1140 Lake Ave #1140 · Metairie, LA 70005

$109,000

2 bd · 1.5 ba · 942 sqft · Townhouse · 63 Days on market

Built 1983 $116/sqft · 19% below area Est $135k · 19% under $450/mo HOA · 30% of rent

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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 +16.4/30.0
• ARV discount +15.0/15.0
• 1% rule +8.8/10.0
• DSCR +5.1/10.0
• Livability +4.4/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

WONDERFUL opportunity to own a Metairie home at an AFFORDABLE price!...This LOVELY condo, with two bedrooms and one and a half bathrooms, features an eat-in kitchen and living room with access to a PRIVATE fenced-in backyard...The second floor has two SPACIOUS bedrooms, each with a walk-in closet...This unit comes with assigned parking for up to three vehicles...AMAZING location near the Lakefront and CLOSE to many amenities with EASY access to I-10...SCHEDULE your EXCLUSIVE viewing today!!!

Key facts

• Eat-in kitchen
• Assigned parking
• Easy access to i-10

Tags

• EAT-IN KITCHEN
• PRIVATE FENCED-IN BACKYARD
• ASSIGNED PARKING
• LOCATION NEAR THE LAKEFRONT
• EASY ACCESS TO I-10

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath townhouse listed at $109k.

Deal economics

• At list price, monthly cash flow is $-5 ($-61/yr) — negative.
• To cash-flow at today's rent, offer at most $108k (0.8% below list).
• Meets the 1% rule at list price ($2k rent vs $109k).
• Recommended offer: $102k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.0% 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.

Location & tenants

• 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.
• Market conditions: Rents soft (-0.3%/yr); 171 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 518 units permitted in Jefferson Parish in 2024 (43 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $754 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• 9 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.
• Current owner paid $50k; list at $109k implies a 118% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 30% of rent.
• 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.

Recommended offer $102,460 (6.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
11. 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.
12. 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.
13. 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: 1.38% ✓
• Cap rate: 6.97%
• Cash-on-cash: 2.41%
• DSCR: 1.11
• GRM: 6.0

CMA / ARV

• ARV (median comp): $135,355
• List price: $109,000
• Delta: -19.47%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1128 Lake Ave #1128	0.02mi	2/1.5	942 (0%)	6mo	$115,000	$122	94
1114 Lake Ave #1114	0.04mi	2/1.5	940 (-0%)	7mo	$125,000	$133	92
222 London Ave #212	0.03mi	2/1.5	950 (+1%)	8mo	$96,000	$101	91
222 London Ave #218	0.03mi	2/1.5	1,000 (+6%)	2mo	$106,000	$106	87
1161 Lake Ave #109	0.06mi	2/1.0	900 (-4%)	13mo	$82,000	$91	77
1161 Lake Ave #203	0.06mi	2/1.0	900 (-4%)	14mo	$125,000	$139	76
222 London Ave #106	0.03mi	2/1.0	1,000 (+6%)	12mo	$102,000	$102	76
1401 Lake Ave Unit D3	0.41mi	2/1.5	1,008 (+7%)	2mo	$89,000	$88	68
1161 Lake Ave #116	0.06mi	1/1.0 (-1)	800 (-15%)	3mo	$40,000	$50	63
213 W Esplanade Ave #213	0.54mi	2/1.5	1,021 (+8%)	4mo	$99,500	$97	57
1401 Lake Ave Unit B-1	0.41mi	2/1.5	1,040 (+10%)	10mo	$95,000	$91	55
1448 Carrollton Ave #201	0.58mi	2/1.5	1,056 (+12%)	14mo	$129,000	$122	41

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -21.9%
• Equity multiple: 0.28×
• Total profit: $-22,111
• Equity at exit: $16,252

10-year hold

• IRR: -36.3%
• Equity multiple: -0.16×
• Total profit: $-35,554
• Equity at exit: $9,424

Cash invested: $30,520 (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 70005

• Rents YoY: -0.3%
• Active inventory: 171
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,508 high
• Mortgage (P&I): −$572
• Tax from tax record: −$63 /mo · $757/yr
• Insurance: −$45
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$450
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $-5

Break-even live

Break-even rent $1,515

Max offer price $108,102

Occupancy floor 95%

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1161 Lake Ave #120 Metairie, LA	1.0	1.0	750	$1,400	$1.87	43d	1	0.02mi
1161 Lake Ave #205 Metairie, LA	1.0	1.0	775	$1,430	$1.85	43d	1	0.02mi
1161 Lake Ave #222 Metairie, LA	2.0	1.0	770	$1,250	$1.62	43d	1	0.02mi
222 London Ave #218 Metairie, LA	2.0	1.5	1000	$1,400	$1.40	2d	1	0.07mi
1044 Lake Ave Unit D Metairie, LA	2.0	2.0	1044	$1,300	$1.25	43d	1	0.14mi
320 18th St New Orleans, LA	2.0	1.0	850	$1,350	$1.59	23d	1	0.33mi
1401 Lake Ave Unit C6 Metairie, LA	2.0	1.5	1040	$1,625	$1.56	43d	1	0.38mi
6537 Bellaire Dr New Orleans, LA	2.0	2.0	1100	$1,750	$1.59	23d	1	0.39mi
230 16th St New Orleans, LA	2.0	1.0	750	$1,875	$2.50	2d	1	0.43mi
243 14th St New Orleans, LA	2.0	1.0	902	$1,500	$1.66	23d	1	0.43mi
812 Martin Behrman Ave Unit A Metairie, LA	1.0	1.0	700	$1,250	$1.79	43d	1	0.44mi
6564 Fleur de Lis Dr New Orleans, LA	1.0	1.0	600	$1,050	$1.75	23d	1	0.50mi
6616 Bellaire Dr New Orleans, LA	2.0	1.0	850	$1,500	$1.76	23d	1	0.51mi
213 W Esplanade Ave #213 Metairie, LA	2.0	1.5	1021	$1,400	$1.37	43d	1	0.51mi
735 Lake Ave Metairie, LA	3.0	1.0	900	$1,300	$1.44	4d	1	0.55mi
6622 Fleur De Lis Dr Unit 2 New Orleans, LA	2.0	1.0	950	$1,400	$1.47	23d	1	0.56mi
301 Seattle St New Orleans, LA	2.0	1.0	660	$1,475	$2.23	21d	3	0.58mi
6650 Fleur De Lis Dr #5 New Orleans, LA	1.0	1.0	600	$1,100	$1.83	23d	1	0.59mi
1309 Huron Ave Metairie, LA	3.0	1.0	927	$1,700	$1.83	19d	1	0.60mi
625 Papworth Ave Apt E Metairie, LA	2.0	1.0	928	$1,000	$1.08	4d	1	0.61mi
625 Papworth Ave Unit B Metairie, LA	2.0	1.0	1020	$1,500	$1.47	4d	1	0.61mi
6629 Fleur De Lis Dr Apt 6 New Orleans, LA	1.0	1.0	750	$1,150	$1.53	11d	1	0.61mi
112 Glenn St Unit G Metairie, LA	2.0	1.0	750	$1,275	$1.70	23d	1	0.61mi
1554 Orpheum Ave Unit 2 Metairie, LA	1.0	1.5	700	$1,050	$1.50	43d	1	0.66mi
101 36th St New Orleans, LA	1.0	1.0	1000	$1,455	$1.46	23d	1	0.66mi
322 40th St New Orleans, LA	2.0	1.0	862	$1,500	$1.74	23d	1	0.74mi
509 E William David Pkwy Unit A Metairie, LA	1.0	1.0	700	$1,650	$2.36	23d	1	0.75mi
6720 Pontchartrain Blvd New Orleans, LA	2.0	1.0	875	$1,550	$1.77	3d	1	0.78mi
6722 Pontchartrain Blvd New Orleans, LA	2.0	1.0	850	$1,550	$1.82	3d	1	0.79mi
506 Nursery Ave Metairie, LA	2.0	1.0	725	$1,500	$2.07	4d	1	0.80mi
1639 Lake Ave Unit 6 Metairie, LA	2.0	1.0	1000	$1,200	$1.20	43d	1	0.81mi
6821 Fleur De Lis Dr New Orleans, LA	2.0	1.0	1000	$2,000	$2.00	23d	1	0.82mi
6633 Milne Blvd Unit A New Orleans, LA	3.0	1.0	875	$1,600	$1.83	23d	1	0.84mi
404 Polk St New Orleans, LA	2.0	1.0	769	$1,600	$2.08	3d	1	0.87mi
422-424 Nursery Ave Metairie, LA	2.0	1.0	1030	$2,050	$1.99	4d	1	0.87mi
1508 Seminole Ave Unit 207 Metairie, LA	1.0	1.0	550	$905	$1.65	14d	1	0.88mi
1212 Brockenbraugh Ct Unit D Metairie, LA	2.0	1.0	957	$1,050	$1.10	43d	1	0.88mi
320 Harney St New Orleans, LA	1.0	1.0	900	$1,150	$1.28	23d	1	0.89mi
423 Canal St Metairie, LA	2.0	1.0	1000	$1,600	$1.60	4d	1	0.91mi
325 Filmore Ave New Orleans, LA	2.0	1.0	738	$1,350	$1.83	23d	1	0.93mi

HOA detail

• Monthly dues: $450 · $5,400/yr
• Likely covers: parking

Listing history 26 events

1. 2026-06-18
   days on market $109,000 Active 63 DOM
2. 2026-06-17
   days on market $109,000 Active 62 DOM
3. 2026-06-16
   days on market $109,000 Active 61 DOM
4. 2026-06-15
   days on market $109,000 Active 60 DOM
5. 2026-06-13
   days on market $109,000 Active 58 DOM
6. 2026-06-10
   days on market $109,000 Active 55 DOM
7. 2026-06-09
   days on market $109,000 Active 54 DOM
8. 2026-06-08
   days on market $109,000 Active 53 DOM
9. 2026-06-07
   days on market $109,000 Active 52 DOM
10. 2026-06-03
    days on market $109,000 Active 48 DOM
11. 2026-06-02
    days on market $109,000 Active 47 DOM
12. 2026-06-01
    days on market $109,000 Active 46 DOM
13. 2026-05-31
    days on market $109,000 Active 45 DOM
14. 2026-04-16
    listed $109,000 Active 496-char remark

    Show marketing remark (508 chars)

    WONDERFUL opportunity to own a Metairie home at an AFFORDABLE price!. .. This LOVELY condo, with two bedrooms and one and a half bathrooms, features an eat-in kitchen and living room with access to a PRIVATE fenced-in backyard…The second floor has two SPACIOUS bedrooms, each with a walk-in closet. .. This unit comes with assigned parking for up to three vehicles. .. AMAZING location near the Lakefront and CLOSE to many amenities with EASY access to I-10.. .SCHEDULE your EXCLUSIVE viewing today!!!

15. 2026-04-16
    listed $109,000 Active 508-char remark

    Show marketing remark (508 chars)

    WONDERFUL opportunity to own a Metairie home at an AFFORDABLE price!. .. This LOVELY condo, with two bedrooms and one and a half bathrooms, features an eat-in kitchen and living room with access to a PRIVATE fenced-in backyard…The second floor has two SPACIOUS bedrooms, each with a walk-in closet. .. This unit comes with assigned parking for up to three vehicles. .. AMAZING location near the Lakefront and CLOSE to many amenities with EASY access to I-10.. .SCHEDULE your EXCLUSIVE viewing today!!!

16. 2026-02-23
    listed $119,000 Active
17. 2026-01-15
    listed $125,000 Active
18. 2024-07-09
    listed $130,000 Active
19. 2023-10-02
    listed $125,000
20. 2023-04-20
    listed $125,000
21. 2022-09-12
    listed $139,900
22. 2014-10-14
    soldstatus $50,000
23. 2007-07-10
    soldstatus $119,500
24. 2007-07-03
    soldstatus $119,500
25. 2007-04-24
    listed $129,900
26. 1979-05-01
    soldstatus $45,000

ⓘ 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: $757 · $63/mo
• Projected year-2 tax: $757 · $63/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X · 60% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,099
• − Mortgage interest: −$6,106
• − Property taxes: −$757
• − Insurance: −$1,342
• − Repairs & maintenance: −$1,448
• − Management: −$1,448
• − HOA: −$5,400
• − Depreciation: −$3,171
• Taxable loss: −$1,573
• Est. tax savings @ 24.0%: +$378
• After-tax cash flow: $317/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: Jefferson Parish
• NCES district ID: 2200840
• Math proficiency: 24% ▼ -36.00%
• Reading proficiency: 34% ▼ -30.00%
• Median HH income: $48,421
• Composite: 25.19/100
• National rank: #7511
• State rank: #44 of 98 in LA

Livability — Metairie

• Score: 87/100
• State rank: #1
• US rank: #261

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Metairie, LA
• County: Jefferson Parish · 426,999 people
• City population: 137,978
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 24,088
• Household income: $89,194
• Rent vs Own: 34.9% rent · 65.1% own
• Severe rent burden: 711.0

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 451,696 people
• By 2030: 455,451 · +0.8%
• By 2040: 458,308 · +1.5%
• By 2050: 461,031 · +2.1%
• By 2075: 476,351 · +5.5%
• By 2100: 499,377 · +10.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 13% Two or more races 8% Asian 2% Native American 2% Black 1%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Lithuanian 21% Slovak 2% Iranian 1%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 89% English-only · Spanish 8% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Jefferson

• 2024 margin: R (+12.9) · D 42.5% · R 55.5% · Other 2.1%
• 2008→2024 swing: +13.6pp toward D · 2008: -26.6pp · 2024: -12.9pp
• All cycles: 2024: R+12.9 2020: R+11.1 2016: R+14.8 2012: R+18.4 2008: R+26.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -371.32%
• Current HPI: 142.4955
• Rent YoY: ▼ -0.31%
• 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

+142.2% since first listed

13 events — show timeline

• 2026-04-16 Listed $109,000 GSREIN
• 2026-04-16 Listed $109,000 AcadianaMLS
• 2026-02-23 Listed $119,000 AcadianaMLS
• 2026-01-15 Listed $125,000 AcadianaMLS
• 2024-07-09 Listed $130,000 AcadianaMLS
• 2023-10-02 Listed $125,000 AcadianaMLS
• 2023-04-20 Listed $125,000 AcadianaMLS
• 2022-09-12 Listed $139,900 AcadianaMLS
• 2014-10-14 Sold (Public Records) $50,000 Public Records
• 2007-07-10 Sold (Public Records) $119,500 Public Records
• 2007-07-03 Sold (MLS) $119,500 GSREIN
• 2007-04-24 Listed $129,900 GSREIN
• 1979-05-01 Sold (Public Records) $45,000 Public Records

Property tax history

-4.9%/yr

Latest (2025): $757 · +0.1% YoY. Source: county tax records.