204 Leonie St · Lafayette, LA 70506

$234,900

4 bd · 2.0 ba · 2,368 sqft · SingleFamily public records · 18 Days on market

Built 1988 0.28 ac lot $99/sqft · at area comps Est $231k · at est.

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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 +16.1/30.0
• ARV discount +6.7/15.0
• DSCR +5.0/10.0
• 1% rule +3.6/10.0
• Schools +3.6/10.0
• Rent growth +3.5/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 204 Leonie, a beautifully updated home offering approximately 2,300 square feet of living space in one of Lafayette's most desirable areas. Just one minute from Lafayette High School, this location is hard to beat.This home has been thoughtfully renovated from top to bottom, featuring two brand new AC units (inside and out) for maximum comfort and efficiency, along with a brand new water heater. Step inside to find fresh interior paint, all new flooring throughout, and updated light fixtures and plumbing fixtures that give the home a clean, modern feel.The kitchen has been refreshed with a new stove and dishwasher, making it move-in ready and perfect for everyday living or entertaining.Situated on a highly desirable street, this home offers the perfect combination of location, space, and upgrades--ideal for anyone looking for convenience and quality in the heart of Lafayette.Don't miss your opportunity to own this fully updated home in a prime location!

Key facts

• New flooring
• New ac units
• New water heater

Tags

• UPDATED HOME
• NEW AC UNITS
• NEW WATER HEATER
• NEW FLOORING
• UPDATED LIGHT FIXTURES
• UPDATED PLUMBING FIXTURES

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $120 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $202k (14.0% below list).
• Recommended offer: $202k (14.0% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 4.7% in Lafayette — 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 70/100 on livability (#63 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, employment C-, crime F.
• Lafayette Parish (urban): math 38% / reading 46% proficiency, ranked #19 of 98 in LA (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: J. Wallace James Elementary School (math 46% / reading 49%, grade D, #147 of 646 statewide, top 23%, 939 students, 64% FRL); Lafayette Middle School (math 12% / reading 29%, grade F, #161 of 218 statewide, top 76%, 369 students, 83% FRL); Lafayette High School (math 57% / reading 51%, grade C-, #28 of 265 statewide, top 11%, 1,852 students, 52% FRL).
• Market conditions: Rents rising fast (+4.1%/yr); 414 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,585 units permitted in Lafayette Parish in 2024 (10 in 5+ unit buildings).
• This rent runs 42% of the median local income ($57k/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 $7k of value loss. Plan a longer hold.
• Lafayette County population projected at +34% 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 ($231k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $201,986 (14.0% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. Crime grade is F 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.86% ✗
• Cap rate: 6.90%
• Cash-on-cash: 2.18%
• DSCR: 1.10
• GRM: 9.7

CMA / ARV

• ARV (median comp): $230,776
• List price: $234,900
• Delta: 1.79%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
204 Leonie St	0.00mi	4/2.0	2,300 (-3%)	1mo	$234,900	$102	95
208 Foreman Dr	0.20mi	4/2.0	2,437 (+3%)	8mo	$226,500	$93	80
200 Felicie Dr	0.07mi	4/2.0	2,600 (+10%)	12mo	$300,000	$115	71
200 Tours St	0.41mi	4/2.0	2,256 (-5%)	13mo	$285,000	$126	62
300 Claymore Dr	0.71mi	4/3.0	2,525 (+7%)	3mo	$245,500	$97	49
601 Marie Antoinette St	0.53mi	3/2.5 (-1)	2,090 (-12%)	1mo	$345,000	$165	48
227 Meadow Ln	0.45mi	3/3.0 (-1)	2,139 (-10%)	7mo	$236,600	$111	48
116 Urbana Dr	0.64mi	3/3.0 (-1)	2,235 (-6%)	6mo	$285,000	$128	47
453 Holden Ave	0.65mi	3/2.0 (-1)	2,066 (-13%)	3mo	$172,000	$83	41
104 Woodlawn Dr	0.60mi	3/2.0 (-1)	2,043 (-14%)	6mo	$218,150	$107	39
504 Monteigne Dr	0.71mi	4/2.0	2,073 (-12%)	12mo	$305,000	$147	36
105 Woodcrest Dr	0.66mi	4/3.0	2,694 (+14%)	10mo	$326,000	$121	34

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 · 4.12% rent growth · sell at horizon

5-year hold

• IRR: -11.7%
• Equity multiple: 0.57×
• Total profit: $-28,196
• Equity at exit: $35,024

10-year hold

• IRR: -1.1%
• Equity multiple: 0.92×
• Total profit: $-5,315
• Equity at exit: $20,310

Cash invested: $65,772 (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 70506

• Home prices YoY: -34.8%
• Rents YoY: 4.1%
• Active inventory: 414
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $2,020 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$146 /mo · $1,755/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$424
• Net cashflow: $120

Break-even live

Break-even rent $1,868

Max offer price $234,900

Occupancy floor 89%

Sensitivity live

Price	-10% $253	-5% $186	+0% $120	+5% $53	+10% $-13
Rent	-10% $-40	-5% $40	+0% $120	+5% $200	+10% $279
Rate	-1.0pp $238	-0.5pp $179	base $120	+0.5pp $59	+1.0pp $-3

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: $58,725
• Closing costs: $7,047
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
214 Sunny Ln Lafayette, LA	3.0	2.0	1700	$2,350	$1.38	15d	1	0.37mi
201 Castle Row Lafayette, LA	3.0	2.0	1595	$1,800	$1.13	15d	1	0.82mi
106 Maple Dr Lafayette, LA	3.0	2.0	1800	$2,100	$1.17	15d	1	0.92mi
105 San Carlos Cir Lafayette, LA	3.0	2.0	1580	$1,600	$1.01	45d	1	1.03mi
506 Kees Cir Lafayette, LA	4.0	2.0	2433	$1,900	$0.78	22d	1	1.05mi
244 N College Rd Lafayette, LA	3.0	2.0	1721	$2,000	$1.16	45d	1	1.06mi
111 Valencia Dr Lafayette, LA	3.0	2.0	1678	$1,750	$1.04	45d	1	1.08mi
300 Highland Dr Lafayette, LA	4.0	2.0	2200	$1,900	$0.86	45d	1	1.13mi
204 Dublin Cir Unit A Lafayette, LA	3.0	2.5	2200	$1,895	$0.86	15d	1	1.17mi
611 Dutton Dr Lafayette, LA	4.0	2.0	1960	$1,725	$0.88	45d	1	1.26mi
504 Alonda Dr Lafayette, LA	4.0	2.0	2617	$2,700	$1.03	45d	1	1.27mi
101 Chateau Pl Lafayette, LA	3.0	2.0	2285	$1,800	$0.79	45d	1	1.40mi

Listing history 2 events

1. 2026-05-04
   status Pending 978-char remark

   Show marketing remark (978 chars)

   Welcome to 204 Leonie, a beautifully updated home offering approximately 2,300 square feet of living space in one of Lafayette's most desirable areas. Just one minute from Lafayette High School, this location is hard to beat.This home has been thoughtfully renovated from top to bottom, featuring two brand new AC units (inside and out) for maximum comfort and efficiency, along with a brand new water heater. Step inside to find fresh interior paint, all new flooring throughout, and updated light fixtures and plumbing fixtures that give the home a clean, modern feel.The kitchen has been refreshed with a new stove and dishwasher, making it move-in ready and perfect for everyday living or entertaining.Situated on a highly desirable street, this home offers the perfect combination of location, space, and upgrades--ideal for anyone looking for convenience and quality in the heart of Lafayette.Don't miss your opportunity to own this fully updated home in a prime location!

2. 2026-04-16
   listed $234,900 Active 978-char remark

   Show marketing remark (978 chars)

   Welcome to 204 Leonie, a beautifully updated home offering approximately 2,300 square feet of living space in one of Lafayette's most desirable areas. Just one minute from Lafayette High School, this location is hard to beat.This home has been thoughtfully renovated from top to bottom, featuring two brand new AC units (inside and out) for maximum comfort and efficiency, along with a brand new water heater. Step inside to find fresh interior paint, all new flooring throughout, and updated light fixtures and plumbing fixtures that give the home a clean, modern feel.The kitchen has been refreshed with a new stove and dishwasher, making it move-in ready and perfect for everyday living or entertaining.Situated on a highly desirable street, this home offers the perfect combination of location, space, and upgrades--ideal for anyone looking for convenience and quality in the heart of Lafayette.Don't miss your opportunity to own this fully updated home in a prime location!

ⓘ 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: $1,755 · $146/mo
• Projected year-2 tax: $1,755 · $146/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,238
• − Mortgage interest: −$13,158
• − Property taxes: −$1,755
• − Insurance: −$1,174
• − Repairs & maintenance: −$1,939
• − Management: −$1,939
• − Depreciation: −$6,833
• Taxable loss: −$2,561
• Est. tax savings @ 24.0%: +$615
• After-tax cash flow: $2,051/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: Lafayette Parish
• NCES district ID: 2200870
• Math proficiency: 38% ▼ -32.00%
• Reading proficiency: 46% ▼ -24.00%
• Median HH income: $50,238
• Composite: 36.15/100
• National rank: #4741
• State rank: #19 of 98 in LA

Livability — Lafayette

• Score: 70/100
• State rank: #63
• US rank: #8133

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lafayette, LA
• County: Lafayette Parish · 207,544 people
• City population: 158,114
• Metro: Lafayette, LA
• Population (ZIP): 42,318
• Household income: $57,379
• Rent vs Own: 50.4% rent · 49.6% own
• Severe rent burden: 2095.0

Population outlook (Lafayette County) Hauer SSP2

• Today (2025): 280,930 people
• By 2030: 301,092 · +7.2%
• By 2040: 339,456 · +20.8%
• By 2050: 375,156 · +33.5%
• By 2075: 451,672 · +60.8%
• By 2100: 497,203 · +77.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 60% Black 20% Hispanic / Latino 13% Two or more races 13% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Lithuanian 18% Armenian 1% Slovak 1%
• Foreign-born: 12% · Canada, Vietnam
• Languages at home: 83% English-only · Spanish 9% French/Haitian/Cajun 3% Vietnamese 1%

Political lean MEDSL · Lafayette

• 2024 margin: Solid R (+31.4) · D 33.5% · R 64.8% · Other 1.7%
• 2008→2024 swing: -0.1pp no change · 2008: -31.3pp · 2024: -31.4pp
• All cycles: 2024: R+31.4 2020: R+28.7 2016: R+33.6 2012: R+33.7 2008: R+31.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -75.28%
• Current HPI: 140.8445
• Rent YoY: ▲ 4.12%
• Metro: Lafayette, 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

2 events — show timeline

• 2026-05-04 Pending — AcadianaMLS
• 2026-04-16 Listed $234,900 AcadianaMLS

Property tax history

+7.1%/yr

Latest (2025): $1,755 · -1.1% YoY. Source: county tax records.