265 Penn Mill Lakes Blvd · Covington, LA 70435

$275,000

4 bd · 2.5 ba · 2,400 sqft · SingleFamily public records · 96 Days on market

Built 2005 $115/sqft · 11% below area Est $309k · 11% under $48/mo HOA · 2% of rent

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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 +12.6/30.0
• ARV discount +12.4/15.0
• Schools +4.3/10.0
• DSCR +3.8/10.0
• Livability +3.8/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located in desirable Penn Mill Lakes, this spacious single-story home offers 4 bedrooms and 2.5 baths on a corner lot, just minutes from downtown Covington. Designed with entertaining in mind, the flowing layout features a huge living room, formal dining area, and an open kitchen with stainless steel appliances that connects seamlessly to a large breakfast/keeping room.Step outside to the covered patio just off the breakfast area--perfect for gatherings, game days, or relaxed evenings at home. A double-sided fireplace adds warmth and character, creating an inviting focal point between the main living spaces.Enjoy all the amenities Penn Mill Lakes has to offer, including a community pool, walking trails, playground, stocked fishing ponds, and volleyball courts--bringing lifestyle and convenience together in one beautiful setting.

Key facts

• Community pool
• Covered patio
• Corner lot

Tags

• CORNER LOT
• COVERED PATIO
• DOUBLE-SIDED FIREPLACE
• COMMUNITY POOL
• WALKING TRAILS
• PLAYGROUND

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $-100 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $257k (6.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $226k (17.8% below list).
• Recommended offer: $226k (17.8% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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: Covington Elementary School (math 52% / reading 52%, grade C-, #108 of 646 statewide, top 18%, 628 students, 59% FRL); Pine View Middle School (math 20% / reading 37%, grade F, #119 of 218 statewide, top 57%, 635 students, 62% FRL); Covington High School (math 32% / reading 44%, grade F, #90 of 265 statewide, top 34%, 1,660 students, 46% FRL) — zoned schools average 56% FRL vs 40% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 366 active listings in the ZIP; 1 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).
• This rent runs 34% of the median local income ($81k/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 $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.

Negotiation context

• It's been on market 96 days — a 9% lower offer ($250k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 9y ago; this cycle's ask has dropped $25k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $200k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $226,092 (17.8% 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 96 days. Have you received any prior offers? Is the seller open to a 18% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.82% ✗
• Cap rate: 6.15%
• Cash-on-cash: -0.52%
• DSCR: 0.98
• GRM: 10.1

CMA / ARV

• ARV (median comp): $308,529
• List price: $275,000
• Delta: -10.87%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
404 Creekside Ct	0.07mi	4/2.5	2,355 (-2%)	2mo	$294,900	$125	92
441 Saddlebrook Ct	0.22mi	4/2.5	2,400 (0%)	5mo	$279,900	$117	86
637 Huseman Ln	0.21mi	4/2.5	2,350 (-2%)	5mo	$238,000	$101	83
220 Philly Ct	0.38mi	4/2.5	2,350 (-2%)	2mo	$275,000	$117	78
404 Pony Ct	0.17mi	4/2.5	2,350 (-2%)	17mo	$278,000	$118	74
724 Simpson Way	0.24mi	3/2.5 (-1)	2,262 (-6%)	2mo	$255,000	$113	72
420 Penn Ct	0.29mi	4/2.5	2,311 (-4%)	12mo	$299,500	$130	70
549 Huseman Ln	0.24mi	5/3.0 (+1)	2,560 (+7%)	3mo	$450,000	$176	68
784 Lakeview Ln	0.17mi	4/2.5	2,662 (+11%)	8mo	$305,000	$115	67
433 Saddlebrook Ct	0.24mi	4/2.5	2,504 (+4%)	18mo	$287,000	$115	66
512 Jessica Way	0.38mi	4/2.0	2,196 (-8%)	18mo	$285,000	$130	51
236 Stephanie Ln	0.60mi	4/2.5	2,081 (-13%)	1mo	$422,000	$203	49

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: -18.9%
• Equity multiple: 0.34×
• Total profit: $-50,899
• Equity at exit: $41,003

10-year hold

• IRR: -11.3%
• Equity multiple: 0.32×
• Total profit: $-52,413
• 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: 366
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,261 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$215 /mo · $2,578/yr
• Insurance: −$115
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$48
• Vacancy / Maint / Mgmt: −$475
• Net cashflow: $-100

Break-even live

Break-even rent $2,387

Max offer price $257,352

Occupancy floor 99%

Sensitivity live

Price	-10% $56	-5% $-22	+0% $-100	+5% $-178	+10% $-256
Rent	-10% $-279	-5% $-189	+0% $-100	+5% $-11	+10% $79
Rate	-1.0pp $39	-0.5pp $-30	base $-100	+0.5pp $-171	+1.0pp $-244

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 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
724 Simpson Way Covington, LA	3.0	3.5	2262	$2,149	$0.95	5d	1	0.23mi

HOA detail

• Monthly dues: $48 · $576/yr
• Likely covers: pool

Listing history 33 events

1. 2026-06-21
   days on market $275,000 Active 96 DOM
2. 2026-06-18
   days on market $275,000 Active 93 DOM
3. 2026-06-17
   days on market $275,000 Active 92 DOM
4. 2026-06-16
   days on market $275,000 Active 91 DOM
5. 2026-06-15
   days on market $275,000 Active 90 DOM
6. 2026-06-13
   days on market $275,000 Active 88 DOM
7. 2026-06-10
   days on market $275,000 Active 85 DOM
8. 2026-06-09
   days on market $275,000 Active 84 DOM
9. 2026-06-08
   days on market $275,000 Active 83 DOM
10. 2026-06-07
    days on market $275,000 Active 82 DOM
11. 2026-06-03
    days on market $275,000 Active 78 DOM
12. 2026-06-02
    days on market $275,000 Active 77 DOM
13. 2026-06-01
    days on market $275,000 Active 76 DOM
14. 2026-05-31
    days on market $275,000 Active 75 DOM
15. 2026-04-19
    price $290,000 840-char remark

    Show marketing remark (852 chars)

    Located in desirable Penn Mill Lakes, this spacious single-story home offers 4 bedrooms and 2.5 baths on a corner lot, just minutes from downtown Covington. Designed with entertaining in mind, the flowing layout features a huge living room, formal dining area, and an open kitchen with stainless steel appliances that connects seamlessly to a large breakfast/keeping room. Step outside to the covered patio just off the breakfast area—perfect for gatherings, game days, or relaxed evenings at home. A double-sided fireplace adds warmth and character, creating an inviting focal point between the main living spaces. Enjoy all the amenities Penn Mill Lakes has to offer, including a community pool, walking trails, playground, stocked fishing ponds, and volleyball courts—bringing lifestyle and convenience together in one beautiful setting.

16. 2026-04-19
    price $290,000 852-char remark

    Show marketing remark (852 chars)

    Located in desirable Penn Mill Lakes, this spacious single-story home offers 4 bedrooms and 2.5 baths on a corner lot, just minutes from downtown Covington. Designed with entertaining in mind, the flowing layout features a huge living room, formal dining area, and an open kitchen with stainless steel appliances that connects seamlessly to a large breakfast/keeping room. Step outside to the covered patio just off the breakfast area—perfect for gatherings, game days, or relaxed evenings at home. A double-sided fireplace adds warmth and character, creating an inviting focal point between the main living spaces. Enjoy all the amenities Penn Mill Lakes has to offer, including a community pool, walking trails, playground, stocked fishing ponds, and volleyball courts—bringing lifestyle and convenience together in one beautiful setting.

17. 2026-03-17
    listed $300,000 Active 840-char remark

    Show marketing remark (852 chars)

    Located in desirable Penn Mill Lakes, this spacious single-story home offers 4 bedrooms and 2.5 baths on a corner lot, just minutes from downtown Covington. Designed with entertaining in mind, the flowing layout features a huge living room, formal dining area, and an open kitchen with stainless steel appliances that connects seamlessly to a large breakfast/keeping room. Step outside to the covered patio just off the breakfast area—perfect for gatherings, game days, or relaxed evenings at home. A double-sided fireplace adds warmth and character, creating an inviting focal point between the main living spaces. Enjoy all the amenities Penn Mill Lakes has to offer, including a community pool, walking trails, playground, stocked fishing ponds, and volleyball courts—bringing lifestyle and convenience together in one beautiful setting.

18. 2026-03-17
    listed $300,000 Active 852-char remark

    Show marketing remark (852 chars)

    Located in desirable Penn Mill Lakes, this spacious single-story home offers 4 bedrooms and 2.5 baths on a corner lot, just minutes from downtown Covington. Designed with entertaining in mind, the flowing layout features a huge living room, formal dining area, and an open kitchen with stainless steel appliances that connects seamlessly to a large breakfast/keeping room. Step outside to the covered patio just off the breakfast area—perfect for gatherings, game days, or relaxed evenings at home. A double-sided fireplace adds warmth and character, creating an inviting focal point between the main living spaces. Enjoy all the amenities Penn Mill Lakes has to offer, including a community pool, walking trails, playground, stocked fishing ponds, and volleyball courts—bringing lifestyle and convenience together in one beautiful setting.

19. 2022-06-30
    price $290,000
20. 2022-06-10
    listed $290,000
21. 2018-08-02
    soldstatus $200,000
22. 2018-06-04
    soldstatus $200,000 Sold
23. 2018-04-25
    historical Pending Continue to Show
24. 2018-04-25
    status Active
25. 2018-03-27
    historical Pending Continue to Show
26. 2018-03-01
    listed $200,000 Active
27. 2018-03-01
    listed $200,000
28. 2018-03-01
    historical
29. 2018-02-22
    listed $200,000 Active
30. 2018-02-22
    listed $200,000
31. 2018-02-15
    historical
32. 2017-08-15
    listed $225,000 Active
33. 2017-08-14
    listed $225,000

ⓘ 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: $2,578 · $215/mo
• Projected year-2 tax: $2,578 · $215/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 8/10 Severe FEMA zone X · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 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: $27,131
• − Mortgage interest: −$15,404
• − Property taxes: −$2,578
• − Insurance: −$2,172
• − Repairs & maintenance: −$2,170
• − Management: −$2,170
• − HOA: −$576
• − Depreciation: −$8,000
• Taxable loss: −$5,941
• Est. tax savings @ 24.0%: +$1,426
• After-tax cash flow: $227/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

+28.9% since first listed

19 events — show timeline

• 2026-04-19 Price Changed $290,000 AcadianaMLS
• 2026-04-19 Price Changed $290,000 GSREIN
• 2026-03-17 Listed $300,000 GSREIN
• 2026-03-17 Listed $300,000 AcadianaMLS
• 2022-06-30 Price Changed $290,000 GSREIN
• 2022-06-10 Listed $290,000 AcadianaMLS
• 2018-08-02 Sold (Public Records) $200,000 Public Records
• 2018-06-04 Sold (MLS) $200,000 GSREIN
• 2018-04-25 Contingent — GSREIN
• 2018-04-25 Relisted — GSREIN
• 2018-03-27 Contingent — GSREIN
• 2018-03-01 Listed $200,000 AcadianaMLS
• 2018-03-01 Listed $200,000 GSREIN
• 2018-03-01 Listing Removed — GSREIN
• 2018-02-22 Listed $200,000 AcadianaMLS
• 2018-02-22 Listed $200,000 GSREIN
• 2018-02-15 Listing Removed — GSREIN
• 2017-08-15 Listed $225,000 GSREIN
• 2017-08-14 Listed $225,000 AcadianaMLS

Property tax history

+0.8%/yr

Latest (2025): $2,578 · -3.8% YoY. Source: county tax records.