192 West 64th St

Cut Off, LA 70345

$244,000C

None bd · None ba · 2,537 sqft · Built — · MultiFamily · Active · 485 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,524/mo
• Mortgage (P&I): −$1,280
• Tax + insurance: −$658
• HOA: −$0
• Vac / Maint / Mgmt: −$530
• Net cashflow: $57/mo
• Annual: $679/yr
• Cap rate: 8.67%
• Cash-on-cash: 8.49%
• DSCR: 1.38
• 1% rule: 1.03%
• Cash to close: $68,320

Investor read

• This is a multifamily listed at $244k.
• At list price, monthly cash flow is $57 ($679/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $244k).
• It's been on market 485 days — a 12% lower offer ($215k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $215k (12.0% below list) — sets the bar for market timing.
• 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.
• Location reads 69/100 on livability (#78 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: crime C-, amenities F, commute F.
• Lafourche Parish (other): math 31% / reading 49% proficiency, ranked #22 of 98 in LA (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cut Off Elementary School (math 32% / reading 52%, grade F, #201 of 646 statewide, top 33%, 426 students, 57% FRL); Larose-Cut Off Middle School (math 35% / reading 56%, grade D+, #45 of 218 statewide, top 20%, 481 students, 57% FRL); South Lafourche High School (math 33% / reading 59%, grade D-, #54 of 265 statewide, top 20%, 1,108 students, 61% FRL) — zoned schools at 58% FRL track the district average.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 100 active listings in the ZIP; 319 units permitted in Lafourche Parish in 2024 (0 in 5+ unit buildings).
• 4 sale attempts since 5y ago; this cycle's ask has dropped $41k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $109k; list at $244k implies a 124% gain — meaningful room to come down on a strong offer.
• 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→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.7% vs local median 3.9% in Cut Off — 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

• It's been on market 485 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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 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.