80224 Highway 1129 Hwy · Covington, LA 70435

$229,000

3 bd · 1.0 ba · 1,800 sqft · SingleFamily public records · 34 Days on market

Built 1983 1.00 ac lot $127/sqft · 34% below area Est $280k · 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 +15.6/30.0
• ARV discount +15.0/15.0
• DSCR +4.8/10.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• 1% rule +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover this charming, tucked away property in Covington off of Lee Road. This well kept home is offering the perfect blend of secluded tranquility and everyday convenience. Surrounded by nature, this home has an open concept with an enclosed garage and a shed for ample storage space. Whether you want to relax on the front or back porch, you will see the natural beauties of the property.

Key facts

• 1 acre lot
• Parking
• Built 1983

Property features AI

Finance

• Other: Property located outside city limits; Lot size approximately 1 acre

Exterior

• Parking: Driveway; Detached parking
• Security: Security system; Closed-circuit cameras; Smoke detectors
• Utilities: Public water; Septic tank sewer; Water heater with energy-efficient features; Heating and cooling present
• Home design: Single-story property
• Construction: Block and synthetic stucco construction; Metal roof; Slab foundation; Built in very good condition
• Exterior features: Fenced yard; Porch; Covered oversized porch; Shed(s)

Interior

• Kitchen: Dishwasher; Disposal; Icemaker; Microwave; Oven; Range; Refrigerator
• Bedrooms: Total rooms: 5
• Bathrooms: 1 full bathroom
• Interior features: Attic; Ceiling fans; Carbon monoxide detector; Pantry; Pull-down attic stairs
• Laundry & utility: Washer; Dryer; Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $229k.

Deal economics

• At list price, monthly cash flow is $97 ($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 $199k (13.3% below list).
• Recommended offer: $199k (13.3% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 3.9% in Covington — 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 75/100 on livability (#17 in LA, #3,876 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• St. Tammany Parish (suburban): math 43% / reading 55% proficiency, ranked #11 of 98 in LA (top 11%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 366 active listings in the ZIP; solid renter incomes; 1,064 units permitted in St. Tammany Parish in 2024 (0 in 5+ unit buildings).

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.
• St. Tammany County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 6 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.

Recommended offer $198,527 (13.3% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.87% ✗
• Cap rate: 6.80%
• Cash-on-cash: 1.82%
• DSCR: 1.08
• GRM: 9.6

CMA / ARV

• ARV (median comp): $280,189
• List price: $229,000
• Delta: -18.27%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -13.4%
• Equity multiple: 0.52×
• Total profit: $-30,954
• Equity at exit: $34,145

10-year hold

• IRR: -4.5%
• Equity multiple: 0.70×
• Total profit: $-19,137
• Equity at exit: $19,800

Cash invested: $64,120 (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 70435

• Home prices YoY: -27.3%
• Active inventory: 366
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,985 medium
• Mortgage (P&I): −$1,201
• Tax from tax record: −$175 /mo · $2,098/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$417
• Net cashflow: $97

Break-even live

Break-even rent $1,862

Max offer price $229,000

Occupancy floor 90%

Sensitivity live

Price	-10% $227	-5% $162	+0% $97	+5% $32	+10% $-32
Rent	-10% $-60	-5% $19	+0% $97	+5% $176	+10% $254
Rate	-1.0pp $213	-0.5pp $155	base $97	+0.5pp $38	+1.0pp $-22

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-21
   days on market $229,000 Active 34 DOM
2. 2026-06-18
   days on market $229,000 Active 31 DOM
3. 2026-06-17
   days on market $229,000 Active 30 DOM
4. 2026-06-16
   days on market $229,000 Active 29 DOM
5. 2026-06-15
   days on market $229,000 Active 28 DOM
6. 2026-06-13
   days on market $229,000 Active 26 DOM
7. 2026-06-10
   days on market $229,000 Active 23 DOM
8. 2026-06-09
   days on market $229,000 Active 22 DOM
9. 2026-06-08
   days on market $229,000 Active 21 DOM
10. 2026-06-07
    days on market $229,000 Active 20 DOM
11. 2026-06-03
    days on market $229,000 Active 16 DOM
12. 2026-06-02
    pricedays on market $229,000 Active 15 DOM
13. 2026-06-01
    days on market $239,000 Active 14 DOM

    Show marketing remark (391 chars)

    Discover this charming, tucked away property in Covington off of Lee Road. This well kept home is offering the perfect blend of secluded tranquility and everyday convenience. Surrounded by nature, this home has an open concept with an enclosed garage and a shed for ample storage space. Whether you want to relax on the front or back porch, you will see the natural beauties of the property.

14. 2026-05-31
    days on market $239,000 Active 13 DOM
15. 2026-05-10
    status Pending 391-char remark

    Show marketing remark (391 chars)

    Discover this charming, tucked away property in Covington off of Lee Road. This well kept home is offering the perfect blend of secluded tranquility and everyday convenience. Surrounded by nature, this home has an open concept with an enclosed garage and a shed for ample storage space. Whether you want to relax on the front or back porch, you will see the natural beauties of the property.

16. 2026-05-10
    status Pending 391-char remark

    Show marketing remark (391 chars)

    Discover this charming, tucked away property in Covington off of Lee Road. This well kept home is offering the perfect blend of secluded tranquility and everyday convenience. Surrounded by nature, this home has an open concept with an enclosed garage and a shed for ample storage space. Whether you want to relax on the front or back porch, you will see the natural beauties of the property.

17. 2026-05-02
    listed $239,000 Active 391-char remark

    Show marketing remark (391 chars)

    Discover this charming, tucked away property in Covington off of Lee Road. This well kept home is offering the perfect blend of secluded tranquility and everyday convenience. Surrounded by nature, this home has an open concept with an enclosed garage and a shed for ample storage space. Whether you want to relax on the front or back porch, you will see the natural beauties of the property.

18. 2026-05-02
    listed $239,000 Active 391-char remark

    Show marketing remark (391 chars)

    Discover this charming, tucked away property in Covington off of Lee Road. This well kept home is offering the perfect blend of secluded tranquility and everyday convenience. Surrounded by nature, this home has an open concept with an enclosed garage and a shed for ample storage space. Whether you want to relax on the front or back porch, you will see the natural beauties of the property.

19. 2025-05-19
    soldstatus $215,000
20. 2022-10-18
    soldstatus $215,000
21. 2022-10-17
    soldstatus $215,000 Closed
22. 2022-09-20
    status Pending
23. 2022-08-29
    price $225,000
24. 2022-07-26
    listed $225,000
25. 2022-07-26
    listed $230,000 Active
26. 2014-06-27
    soldstatus $70,000
27. 2008-09-16
    soldstatus $112,691
28. 2006-05-16
    soldstatus $95,000

ⓘ 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: $2,098 · $175/mo
• Projected year-2 tax: $2,098 · $175/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $23,823
• − Mortgage interest: −$12,828
• − Property taxes: −$2,098
• − Insurance: −$1,145
• − Repairs & maintenance: −$1,906
• − Management: −$1,906
• − Depreciation: −$6,662
• Taxable loss: −$2,721
• Est. tax savings @ 24.0%: +$653
• After-tax cash flow: $1,820/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: St. Tammany Parish
• NCES district ID: 2201650
• Math proficiency: 43% ▼ -32.00%
• Reading proficiency: 55% ▼ -26.00%
• Median HH income: $61,752
• Composite: 43.04/100
• National rank: #3098
• State rank: #11 of 98 in LA

Livability — Covington

• Score: 75/100
• State rank: #17
• US rank: #3876

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Saint Tammany Parish · 228,296 people
• City population: 64,351
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 22,475
• Household income: $80,926
• Rent vs Own: 12.2% rent · 87.8% own
• Severe rent burden: 296.0

Population outlook (St. Tammany County) Hauer SSP2

• Today (2025): 286,725 people
• By 2030: 304,175 · +6.1%
• By 2040: 336,203 · +17.3%
• By 2050: 364,590 · +27.2%
• By 2075: 433,362 · +51.1%
• By 2100: 470,333 · +64.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Black 9% Two or more races 4% Hispanic / Latino 3% Pacific Islander 2%
• Common ancestry: Lithuanian 15% Serbian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% French/Haitian/Cajun 1%

Political lean MEDSL · St. Tammany

• 2024 margin: Solid R (+43.8) · D 27.3% · R 71.1% · Other 1.6%
• 2008→2024 swing: +9.6pp toward D · 2008: -53.4pp · 2024: -43.8pp
• All cycles: 2024: R+43.8 2020: R+44.2 2016: R+50.8 2012: R+52.2 2008: R+53.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -76.03%
• Current HPI: 202.0458
• Rent YoY: —
• 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

+141.1% since first listed

18 events — show timeline

• 2026-06-01 Price Changed $229,000 AcadianaMLS
• 2026-06-01 Price Changed $229,000 GSREIN
• 2026-05-26 Relisted — AcadianaMLS
• 2026-05-26 Relisted — GSREIN
• 2026-05-10 Pending — AcadianaMLS
• 2026-05-10 Pending — GSREIN
• 2026-05-02 Listed $239,000 GSREIN
• 2026-05-02 Listed $239,000 AcadianaMLS
• 2025-05-19 Sold (Public Records) $215,000 Public Records
• 2022-10-18 Sold (Public Records) $215,000 Public Records
• 2022-10-17 Sold (MLS) $215,000 GSREIN
• 2022-09-20 Pending — GSREIN
• 2022-08-29 Price Changed $225,000 GSREIN
• 2022-07-26 Listed $230,000 GSREIN
• 2022-07-26 Listed $225,000 AcadianaMLS
• 2014-06-27 Sold (Public Records) $70,000 Public Records
• 2008-09-16 Sold (Public Records) $112,691 Public Records
• 2006-05-16 Sold (Public Records) $95,000 Public Records

Property tax history

+3.5%/yr

Latest (2025): $2,098 · -3.7% YoY. Source: county tax records.