313-315 Zinnia Ave

Metairie, LA 70001

$264,500C

4 bd · 2.0 ba · 1,728 sqft · Built 1957 · MultiFamily · Pending · 63 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,883/mo
• Mortgage (P&I): −$1,387
• Tax + insurance: −$441
• HOA: −$0
• Vac / Maint / Mgmt: −$605
• Net cashflow: $450/mo
• Annual: $5,396/yr
• Cap rate: 8.33%
• Cash-on-cash: 7.29%
• DSCR: 1.32
• 1% rule: 1.09%
• Cash to close: $74,060

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $264k. Condition is rated fair.
• At list price, monthly cash flow is $450 ($5k/yr) — positive. Per door: $225/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $264k).
• It's been on market 63 days — a 6% lower offer ($249k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $249k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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: Bridgedale Elementary School (math 28% / reading 29%, grade F, #350 of 646 statewide, top 55%, 544 students, 56% FRL).
• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-0.0%/yr); 208 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); 42% 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 9y 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 8.3% 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.
• At $2,883/mo this rent would consume 51% of the median local household income ($68k/yr) (locally 1988% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?

Repairs flagged (vision-AI assessment)

• Minor: Kitchen countertops — The countertops show some signs of wear and tear.
• Minor: Bathroom fixtures — The fixtures show some signs of wear and tear.
• Minor: Exterior siding — The siding shows some signs of wear and tear.
• Minor: Exterior paint — The paint shows some signs of wear and tear.