71061 Lake Placid Dr · Covington, LA 70433

$245,000

3 bd · 2.0 ba · 1,661 sqft · SingleFamily public records · 48 Days on market

Built 2000 10,018 sqft lot $148/sqft · 19% below area Est $299k · 18% under

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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 +16.8/30.0
• ARV discount +15.0/15.0
• DSCR +5.2/10.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• 1% rule +3.6/10.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This well-maintained Acadian-style home offers a warm, inviting feel from the moment you step inside. The open floor plan provides a seamless flow between the living, dining, and kitchen areas, highlighted by a wood-burning fireplace and cathedral ceilings that bring in natural light and a sense of spaciousness. The primary bedroom also features a cathedral ceiling that enhances the room's airy, open atmosphere, along with a large walk-in closet for generous storage. The kitchen includes dark cabinetry, stainless steel appliances, and a bright window over the sink. Additional features include a detached shed with electricity. The fully fenced backyard offers practical outdoor living with a charming, rustic touch. A wooden deck sits beneath a sturdy metal-roofed cover supported by solid posts, creating a shaded, functional space for everyday use. This property combines comfort, character, and convenience, located just minutes from local amenities.

Key facts

• Open floor plan
• Cathedral ceilings
• Large walk in closet

Tags

• OPEN FLOOR PLAN
• WOOD BURNING FIREPLACE
• CATHEDRAL CEILINGS
• LARGE WALK IN CLOSET
• STAINLESS STEEL APPLIANCES
• DETACHED SHED

Property features AI

Finance

• HOA & community: No association (N/A)

Exterior

• Parking: Driveway with two parking spaces
• Security: Security system; Smoke detectors
• Utilities: Well water; Sewer to treatment plant; Insulation and water heater noted as energy-efficient features
• Home design: Single-story; Resale, all original; Faces unspecified direction
• Construction: Frame construction with vinyl siding; Asphalt shingle roof; Slab foundation; Very good condition; Built as resale (original structure)
• Exterior features: Fenced yard; Porch; Shed(s)

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Oven; Range; Pantry
• Bedrooms: Total rooms: 9
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning; Has heating and cooling
• Interior features: Attic; Ceiling fans; Carbon monoxide detector; Cathedral and vaulted ceilings; High ceilings; Pantry; Pull-down attic stairs
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $245k.

Deal economics

• At list price, monthly cash flow is $156 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (14.1% below list).
• Recommended offer: $210k (14.1% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 3.9% in Covington — 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 75/100 on livability (#17 in LA, #3,876 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety 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.
• Market conditions: Rents rising fast (+4.3%/yr); 524 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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).
• This rent runs 31% of the median local income ($81k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• St. Tammany County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($238k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 25y 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 $176k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: 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 $210,367 (14.1% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.86% ✗
• Cap rate: 7.06%
• Cash-on-cash: 2.72%
• DSCR: 1.12
• GRM: 9.7

CMA / ARV

• ARV (median comp): $299,101
• List price: $245,000
• Delta: -18.09%
• 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
15074 Pine St	0.29mi	3/2.0	1,729 (+4%)	2mo	$425,000	$246	78
71152 Lake Placid Dr	0.16mi	3/2.0	1,558 (-6%)	6mo	$222,900	$143	77
71038 Lake Placid Dr	0.07mi	3/2.0	1,429 (-14%)	1mo	$313,000	$219	73
71238 Shady Lake Dr	0.35mi	3/2.0	1,650 (-1%)	12mo	$237,500	$144	72
14360 Lake Tahoe Dr	0.43mi	3/2.0	1,608 (-3%)	4mo	$328,000	$204	71
71077 Shady Lake Dr	0.06mi	3/2.0	1,497 (-10%)	14mo	$290,000	$194	69
14352 Lake Tahoe Dr	0.44mi	3/2.0	1,608 (-3%)	7mo	$325,000	$202	68
609 Del Sol Pass	0.34mi	4/2.0 (+1)	1,724 (+4%)	6mo	$299,000	$173	68
14321 Lake Tahoe Dr	0.45mi	3/2.0	1,608 (-3%)	7mo	$328,000	$204	68
14344 Lake Tahoe Dr	0.44mi	3/2.0	1,608 (-3%)	11mo	$319,900	$199	64
14403 Lake Catherine Rd	0.19mi	3/3.0	1,870 (+13%)	3mo	$365,000	$195	64
71225 Cedar St	0.50mi	4/2.0 (+1)	1,908 (+15%)	6mo	$399,900	$210	42

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 · 4.31% rent growth · sell at horizon

5-year hold

• IRR: -10.7%
• Equity multiple: 0.61×
• Total profit: $-27,064
• Equity at exit: $36,530

10-year hold

• IRR: 0.1%
• Equity multiple: 1.01×
• Total profit: $696
• Equity at exit: $21,183

Cash invested: $68,600 (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 70433

• Rents YoY: 4.3%
• Active inventory: 524
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $2,104 medium
• Mortgage (P&I): −$1,285
• Tax from tax record: −$119 /mo · $1,433/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $156

Break-even live

Break-even rent $1,907

Max offer price $245,000

Occupancy floor 88%

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1842 Ochsner Blvd Covington, LA	1.0–3.0	1.0–2.0	965	$1,785	$1.85	2d	13	0.63mi
538 Moore Blvd Covington, LA	4.0	2.0	1948	$2,150	$1.10	23d	1	0.77mi
520 Myrtle Dr Covington, LA	1.0–2.0	1.0–2.0	877	$2,355	$2.68	2d	13	1.10mi
726 Place Saint Etienne Covington, LA	4.0	3.0	2249	$3,000	$1.33	17d	1	1.16mi
31 Wickfield Dr Covington, LA	4.0	2.0	1615	$1,900	$1.18	43d	1	1.43mi

Listing history 41 events

1. 2026-06-18
   days on market $245,000 Active 48 DOM
2. 2026-06-17
   days on market $245,000 Active 47 DOM
3. 2026-06-16
   days on market $245,000 Active 46 DOM
4. 2026-06-15
   days on market $245,000 Active 45 DOM
5. 2026-06-13
   days on market $245,000 Active 43 DOM
6. 2026-06-10
   days on market $245,000 Active 40 DOM
7. 2026-06-09
   pricedays on market $245,000 Active 39 DOM

   Show marketing remark (960 chars)

   This well-maintained Acadian-style home offers a warm, inviting feel from the moment you step inside. The open floor plan provides a seamless flow between the living, dining, and kitchen areas, highlighted by a wood-burning fireplace and cathedral ceilings that bring in natural light and a sense of spaciousness. The primary bedroom also features a cathedral ceiling that enhances the room's airy, open atmosphere, along with a large walk-in closet for generous storage. The kitchen includes dark cabinetry, stainless steel appliances, and a bright window over the sink. Additional features include a detached shed with electricity. The fully fenced backyard offers practical outdoor living with a charming, rustic touch. A wooden deck sits beneath a sturdy metal-roofed cover supported by solid posts, creating a shaded, functional space for everyday use. This property combines comfort, character, and convenience, located just minutes from local amenities.

8. 2026-06-08
   days on market $253,000 Active 38 DOM
9. 2026-06-07
   days on market $253,000 Active 37 DOM
10. 2026-06-03
    days on market $253,000 Active 33 DOM
11. 2026-06-02
    days on market $253,000 Active 32 DOM
12. 2026-06-01
    days on market $253,000 Active 31 DOM
13. 2026-05-31
    days on market $253,000 Active 30 DOM
14. 2026-05-01
    listed $256,000 Active 960-char remark

    Show marketing remark (960 chars)

    This well-maintained Acadian-style home offers a warm, inviting feel from the moment you step inside. The open floor plan provides a seamless flow between the living, dining, and kitchen areas, highlighted by a wood-burning fireplace and cathedral ceilings that bring in natural light and a sense of spaciousness. The primary bedroom also features a cathedral ceiling that enhances the room's airy, open atmosphere, along with a large walk-in closet for generous storage. The kitchen includes dark cabinetry, stainless steel appliances, and a bright window over the sink. Additional features include a detached shed with electricity. The fully fenced backyard offers practical outdoor living with a charming, rustic touch. A wooden deck sits beneath a sturdy metal-roofed cover supported by solid posts, creating a shaded, functional space for everyday use. This property combines comfort, character, and convenience, located just minutes from local amenities.

15. 2026-05-01
    listed $256,000 Active 966-char remark

    Show marketing remark (960 chars)

    This well-maintained Acadian-style home offers a warm, inviting feel from the moment you step inside. The open floor plan provides a seamless flow between the living, dining, and kitchen areas, highlighted by a wood-burning fireplace and cathedral ceilings that bring in natural light and a sense of spaciousness. The primary bedroom also features a cathedral ceiling that enhances the room's airy, open atmosphere, along with a large walk-in closet for generous storage. The kitchen includes dark cabinetry, stainless steel appliances, and a bright window over the sink. Additional features include a detached shed with electricity. The fully fenced backyard offers practical outdoor living with a charming, rustic touch. A wooden deck sits beneath a sturdy metal-roofed cover supported by solid posts, creating a shaded, functional space for everyday use. This property combines comfort, character, and convenience, located just minutes from local amenities.

16. 2018-10-11
    soldstatus $176,500
17. 2018-10-09
    soldstatus $176,500 Sold

    Show marketing remark (467 chars)

    Cozy, well maintained, acadian style home in Shady Lakes subdivision. Open floor plan, cathedral ceilings in living room and master bedroom. Laminate wood floors in living area and hallway. Beautiful, brick, wood burning fireplace. Large bedrooms. Lots of closets and storage. Master with walk-in closet. Roof is 3 years old. AC unit 4 years old. Detached workshop with electricity. Convenient location. Seller to provide up to $2,000 in flooring allowance at closing

18. 2018-09-05
    historical Pending Continue to Show

    Show marketing remark (467 chars)

    Cozy, well maintained, acadian style home in Shady Lakes subdivision. Open floor plan, cathedral ceilings in living room and master bedroom. Laminate wood floors in living area and hallway. Beautiful, brick, wood burning fireplace. Large bedrooms. Lots of closets and storage. Master with walk-in closet. Roof is 3 years old. AC unit 4 years old. Detached workshop with electricity. Convenient location. Seller to provide up to $2,000 in flooring allowance at closing

19. 2018-07-19
    price $179,999

    Show marketing remark (467 chars)

    Cozy, well maintained, acadian style home in Shady Lakes subdivision. Open floor plan, cathedral ceilings in living room and master bedroom. Laminate wood floors in living area and hallway. Beautiful, brick, wood burning fireplace. Large bedrooms. Lots of closets and storage. Master with walk-in closet. Roof is 3 years old. AC unit 4 years old. Detached workshop with electricity. Convenient location. Seller to provide up to $2,000 in flooring allowance at closing

20. 2018-06-27
    price $186,500

    Show marketing remark (467 chars)

    Cozy, well maintained, acadian style home in Shady Lakes subdivision. Open floor plan, cathedral ceilings in living room and master bedroom. Laminate wood floors in living area and hallway. Beautiful, brick, wood burning fireplace. Large bedrooms. Lots of closets and storage. Master with walk-in closet. Roof is 3 years old. AC unit 4 years old. Detached workshop with electricity. Convenient location. Seller to provide up to $2,000 in flooring allowance at closing

21. 2018-06-13
    listed $189,500 Active

    Show marketing remark (467 chars)

    Cozy, well maintained, acadian style home in Shady Lakes subdivision. Open floor plan, cathedral ceilings in living room and master bedroom. Laminate wood floors in living area and hallway. Beautiful, brick, wood burning fireplace. Large bedrooms. Lots of closets and storage. Master with walk-in closet. Roof is 3 years old. AC unit 4 years old. Detached workshop with electricity. Convenient location. Seller to provide up to $2,000 in flooring allowance at closing

22. 2018-06-13
    listed $179,999

    Show marketing remark (467 chars)

    Cozy, well maintained, acadian style home in Shady Lakes subdivision. Open floor plan, cathedral ceilings in living room and master bedroom. Laminate wood floors in living area and hallway. Beautiful, brick, wood burning fireplace. Large bedrooms. Lots of closets and storage. Master with walk-in closet. Roof is 3 years old. AC unit 4 years old. Detached workshop with electricity. Convenient location. Seller to provide up to $2,000 in flooring allowance at closing

23. 2017-04-16
    historical
24. 2017-01-16
    status Active
25. 2017-01-14
    historical
26. 2016-12-13
    listed $179,000 Active
27. 2016-12-13
    listed $179,000
28. 2016-12-06
    historical
29. 2016-07-23
    listed $179,000 Active
30. 2016-07-22
    listed $179,000
31. 2013-07-02
    soldstatus $145,000
32. 2011-01-18
    listed $159,000
33. 2011-01-18
    listed $159,000
34. 2006-03-21
    soldstatus $140,000
35. 2006-03-20
    soldstatus $140,000
36. 2006-02-02
    listed $149,000
37. 2006-02-02
    listed $149,000
38. 2001-06-26
    soldstatus $115,500
39. 2001-06-21
    soldstatus $115,000
40. 2001-04-03
    listed $115,000
41. 2001-04-03
    listed $115,000

ⓘ 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: $1,433 · $119/mo
• Projected year-2 tax: $1,433 · $119/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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,244
• − Mortgage interest: −$13,724
• − Property taxes: −$1,433
• − Insurance: −$1,225
• − Repairs & maintenance: −$2,020
• − Management: −$2,020
• − Depreciation: −$7,127
• Taxable loss: −$2,304
• Est. tax savings @ 24.0%: +$553
• After-tax cash flow: $2,420/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: St. Tammany Parish
• NCES district ID: 2201650
• Math proficiency: 43% ▼ -32.00%
• Reading proficiency: 55% ▼ -26.00%
• Median HH income: $61,752
• Composite: 43.04/100
• National rank: #3098
• State rank: #11 of 98 in LA

Livability — Covington

• Score: 75/100
• State rank: #17
• US rank: #3876

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Saint Tammany Parish · 228,296 people
• City population: 64,351
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 41,876
• Household income: $81,241
• Rent vs Own: 29.6% rent · 70.4% own
• Severe rent burden: 1287.0

Population outlook (St. Tammany County) Hauer SSP2

• Today (2025): 286,725 people
• By 2030: 304,175 · +6.1%
• By 2040: 336,203 · +17.3%
• By 2050: 364,590 · +27.2%
• By 2075: 433,362 · +51.1%
• By 2100: 470,333 · +64.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Black 9% Hispanic / Latino 7% Two or more races 7% Native American 1% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 17% Italian 2% Slovak 2%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 5% French/Haitian/Cajun 1% Vietnamese 1%

Political lean MEDSL · St. Tammany

• 2024 margin: Solid R (+43.8) · D 27.3% · R 71.1% · Other 1.6%
• 2008→2024 swing: +9.6pp toward D · 2008: -53.4pp · 2024: -43.8pp
• All cycles: 2024: R+43.8 2020: R+44.2 2016: R+50.8 2012: R+52.2 2008: R+53.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -112.14%
• Current HPI: 181.8348
• Rent YoY: ▲ 4.31%
• 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

+113.0% since first listed

32 events — show timeline

• 2026-06-09 Price Changed $245,000 AcadianaMLS
• 2026-06-09 Price Changed $245,000 GSREIN
• 2026-05-27 Price Changed $253,000 AcadianaMLS
• 2026-05-27 Price Changed $253,000 GSREIN
• 2026-05-01 Listed $256,000 GSREIN
• 2026-05-01 Listed $256,000 AcadianaMLS
• 2018-10-11 Sold (Public Records) $176,500 Public Records
• 2018-10-09 Sold (MLS) $176,500 GSREIN
• 2018-09-05 Contingent — GSREIN
• 2018-07-19 Price Changed $179,999 GSREIN
• 2018-06-27 Price Changed $186,500 GSREIN
• 2018-06-13 Listed $179,999 AcadianaMLS
• 2018-06-13 Listed $189,500 GSREIN
• 2017-04-16 Listing Removed — GSREIN
• 2017-01-16 Relisted — GSREIN
• 2017-01-14 Listing Removed — GSREIN
• 2016-12-13 Listed $179,000 GSREIN
• 2016-12-13 Listed $179,000 AcadianaMLS
• 2016-12-06 Listing Removed — GSREIN
• 2016-07-23 Listed $179,000 GSREIN
• 2016-07-22 Listed $179,000 AcadianaMLS
• 2013-07-02 Sold (Public Records) $145,000 Public Records
• 2011-01-18 Listed $159,000 GSREIN
• 2011-01-18 Listed $159,000 AcadianaMLS
• 2006-03-21 Sold (Public Records) $140,000 Public Records
• 2006-03-20 Sold (MLS) $140,000 GSREIN
• 2006-02-02 Listed $149,000 AcadianaMLS
• 2006-02-02 Listed $149,000 GSREIN
• 2001-06-26 Sold (Public Records) $115,500 Public Records
• 2001-06-21 Sold (MLS) $115,000 GSREIN
• 2001-04-03 Listed $115,000 AcadianaMLS
• 2001-04-03 Listed $115,000 GSREIN

Property tax history

-3.3%/yr

Latest (2025): $1,433 · -3.4% YoY. Source: county tax records.