2412 Pinehurst Blvd

Shreveport, LA 71104

$205,000C+

48 bd · 36.0 ba · 4,472 sqft · Built 1940 · MultiFamily · Pending · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,033/mo
• Mortgage (P&I): −$1,075
• Tax + insurance: −$304
• HOA: −$0
• Vac / Maint / Mgmt: −$1,687
• Net cashflow: $4,967/mo
• Annual: $59,608/yr
• Cap rate: 35.37%
• Cash-on-cash: 103.85%
• DSCR: 5.62
• 1% rule: 3.92%
• Cash to close: $57,400

Investor read

• This is a 6 × 8-bed/6.0-bath units multifamily listed at $205k.
• At list price, monthly cash flow is $5k ($60k/yr) — positive. Per door: $828/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $205k).
• It's been on market 61 days — a 6% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $193k (6.0% 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 $6k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#270 in LA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: schools D+, crime F, amenities F.
• Caddo Parish (urban): math 21% / reading 32% proficiency, ranked #53 of 98 in LA (top 54%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.6%/yr); 146 active listings in the ZIP; 221 units permitted in Caddo Parish in 2024 (0 in 5+ unit buildings).
• Caddo County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 4y ago 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 + 3.6% rent growth), your $57k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 66% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 35.4% vs local median 5.7% in Shreveport — 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 $8,033/mo this rent would consume 170% of the median local household income ($57k/yr) (locally 759% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F 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?