5157 Spillway Manor Dr · Slidell, LA 70461

$234,900

3 bd · 2.0 ba · 1,343 sqft · SingleFamily · 192 Days on market

Built 2026 Excellent condition 8,276 sqft lot $175/sqft · 11% below area Est $264k · 11% under $62/mo HOA · 3% of rent

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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 +12.5/15.0
• Cash flow +11.6/30.0
• Condition / age +4.8/5.0
• 1% rule +3.7/10.0
• Livability +3.5/5.0
• DSCR +3.4/10.0
• Rent growth +2.9/5.0
• Schools +2.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 5157 Spillway Manor Dr. , Slidell, La, a beautifully designed single-story new construction home in Lakeshore Villages. The Azalea offers 3 bedrooms, 2 bathrooms, and a 2-car garage across 1,349 square feet of thoughtfully planned living space. This efficient, open-concept layout is perfect for homebuyers looking for modern comfort, low-maintenance living, and the convenience of a one-level design. Step through the covered front porch into a welcoming foyer that leads into the heart of the home. The Azalea's open-concept kitchen, dining, and living room create a bright, seamless space ideal for everyday living and effortless entertaining. The modern kitchen features a centrally located island overlooking the living area, a walk-in pantry, and convenient access to the dining room. Homebuyers will love the stainless steel appliances-including a stove, microwave hood, and dishwasher-paired with 3 cm granite countertops throughout, adding both durability and style to the space. At the rear of the home, the primary bedroom suite offers a private retreat with a spacious layout, a large walk-in closet, and a well-appointed en suite bathroom featuring a double-sink vanity and linen storage. Bedrooms 2 and 3 are positioned at the front of the home with access to a full secondary bathroom, providing comfort and flexibility for families, guests, work-from-home needs, or creative space.

Key facts

• Azaela floor plan
• 8,276 sq ft lot
• Garage

Tags

• AZAELA FLOOR PLAN
• LOW-MAINTENANCE HOMESITE
• OPEN-CONCEPT LIVING AREA
• SHAKER-STYLE CABINETRY
• 3 CM GRANITE COUNTERTOPS
• SINGLE-BASIN UNDERMOUNT SINK

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $235k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-74 ($-884/yr) — negative.
• To cash-flow at today's rent, offer at most $224k (4.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $204k (13.2% below list).
• Recommended offer: $204k (13.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 70/100 on livability (#57 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living 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: W.L. Abney Elementary School (math 31% / reading 38%, grade F, #284 of 646 statewide, top 46%, 1,094 students, 70% FRL); St. Tammany Junior High School (math 19% / reading 41%, grade F, #114 of 218 statewide, top 53%, 793 students, 68% FRL); Salmen High School (math 15% / reading 27%, grade F, #179 of 265 statewide, top 68%, 1,216 students, 62% FRL) — zoned schools average 67% FRL vs 40% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 28% at this address vs 49% district-wide (-20 pts) — the specific schools serving this property underperform the St. Tammany Parish average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.7%/yr); 690 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals lingering (median 35d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% 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 $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 192 days — a 12% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $16k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $204,010 (13.2% 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 192 days. Have you received any prior offers? Is the seller open to a 13% 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. 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. 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?
8. 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.
9. 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.
10. 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: 0.87% ✗
• Cap rate: 5.92%
• Cash-on-cash: -1.34%
• DSCR: 0.94
• GRM: 9.6

CMA / ARV

• ARV (median comp): $264,441
• List price: $234,900
• Delta: -9.28%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5349 Bypass Breeze Dr	0.07mi	3/2.0	1,349 (+0%)	10mo	$250,000	$185	87
5109 Spillway Manor Dr	0.12mi	3/2.0	1,349 (+0%)	8mo	$232,900	$173	87
5324 Bypass Breeze Dr	0.13mi	3/2.0	1,510 (+12%)	19mo	$268,900	$178	57
908 Lakeshore Village Pt	0.36mi	3/2.0	1,513 (+13%)	8mo	$234,900	$155	56
744 Lakeshore Village Dr	0.52mi	3/2.0	1,513 (+13%)	9mo	$235,000	$155	47

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 · 1.72% rent growth · sell at horizon

5-year hold

• IRR: -20.0%
• Equity multiple: 0.31×
• Total profit: $-45,281
• Equity at exit: $35,024

10-year hold

• IRR: -16.0%
• Equity multiple: 0.16×
• Total profit: $-55,567
• Equity at exit: $20,310

Cash invested: $65,772 (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: 36 active · 17 under contract
• Months of supply: 12.0 mo (8%/mo absorbed)
• Median asking: $235,900 ($164/sqft)
• Median days on market: 128 d
• This list price: 47% of active listings are priced below it
• ARV vs active asking: +20.0% above current asking $/sqft

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

ZIP-level market 70461

• Home prices YoY: -33.0%
• Rents YoY: 1.7%
• Active inventory: 690
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,040 high
• Mortgage (P&I): −$1,232
• Tax est. 1.5%: −$294 /mo · $3,524/yr
• Insurance: −$98
• HOA: −$62
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $-74

Break-even live

Break-even rent $2,133

Max offer price $224,241

Occupancy floor 99%

Sensitivity live

Price	-10% $89	-5% $8	+0% $-74	+5% $-155	+10% $-236
Rent	-10% $-235	-5% $-154	+0% $-74	+5% $7	+10% $88
Rate	-1.0pp $45	-0.5pp $-14	base $-74	+0.5pp $-135	+1.0pp $-196

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: $58,725
• Closing costs: $7,047
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5265 Summer Pecan Rd Slidell, LA	4.0	2.0	1647	$2,200	$1.34	17d	1	0.18mi
3604 Spruce Key Ln Slidell, LA	3.0–4.0	2.0	1539	$2,150	$1.40	93d	1	0.46mi
3604 Spruce Key Ln Slidell, LA	3.0–4.0	2.0	1586	$2,195	$1.38	11d	13	0.46mi
408 Lakeshore Vlg E Slidell, LA	3.0	2.0	1785	$2,395	$1.34	46d	1	0.47mi
3616 Spruce Key Ln Slidell, LA	3.0	2.0	1635	$2,395	$1.46	16d	1	0.48mi
3900 Lakeshore Blvd E Unit 233 Slidell, LA	2.0	2.0	1219	$1,690	$1.39	65d	1	0.62mi
541 New Basin Rd Slidell, LA	3.0	2.0	1447	$2,250	$1.55	41d	1	0.64mi
3900 Lakeshore Blvd E Slidell, LA	2.0	2.0	1219	$1,755	$1.44	51d	2	0.68mi
3900 Lakeshore Blvd E #125 Slidell, LA	2.0	2.0	1219	$1,670	$1.37	93d	1	0.68mi
3900 Lakeshore Blvd E Slidell, LA	2.0	2.0	1219	$1,755	$1.44	11d	1	0.68mi
301 Lakeshore Blvd N Slidell, LA	1.0–4.0	1.0–2.0	1134	$1,408	$1.24	11d	1	0.77mi
5579 Grand Springs Rd Slidell, LA	4.0	2.0	1867	$2,200	$1.18	93d	1	0.78mi
7535 1st Lake Dr Slidell, LA	3.0	2.0	1564	$2,195	$1.40	34d	1	0.88mi
7535 1st Lake Dr Slidell, LA	3.0	2.0	1564	$2,195	$1.40	66d	1	0.88mi
3500 Oak Harbor Blvd Slidell, LA	1.0–2.0	1.0–2.0	880	$1,500	$1.70	11d	15	0.90mi
713 Lakeshore Vlg E Slidell, LA	3.0	2.0	1563	$2,100	$1.34	93d	1	1.01mi
7472 1st Lake Dr Slidell, LA	3.0	2.0	1298	$2,000	$1.54	20d	1	1.02mi
200 Long St Slidell, LA	2.0–4.0	2.0	1112	$1,373	$1.23	11d	1	1.43mi
62200 W End Blvd Slidell, LA	1.0–2.0	1.0–2.0	816	$1,355	$1.66	11d	15	1.47mi

Listing history 50 events

1. 2026-08-08
   days on market $234,900 Active 192 DOM
2. 2026-08-07
   pricedays on market $234,900 Active 191 DOM
3. 2026-08-06
   days on market $239,900 Active 190 DOM
4. 2026-08-05
   days on market $239,900 Active 189 DOM
5. 2026-08-04
   days on market $239,900 Active 188 DOM
6. 2026-08-03
   days on market $239,900 Active 187 DOM
7. 2026-07-31
   days on market $239,900 Active 184 DOM
8. 2026-07-30
   days on market $239,900 Active 182 DOM
9. 2026-07-28
   pricedays on market $239,900 Active 181 DOM
10. 2026-07-26
    days on market $247,900 Active 179 DOM
11. 2026-07-24
    days on market $247,900 Active 177 DOM
12. 2026-07-23
    days on market $247,900 Active 176 DOM
13. 2026-07-22
    days on market $247,900 Active 175 DOM
14. 2026-07-21
    days on market $247,900 Active 174 DOM
15. 2026-07-20
    days on market $247,900 Active 173 DOM
16. 2026-07-18
    days on market $247,900 Active 171 DOM
17. 2026-07-18
    days on market $247,900 Active 170 DOM
18. 2026-07-16
    days on market $247,900 Active 169 DOM
19. 2026-07-15
    days on market $247,900 Active 168 DOM
20. 2026-07-14
    days on market $247,900 Active 167 DOM
21. 2026-07-13
    days on market $247,900 Active 166 DOM
22. 2026-07-13
    days on market $247,900 Active 165 DOM
23. 2026-07-11
    days on market $247,900 Active 164 DOM
24. 2026-07-10
    days on market $247,900 Active 163 DOM
25. 2026-07-09
    pricedays on market $247,900 Active 162 DOM
26. 2026-07-07
    days on market $250,900 Active 160 DOM
27. 2026-07-06
    days on market $250,900 Active 159 DOM
28. 2026-07-05
    days on market $250,900 Active 158 DOM
29. 2026-07-03
    days on market $250,900 Active 156 DOM
30. 2026-07-02
    days on market $250,900 Active 155 DOM
31. 2026-07-01
    days on market $250,900 Active 154 DOM
32. 2026-06-30
    days on market $250,900 Active 153 DOM
33. 2026-06-29
    days on market $250,900 Active 152 DOM
34. 2026-06-28
    days on market $250,900 Active 151 DOM
35. 2026-06-27
    days on market $250,900 Active 150 DOM
36. 2026-06-27
    days on market $250,900 Active 149 DOM
37. 2026-06-25
    days on market $250,900 Active 147 DOM
38. 2026-06-22
    days on market $250,900 Active 145 DOM
39. 2026-06-21
    days on market $250,900 Active 144 DOM
40. 2026-06-18
    days on market $250,900 Active 141 DOM
41. 2026-06-17
    days on market $250,900 Active 140 DOM
42. 2026-06-16
    days on market $250,900 Active 139 DOM
43. 2026-06-15
    days on market $250,900 Active 138 DOM
44. 2026-06-13
    days on market $250,900 Active 136 DOM
45. 2026-06-10
    days on market $250,900 Active 133 DOM
46. 2026-06-09
    days on market $250,900 Active 132 DOM
47. 2026-06-08
    days on market $250,900 Active 131 DOM
48. 2026-06-07
    days on market $250,900 Active 130 DOM
49. 2026-06-03
    days on market $250,900 Active 126 DOM
50. 2026-06-02
    days on market $250,900 Active 125 DOM

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

Taxation est. · year 1

• Rental income: $24,481
• − Mortgage interest: −$13,158
• − Property taxes: −$3,524
• − Insurance: −$1,174
• − Repairs & maintenance: −$1,958
• − Management: −$1,958
• − HOA: −$744
• − Depreciation: −$6,833
• Taxable loss: −$4,869
• Est. tax savings @ 24.0%: +$1,169
• After-tax cash flow: $285/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

Excellent 95/100 None rehab

This single-family home in Slidell, Louisiana, is in excellent condition with a modern design and well-maintained exterior. It offers a good investment opportunity with potential for both resale and rental value through minor updates.

Value-add opportunities

• Both Painting the exterior brick and updating landscaping — Enhances curb appeal and can increase both resale and rental value. ↑
• Both Adding smart home features — Improves convenience and can attract tech-savvy buyers or renters. ↑
• Resale Upgrading the kitchen appliances — Modernizes the kitchen and can attract more buyers. ↑
• Rental Adding a smart thermostat — Improves energy efficiency and can attract renters looking for eco-friendly options. ↑

F Composite school gradezoned avg 26/100

Zoned Schools

Elementary Abney Elementary Early Childhood Center Middle St. Tammany Junior High School F LA #114/218 Nat'l #8,861/14,009 High Salmen High School F LA #179/265 Nat'l #13,947/17,239

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 70/100

Livability — Slidell

• Score: 70/100
• State rank: #57
• US rank: #7673

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Saint Tammany Parish · 286,725 people
• City population: 95,511
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 34,808
• Household income: $89,003
• Rent vs Own: 23.1% rent · 76.9% own
• Severe rent burden: 25% 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: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 55% Black 24% Two or more races 14% Hispanic / Latino 11% Asian 3%
• Common ancestry: Lithuanian 9% Italian 1% Romanian 1%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 89% English-only · Spanish 7% Chinese 1% Vietnamese 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: ▼ -74.47%
• Current HPI: 151.3353
• Rent YoY: ▲ 1.72%
• 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

+0.0% since first listed

3 events — show timeline

• 2026-01-30 Listed $250,900 Zillow
• 2026-01-28 Listed $250,900 AcadianaMLS
• 2026-01-28 Listed $250,900 GSREIN