46347 Iris Ln · Franklinton, LA 70438

$145,900

3 bd · 2.0 ba · 1,568 sqft · Manufactured · 52 Days on market

Built 2010 2.50 ac lot ↓ 9% since listing

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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 +26.8/30.0
• DSCR +9.2/10.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• Livability +3.5/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy peaceful country living in this 3 bedroom, 2 bath home set on 2.5 acres. Tucked away in a quiet rural setting, this property offers space, privacy, and room to make it your own.

Key facts

• 2.5 acre lot
• Built 2010
• Listed 52 days

Property features AI

Exterior

• Parking: Open parking
• Utilities: Private well water
• Home design: Manufactured home (residential)
• Construction: Vinyl siding; Pillar/Post/Pier foundation; Built as a manufactured home
• Exterior features: Private well water

Interior

• Bathrooms: 2 full bathrooms
• Interior features: Central heating; Central air conditioning

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $146k.

Deal economics

• At list price, monthly cash flow is $334 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $146k).
• Recommended offer: $142k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 5.3% in Franklinton — 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 69/100 on livability (#67 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime B; Watch: amenities F, commute F, employment F.
• Washington Parish (rural): math 27% / reading 41% proficiency, ranked #38 of 98 in LA (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 246 active listings in the ZIP; 10 units permitted in Washington Parish in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Washington County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($142k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $14k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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; major wildfire risk; extreme-heat days projected 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $141,523 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.09% ✓
• Cap rate: 9.58%
• Cash-on-cash: 11.75%
• DSCR: 1.52
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -1.6%
• Equity multiple: 0.94×
• Total profit: $-2,421
• Equity at exit: $21,754

10-year hold

• IRR: 8.1%
• Equity multiple: 1.62×
• Total profit: $25,137
• Equity at exit: $12,615

Cash invested: $40,852 (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 70438

• Home prices YoY: -14.2%
• Active inventory: 246
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,591 medium
• Mortgage (P&I): −$765
• Tax from tax record: −$31 /mo · $367/yr
• Insurance: −$61
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $334

Break-even live

Break-even rent $1,168

Max offer price $145,900

Occupancy floor 74%

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: $36,475
• Closing costs: $4,377
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $145,900 Active 52 DOM
2. 2026-06-17
   days on market $145,900 Active 51 DOM
3. 2026-06-16
   days on market $145,900 Active 50 DOM
4. 2026-06-15
   days on market $145,900 Active 49 DOM
5. 2026-06-13
   days on market $145,900 Active 47 DOM
6. 2026-06-10
   days on market $145,900 Active 44 DOM
7. 2026-06-09
   days on market $145,900 Active 43 DOM
8. 2026-06-08
   days on market $145,900 Active 42 DOM
9. 2026-06-07
   days on market $145,900 Active 41 DOM
10. 2026-06-03
    days on market $145,900 Active 37 DOM
11. 2026-06-02
    days on market $145,900 Active 36 DOM
12. 2026-06-01
    days on market $145,900 Active 35 DOM
13. 2026-05-31
    days on market $145,900 Active 34 DOM
14. 2026-04-27
    listed $159,900 Active 183-char remark

    Show marketing remark (183 chars)

    Enjoy peaceful country living in this 3 bedroom, 2 bath home set on 2.5 acres. Tucked away in a quiet rural setting, this property offers space, privacy, and room to make it your own.

15. 2026-04-27
    listed $159,900 Active 183-char remark

    Show marketing remark (183 chars)

    Enjoy peaceful country living in this 3 bedroom, 2 bath home set on 2.5 acres. Tucked away in a quiet rural setting, this property offers space, privacy, and room to make it your own.

ⓘ 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: $367 · $31/mo
• Projected year-2 tax: $802 · $67/mo
• Expected delta: +$435/yr (+$36/mo · 118.4%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 8/10 Severe 6 d/yr ≥109°F today · 17 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,088
• − Mortgage interest: −$8,173
• − Property taxes: −$367
• − Insurance: −$1,527
• − Repairs & maintenance: −$1,527
• − Management: −$1,527
• − Depreciation: −$4,244
• Taxable income: $1,722
• Est. tax owed @ 24.0%: −$413
• After-tax cash flow: $3,590/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: Washington Parish
• NCES district ID: 2201860
• Math proficiency: 27% ▼ -34.00%
• Reading proficiency: 41% ▼ -29.00%
• Median HH income: $34,972
• Composite: 28.03/100
• National rank: #6844
• State rank: #38 of 98 in LA

Livability — Franklinton

• Score: 69/100
• State rank: #67
• US rank: #8352

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 19,935

Population outlook (Washington County) Hauer SSP2

• Today (2025): 44,642 people
• By 2030: 43,302 · -3.0%
• By 2040: 40,345 · -9.6%
• By 2050: 37,434 · -16.1%
• By 2075: 29,954 · -32.9%
• By 2100: 21,579 · -51.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Black 22% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Lithuanian 9% Slovak 2% German 1%
• Foreign-born: 0% · Canada
• Languages at home: 98% English-only · French/Haitian/Cajun 1%

Political lean MEDSL · Washington

• 2024 margin: Solid R (+40.3) · D 29.3% · R 69.6% · Other 1.1%
• 2008→2024 swing: -7.6pp toward R · 2008: -32.7pp · 2024: -40.3pp
• All cycles: 2024: R+40.3 2020: R+37.6 2016: R+36.8 2012: R+28.3 2008: R+32.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -31.73%
• Current HPI: 191.4762
• 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

-8.8% since first listed

4 events — show timeline

• 2026-05-29 Price Changed $145,900 AcadianaMLS
• 2026-05-29 Price Changed $145,900 GBRMLS
• 2026-04-27 Listed $159,900 GBRMLS
• 2026-04-27 Listed $159,900 AcadianaMLS

Property tax history

-1.5%/yr

Latest (2025): $367 · +0.4% YoY. Source: county tax records.