457 59 Greenmount Dr · Metairie, LA 70005

$325,000

4 bd · 2.0 ba · 1,906 sqft · Townhouse · 86 Days on market

Built 1963 $171/sqft · 18% below area Est $395k · 18% under

---

Why this score? — see what drove the C- 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 +15.8/30.0
• ARV discount +15.0/15.0
• DSCR +4.9/10.0
• Livability +4.4/5.0
• 1% rule +3.5/10.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great investment opportunity in Old Metairie! Established long term tenants means instant cashflow! Excellent location on a quiet dead end street. All brick building with separate fenced yards on each side. Private laundry off the rear for each unit. Separate electric and gas meters and one shared water meter. Current tenants maintain the lawn.

Key facts

• All brick building
• Private laundry
• Parking

Tags

• QUIET DEAD END STREET
• ALL BRICK BUILDING
• SEPARATE FENCED YARDS
• PRIVATE LAUNDRY

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $325k.

Deal economics

• At list price, monthly cash flow is $-277 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $276k (15.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $276k (15.1% below list).
• Recommended offer: $276k (15.1% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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.

Location & tenants

• 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.
• Market conditions: Rents soft (-0.3%/yr); 171 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 518 units permitted in Jefferson Parish in 2024 (43 in 5+ unit buildings).
• This rent runs 37% of the median local income ($89k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($306k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $190k; list at $325k implies a 71% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $275,867 (15.1% 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. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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.

Investment metrics

• 1% rule: 0.85% ✗
• Cap rate: 6.85%
• Cash-on-cash: 1.97%
• DSCR: 1.09
• GRM: 9.8

CMA / ARV

• ARV (median comp): $394,722
• List price: $325,000
• Delta: -17.66%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
506 Papworth Ave	0.35mi	3/2.5 (-1)	1,900 (-0%)	10mo	$347,000	$183	68
505 Rose St	0.25mi	3/2.5 (-1)	1,857 (-3%)	11mo	$404,000	$218	68

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -26.1%
• Equity multiple: 0.14×
• Total profit: $-78,206
• Equity at exit: $48,459

10-year hold

• IRR: -39.2%
• Equity multiple: -0.33×
• Total profit: $-121,350
• Equity at exit: $28,100

Cash invested: $91,000 (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 70005

• Rents YoY: -0.3%
• Active inventory: 171
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,759 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$190 /mo · $2,278/yr
• Insurance: −$135
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$579
• Net cashflow: $-277

Break-even live

Break-even rent $3,109

Max offer price $276,105

Occupancy floor —

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
375 Aris Ave Metairie, LA	4.0	2.0	1480	$2,100	$1.42	24d	1	0.30mi
504 Nursery Ave Metairie, LA	3.0	2.0	1267	$2,500	$1.97	14d	1	0.39mi
209 Rosa Ave Metairie, LA	3.0	2.5	2400	$2,000	$0.83	14d	1	0.43mi
228 Fairway Dr New Orleans, LA	3.0	2.5	2300	$4,300	$1.87	3d	1	0.52mi
228 Fairway Dr New Orleans, LA	3.0	2.5	2300	$4,300	$1.87	3d	1	0.52mi
517 Rosa Ave Metairie, LA	3.0	2.0	1900	$2,100	$1.11	4d	1	0.64mi
437 Elmeer Ave Metairie, LA	3.0	2.0	2041	$3,950	$1.94	21d	1	0.80mi
109 Avenue E Metairie, LA	3.0	3.5	2068	$3,000	$1.45	44d	1	0.85mi
428 16th St New Orleans, LA	3.0	2.0	1682	$2,350	$1.40	17d	1	0.90mi
5622 Canal Blvd Unit Upper New Orleans, LA	3.0	2.0	1736	$2,100	$1.21	3d	1	0.92mi
5373 Canal Blvd New Orleans, LA	3.0	2.0	1800	$4,200	$2.33	44d	1	0.94mi
5373 Canal Blvd New Orleans, LA	3.0	2.0	1800	$6,800	$3.78	17d	1	0.94mi
318 18th St New Orleans, LA	3.0	2.0	1600	$2,320	$1.45	24d	1	0.96mi
218 Aurora Ave Metairie, LA	3.0	2.5	2500	$2,500	$1.00	24d	1	0.97mi
700 Florida Blvd New Orleans, LA	3.0	2.5	1850	$1,950	$1.05	16d	1	1.00mi
6121 W End Blvd New Orleans, LA	3.0	2.0	1350	$1,900	$1.41	20d	1	1.04mi
644 Oaklawn Dr Metairie, LA	3.0	2.0	1504	$2,300	$1.53	14d	1	1.04mi
6256 Bellaire Dr Unit 6254 New Orleans, LA	3.0	2.0	1510	$1,850	$1.23	20d	1	1.06mi
5458 General Diaz St New Orleans, LA	3.0	2.0	1289	$2,000	$1.55	16d	1	1.08mi
301 City Park Ave New Orleans, LA	4.0	2.0	1550	$2,000	$1.29	15d	1	1.09mi
261 Hollywood Dr Unit C Metairie, LA	3.0	1.0	1400	$2,300	$1.64	4d	1	1.13mi
849 Rosa Ave Unit 1 Metairie, LA	4.0	3.0	2392	$2,650	$1.11	24d	1	1.16mi
6180 Milne Blvd New Orleans, LA	3.0	2.5	1785	$2,400	$1.34	3d	1	1.17mi
4901 Iberville St New Orleans, LA	4.0	2.5	2256	$3,500	$1.55	44d	1	1.19mi
6118 Canal Blvd New Orleans, LA	3.0	2.0	1960	$2,800	$1.43	16d	1	1.25mi
9438 Forshey St New Orleans, LA	3.0	2.0	1274	$2,000	$1.57	24d	1	1.27mi
132 Hesper Ave Metairie, LA	4.0	4.0	2598	$5,500	$2.12	44d	1	1.29mi
728 Bonnabel Blvd Unit 1 Metairie, LA	3.0	2.0	2000	$3,500	$1.75	44d	1	1.32mi
517 Beverly Garden Dr Metairie, LA	3.0	2.0	1700	$2,000	$1.18	44d	1	1.34mi
979 Navarre Ave New Orleans, LA	3.0	2.5	1926	$2,200	$1.14	24d	1	1.35mi
6344 Milne Blvd New Orleans, LA	3.0	2.0	1450	$2,500	$1.72	15d	1	1.36mi
431 Tacoma St New Orleans, LA	3.0	2.0	2019	$4,300	$2.13	16d	1	1.43mi
609 Melody Dr Metairie, LA	3.0	1.0	1372	$2,150	$1.57	24d	1	1.43mi
5923 General Haig St New Orleans, LA	3.0	2.5	2057	$2,800	$1.36	44d	1	1.47mi
309 Lilac St Metairie, LA	3.0	2.5	1750	$1,745	$1.00	44d	1	1.48mi
1421 Carrollton Ave Metairie, LA	3.0	2.0	1300	$1,650	$1.27	44d	1	1.48mi
6509 West End Blvd New Orleans, LA	4.0	2.0	1750	$2,600	$1.49	24d	1	1.49mi
1003 Old Metairie Pl Metairie, LA	3.0	2.5	1900	$3,000	$1.58	24d	1	1.49mi
1916 Metairie Heights Ave Metairie, LA	4.0	2.0	2250	$2,800	$1.24	24d	1	1.49mi

Listing history 25 events

1. 2026-06-18
   days on market $325,000 Active 86 DOM
2. 2026-06-17
   days on market $325,000 Active 85 DOM
3. 2026-06-16
   days on market $325,000 Active 84 DOM
4. 2026-06-15
   days on market $325,000 Active 83 DOM
5. 2026-06-13
   days on market $325,000 Active 81 DOM
6. 2026-06-10
   days on market $325,000 Active 78 DOM
7. 2026-06-09
   days on market $325,000 Active 77 DOM
8. 2026-06-08
   days on market $325,000 Active 76 DOM
9. 2026-06-07
   days on market $325,000 Active 75 DOM
10. 2026-06-03
    days on market $325,000 Active 71 DOM
11. 2026-06-02
    days on market $325,000 Active 70 DOM
12. 2026-06-01
    days on market $325,000 Active 69 DOM
13. 2026-05-31
    days on market $325,000 Active 68 DOM
14. 2026-03-24
    listed $325,000 Active 346-char remark

    Show marketing remark (346 chars)

    Great investment opportunity in Old Metairie! Established long term tenants means instant cashflow! Excellent location on a quiet dead end street. All brick building with separate fenced yards on each side. Private laundry off the rear for each unit. Separate electric and gas meters and one shared water meter. Current tenants maintain the lawn.

15. 2024-01-22
    price $335,000
16. 2023-12-04
    price $340,000
17. 2023-09-09
    historical $1,500
18. 2023-08-18
    listed $1,500
19. 2022-11-21
    soldstatus $190,000
20. 2022-11-18
    soldstatus $190,000 Closed
21. 2022-10-12
    status Pending
22. 2022-10-07
    price $219,000
23. 2022-09-19
    price $249,000
24. 2022-08-16
    listed $289,000 Active
25. 1986-12-01
    soldstatus $85,000

ⓘ 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: $2,278 · $190/mo
• Projected year-2 tax: $2,278 · $190/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 8/10 Severe FEMA zone AE · 60% 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 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,104
• − Mortgage interest: −$18,205
• − Property taxes: −$2,278
• − Insurance: −$6,744
• − Repairs & maintenance: −$2,648
• − Management: −$2,648
• − Depreciation: −$9,455
• Taxable loss: −$8,874
• Est. tax savings @ 24.0%: +$2,130
• After-tax cash flow: $-1,192/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: Jefferson Parish
• NCES district ID: 2200840
• Math proficiency: 24% ▼ -36.00%
• Reading proficiency: 34% ▼ -30.00%
• Median HH income: $48,421
• Composite: 25.19/100
• National rank: #7511
• State rank: #44 of 98 in LA

Livability — Metairie

• Score: 87/100
• State rank: #1
• US rank: #261

Category grades

Amenities A- Commute A+ Cost of living B+ Crime B Employment B- Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Metairie, LA
• County: Jefferson Parish · 426,999 people
• City population: 137,978
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 24,088
• Household income: $89,194
• Rent vs Own: 34.9% rent · 65.1% own
• Severe rent burden: 711.0

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 451,696 people
• By 2030: 455,451 · +0.8%
• By 2040: 458,308 · +1.5%
• By 2050: 461,031 · +2.1%
• By 2075: 476,351 · +5.5%
• By 2100: 499,377 · +10.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 13% Two or more races 8% Asian 2% Native American 2% Black 1%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Lithuanian 21% Slovak 2% Iranian 1%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 89% English-only · Spanish 8% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Jefferson

• 2024 margin: R (+12.9) · D 42.5% · R 55.5% · Other 2.1%
• 2008→2024 swing: +13.6pp toward D · 2008: -26.6pp · 2024: -12.9pp
• All cycles: 2024: R+12.9 2020: R+11.1 2016: R+14.8 2012: R+18.4 2008: R+26.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -371.32%
• Current HPI: 142.4955
• Rent YoY: ▼ -0.31%
• 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

+282.4% since first listed

12 events — show timeline

• 2026-03-24 Listed $325,000 GSREIN
• 2024-01-22 Price Changed $335,000 GSREIN
• 2023-12-04 Price Changed $340,000 GSREIN
• 2023-09-09 Rental Removed $1,500 Avail
• 2023-08-18 Listed for Rent $1,500 Avail
• 2022-11-21 Sold (Public Records) $190,000 Public Records
• 2022-11-18 Sold (MLS) $190,000 GSREIN
• 2022-10-12 Pending — GSREIN
• 2022-10-07 Price Changed $219,000 GSREIN
• 2022-09-19 Price Changed $249,000 GSREIN
• 2022-08-16 Listed $289,000 GSREIN
• 1986-12-01 Sold (Public Records) $85,000 Public Records

Property tax history

+8.3%/yr

Latest (2025): $2,278 · +0.2% YoY. Source: county tax records.