407 Miller Ave · Leesville, LA 71446

$115,000

4 bd · 2.0 ba · 2,285 sqft · SingleFamily · 120 Days on market

Fair condition 0.75 ac lot $50/sqft · 43% below area Est $201k · 43% under ↓ 23% since listing

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.9/5.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

This single-family home offers great potential for investors or buyers looking to add their personal touch. Featuring 4 bedrooms and 2 bathrooms, this spacious property includes a pantry, a large utility room, and a partially fenced backyard--perfect for future improvements or outdoor enjoyment. With a little TLC, this home could be transformed into a fantastic rental or primary residence. Conveniently situated within walking distance to Leesville High School, it provides easy access to local amenities, schools, and daily needs. Don't miss this value-packed opportunity to invest in Leesville!

Key facts

• Pantry
• Large utility room
• 0.75 acre lot

Tags

• PANTRY
• LARGE UTILITY ROOM
• PARTIALLY FENCED BACKYARD
• EASY ACCESS TO LOCAL AMENITIES

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $115k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $757 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $105k (9.0% below list) — sets the bar for market timing.
• Cap rate 14.2% vs local median 5.9% in Leesville — 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 73/100 on livability (#30 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: crime F, amenities F, commute F.
• Vernon Parish (rural): math 35% / reading 51% proficiency, ranked #18 of 98 in LA (top 18%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rosepine Elementary School (math 25% / reading 50%, grade F, #247 of 646 statewide, top 39%, 830 students, 55% FRL); Vernon Middle School (math 30% / reading 41%, grade F, #91 of 218 statewide, top 42%, 477 students, 60% FRL); Leesville High School (math 32% / reading 54%, grade F, #66 of 265 statewide, top 25%, 884 students, 47% FRL).
• Market conditions: Rents rising fast (+9.6%/yr); 290 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 26 units permitted in Vernon Parish in 2024 (0 in 5+ unit buildings).
• This rent runs 40% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Vernon County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $32k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($105k) is reasonable based on typical stale-listing flexibility.

Recommended offer $104,650 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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. 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.
8. 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.
9. 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: 1.61% ✓
• Cap rate: 14.19%
• Cash-on-cash: 28.22%
• DSCR: 2.26
• GRM: 5.2

CMA / ARV

• ARV (median comp): $200,871
• List price: $115,000
• Delta: -42.75%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
103 S 7th St	0.64mi	4/3.0	2,370 (+4%)	4mo	$283,900	$120	57
204 N 1st St	0.43mi	3/2.0 (-1)	1,805 (-21%)	16mo	$150,000	$83	37
109 Nelda	1.47mi	5/2.5 (+1)	2,187 (-4%)	19mo	$155,000	$71	35
1213 Port Arthur Ter	1.16mi	3/2.0 (-1)	2,016 (-12%)	7mo	$213,000	$106	35
1307 S 11th St	1.49mi	4/2.5	1,992 (-13%)	9mo	$265,000	$133	34
110 Rabbit Run Rd	1.18mi	4/2.5	2,560 (+12%)	12mo	$365,000	$143	33
309 Alexandria Hwy	1.44mi	4/2.5	1,985 (-13%)	12mo	$242,500	$122	31
902 S 10th St	1.16mi	4/2.0	1,824 (-20%)	12mo	$240,000	$132	30
1007 S 10th St	1.27mi	3/2.0 (-1)	1,820 (-20%)	10mo	$280,000	$154	27
8411 Kurthwood Rd	0.77mi	3/2.0 (-1)	1,985 (-13%)	14mo	$161,500	$81	26
802 Dennis Ave	1.49mi	3/4.0 (-1)	1,725 (-24%)	5mo	$140,000	$81	23
1209 Port Arthur Ter	1.15mi	3/2.5 (-1)	1,785 (-22%)	21mo	$245,000	$137	16

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 27.6%
• Equity multiple: 2.22×
• Total profit: $39,333
• Equity at exit: $17,147

10-year hold

• IRR: 37.9%
• Equity multiple: 5.37×
• Total profit: $140,715
• Equity at exit: $9,943

Cash invested: $32,200 (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: 5 active · 2 under contract
• Months of supply: 30.0 mo (3%/mo absorbed)
• Median asking: $170,000 ($94/sqft)
• Median days on market: 100 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -6.7% vs current asking $/sqft

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

ZIP-level market 71446

• Home prices YoY: -32.1%
• Rents YoY: 9.6%
• Active inventory: 290
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,849 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$53 /mo · $635/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $757

Break-even live

Break-even rent $891

Max offer price $115,000

Occupancy floor 54%

Sensitivity live

Price	-10% $822	-5% $790	+0% $757	+5% $725	+10% $692
Rent	-10% $611	-5% $684	+0% $757	+5% $830	+10% $903
Rate	-1.0pp $815	-0.5pp $786	base $757	+0.5pp $727	+1.0pp $697

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: $28,750
• Closing costs: $3,450
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
400 S 7th St Leesville, LA	3.0	2.0	1600	$1,550	$0.97	6d	1	0.79mi
1219 Port Arthur Ter Leesville, LA	3.0	2.0	1800	$1,400	$0.78	139d	1	1.20mi

Property features AI

Exterior

• Utilities: Public waterPublic sewer
• Home design: Single-family residenceOne story
• Construction: Brick and vinyl siding exteriorSlab foundation
• Exterior features: Composition roofLocated on a corner lotZoned residential

Interior

• Bathrooms: 2 full bathrooms
• Interior features: 10 total rooms

Listing history 50 events

1. 2026-09-24
   days on market $115,000 Active 120 DOM
2. 2026-09-23
   days on market $115,000 Active 119 DOM
3. 2026-09-21
   days on market $115,000 Active 117 DOM
4. 2026-09-20
   days on market $115,000 Active 116 DOM
5. 2026-09-19
   days on market $115,000 Active 115 DOM
6. 2026-09-18
   days on market $115,000 Active 114 DOM
7. 2026-09-17
   days on market $115,000 Active 113 DOM
8. 2026-09-16
   days on market $115,000 Active 112 DOM
9. 2026-09-15
   days on market $115,000 Active 111 DOM
10. 2026-09-14
    days on market $115,000 Active 110 DOM
11. 2026-09-13
    days on market $115,000 Active 109 DOM
12. 2026-09-12
    days on market $115,000 Active 108 DOM
13. 2026-09-11
    days on market $115,000 Active 107 DOM
14. 2026-09-05
    days on market $115,000 Active 101 DOM
15. 2026-09-04
    days on market $115,000 Active 100 DOM
16. 2026-09-03
    days on market $115,000 Active 99 DOM
17. 2026-09-02
    days on market $115,000 Active 98 DOM
18. 2026-08-30
    days on market $115,000 Active 95 DOM
19. 2026-08-29
    days on market $115,000 Active 94 DOM
20. 2026-08-28
    days on market $115,000 Active 93 DOM
21. 2026-08-27
    days on market $115,000 Active 92 DOM
22. 2026-08-25
    days on market $115,000 Active 90 DOM
23. 2026-08-24
    days on market $115,000 Active 89 DOM
24. 2026-08-23
    days on market $115,000 Active 88 DOM
25. 2026-08-22
    days on market $115,000 Active 87 DOM
26. 2026-08-21
    days on market $115,000 Active 86 DOM
27. 2026-08-20
    days on market $115,000 Active 85 DOM
28. 2026-08-19
    days on market $115,000 Active 84 DOM
29. 2026-08-18
    days on market $115,000 Active 83 DOM
30. 2026-08-17
    days on market $115,000 Active 82 DOM
31. 2026-08-16
    days on market $115,000 Active 81 DOM
32. 2026-08-15
    days on market $115,000 Active 80 DOM
33. 2026-08-14
    days on market $115,000 Active 79 DOM
34. 2026-08-13
    days on market $115,000 Active 78 DOM
35. 2026-08-12
    days on market $115,000 Active 77 DOM
36. 2026-08-11
    days on market $115,000 Active 76 DOM
37. 2026-08-10
    days on market $115,000 Active 75 DOM
38. 2026-08-09
    days on market $115,000 Active 74 DOM
39. 2026-08-08
    days on market $115,000 Active 73 DOM
40. 2026-08-07
    days on market $115,000 Active 72 DOM
41. 2026-08-06
    days on market $115,000 Active 71 DOM
42. 2026-08-05
    days on market $115,000 Active 70 DOM
43. 2026-08-04
    days on market $115,000 Active 69 DOM
44. 2026-08-03
    days on market $115,000 Active 68 DOM
45. 2026-07-31
    days on market $115,000 Active 65 DOM
46. 2026-07-30
    days on market $115,000 Active 64 DOM
47. 2026-07-29
    days on market $115,000 Active 63 DOM
48. 2026-07-27
    days on market $115,000 Active 61 DOM
49. 2026-07-25
    days on market $115,000 Active 59 DOM
50. 2026-07-24
    days on market $115,000 Active 58 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: $635 · $53/mo
• Projected year-2 tax: $635 · $53/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $22,193
• − Mortgage interest: −$6,442
• − Property taxes: −$635
• − Insurance: −$575
• − Repairs & maintenance: −$1,775
• − Management: −$1,775
• − Depreciation: −$3,345
• Taxable income: $7,645
• Est. tax owed @ 24.0%: −$1,835
• After-tax cash flow: $7,251/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

Fair 45/100 Moderate rehab Est. rehab $57,125–$102,825 screening

This single-family home requires moderate renovations to update the kitchen and bathroom, replace the roof, and improve the landscaping. With these updates, it could significantly increase its value for both resale and rental.

Components & finishes AI

Roof asphalt shingle · good Flooring tile

Deferred maintenance Est. $3,000–$12,000 screening

• Minor Roof (roof) — No visible signs of damage or wear on the roof.
• Minor Windows (windows) — No visible signs of damage or wear on the windows.
• Minor Electrical (electrical) — No visible signs of damage or wear on the electrical components.
• Minor Plumbing (plumbing) — No visible signs of damage or wear on the plumbing.
• Minor Exterior (exterior) — No visible signs of damage or wear on the exterior.
• Minor Other — No visible signs of damage or wear on other components.

Repairs flagged

• Moderate kitchen cabinets — dated and worn
• Moderate bathroom fixtures — dated and worn
• Moderate roof — visible wear

Value-add opportunities

• Both update kitchen cabinets and fixtures — modernizing kitchen would appeal to both buyers and renters ↑
• Both replace roof — new roof would improve both resale and rental value ↑
• Both landscaping and curb appeal — improved landscaping would enhance curb appeal and attract more potential buyers ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 38/100

Zoned Schools

Elementary East Leesville Elementary School Middle Leesville Junior High School F LA #95/218 Nat'l #7,813/14,009 High Leesville High School F LA #66/265 Nat'l #7,439/17,239

Schools (NCES district)

• District: Vernon Parish
• NCES district ID: 2201830
• Math proficiency: 35% ▼ -42.00%
• Reading proficiency: 51% ▼ -32.00%
• Median HH income: $44,822
• Composite: 36.42/100
• National rank: #4674
• State rank: #18 of 98 in LA

B Composite livability gradescore 73/100

Livability — Leesville

• Score: 73/100
• State rank: #30
• US rank: #5046

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Leesville, LA
• County: Vernon Parish · 45,401 people
• City population: 21,275
• Metro: Fort Polk South, LA
• Population (ZIP): 21,275
• Household income: $55,925
• Rent vs Own: 37.0% rent · 63.0% own
• Severe rent burden: 9% of renters

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Population outlook (Vernon County) Hauer SSP2

• Today (2025): 45,401 people
• By 2030: 43,015 · -5.3%
• By 2040: 38,171 · -15.9%
• By 2050: 34,087 · -24.9%
• By 2075: 28,267 · -37.7%
• By 2100: 25,486 · -43.9%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Black 16% Hispanic / Latino 6% Two or more races 5% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Lithuanian 3% Slovak 1% Romanian 1%
• Foreign-born: 3% · Canada, South Korea, Vietnam
• Languages at home: 94% English-only · Spanish 3% French/Haitian/Cajun 1%

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Political lean MEDSL · Vernon

• 2024 margin: Solid R (+67.9) · D 15.6% · R 83.4% · Other 1.0%
• 2008→2024 swing: -14.5pp toward R · 2008: -53.4pp · 2024: -67.9pp
• All cycles: 2024: R+67.9 2020: R+64.9 2016: R+65.0 2012: R+57.5 2008: R+53.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -61.06%
• Current HPI: 128.8849
• Rent YoY: ▲ 9.60%
• Metro: Fort Polk South, 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

Property features AI

Exterior

• Utilities: Public waterPublic sewer
• Home design: Single-family residenceOne story
• Construction: Brick and vinyl siding exteriorSlab foundation
• Exterior features: Composition roofLocated on a corner lotZoned residential

Interior

• Bathrooms: 2 full bathrooms
• Interior features: 10 total rooms

Price history

-23.3% since first listed

5 events — show timeline

• 2026-05-27 Listed $115,000 GFPAR
• 2025-12-04 Price Changed $120,000 GFPAR
• 2025-11-10 Price Changed $129,000 GFPAR
• 2025-10-06 Price Changed $150,000 GFPAR
• 2007-12-11 Sold (Public Records) — Public Records

Property tax history

+0.9%/yr

Latest (2025): $635 · -0.8% YoY. Source: county tax records.