3012 Legend Dr · Meraux, LA 70075

$229,900

3 bd · 2.0 ba · 1,427 sqft · SingleFamily · 57 Days on market

Built 1981 5,227 sqft lot $161/sqft · at area comps Est $231k · at est.

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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).

• Cash flow +13.9/30.0
• ARV discount +7.7/15.0
• Schools +5.0/10.0
• DSCR +4.2/10.0
• Livability +3.2/5.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Location, Location, Location! This well maintained 3BR/2BA home with a dedicated home office offers a functional layout and qualifies for 100% financing. The spacious living room features high ceilings, skylights, a cozy brick-hearth fireplace, and built-in shelving. The kitchen is equipped with granite countertops, a gas range/oven, dishwasher, and adjoining breakfast area. A large utility/mud room adds everyday convenience. The primary suite includes a walk-in closet and private en-suite bath. Hard-surface flooring runs throughout the home for easy maintenance. Additional highlights include foam spray insulation, a decked attic, a 2023 50-gallon water heater, and a roof approximately 5 years old. Outside, enjoy an attached garage, fenced backyard with covered patio, storage shed, and rear yard access with extra parking. Situated in a preferred flood zone and located within an established school district, this home combines comfort, efficiency, and convenience in a highly desirable location.

Key facts

• High ceilings
• Granite countertops
• Skylights

Tags

• HIGH CEILINGS
• SKYLIGHTS
• BRICK-HEARTH FIREPLACE
• BUILT-IN SHELVING
• GRANITE COUNTERTOPS
• GAS RANGE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $-42 ($-507/yr) — negative.
• To cash-flow at today's rent, offer at most $222k (3.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $175k (24.0% below list).
• Recommended offer: $175k (24.0% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 5.1% in Meraux — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 65/100 on livability (#152 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B; Watch: crime D, amenities F, commute F.
• Market conditions: 63 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 112 units permitted in St. Bernard 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. Bernard County population projected at +89% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 26y 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 $118k; list at $230k implies a 95% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; 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 $174,698 (24.0% 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 57 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 D 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 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: 0.76% ✗
• Cap rate: 6.42%
• Cash-on-cash: 0.45%
• DSCR: 1.02
• GRM: 11.0

CMA / ARV

• ARV (median comp): $230,894
• List price: $229,900
• Delta: -0.43%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2817 Meadow Dr	0.29mi	3/2.0	1,406 (-2%)	1mo	$240,000	$171	84
3124 Fable Dr	0.12mi	3/2.0	1,412 (-1%)	12mo	$212,000	$150	83
3305 Nancy St	0.26mi	3/2.0	1,365 (-4%)	3mo	$258,000	$189	78
2813 Meadow Dr	0.30mi	3/2.0	1,326 (-7%)	5mo	$224,000	$169	70
2816 Maureen Ln	0.21mi	3/2.0	1,271 (-11%)	16mo	$199,500	$157	59
2045 Margaret Ln	0.73mi	3/2.0	1,505 (+6%)	2mo	$240,000	$159	56
92 Jupiter Cir	0.55mi	4/2.0 (+1)	1,514 (+6%)	10mo	$195,000	$129	51
7504 Birch St	0.74mi	4/2.0 (+1)	1,464 (+3%)	9mo	$210,000	$143	49
2404 Francis Ave	0.51mi	3/2.0	1,257 (-12%)	10mo	$135,000	$107	48
2332 Francis Ave	0.54mi	3/2.0	1,617 (+13%)	7mo	$255,000	$158	47
2101 Margaret Ln	0.70mi	3/2.0	1,611 (+13%)	1mo	$272,000	$169	45
65 Jupiter Cir	0.57mi	4/2.0 (+1)	1,600 (+12%)	21mo	$135,000	$84	31

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: -17.6%
• Equity multiple: 0.38×
• Total profit: $-40,021
• Equity at exit: $34,279

10-year hold

• IRR: -9.8%
• Equity multiple: 0.40×
• Total profit: $-38,623
• Equity at exit: $19,878

Cash invested: $64,372 (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 70075

• Home prices YoY: -18.3%
• Active inventory: 63
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $1,747 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$54 /mo · $654/yr
• Insurance: −$96
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$367
• Net cashflow: $-42

Break-even live

Break-even rent $1,800

Max offer price $222,435

Occupancy floor 97%

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2408 Francis St Violet, LA	2.0	2.0	1350	$1,650	$1.22	44d	1	0.47mi
10002 Claiborne St Violet, LA	3.0	2.0	1568	$1,875	$1.20	44d	1	0.60mi
2004 Webster St Meraux, LA	3.0	2.0	1400	$1,750	$1.25	17d	1	1.25mi

Listing history 24 events

1. 2026-06-18
   days on market $229,900 Active 57 DOM
2. 2026-06-17
   days on market $229,900 Active 56 DOM
3. 2026-06-16
   days on market $229,900 Active 55 DOM
4. 2026-06-15
   days on market $229,900 Active 54 DOM
5. 2026-06-13
   pricedays on market $229,900 Active 52 DOM
6. 2026-06-10
   days on market $235,000 Active 49 DOM
7. 2026-06-09
   days on market $235,000 Active 48 DOM
8. 2026-06-08
   days on market $235,000 Active 47 DOM
9. 2026-06-07
   days on market $235,000 Active 46 DOM
10. 2026-06-03
    days on market $235,000 Active 42 DOM
11. 2026-06-02
    days on market $235,000 Active 41 DOM
12. 2026-06-01
    days on market $235,000 Active 40 DOM
13. 2026-05-31
    days on market $235,000 Active 39 DOM
14. 2026-04-22
    listed $235,000 Active 1007-char remark

    Show marketing remark (1007 chars)

    Location, Location, Location! This well maintained 3BR/2BA home with a dedicated home office offers a functional layout and qualifies for 100% financing. The spacious living room features high ceilings, skylights, a cozy brick-hearth fireplace, and built-in shelving. The kitchen is equipped with granite countertops, a gas range/oven, dishwasher, and adjoining breakfast area. A large utility/mud room adds everyday convenience. The primary suite includes a walk-in closet and private en-suite bath. Hard-surface flooring runs throughout the home for easy maintenance. Additional highlights include foam spray insulation, a decked attic, a 2023 50-gallon water heater, and a roof approximately 5 years old. Outside, enjoy an attached garage, fenced backyard with covered patio, storage shed, and rear yard access with extra parking. Situated in a preferred flood zone and located within an established school district, this home combines comfort, efficiency, and convenience in a highly desirable location.

15. 2026-04-22
    listed $235,000 Active 1007-char remark

    Show marketing remark (1007 chars)

    Location, Location, Location! This well maintained 3BR/2BA home with a dedicated home office offers a functional layout and qualifies for 100% financing. The spacious living room features high ceilings, skylights, a cozy brick-hearth fireplace, and built-in shelving. The kitchen is equipped with granite countertops, a gas range/oven, dishwasher, and adjoining breakfast area. A large utility/mud room adds everyday convenience. The primary suite includes a walk-in closet and private en-suite bath. Hard-surface flooring runs throughout the home for easy maintenance. Additional highlights include foam spray insulation, a decked attic, a 2023 50-gallon water heater, and a roof approximately 5 years old. Outside, enjoy an attached garage, fenced backyard with covered patio, storage shed, and rear yard access with extra parking. Situated in a preferred flood zone and located within an established school district, this home combines comfort, efficiency, and convenience in a highly desirable location.

16. 2015-09-17
    soldstatus $118,000
17. 2015-09-15
    soldstatus $118,000 Sold
18. 2015-07-28
    status Under Contract
19. 2015-07-20
    listed $115,000 Active
20. 2015-07-20
    listed $115,000
21. 2000-08-11
    soldstatus $101,000
22. 2000-08-09
    soldstatus $101,000
23. 2000-04-21
    listed $105,000
24. 2000-04-21
    listed $105,000

ⓘ 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: $654 · $54/mo
• Projected year-2 tax: $1,264 · $105/mo
• Expected delta: +$610/yr (+$51/mo · 93.3%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 60% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,964
• − Mortgage interest: −$12,878
• − Property taxes: −$654
• − Insurance: −$1,947
• − Repairs & maintenance: −$1,677
• − Management: −$1,677
• − Depreciation: −$6,688
• Taxable loss: −$4,557
• Est. tax savings @ 24.0%: +$1,094
• After-tax cash flow: $587/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)

No district data.

Livability — Meraux

• Score: 65/100
• State rank: #152
• US rank: #13001

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Meraux, LA
• City population: 5,349
• Population (ZIP): 5,349

Population outlook (St. Bernard County) Hauer SSP2

• Today (2025): 66,513 people
• By 2030: 77,768 · +16.9%
• By 2040: 101,296 · +52.3%
• By 2050: 125,770 · +89.1%
• By 2075: 188,160 · +182.9%
• By 2100: 239,339 · +259.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 14% Black 10% Two or more races 10% Asian 5%
• Common ancestry: Lithuanian 16% Scottish 2% Portuguese 1%
• Foreign-born: 3% · Canada, Vietnam, China
• Languages at home: 89% English-only · Spanish 4% Vietnamese 4% Chinese 1%

Political lean MEDSL · St. Bernard

• 2024 margin: Strong R (+29.3) · D 34.5% · R 63.8% · Other 1.7%
• 2008→2024 swing: +16.1pp toward D · 2008: -45.4pp · 2024: -29.3pp
• All cycles: 2024: R+29.3 2020: R+28.5 2016: R+33.4 2012: R+24.7 2008: R+45.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -42.56%
• Current HPI: 190.054
• Rent YoY: —
• Metro: —
• 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

+123.8% since first listed

11 events — show timeline

• 2026-04-22 Listed $235,000 GSREIN
• 2026-04-22 Listed $235,000 AcadianaMLS
• 2015-09-17 Sold (Public Records) $118,000 Public Records
• 2015-09-15 Sold (MLS) $118,000 GSREIN
• 2015-07-28 Pending — GSREIN
• 2015-07-20 Listed $115,000 GSREIN
• 2015-07-20 Listed $115,000 AcadianaMLS
• 2000-08-11 Sold (Public Records) $101,000 Public Records
• 2000-08-09 Sold (MLS) $101,000 GSREIN
• 2000-04-21 Listed $105,000 AcadianaMLS
• 2000-04-21 Listed $105,000 GSREIN

Property tax history

-5.9%/yr

Latest (2025): $654 · -63.8% YoY. Source: county tax records.