1500 W Esplanade Dr Unit 26E

Kenner, LA 70065

$139,000D-

2 bd · 2.0 ba · 1,432 sqft · Built 1982 · Condo · Active · 297 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,638/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$232
• HOA: −$690
• Vac / Maint / Mgmt: −$344
• Net cashflow: $-357/mo
• Annual: $-4,280/yr
• Cap rate: 3.21%
• Cash-on-cash: -11.00%
• DSCR: 0.51
• 1% rule: 1.18%
• Cash to close: $38,920

Investor read

• This is a 2-bed/2.0-bath condo listed at $139k. Condition is rated good.
• At list price, monthly cash flow is $-357 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $87k (37.1% below list).
• Meets the 1% rule at list price ($2k rent vs $139k).
• It's been on market 297 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (37.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#6 in LA, #2,414 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, employment C-, crime D.
• 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: A.C. Alexander School (math 26% / reading 39%, grade F, #300 of 646 statewide, top 47%, 680 students, 59% FRL); John Q. Adams Middle School (math 22% / reading 36%, grade F, #117 of 218 statewide, top 54%, 900 students, 55% FRL); Bonnabel Magnet Academy High School (math 12% / reading 21%, grade F, #214 of 265 statewide, top 81%, 1,478 students, 52% FRL).
• Watch-outs: HOA is 42% of rent.
• Market conditions: Rents falling (-4.2%/yr); 334 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 53d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 78% 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 6y 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.
• Cap rate 3.2% vs local median 5.4% in Kenner — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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?
• It's been on market 297 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
• 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?
• 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.
• Crime grade is D 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?
• 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?