72430 Bullard St · Covington, LA 70435

$165,000

4 bd · 4.0 ba · 2,517 sqft · SingleFamily public records · 444 Days on market

Built 1971 Fair condition 0.72 ac lot $66/sqft · 49% below area Est $318k · 48% under

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Why this score? — see what drove the B+ 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 +29.8/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• Schools +4.2/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this expansive and versatile four-bedroom, Three 1/2 bathroom home nestled on a generous 150' x 195' lot, offering abundant space both inside and out. Designed with comfort and flexibility in mind, this unique property features two beautifully appointed living areas. One space includes a welcoming den, a well-equipped kitchen, and three comfortable bedrooms, and 1 bathroom. The second unit offers its own private entrance, a living room, charming breakfast room, one spacious bedroom, and 2 1/2 bathrooms--perfect for guests, multi-generational living, or rental opportunities. Outdoors, the property is ideal for entertaining, with ample yard space, a convenient shed for storage, and covered parking to accommodate a boat or RV. This home offers an exceptional blend of space, function, and lifestyle.

Key facts

• 0.72 acre lot
• Parking
• Built 1971

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath single-family listed at $165k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $604 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 3.8% 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.
• Zoned schools: E. E. Lyon Elementary School (math 57% / reading 57%, grade C+, #79 of 646 statewide, top 13%, 662 students, 63% FRL); Pine View Middle School (math 20% / reading 37%, grade F, #119 of 218 statewide, top 57%, 635 students, 62% FRL); Covington High School (math 32% / reading 44%, grade F, #90 of 265 statewide, top 34%, 1,660 students, 46% FRL) — zoned schools average 57% FRL vs 40% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 421 active listings in the ZIP; solid renter incomes; 1,064 units permitted in St. Tammany Parish in 2024 (0 in 5+ unit buildings).
• This rent runs 32% 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 $1k of loan paydown is wiped out by about $5k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 444 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 22y ago; this cycle's ask has dropped $35k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 444 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.32% ✓
• Cap rate: 10.69%
• Cash-on-cash: 15.70%
• DSCR: 1.70
• GRM: 6.3

CMA / ARV

• ARV (median comp): $317,827
• List price: $165,000
• Delta: -48.09%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
73047 Oak Creek Ln	0.39mi	4/2.0	2,503 (-1%)	1mo	$274,000	$109	72
20226 Chandler Dr	0.28mi	4/2.5	2,432 (-3%)	12mo	$265,000	$109	66
72483 Saint Landry St	0.28mi	3/2.0 (-1)	2,212 (-12%)	0mo	$329,900	$149	53
73035 Becky Ln	0.68mi	4/3.0	2,498 (-1%)	23mo	$441,500	$177	44
11 Augusta Dr	0.73mi	3/2.0 (-1)	2,425 (-4%)	4mo	$406,000	$167	43
20351 Arthur Rd	0.72mi	3/2.0 (-1)	2,360 (-6%)	22mo	$200,000	$85	25

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.5%
• Equity multiple: 1.25×
• Total profit: $11,770
• Equity at exit: $24,602

10-year hold

• IRR: 15.9%
• Equity multiple: 2.30×
• Total profit: $59,887
• Equity at exit: $14,266

Cash invested: $46,200 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 8 active · 6 under contract
• Months of supply: 6.9 mo (15%/mo absorbed)
• Median asking: $399,450 ($204/sqft)
• Median days on market: 113 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -38.1% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 70435

• Home prices YoY: -27.3%
• Active inventory: 421
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $2,180 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$184 /mo · $2,208/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$458
• Net cashflow: $604

Break-even live

Break-even rent $1,415

Max offer price $165,000

Occupancy floor 67%

Sensitivity live

Price	-10% $698	-5% $651	+0% $604	+5% $558	+10% $511
Rent	-10% $432	-5% $518	+0% $604	+5% $690	+10% $777
Rate	-1.0pp $687	-0.5pp $646	base $604	+0.5pp $562	+1.0pp $518

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: $41,250
• Closing costs: $4,950
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-08-08
   days on market $165,000 Active 444 DOM
2. 2026-08-07
   days on market $165,000 Active 443 DOM
3. 2026-08-06
   days on market $165,000 Active 442 DOM
4. 2026-08-05
   status $165,000 Active 441 DOM
5. 2026-08-05
   days on market $165,000 Active Under Contract 441 DOM
6. 2026-08-04
   days on market $165,000 Active Under Contract 440 DOM
7. 2026-08-03
   days on market $165,000 Active Under Contract 439 DOM
8. 2026-07-31
   days on market $165,000 Active Under Contract 436 DOM
9. 2026-07-30
   days on market $165,000 Active Under Contract 434 DOM
10. 2026-07-28
    days on market $165,000 Active Under Contract 433 DOM
11. 2026-07-26
    days on market $165,000 Active Under Contract 431 DOM
12. 2026-07-24
    days on market $165,000 Active Under Contract 429 DOM
13. 2026-07-23
    days on market $165,000 Active Under Contract 428 DOM
14. 2026-07-22
    days on market $165,000 Active Under Contract 427 DOM
15. 2026-07-21
    days on market $165,000 Active Under Contract 426 DOM
16. 2026-07-20
    days on market $165,000 Active Under Contract 425 DOM
17. 2026-07-18
    days on market $165,000 Active Under Contract 423 DOM
18. 2026-07-18
    days on market $165,000 Active Under Contract 422 DOM
19. 2026-07-16
    days on market $165,000 Active Under Contract 421 DOM
20. 2026-07-15
    days on market $165,000 Active Under Contract 420 DOM
21. 2026-07-14
    days on market $165,000 Active Under Contract 419 DOM
22. 2026-07-13
    days on market $165,000 Active Under Contract 418 DOM
23. 2026-07-13
    days on market $165,000 Active Under Contract 417 DOM
24. 2026-07-11
    days on market $165,000 Active Under Contract 416 DOM
25. 2026-07-10
    days on market $165,000 Active Under Contract 415 DOM
26. 2026-07-09
    days on market $165,000 Active Under Contract 414 DOM
27. 2026-07-07
    days on market $165,000 Active Under Contract 412 DOM
28. 2026-07-06
    days on market $165,000 Active Under Contract 411 DOM
29. 2026-07-05
    days on market $165,000 Active Under Contract 410 DOM
30. 2026-07-03
    days on market $165,000 Active Under Contract 408 DOM
31. 2026-07-02
    days on market $165,000 Active Under Contract 407 DOM
32. 2026-07-01
    days on market $165,000 Active Under Contract 406 DOM
33. 2026-06-30
    days on market $165,000 Active Under Contract 405 DOM
34. 2026-06-29
    days on market $165,000 Active Under Contract 404 DOM
35. 2026-06-28
    days on market $165,000 Active Under Contract 403 DOM
36. 2026-06-27
    days on market $165,000 Active Under Contract 402 DOM
37. 2026-06-27
    days on market $165,000 Active Under Contract 401 DOM
38. 2026-06-25
    days on market $165,000 Active Under Contract 399 DOM
39. 2026-06-22
    days on market $165,000 Active Under Contract 397 DOM
40. 2026-06-21
    days on market $165,000 Active Under Contract 396 DOM
41. 2026-06-18
    days on market $165,000 Active Under Contract 393 DOM
42. 2026-06-17
    days on market $165,000 Active Under Contract 392 DOM
43. 2026-06-16
    days on market $165,000 Active Under Contract 391 DOM
44. 2026-06-15
    days on market $165,000 Active Under Contract 390 DOM
45. 2026-06-13
    days on market $165,000 Active Under Contract 388 DOM
46. 2026-06-10
    days on market $165,000 Active Under Contract 385 DOM
47. 2026-06-09
    days on market $165,000 Active Under Contract 384 DOM
48. 2026-06-08
    days on market $165,000 Active Under Contract 383 DOM
49. 2026-06-07
    days on market $165,000 Active Under Contract 382 DOM
50. 2026-06-03
    days on market $165,000 Active Under Contract 378 DOM

ⓘ 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: $2,208 · $184/mo
• Projected year-2 tax: $2,208 · $184/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 ≥108°F today · 20 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: $26,162
• − Mortgage interest: −$9,243
• − Property taxes: −$2,208
• − Insurance: −$825
• − Repairs & maintenance: −$2,093
• − Management: −$2,093
• − Depreciation: −$4,800
• Taxable income: $4,900
• Est. tax owed @ 24.0%: −$1,176
• After-tax cash flow: $6,076/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.

Condition & rehab AI · 9 photos

Fair 45/100 Moderate rehab Est. rehab $62,925–$113,265 screening

This home requires moderate renovations to update the kitchen and bathrooms, and improve the landscaping. These updates will significantly increase its resale and rental value.

Components & finishes AI

Flooring hardwood Counters granite

Repairs flagged

• Major kitchen cabinets — severely dated and worn
• Major kitchen countertops — worn and outdated
• Major bathroom fixtures — dated and worn
• Major landscaping — overgrown and needs trimming

Value-add opportunities

• Resale Updating kitchen cabinets and countertops — Modernizing the kitchen will attract more buyers ↑
• Resale Updating bathroom fixtures — Modernizing bathrooms will attract more buyers ↑
• Both Landscaping improvements — Improving curb appeal will attract more buyers and renters ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 42/100

Zoned Schools

Elementary E. E. Lyon Elementary School C+ LA #79/646 Nat'l #8,534/41,679 Middle William Pitcher Junior High School F LA #112/218 Nat'l #8,750/14,009 High Covington High School F LA #90/265 Nat'l #8,877/17,239

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

B Composite livability gradescore 75/100

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 · 286,725 people
• City population: 64,351
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 22,475
• Household income: $80,926
• Rent vs Own: 12.2% rent · 87.8% own
• Severe rent burden: 3% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Black 9% Two or more races 4% Hispanic / Latino 3% Pacific Islander 2%
• Common ancestry: Lithuanian 15% Serbian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% French/Haitian/Cajun 1%

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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: ▼ -76.03%
• Current HPI: 202.0458
• Rent YoY: —
• Metro: New Orleans-Metairie, LA
• State GDP YoY: ▲ 3.29%
• F500 in state: 10

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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

+10.1% since first listed

48 events — show timeline

• 2026-05-07 Price Changed $165,000 AcadianaMLS
• 2026-05-07 Price Changed $165,000 GSREIN
• 2026-04-22 Price Changed $169,000 AcadianaMLS
• 2026-04-22 Price Changed $169,000 GSREIN
• 2026-03-08 Price Changed $175,000 AcadianaMLS
• 2026-03-08 Price Changed $175,000 GSREIN
• 2026-02-15 Relisted — AcadianaMLS
• 2026-02-15 Relisted — GSREIN
• 2026-02-06 Pending — AcadianaMLS
• 2026-02-06 Contingent — GSREIN
• 2026-01-14 Price Changed $179,900 AcadianaMLS
• 2026-01-14 Price Changed $179,900 GSREIN
• 2025-12-18 Price Changed $189,900 AcadianaMLS
• 2025-12-18 Price Changed $189,900 GSREIN
• 2025-12-12 Relisted — GSREIN
• 2025-11-17 Contingent — GSREIN
• 2025-11-01 Price Changed $195,000 AcadianaMLS
• 2025-11-01 Price Changed $195,000 GSREIN
• 2025-09-23 Price Changed $199,900 AcadianaMLS
• 2025-09-23 Price Changed $199,900 GSREIN
• 2025-08-22 Price Changed $208,000 AcadianaMLS
• 2025-08-22 Price Changed $208,000 GSREIN
• 2025-07-22 Price Changed $215,000 AcadianaMLS
• 2025-07-22 Price Changed $215,000 GSREIN
• 2025-06-20 Price Changed $224,999 AcadianaMLS
• 2025-06-20 Price Changed $224,999 GSREIN
• 2025-05-21 Listed $199,900 AcadianaMLS
• 2025-05-21 Listed $229,900 GSREIN
• 2025-05-21 Listed $229,900 AcadianaMLS
• 2020-07-24 Sold (Public Records) $215,000 Public Records
• 2020-07-24 Sold (MLS) $215,000 GSREIN
• 2020-06-05 Pending — GSREIN
• 2020-05-20 Price Changed $215,000 GSREIN
• 2020-03-16 Price Changed $219,000 GSREIN
• 2020-02-11 Listed $225,000 GSREIN
• 2020-02-11 Listed $215,000 AcadianaMLS
• 2020-01-01 Price Changed $233,900 GSREIN
• 2019-11-14 Price Changed $239,900 GSREIN
• 2019-10-08 Price Changed $244,000 GSREIN
• 2019-09-16 Price Changed $249,000 GSREIN
• 2019-08-26 Price Changed $253,000 GSREIN
• 2019-08-12 Price Changed $263,000 GSREIN
• 2019-07-30 Price Changed $268,000 GSREIN
• 2019-07-20 Listed $233,900 AcadianaMLS
• 2004-06-18 Sold (Public Records) $142,400 Public Records
• 2004-06-14 Sold (MLS) $142,400 GSREIN
• 2004-03-29 Listed $149,900 AcadianaMLS
• 2004-03-29 Listed $149,900 GSREIN

Property tax history

+0.0%/yr

Latest (2025): $2,208 · +56.7% YoY. Source: county tax records.