202 Watson · Leesville, LA 71446

$98,750

3 bd · 2.0 ba · 1,280 sqft · Manufactured · 8 Days on market

Built 2008 0.71 ac lot

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Why this score? — see what drove the C+ 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 +26.4/30.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Rent growth +4.9/5.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Are you needing a large shop, conveniently located in Leesville? This listing has many possibilities. If you like tinkering with cars, paint and body or maybe wood work, cabinetry shop, this large 30 x 40 shop on slab would be perfect. If your desire is to make this your home, there is a 16 x 80 mobile home on the property. 2008 model and currently being remodeled.

Key facts

• Covered front porch
• 30x40 metal shop
• Updated windows

Tags

• COVERED FRONT PORCH
• LARGE FENCED BACKYARD
• 30X40 METAL SHOP
• SEPARATE DRIVEWAY
• UPDATED WINDOWS
• PLUMBED FOR SEPTIC AND WATER

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Manufactured home; Single-story
• Construction: Manufactured construction
• Exterior features: Composition roof; Lot is approximately 0.71 acres; Residential zoning

Interior

• Kitchen: Dishwasher; Electric range
• Bedrooms: Total of 6 rooms (bedrooms included)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air
• Interior features: Dishwasher; Electric range; Ceiling fans

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $99k.

Deal economics

• At list price, monthly cash flow is $259 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Cap rate 9.4% vs local median 7.3% in Leesville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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.
• Market conditions: Rents rising fast (+9.6%/yr); 210 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 26 units permitted in Vernon Parish in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $682 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 $28k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 3y 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.

Recommended offer $98,750

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
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: 1.16% ✓
• Cap rate: 9.45%
• Cash-on-cash: 11.26%
• DSCR: 1.50
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 5.8%
• Equity multiple: 1.24×
• Total profit: $6,543
• Equity at exit: $14,724

10-year hold

• IRR: 19.1%
• Equity multiple: 2.97×
• Total profit: $54,390
• Equity at exit: $8,538

Cash invested: $27,650 (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 71446

• Home prices YoY: -32.1%
• Rents YoY: 9.6%
• Active inventory: 210
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,141 medium
• Mortgage (P&I): −$518
• Tax from tax record: −$83 /mo · $997/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $259

Break-even live

Break-even rent $813

Max offer price $98,750

Occupancy floor 72%

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: $24,688
• Closing costs: $2,962
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
347 Watson Rd Unit 20 Leesville, LA	3.0	1.0	1160	$595	$0.51	43d	1	0.30mi
347 Watson Rd Unit 12 Leesville, LA	2.0	1.0	1160	$575	$0.50	43d	1	0.30mi
207 Belview Rd Leesville, LA	3.0	1.5	1300	$1,200	$0.92	43d	1	0.36mi
10 Katherine Loop Leesville, LA	3.0	2.0	1106	$1,100	$0.99	43d	1	0.51mi

Listing history 8 events

1. 2026-06-19
   days on market $98,750 Active 8 DOM
2. 2026-06-18
   days on market $98,750 Active 7 DOM
3. 2026-06-17
   days on market $98,750 Active 6 DOM
4. 2026-06-16
   days on market $98,750 Active 5 DOM
5. 2026-06-15
   days on market $98,750 Active 4 DOM
6. 2026-06-14
   days on market $98,750 Active 2 DOM
7. 2026-06-12
   remarks 699-char remark
8. 2026-06-12
   listed $98,750 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: $997 · $83/mo
• Projected year-2 tax: $997 · $83/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: $13,694
• − Mortgage interest: −$5,532
• − Property taxes: −$997
• − Insurance: −$494
• − Repairs & maintenance: −$1,096
• − Management: −$1,096
• − Depreciation: −$2,873
• Taxable income: $1,608
• Est. tax owed @ 24.0%: −$386
• After-tax cash flow: $2,727/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: 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

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

• County: Vernon Parish · 21,275 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: 659.0

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%

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%

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

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

+49.9% since first listed

6 events — show timeline

• 2026-06-11 Listed $98,750 GFPAR
• 2023-07-18 Sold (Public Records) $89,000 Public Records
• 2023-07-18 Sold (MLS) — GFPAR
• 2023-06-20 Pending — GFPAR
• 2023-05-31 Listed $96,000 GFPAR
• 2021-03-24 Sold (Public Records) $65,890 Public Records

Property tax history

+15.8%/yr

Latest (2025): $997 · -0.9% YoY. Source: county tax records.