300 Summit Ct · Covington, LA 70435

$275,000

3 bd · 2.0 ba · 1,493 sqft · SingleFamily public records · 3 Days on market

Built 2013 Est $288k · at est. $25/mo HOA · 1% of rent

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

• Cash flow +27.1/30.0
• ARV discount +9.6/15.0
• DSCR +9.4/10.0
• 1% rule +6.4/10.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Eagle Landing in Covington! This open floor plan home features polished concrete floors, a double tray ceiling in the living room, and a kitchen built for the way you actually live -- large island, granite countertops, stainless appliances, and yes, a wine rack. The dining area is filled with natural light and looks out over the large, fenced backyard. The primary suite has a tray ceiling, custom tile shower, soaking tub, and a walk-in closet that won't disappoint. Head outside to a covered back patio, extra parking pad, and a fully fenced backyard on an oversized corner lot with rear yard access -- plenty space to spread out! Easy access to I-12, top St. Tammany Schools, shopping, and restaurants. Schedule your showing today!

Key facts

• Double tray ceiling
• Wine rack
• Stainless appliances

Tags

• POLISHED CONCRETE FLOORS
• DOUBLE TRAY CEILING
• LARGE ISLAND
• GRANITE COUNTERTOPS
• STAINLESS APPLIANCES
• WINE RACK

Property features AI

Finance

• HOA & community: Homeowners association with annual fee of $300

Exterior

• Parking: Garage; Driveway
• Utilities: Public water; Public sewer
• Home design: Single-story; Corner lot; Located outside city limits; Property condition: Excellent
• Construction: Brick, stucco and vinyl siding exterior; Shake roof; Slab foundation; Built with quality construction materials
• Exterior features: Fence; Permeable paving; Covered concrete patio/porch

Interior

• Kitchen: Dishwasher; Oven; Range; Disposal; Granite counters; Pantry; Stainless steel appliances
• Bedrooms: Total rooms: 9
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (gas); Central air conditioning
• Interior features: Attic; Tray ceilings; Ceiling fans; Granite counters; Pantry; Pull-down attic stairs; Stainless steel appliances

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $778 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Cap rate 9.7% vs local median 3.9% in Covington — 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.

Location & tenants

• Location reads 75/100 on livability (#17 in LA, #3,876 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: Madisonville Elementary School (1,145 students, 27% FRL); Covington High School (math 32% / reading 44%, grade F, #90 of 265 statewide, top 34%, 1,660 students, 46% FRL) — zoned schools at 36% FRL track the district average.
• Market conditions: 365 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,064 units permitted in St. Tammany Parish in 2024 (0 in 5+ unit buildings).
• At $3,148/mo this rent would consume 47% of the median local household income ($81k/yr) (locally 296% 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 $8k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $77k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 13y 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.
• Current owner paid $210k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $275,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.14% ✓
• Cap rate: 9.69%
• Cash-on-cash: 12.12%
• DSCR: 1.54
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $288,149
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
208 Treetop Ct	0.08mi	3/2.0	1,479 (-1%)	1mo	$260,000	$176	94
181 Northridge Dr	0.13mi	3/2.0	1,429 (-4%)	1mo	$280,000	$196	86
134 Northridge Dr	0.23mi	3/2.0	1,543 (+3%)	2mo	$250,000	$162	82
509 Bateleur Way	0.25mi	3/2.0	1,439 (-4%)	1mo	$265,000	$184	82
175 Northridge Dr	0.14mi	3/2.0	1,517 (+2%)	11mo	$240,000	$158	82
187 Northridge Dr	0.11mi	3/2.0	1,420 (-5%)	11mo	$250,000	$176	78
552 Bateleur Way	0.32mi	3/2.0	1,498 (+0%)	8mo	$277,000	$185	78
425 Bateleur Way	0.13mi	3/2.0	1,430 (-4%)	13mo	$277,500	$194	76
579 Bateleur Way	0.37mi	3/2.0	1,545 (+4%)	2mo	$298,000	$193	75
437 Bateleur Way	0.17mi	3/2.0	1,400 (-6%)	10mo	$280,000	$200	74
113 Eagle Landing Dr	0.05mi	3/2.0	1,334 (-11%)	10mo	$273,000	$205	72
132 Eagle Landing Dr	0.12mi	3/2.0	1,352 (-9%)	9mo	$267,000	$197	71

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.7%
• Equity multiple: 1.06×
• Total profit: $4,888
• Equity at exit: $41,003

10-year hold

• IRR: 11.2%
• Equity multiple: 1.88×
• Total profit: $67,737
• Equity at exit: $23,777

Cash invested: $77,000 (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 70435

• Home prices YoY: -27.3%
• Active inventory: 365
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $3,148 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$128 /mo · $1,532/yr
• Insurance: −$115
• HOA: −$25
• Vacancy / Maint / Mgmt: −$661
• Net cashflow: $778

Break-even live

Break-even rent $2,164

Max offer price $275,000

Occupancy floor 70%

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12099 Jones Rd Covington, LA	3.0	2.0	1700	$3,950	$2.32	3d	1	0.87mi
12099 Jones Rd Covington, LA	3.0	2.0	1700	$3,650	$2.15	11d	1	0.87mi

HOA detail

• Monthly dues: $25 · $300/yr

Listing history 4 events

1. 2026-06-18
   days on market $275,000 Active 3 DOM
2. 2026-06-17
   days on market $275,000 Active 2 DOM
3. 2026-06-16
   remarks 681-char remark
4. 2026-06-16
   listed $275,000 Active 1 DOM

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

Tax reassessment forecast LA · Resets to sale price

• Current annual tax: $1,532 · $128/mo
• Projected year-2 tax: $1,532 · $128/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 22% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 22 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,776
• − Mortgage interest: −$15,404
• − Property taxes: −$1,532
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,022
• − Management: −$3,022
• − HOA: −$300
• − Depreciation: −$8,000
• Taxable income: $5,120
• Est. tax owed @ 24.0%: −$1,229
• After-tax cash flow: $8,101/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.

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

Livability — Covington

• Score: 75/100
• State rank: #17
• US rank: #3876

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Saint Tammany Parish · 228,296 people
• City population: 64,351
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 22,475
• Household income: $80,926
• Rent vs Own: 12.2% rent · 87.8% own
• Severe rent burden: 296.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Black 9% Two or more races 4% Hispanic / Latino 3% Pacific Islander 2%
• Common ancestry: Lithuanian 15% Serbian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% French/Haitian/Cajun 1%

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: ▼ -76.03%
• Current HPI: 202.0458
• Rent YoY: —
• Metro: New Orleans-Metairie, 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

+674.6% since first listed

19 events — show timeline

• 2026-06-15 Listed $275,000 GSREIN
• 2026-06-15 Listed $275,000 AcadianaMLS
• 2024-10-08 Price Changed $294,900 AcadianaMLS
• 2024-10-08 Price Changed $294,900 GSREIN
• 2024-08-16 Listed $300,000 AcadianaMLS
• 2016-07-28 Sold (Public Records) $209,500 Public Records
• 2016-07-18 Sold (MLS) $209,500 GSREIN
• 2016-06-15 Pending — GSREIN
• 2016-06-09 Contingent — GSREIN
• 2016-06-05 Price Changed $209,500 GSREIN
• 2016-05-04 Price Changed $212,000 GSREIN
• 2016-03-30 Listed $214,900 GSREIN
• 2016-03-29 Listed $209,500 AcadianaMLS
• 2014-06-23 Sold (Public Records) $174,900 Public Records
• 2013-08-09 Sold (MLS) $25,000 GSREIN
• 2013-06-10 Listed $30,000 AcadianaMLS
• 2013-06-10 Listed $30,000 GSREIN
• 2011-05-23 Sold (Public Records) $174,500 Public Records
• 2010-06-03 Sold (Public Records) $35,500 Public Records

Property tax history

-5.3%/yr

Latest (2025): $1,532 · -3.4% YoY. Source: county tax records.