70058 3rd St

Abita Springs, LA 70433

$244,500D-

3 bd · 2.0 ba · 1,430 sqft · Built 2008 · SingleFamily · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,809/mo
• Mortgage (P&I): −$1,282
• Tax + insurance: −$218
• HOA: −$0
• Vac / Maint / Mgmt: −$380
• Net cashflow: $-71/mo
• Annual: $-855/yr
• Cap rate: 5.94%
• Cash-on-cash: -1.25%
• DSCR: 0.94
• 1% rule: 0.74%
• Cash to close: $68,460

Investor read

• This is a 3-bed/2.0-bath single-family listed at $244k.
• At list price, monthly cash flow is $-71 ($-855/yr) — negative.
• To cash-flow at today's rent, offer at most $232k (5.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $181k (26.0% below list).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $181k (26.0% below list) — sets the bar for 1% rule.
• 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 77/100 on livability (#11 in LA, #3,024 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing 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.
• Zoned schools: E. E. Lyon Elementary School (math 57% / reading 57%, grade C+, #79 of 646 statewide, top 13%, 662 students, 63% FRL); Fontainebleau Junior High School (math 38% / reading 62%, grade C, #26 of 218 statewide, top 12%, 877 students, 37% FRL); Fontainebleau High School (math 56% / reading 61%, grade C, #23 of 265 statewide, top 9%, 1,677 students, 33% FRL) — zoned schools at 44% FRL track the district average.
• Market conditions: Rents rising fast (+4.3%/yr); 530 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,064 units permitted in St. Tammany Parish in 2024 (0 in 5+ unit buildings).
• St. Tammany County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 19y 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.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% vs local median 3.6% in Abita Springs — 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

• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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?
• 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 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.