3126 Edenborn Ave #616

Metairie, LA 70002

$79,500B-

2 bd · 1.0 ba · 941 sqft · Built 1965 · Condo · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,282/mo
• Mortgage (P&I): −$417
• Tax + insurance: −$187
• HOA: −$328
• Vac / Maint / Mgmt: −$269
• Net cashflow: $81/mo
• Annual: $970/yr
• Cap rate: 8.52%
• Cash-on-cash: 7.94%
• DSCR: 1.35
• 1% rule: 1.61%
• Cash to close: $22,260

Investor read

• This is a 2-bed/1.0-bath condo listed at $80k.
• At list price, monthly cash flow is $81 ($970/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• It's been on market 16 days — a 2% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $78k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $550 of loan paydown is wiped out by about $2k 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: Harold Keller Elementary School (math 26% / reading 26%, grade F, #374 of 646 statewide, top 58%, 662 students, 55% 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 51% FRL vs 70% district-wide (19 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $66/mo; HOA is 26% of rent.
• Market conditions: Rents soft (-2.8%/yr); 121 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); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 518 units permitted in Jefferson Parish in 2024 (43 in 5+ unit buildings).
• 6 sale attempts since 7y ago; this cycle's ask has dropped $10k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: severe 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.
• Cap rate 8.5% 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

• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.