2301 Edenborn Ave #507

Metairie, LA 70001

$109,000B-

2 bd · 1.0 ba · 830 sqft · Built 1981 · SingleFamily · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,372/mo
• Mortgage (P&I): −$572
• Tax + insurance: −$535
• HOA: −$0
• Vac / Maint / Mgmt: −$288
• Net cashflow: $-23/mo
• Annual: $-275/yr
• Cap rate: 10.74%
• Cash-on-cash: 15.87%
• DSCR: 1.71
• 1% rule: 1.26%
• Cash to close: $30,520

Investor read

• This is a 2-bed/1.0-bath single-family listed at $109k.
• At list price, monthly cash flow is $-23 ($-275/yr) — negative.
• To cash-flow at today's rent, offer at most $105k (3.7% below list).
• Meets the 1% rule at list price ($1k rent vs $109k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $105k (3.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $754 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 87/100 on livability (#1 in LA, #261 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+.
• 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: J.C. Ellis School (math 40% / reading 48%, grade F, #191 of 646 statewide, top 30%, 613 students, 49% FRL); J.D. Meisler Middle School (math 13% / reading 28%, grade F, #161 of 218 statewide, top 76%, 753 students, 50% FRL); Grace King High School (math 16% / reading 23%, grade F, #186 of 265 statewide, top 73%, 1,463 students, 47% FRL) — zoned schools average 49% FRL vs 70% district-wide (21 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents soft (-0.0%/yr); 211 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); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 518 units permitted in Jefferson Parish in 2024 (43 in 5+ unit buildings).
• 8 sale attempts since 7y 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 $76k; 44% 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→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.7% vs local median 3.6% in Metairie — 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.