503 Tops'l Dr #503 · Mandeville, LA 70448

$209,000

2 bd · 2.5 ba · 1,783 sqft · Condo · 142 Days on market

Built 1985 Good condition $117/sqft · 9% below area Est $231k · 9% under $475/mo HOA · 25% of rent ↓ 2% since listing

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Why this score? — see what drove the D- 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).

• ARV discount +11.8/15.0
• Schools +6.4/10.0
• Cash flow +6.0/30.0
• 1% rule +4.2/10.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• Rent growth +2.8/5.0
• DSCR +0.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Experience waterfront living at its finest in this two bedroom, two and a half bath condominium offering both charm and opportunity. This home features brand new luxury vinyl plank flooring flowing through the living and dining areas, creating a fresh foundation for you personal touches. The inviting living room is highlighted by a cozy wood burning fireplace. The kitchen offers a convenient bar height opening into the dining area allowing for casual dining and gatherings, while also presenting an excellent opportunity for updates to suit your style. The bathrooms similarly offer great potential for renovation and customization. Both spacious bedrooms serve as private retreats, each with its own balcony. The primary bedroom elevates comfort even further with its own wood burning fireplace, adding warmth and ambiance.

Key facts

• $475 HOA
• Parking
• Built 1985

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $209k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-399 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $151k (27.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $192k (7.9% below list).
• Recommended offer: $151k (27.7% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 77/100 on livability (#13 in LA, #3,224 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: Mandeville Elementary School (math 62% / reading 72%, grade B+, #35 of 646 statewide, top 5%, 551 students, 29% FRL); Tchefuncte Middle School (math 65% / reading 71%, grade A-, #5 of 218 statewide, top 2%, 697 students, 24% FRL); Mandeville High School (math 59% / reading 63%, grade C+, #19 of 265 statewide, top 7%, 2,259 students, 22% FRL) — zoned schools average 25% FRL vs 40% district-wide (15 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 65% at this address vs 49% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the St. Tammany Parish average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+1.1%/yr); 358 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals lingering (median 81d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 77% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,064 units permitted in St. Tammany Parish in 2024 (0 in 5+ unit buildings).

Forward outlook

• 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.
• 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 142 days — a 12% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $16k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $151,198 (27.7% below list)

Questions for the listing agent

1. 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?
2. It's been on market 142 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.92% ✗
• Cap rate: 4.00%
• Cash-on-cash: -8.19%
• DSCR: 0.64
• GRM: 9.1

CMA / ARV

• ARV (median comp): $230,864
• List price: $209,000
• Delta: -9.47%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
209 Tops'l Dr #209	0.06mi	2/2.5	1,783 (0%)	2mo	$190,000	$107	96
807 Tops'l Dr #807	0.06mi	2/2.5	1,760 (-1%)	1mo	$175,000	$99	94
231 Carole Dr	0.40mi	3/2.0 (+1)	1,823 (+2%)	3mo	$380,000	$208	68
325 Coffee St	1.29mi	2/2.0	1,800 (+1%)	1mo	$485,000	$269	61
1202 Magnolia Aly	1.04mi	3/2.5 (+1)	1,740 (-2%)	2mo	$355,000	$204	55
106 Pine Aly	1.09mi	3/2.5 (+1)	1,730 (-3%)	1mo	$368,500	$213	54
110 Mulberry Ave	0.95mi	3/2.0 (+1)	1,732 (-3%)	1mo	$600,000	$346	52
805 Carondelet St	1.02mi	2/2.0	1,622 (-9%)	0mo	$230,000	$142	48
727 Hutchinson St	0.64mi	3/2.0 (+1)	1,535 (-14%)	4mo	$225,000	$147	36
213 Elmwood St	1.16mi	3/2.0 (+1)	1,583 (-11%)	4mo	$290,000	$183	36
718 Wilkinson St	1.05mi	3/2.0 (+1)	1,453 (-18%)	4mo	$264,000	$182	29
269 Oakwood Dr	1.02mi	3/2.0 (+1)	1,456 (-18%)	5mo	$249,000	$171	29

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 · 1.06% rent growth · sell at horizon

5-year hold

• IRR: -33.6%
• Equity multiple: -0.07×
• Total profit: $-62,672
• Equity at exit: $31,163

10-year hold

• IRR: -61.0%
• Equity multiple: -0.72×
• Total profit: $-100,570
• Equity at exit: $18,071

Cash invested: $58,520 (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 70448

• Rents YoY: 1.1%
• Active inventory: 358
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,924 high
• Mortgage (P&I): −$1,096
• Tax est. 1.5%: −$261 /mo · $3,135/yr
• Insurance: −$87
• HOA: −$475
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $-399

Break-even live

Break-even rent $2,430

Max offer price $151,198

Occupancy floor —

Sensitivity live

Price	-10% $-255	-5% $-327	+0% $-399	+5% $-472	+10% $-544
Rent	-10% $-551	-5% $-475	+0% $-399	+5% $-323	+10% $-247
Rate	-1.0pp $-294	-0.5pp $-346	base $-399	+0.5pp $-454	+1.0pp $-509

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: $52,250
• Closing costs: $6,270
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
705 Tops L Dr Mandeville, LA	2.0	2.5	1783	$1,700	$0.95	71d	1	0.04mi
409 Tops L Dr Mandeville, LA	2.0	2.5	1783	$1,700	$0.95	4d	1	0.05mi
409 Tops L Dr Mandeville, LA	2.0	2.5	1783	$1,700	$0.95	71d	1	0.05mi
203 Tops L Dr #203 Mandeville, LA	2.0	2.5	1750	$1,650	$0.94	139d	1	0.06mi
9 Caribbean Ct Mandeville, LA	2.0	2.5	1600	$3,225	$2.02	81d	1	0.16mi
225 Magnolia St Mandeville, LA	3.0	2.0	1400	$2,200	$1.57	81d	1	0.67mi
709 Carondelet St Mandeville, LA	3.0	2.0	1589	$2,500	$1.57	81d	1	0.94mi
509 Wilkinson St Mandeville, LA	3.0	2.0	1300	$2,000	$1.54	74d	1	0.98mi
575 Wilkinson St Mandeville, LA	2.0	2.5	2156	$3,200	$1.48	139d	1	0.99mi
518 Ramon St Mandeville, LA	3.0	2.5	1445	$1,550	$1.07	107d	1	1.01mi
518 Ramon St Mandeville, LA	3.0	2.5	1445	$1,500	$1.04	74d	1	1.01mi
1207 Rue Renoir Mandeville, LA	2.0	2.5	2041	$2,700	$1.32	139d	1	1.02mi
100 Oak Aly Mandeville, LA	3.0	2.5	1692	$2,590	$1.53	85d	1	1.07mi
215 Elmwood St Mandeville, LA	3.0	2.0	1474	$1,950	$1.32	63d	1	1.12mi
2327 Jefferson St Mandeville, LA	2.0	1.0	1250	$1,750	$1.40	6d	1	1.20mi
203 Driftwood St Mandeville, LA	3.0	2.0	1698	$1,900	$1.12	10d	1	1.27mi
214 Walnut St Mandeville, LA	3.0	2.0	1399	$1,900	$1.36	10d	1	1.30mi
209 W Hickory St Mandeville, LA	3.0	1.5	1350	$1,900	$1.41	112d	1	1.30mi
2130 Jefferson St Mandeville, LA	2.0	1.0	1290	$1,750	$1.36	10d	1	1.41mi
109 Walnut St Mandeville, LA	3.0	3.0	1597	$2,100	$1.31	119d	1	1.42mi
802 Carroll St Mandeville, LA	2.0	2.5	1264	$1,895	$1.50	81d	1	1.45mi
121 Chestnut St Mandeville, LA	3.0	2.0	1943	$1,975	$1.02	88d	1	1.47mi
418 Lafitte St Mandeville, LA	3.0	2.0	1800	$4,000	$2.22	81d	1	1.47mi
818 Carroll St Mandeville, LA	2.0	2.5	1260	$1,900	$1.51	93d	1	1.47mi
426 Lafitte St Mandeville, LA	3.0	2.5	1660	$2,700	$1.63	99d	1	1.47mi
100 Saint Ann Dr Mandeville, LA	1.0–3.0	1.0–2.5	1112	$1,582	$1.42	0d	17	1.49mi

Property features AI

Finance

• Other: Pets allowed: cats and dogs OK (no pet restrictions)37 total units in the community
• HOA & community: HOA fee of $475 (includes common areas and water)

Exterior

• Parking: Parking available in a parking lot
• Security: Smoke detectors
• Utilities: Public waterPublic sewer
• Home design: Condominium2 storiesVery good condition
• Construction: Synthetic stucco exteriorAsphalt shingle roofSlab foundation
• Exterior features: BalconyCity lotWaterfront on a lakeCommon grounds/area

Interior

• Kitchen: Pantry
• Bedrooms: 4 total rooms (bedroom count not specified)
• Bathrooms: 2 full bathrooms1 half bathroom
• Heating & cooling: Central heatingCentral air conditioningHas heating and cooling
• Interior features: Ceiling fansCarbon monoxide detectorPantryCable TV
• Laundry & utility: Washer hookupDryer hookup

HOA detail $475/mo · $5,700/yr condo

• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-09-24
   days on market $209,000 Active 142 DOM
2. 2026-09-23
   days on market $209,000 Active 141 DOM
3. 2026-09-22
   days on market $209,000 Active 140 DOM
4. 2026-09-21
   days on market $209,000 Active 139 DOM
5. 2026-09-20
   days on market $209,000 Active 138 DOM
6. 2026-09-19
   days on market $209,000 Active 137 DOM
7. 2026-09-18
   days on market $209,000 Active 136 DOM
8. 2026-09-17
   days on market $209,000 Active 135 DOM
9. 2026-09-16
   days on market $209,000 Active 134 DOM
10. 2026-09-15
    days on market $209,000 Active 133 DOM
11. 2026-09-14
    days on market $209,000 Active 132 DOM
12. 2026-09-13
    days on market $209,000 Active 131 DOM
13. 2026-09-12
    days on market $209,000 Active 130 DOM
14. 2026-09-05
    days on market $209,000 Active 123 DOM
15. 2026-09-04
    days on market $209,000 Active 122 DOM
16. 2026-09-03
    days on market $209,000 Active 121 DOM
17. 2026-08-31
    days on market $209,000 Active 118 DOM
18. 2026-08-29
    days on market $209,000 Active 116 DOM
19. 2026-08-28
    days on market $209,000 Active 115 DOM
20. 2026-08-27
    days on market $209,000 Active 114 DOM
21. 2026-08-25
    price $209,000 Active 112 DOM
22. 2026-08-25
    days on market $219,900 Active 112 DOM
23. 2026-08-24
    days on market $219,900 Active 111 DOM
24. 2026-08-23
    days on market $219,900 Active 110 DOM
25. 2026-08-22
    days on market $219,900 Active 109 DOM
26. 2026-08-21
    days on market $219,900 Active 108 DOM
27. 2026-08-20
    days on market $219,900 Active 107 DOM
28. 2026-08-19
    days on market $219,900 Active 106 DOM
29. 2026-08-18
    days on market $219,900 Active 105 DOM
30. 2026-08-17
    days on market $219,900 Active 104 DOM
31. 2026-08-16
    days on market $219,900 Active 103 DOM
32. 2026-08-15
    days on market $219,900 Active 102 DOM
33. 2026-08-14
    days on market $219,900 Active 101 DOM
34. 2026-08-13
    days on market $219,900 Active 100 DOM
35. 2026-08-12
    days on market $219,900 Active 99 DOM
36. 2026-08-11
    days on market $219,900 Active 98 DOM
37. 2026-08-10
    days on market $219,900 Active 97 DOM
38. 2026-08-09
    days on market $219,900 Active 96 DOM
39. 2026-08-08
    days on market $219,900 Active 95 DOM
40. 2026-08-07
    days on market $219,900 Active 94 DOM
41. 2026-08-06
    days on market $219,900 Active 93 DOM
42. 2026-08-05
    days on market $219,900 Active 92 DOM
43. 2026-08-04
    days on market $219,900 Active 91 DOM
44. 2026-08-03
    days on market $219,900 Active 90 DOM
45. 2026-07-31
    days on market $219,900 Active 87 DOM
46. 2026-07-30
    days on market $219,900 Active 86 DOM
47. 2026-07-30
    days on market $219,900 Active 85 DOM
48. 2026-07-28
    days on market $219,900 Active 84 DOM
49. 2026-07-26
    days on market $219,900 Active 82 DOM
50. 2026-07-24
    days on market $219,900 Active 80 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,087
• − Mortgage interest: −$11,707
• − Property taxes: −$3,135
• − Insurance: −$1,045
• − Repairs & maintenance: −$1,847
• − Management: −$1,847
• − HOA: −$5,700
• − Depreciation: −$6,080
• Taxable loss: −$8,274
• Est. tax savings @ 24.0%: +$1,986
• After-tax cash flow: $-2,808/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 · 12 photos

Good 75/100 Cosmetic rehab Est. rehab $8,915–$26,745 screening

This two-bedroom, two-and-a-half-bath condo is in good condition with recent updates, making it move-in ready and well-suited for both resale and rental.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Upgrading the kitchen backsplash — A modern backsplash can add value and functionality to the kitchen. ↑
• Both Installing smart home devices — Smart home devices can increase convenience and appeal to potential buyers/renters. ↑
• Both Landscaping improvements — Enhanced landscaping can boost curb appeal and attract more interest from potential buyers/renters. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic 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.

C Composite school gradezoned avg 64/100

Zoned Schools

Elementary Mandeville Elementary School B+ LA #35/646 Nat'l #4,366/41,679 Middle Mandeville Junior High School B+ LA #9/218 Nat'l #1,362/14,009 High Mandeville High School C+ LA #19/265 Nat'l #3,443/17,239

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 77/100

Livability — Mandeville

• Score: 77/100
• State rank: #13
• US rank: #3224

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mandeville, LA
• County: Saint Tammany Parish · 286,725 people
• City population: 50,537
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 26,338
• Household income: $95,682
• Rent vs Own: 19.4% rent · 80.6% own
• Severe rent burden: 4% 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 (82%)
• Race & ethnicity: White 82% Two or more races 10% Hispanic / Latino 9% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Lithuanian 16% Italian 2% Slovak 2%
• Foreign-born: 5% · Canada, Vietnam, Jamaica
• Languages at home: 92% English-only · Spanish 4% Russian/Polish/Slavic 1% German/W. Germanic 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: ▼ -113.97%
• Current HPI: 179.9084
• Rent YoY: ▲ 1.06%
• 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

Property features AI

Finance

• Other: Pets allowed: cats and dogs OK (no pet restrictions)37 total units in the community
• HOA & community: HOA fee of $475 (includes common areas and water)

Exterior

• Parking: Parking available in a parking lot
• Security: Smoke detectors
• Utilities: Public waterPublic sewer
• Home design: Condominium2 storiesVery good condition
• Construction: Synthetic stucco exteriorAsphalt shingle roofSlab foundation
• Exterior features: BalconyCity lotWaterfront on a lakeCommon grounds/area

Interior

• Kitchen: Pantry
• Bedrooms: 4 total rooms (bedroom count not specified)
• Bathrooms: 2 full bathrooms1 half bathroom
• Heating & cooling: Central heatingCentral air conditioningHas heating and cooling
• Interior features: Ceiling fansCarbon monoxide detectorPantryCable TV
• Laundry & utility: Washer hookupDryer hookup

Price history

-2.3% since first listed

4 events — show timeline

• 2026-05-27 Price Changed $219,900 AcadianaMLS
• 2026-05-27 Price Changed $219,900 GSREIN
• 2026-05-05 Listed $225,000 GSREIN
• 2026-05-05 Listed $225,000 AcadianaMLS