrying-cost: moderate flood risk; 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.

Recommended offer $153,628 (4.0% below list)

Questions for the listing agent

1. 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?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.05% ✓
• Cap rate: 6.02%
• Cash-on-cash: -0.97%
• DSCR: 0.96
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.32% rent growth · sell at horizon

5-year hold

• IRR: -17.3%
• Equity multiple: 0.39×
• Total profit: $-27,492
• Equity at exit: $23,857

10-year hold

• IRR: -8.3%
• Equity multiple: 0.47×
• Total profit: $-23,885
• Equity at exit: $13,834

Cash invested: $44,800 (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 70471

• Home prices YoY: -29.2%
• Rents YoY: 3.3%
• Active inventory: 231
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,688 high
• Mortgage (P&I): −$839
• Tax from tax record: −$119 /mo · $1,422/yr
• Insurance: −$67
• HOA: −$345
• Vacancy / Maint / Mgmt: −$354
• Net cashflow: $-36

Break-even live

Break-even rent $1,733

Max offer price $153,628

Occupancy floor 97%

Sensitivity live

Price	-10% $55	-5% $9	+0% $-36	+5% $-81	+10% $-127
Rent	-10% $-169	-5% $-103	+0% $-36	+5% $31	+10% $97
Rate	-1.0pp $45	-0.5pp $5	base $-36	+0.5pp $-78	+1.0pp $-120

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
736 Heavens Dr #8 Mandeville, LA	2.0	1.5	1300	$1,400	$1.08	45d	1	0.07mi
708 Heavens Dr Apt E Mandeville, LA	3.0	2.5	1603	$1,895	$1.18	45d	1	0.07mi
740 Heavens Dr #10 Mandeville, LA	3.0	2.5	1296	$1,800	$1.39	18d	1	0.09mi
725 Heavens Dr #3 Mandeville, LA	2.0	1.5	1102	$1,350	$1.23	45d	1	0.11mi
700 Heavens Dr Unit 5 Mandeville, LA	2.0	1.0	1100	$1,200	$1.09	45d	1	0.11mi
733 Heavens Dr #4 Mandeville, LA	2.0	1.5	1098	$1,370	$1.25	12d	1	0.12mi
500 Aries Dr Mandeville, LA	2.0	1.5–2.5	1400	$2,020	$1.44	4d	2	0.14mi
500 Aries Dr Unit 4B Mandeville, LA	2.0	1.5	1400	$2,400	$1.71	45d	1	0.14mi
4840 Highway 22 Mandeville, LA	2.0–3.0	2.0	1341	$1,750	$1.30	45d	1	0.17mi
544 Cedarwood Dr Mandeville, LA	2.0	1.5	1205	$1,400	$1.16	45d	1	0.29mi
509 Cedarwood Dr #509 Mandeville, LA	3.0	2.5	1320	$1,675	$1.27	25d	1	0.31mi
631 Cedarwood Dr Mandeville, LA	2.0	1.5	1130	$1,300	$1.15	25d	1	0.32mi
310 Audubon Dr Mandeville, LA	4.0	2.0	1370	$1,800	$1.31	5d	1	0.37mi
32 S Court Villa Dr #32 Mandeville, LA	2.0	2.0	1285	$2,200	$1.71	45d	1	0.74mi
200 Chapel Crk Mandeville, LA	1.0–3.0	1.0–2.0	1175	$1,676	$1.43	3d	11	1.07mi
109 Walnut St Mandeville, LA	3.0	3.0	1597	$2,100	$1.31	25d	1	1.43mi
207 Walnut St Mandeville, LA	3.0	2.0	1075	$1,800	$1.67	5d	1	1.46mi

HOA detail condo

• Monthly dues: $345 · $4,140/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-21
   days on market $160,000 Active 18 DOM
2. 2026-06-18
   days on market $160,000 Active 15 DOM
3. 2026-06-17
   days on market $160,000 Active 14 DOM
4. 2026-06-16
   days on market $160,000 Active 13 DOM
5. 2026-06-15
   days on market $160,000 Active 12 DOM
6. 2026-06-13
   days on market $160,000 Active 10 DOM
7. 2026-06-10
   days on market $160,000 Active 7 DOM
8. 2026-06-09
   days on market $160,000 Active 6 DOM
9. 2026-06-08
   days on market $160,000 Active 5 DOM
10. 2026-06-07
    remarks 414-char remark
11. 2026-06-07
    listed $160,000 Active 4 DOM

ⓘ 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: $1,422 · $119/mo
• Projected year-2 tax: $1,422 · $119/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (shaded) · 67% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,251
• − Mortgage interest: −$8,962
• − Property taxes: −$1,422
• − Insurance: −$800
• − Repairs & maintenance: −$1,620
• − Management: −$1,620
• − HOA: −$4,140
• − Depreciation: −$4,655
• Taxable loss: −$2,969
• Est. tax savings @ 24.0%: +$712
• After-tax cash flow: $280/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 — Mandeville

• Score: 77/100
• State rank: #13
• US rank: #3224

Category grades

Amenities F Commute F Cost of living C Crime A Employment A+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mandeville, LA
• County: Saint Tammany Parish · 228,296 people
• City population: 50,537
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 24,199
• Household income: $96,501
• Rent vs Own: 25.8% rent · 74.2% own
• Severe rent burden: 475.0

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% Two or more races 8% Hispanic / Latino 8% Asian 2% Native American 1% Black 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Lithuanian 15% Italian 2% Romanian 2%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 5% Other Indo-European 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: ▼ -77.41%
• Current HPI: 188.0159
• Rent YoY: ▲ 3.32%
• 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

+97.5% since first listed

15 events — show timeline

• 2026-06-03 Listed $160,000 AcadianaMLS
• 2026-06-03 Listed $160,000 GSREIN
• 2024-12-12 Rental Removed $1,500 GSREIN
• 2024-10-31 Listed for Rent $1,500 GSREIN
• 2024-10-23 Listed $1,500 AcadianaMLS
• 2021-03-19 Sold (Public Records) $118,500 Public Records
• 2021-03-18 Sold (MLS) $118,500 GSREIN
• 2021-01-30 Pending — GSREIN
• 2021-01-21 Listed $120,000 AcadianaMLS
• 2021-01-21 Listed $120,000 GSREIN
• 2006-03-21 Sold (Public Records) $141,000 Public Records
• 2006-02-20 Listed $141,000 GSREIN
• 2006-02-20 Listed $141,000 AcadianaMLS
• 2006-02-20 Sold (MLS) $141,000 GSREIN
• 2004-03-17 Sold (Public Records) $81,000 Public Records

Property tax history

+1.4%/yr

Latest (2025): $1,422 · -3.4% YoY. Source: county tax records.