2404 Kentucky Ave

Kenner, LA 70062

$190,000C-

3 bd · 1.0 ba · 1,100 sqft · Built 1970 · SingleFamily · Active · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,733/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$177
• HOA: −$0
• Vac / Maint / Mgmt: −$364
• Net cashflow: $195/mo
• Annual: $2,345/yr
• Cap rate: 7.53%
• Cash-on-cash: 4.41%
• DSCR: 1.20
• 1% rule: 0.91%
• Cash to close: $53,200

Investor read

• This is a 3-bed/1.0-bath single-family listed at $190k.
• At list price, monthly cash flow is $195 ($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 $173k (8.8% below list).
• It's been on market 43 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $173k (8.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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: John Clancy/Joseph Maggiore Elementary School (math 10% / reading 26%, grade F, #472 of 646 statewide, top 74%, 547 students, 57% FRL); Tom Benson School (math 11% / reading 14%, grade F, #546 of 646 statewide, top 85%, 753 students, 60% FRL); Bonnabel Magnet Academy High School (math 12% / reading 21%, grade F, #214 of 265 statewide, top 81%, 1,478 students, 52% FRL).
• Zoned-school proficiency averages 16% at this address vs 29% district-wide (-13 pts) — the specific schools serving this property underperform the Jefferson Parish average; the district grade overstates school quality for this exact location.
• Market conditions: 91 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 518 units permitted in Jefferson Parish in 2024 (43 in 5+ unit buildings).
• 4 sale attempts since 26y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $72k; list at $190k implies a 162% gain — meaningful room to come down on a strong offer.
• Cap rate 7.5% vs local median 5.3% in Kenner — 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.
• This rent runs 40% of the median local income ($51k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 43 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.
• 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.