735-37 Minor St

Kenner, LA 70062

$168,900C

4 bd · 2.0 ba · 1,460 sqft · Built 1963 · MultiFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,405/mo
• Mortgage (P&I): −$886
• Tax + insurance: −$282
• HOA: −$0
• Vac / Maint / Mgmt: −$505
• Net cashflow: $733/mo
• Annual: $8,793/yr
• Cap rate: 11.50%
• Cash-on-cash: 18.59%
• DSCR: 1.83
• 1% rule: 1.42%
• Cash to close: $47,292

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $169k. Condition is rated poor.
• At list price, monthly cash flow is $733 ($9k/yr) — positive. Per door: $366/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $169k).
• It's been on market 17 days — a 2% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $166k (1.5% below list) — sets the bar for market timing.
• 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.
• 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: Airline Park Academy For Advanced Studies (math 92% / reading 92%, grade A+, #3 of 646 statewide, top 0%, 418 students, 16% FRL); T.H. Harris Middle School (math 8% / reading 24%, grade F, #180 of 218 statewide, top 83%, 707 students, 61% FRL); East Jefferson High School (math 18% / reading 35%, grade F, #148 of 265 statewide, top 56%, 1,348 students, 55% FRL) — zoned schools average 44% FRL vs 70% district-wide (26 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 45% at this address vs 29% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Jefferson Parish average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 91 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 518 units permitted in Jefferson Parish in 2024 (43 in 5+ unit buildings).
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $47k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.5% 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.
• At $2,405/mo this rent would consume 56% of the median local household income ($51k/yr) (locally 1082% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1963 — 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinets — Severe wear and tear, likely unsafe to use
• Major: Kitchen countertops — Severe wear and tear, likely unsafe to use
• Major: Kitchen flooring — Severe wear and tear, likely unsafe to use
• Major: Bathroom fixtures — Severe wear and tear, likely unsafe to use
• Major: Bathroom flooring — Severe wear and tear, likely unsafe to use
• Major: Exterior siding — Severe wear and tear, likely unsafe to use