321 Martin Ln

Port Sulphur, LA 70083

$245,000B-

3 bd · 1.0 ba · 864 sqft · Built 1965 · Other · Active · 275 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,355/mo
• Mortgage (P&I): −$1,285
• Tax + insurance: −$600
• HOA: −$0
• Vac / Maint / Mgmt: −$495
• Net cashflow: $-24/mo
• Annual: $-287/yr
• Cap rate: 8.26%
• Cash-on-cash: 7.04%
• DSCR: 1.31
• 1% rule: 0.96%
• Cash to close: $68,600

Investor read

• This is a 3-bed/1.0-bath other listed at $245k.
• At list price, monthly cash flow is $-24 ($-287/yr) — negative.
• To cash-flow at today's rent, offer at most $241k (1.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $236k (3.9% below list).
• It's been on market 275 days — a 12% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $216k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($2k loan paydown + $2k appreciation (1.0% local appreciation)).
• Location reads 67/100 on livability (#112 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 49 active listings in the ZIP; 88 units permitted in Plaquemines Parish in 2024 (0 in 5+ unit buildings).
• Plaquemines County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts; this cycle's ask has dropped $30k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $245k implies a 308% gain — meaningful room to come down on a strong offer.
• At projected returns (1.0% appreciation + 3.0% rent growth), your $69k cash investment doubles in ~10 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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.

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 275 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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.