204 E State St #2 · Baton Rouge, LA 70802

$350,000

None bd · None ba · 1,426 sqft · Condo · 30 Days on market

Fair condition

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Why this score? — see what drove the F 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 +7.5/15.0
• Rent growth +4.1/5.0
• Livability +3.7/5.0
• Schools +2.4/10.0
• Condition / age +2.2/5.0
• Cash flow +1.4/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Developer's Dream Near LSU - Income Now, Expansion Potential for the Future Unlock the possibilities with this exceptional Baton Rouge investment opportunity featuring two income-producing duplexes plus two additional lots in a rapidly growing corridor just minutes from Louisiana State University. Located at 204-206 E. State Street and 226 A&B State Street, 240 E State Street (lot) and a parcel in between properties, this rare multi-property package offers the perfect blend of immediate cash flow and outstanding redevelopment potential. Fully occupied and generating steady rental income, these well-maintained duplexes showcase timeless architectural charm with desirable features including 9-foot ceilings, hardwood floors, newer roofs, and individually metered utilities for streamlined management and tenant convenience. The prime location near LSU ensures continued rental demand and long-term investment stability. What truly sets this portfolio apart is the incredible opportunity for new construction and multi-unit development. The additional lots create a unique canvas for developers/investors looking to expand, build additional units, increase density, or capitalize on the area's ongoing growth and housing demand. This multi-property package is ideal for investors seeking stable cash flow, proximity to LSU, and long-term appreciation potential in the growing Baton Rouge market. All information is believed to be accurate but not guaranteed and should be independently verified by purchaser. Measurements, occupancy status, zoning, lot dimensions, and investment projections are approximate and subject to buyer verification.

Key facts

• Additional lots
• Newer roofs
• Steady rental income

Tags

• INCOME PRODUCING DUPLEXES
• ADDITIONAL LOTS
• MULTI PROPERTY PACKAGE
• STEADY RENTAL INCOME
• HARDWOOD FLOORS
• NEWER ROOFS

Property features AI

Finance

• Other: Located in the Arbour Place subdivision

Exterior

• Parking: Parking lot with 4 spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property; Duplex; 2 stories
• Construction: Frame construction; Cement siding; Shingle roof
• Exterior features: Front porch

Interior

• Kitchen: Gas cooktop; Refrigerator
• Flooring: Tile; Wood; Ceramic tile
• Heating & cooling: Wall furnace heating; Window unit cooling
• Interior features: High ceilings

What this means for you Summary

Snapshot

• This is a condo listed at $350k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-2k ($-22k/yr) — negative.
• To cash-flow at today's rent, offer at most $88k (74.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (62.5% below list).
• Recommended offer: $88k (74.8% below list) — sets the bar for cash-flow.
• Cap rate 1.6% vs local median 4.3% in Baton Rouge — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 74/100 on livability (#24 in LA, #4,535 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A+; Watch: amenities D, crime F, employment D-.
• East Baton Rouge Parish (urban): math 22% / reading 34% proficiency, ranked #47 of 98 in LA (top 48%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+6.6%/yr); 188 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,252 units permitted in East Baton Rouge Parish in 2024 (440 in 5+ unit buildings).
• At $1,312/mo this rent would consume 46% of the median local household income ($34k/yr) (locally 1831% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• East Baton Rouge County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($345k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $88,260 (74.8% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 0.37% ✗
• Cap rate: 1.55%
• Cash-on-cash: -16.93%
• DSCR: 0.25
• GRM: 22.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.59% rent growth · sell at horizon

5-year hold

• IRR: -59.1%
• Equity multiple: -0.70×
• Total profit: $-166,728
• Equity at exit: $52,186

10-year hold

• IRR: —
• Equity multiple: -1.76×
• Total profit: $-270,690
• Equity at exit: $30,262

Cash invested: $98,000 (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 70802

• Rents YoY: 6.6%
• Active inventory: 188
• Price-to-rent: 22.2×

Monthly cashflow live

• Estimated rent: $1,312 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $-1,809

Break-even live

Break-even rent $3,602

Max offer price $88,260

Occupancy floor —

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
408 E State St Unit B Baton Rouge, LA	2.0	2.0	1258	$1,100	$0.87	43d	1	0.11mi
417 E State St Baton Rouge, LA	3.0	1.0–2.0	849	$1,202	$1.41	14d	26	0.13mi
3101 Highland Rd Baton Rouge, LA	2.0	1.0	955	$1,038	$1.09	14d	2	0.21mi
470 E McKinley St Baton Rouge, LA	3.0	1.0	1200	$1,185	$0.99	23d	1	0.41mi
2273 Carolina St Baton Rouge, LA	3.0	2.0	1244	$1,050	$0.84	43d	1	0.62mi
634 W Grant St Baton Rouge, LA	3.0	2.0	1467	$1,850	$1.26	43d	1	0.64mi
1104 E Harrison St Unit A Baton Rouge, LA	2.0	2.0	1100	$975	$0.89	43d	1	0.77mi
2030 Colorado St Baton Rouge, LA	1.0	1.0	900	$700	$0.78	43d	1	0.77mi
1917 Minnesota St Unit A Baton Rouge, LA	2.0	2.0	917	$1,350	$1.47	43d	1	0.91mi
1917 Minnesota St Unit A Baton Rouge, LA	2.0	2.0	917	$1,350	$1.47	23d	1	0.91mi
4264 Oxford Ave Unit 3 Baton Rouge, LA	2.0	1.0	1000	$1,350	$1.35	43d	1	0.95mi
4264 Oxford Ave Unit 4 Baton Rouge, LA	2.0	1.0	1000	$1,295	$1.29	23d	1	0.95mi
1538 Fig St Baton Rouge, LA	3.0	1.0	1100	$1,100	$1.00	23d	1	0.97mi
2539 Fiero St Baton Rouge, LA	2.0	2.0	1752	$2,600	$1.48	43d	1	0.99mi
998 Stanford Ave #308 Baton Rouge, LA	2.0	2.5	1744	$3,000	$1.72	43d	1	1.06mi
4464 Highland Rd Baton Rouge, LA	2.0	2.0	1219	$1,675	$1.37	43d	1	1.15mi
436 Jennifer Jean Dr Baton Rouge, LA	3.0	2.0	1100	$1,950	$1.77	14d	1	1.18mi
436 Jennifer Jean Dr Baton Rouge, LA	3.0	2.0	1100	$1,950	$1.77	23d	1	1.18mi
1430 S 17th St Baton Rouge, LA	3.0	2.0	1136	$3,499	$3.08	43d	1	1.22mi
555 Ursuline Dr Baton Rouge, LA	2.0	1.5	1576	$1,800	$1.14	23d	1	1.22mi
4441 Burbank Dr Baton Rouge, LA	3.0	2.0–3.0	1544	$1,750	$1.13	43d	2	1.23mi
4441 Burbank Dr #108 Baton Rouge, LA	3.0	3.0	1500	$1,725	$1.15	23d	1	1.24mi
582 Jennifer Jean Dr Baton Rouge, LA	3.0	2.0	1370	$1,500	$1.09	43d	1	1.26mi
1805 Perkins Rd Unit 1805 Baton Rouge, LA	1.0	1.0	1000	$1,500	$1.50	14d	1	1.27mi
1327 S 17th St Baton Rouge, LA	2.0	1.0	955	$950	$0.99	23d	1	1.28mi
101 Baton Rouge, LA	1.0–2.0	1.0–2.0	803	$1,696	$2.11	14d	28	1.35mi
1522 Stephens Ave Unit A Baton Rouge, LA	2.0	1.0	1302	$1,800	$1.38	23d	1	1.39mi
1522 Stephens Ave Unit Main House Baton Rouge, LA	2.0	1.5	1302	$1,800	$1.38	43d	1	1.39mi
1133 Maximillian St Baton Rouge, LA	3.0	2.0	1240	$1,100	$0.89	43d	1	1.39mi
837 E Boyd Dr Unit A Baton Rouge, LA	2.0	1.5	1080	$1,300	$1.20	19d	1	1.39mi
839 E Boyd Dr Unit C Baton Rouge, LA	2.0	1.5	1080	$1,400	$1.30	19d	1	1.39mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $350,000 Active 30 DOM
2. 2026-06-17
   days on market $350,000 Active 29 DOM
3. 2026-06-16
   days on market $350,000 Active 28 DOM
4. 2026-06-15
   days on market $350,000 Active 27 DOM
5. 2026-06-14
   days on market $350,000 Active 25 DOM
6. 2026-06-10
   days on market $350,000 Active 22 DOM
7. 2026-06-09
   days on market $350,000 Active 21 DOM
8. 2026-06-08
   days on market $350,000 Active 20 DOM
9. 2026-06-07
   days on market $350,000 Active 19 DOM
10. 2026-06-05
    days on market $350,000 Active 16 DOM
11. 2026-06-03
    days on market $350,000 Active 15 DOM
12. 2026-06-02
    days on market $350,000 Active 14 DOM
13. 2026-06-01
    days on market $350,000 Active 13 DOM
14. 2026-05-31
    days on market $350,000 Active 12 DOM
15. 2026-05-31
    days on market $350,000 Active 11 DOM
16. 2026-05-14
    listed $350,000 Active

    Show marketing remark (1652 chars)

    Developer's Dream Near LSU - Income Now, Expansion Potential for the Future Unlock the possibilities with this exceptional Baton Rouge investment opportunity featuring two income-producing duplexes plus two additional lots in a rapidly growing corridor just minutes from Louisiana State University. Located at 204-206 E. State Street and 226 A&B State Street, 240 E State Street (lot) and a parcel in between properties, this rare multi-property package offers the perfect blend of immediate cash flow and outstanding redevelopment potential. Fully occupied and generating steady rental income, these well-maintained duplexes showcase timeless architectural charm with desirable features including 9-foot ceilings, hardwood floors, newer roofs, and individually metered utilities for streamlined management and tenant convenience. The prime location near LSU ensures continued rental demand and long-term investment stability. What truly sets this portfolio apart is the incredible opportunity for new construction and multi-unit development. The additional lots create a unique canvas for developers/investors looking to expand, build additional units, increase density, or capitalize on the area's ongoing growth and housing demand. This multi-property package is ideal for investors seeking stable cash flow, proximity to LSU, and long-term appreciation potential in the growing Baton Rouge market. All information is believed to be accurate but not guaranteed and should be independently verified by purchaser. Measurements, occupancy status, zoning, lot dimensions, and investment projections are approximate and subject to buyer verification.

17. 2026-05-14
    listed $350,000 Active 1652-char remark

    Show marketing remark (1652 chars)

    Developer's Dream Near LSU - Income Now, Expansion Potential for the Future Unlock the possibilities with this exceptional Baton Rouge investment opportunity featuring two income-producing duplexes plus two additional lots in a rapidly growing corridor just minutes from Louisiana State University. Located at 204-206 E. State Street and 226 A&B State Street, 240 E State Street (lot) and a parcel in between properties, this rare multi-property package offers the perfect blend of immediate cash flow and outstanding redevelopment potential. Fully occupied and generating steady rental income, these well-maintained duplexes showcase timeless architectural charm with desirable features including 9-foot ceilings, hardwood floors, newer roofs, and individually metered utilities for streamlined management and tenant convenience. The prime location near LSU ensures continued rental demand and long-term investment stability. What truly sets this portfolio apart is the incredible opportunity for new construction and multi-unit development. The additional lots create a unique canvas for developers/investors looking to expand, build additional units, increase density, or capitalize on the area's ongoing growth and housing demand. This multi-property package is ideal for investors seeking stable cash flow, proximity to LSU, and long-term appreciation potential in the growing Baton Rouge market. All information is believed to be accurate but not guaranteed and should be independently verified by purchaser. Measurements, occupancy status, zoning, lot dimensions, and investment projections are approximate and subject to buyer verification.

ⓘ 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 8/10 Severe FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 21 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,744
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$6,868
• − Repairs & maintenance: −$1,260
• − Management: −$1,260
• − Depreciation: −$10,182
• Taxable loss: −$28,681
• Est. tax savings @ 24.0%: +$6,883
• After-tax cash flow: $-14,823/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 · 5 photos

Fair 45/100 Moderate rehab

This multi-family property requires significant repairs and updates to improve its condition and value. Immediate attention to the roof, exterior, and interior is necessary to prevent further damage and enhance its appeal.

Repairs flagged

• Major roof — Signs of significant damage
• Major exterior siding — Severe peeling and damage
• Major flooring — Worn and uneven
• Major interior walls — Painted walls with visible wear
• Major windows — Old and possibly drafty
• Major HVAC/mechanicals — No visible signs of recent maintenance

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace flooring — Improves living space and value
• Both Upgrade HVAC — Enhances comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Signs of significant damage	Major	$15,000–50,000
exterior siding · Severe peeling and damage	Major	$15,000–50,000
flooring · Worn and uneven	Major	$15,000–50,000
interior walls · Painted walls with visible wear	Major	$15,000–50,000
windows · Old and possibly drafty	Major	$15,000–50,000
HVAC/mechanicals · No visible signs of recent maintenance	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace flooring — Improves living space and value ↑
• Both Upgrade HVAC — Enhances comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: East Baton Rouge Parish
• NCES district ID: 2200540
• Math proficiency: 22% ▼ -36.00%
• Reading proficiency: 34% ▼ -31.00%
• Median HH income: $46,263
• Composite: 24.14/100
• National rank: #7745
• State rank: #47 of 98 in LA

Livability — Baton Rouge

• Score: 74/100
• State rank: #24
• US rank: #4535

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Baton Rouge, LA
• County: East Baton Rouge Parish · 399,686 people
• City population: 351,868
• Metro: Baton Rouge, LA
• Population (ZIP): 25,118
• Household income: $34,458
• Rent vs Own: 69.1% rent · 30.9% own
• Severe rent burden: 1831.0

Population outlook (East Baton Rouge County) Hauer SSP2

• Today (2025): 464,810 people
• By 2030: 472,137 · +1.6%
• By 2040: 480,243 · +3.3%
• By 2050: 484,422 · +4.2%
• By 2075: 492,069 · +5.9%
• By 2100: 476,347 · +2.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (69%)
• Race & ethnicity: Black 69% White 20% Two or more races 5% Hispanic / Latino 5% Asian 3%
• Common ancestry: Lithuanian 2% Italian 1% Iranian 0%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 91% English-only · Spanish 3% Tagalog/Filipino 1% Other Indo-European 1%

Political lean MEDSL · East Baton Rouge

• 2024 margin: D (+11.1) · D 54.5% · R 43.4% · Other 2.1%
• 2008→2024 swing: +8.9pp toward D · 2008: 2.2pp · 2024: 11.1pp
• All cycles: 2024: D+11.1 2020: D+13.1 2016: D+9.2 2012: D+5.2 2008: D+2.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -137.02%
• Current HPI: 47.7285
• Rent YoY: ▲ 6.59%
• Metro: Baton Rouge, LA
• State GDP YoY: ▲ 3.29%
• F500 in state: 10

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

2 events — show timeline

• 2026-05-14 Listed $350,000 AcadianaMLS
• 2026-05-14 Listed $350,000 GBRMLS