189 Emerald Oaks Dr · Covington, LA 70433

$264,900

3 bd · 2.5 ba · 1,484 sqft · Condo public records · 32 Days on market

Built 2006 $125/mo HOA · 6% 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 +11.0/30.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• DSCR +3.2/10.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Precious 3 Bedroom garden home close to the interstate. Primary bedroom and bath on bottom floor, newly updated primary bath with oversized garden tub and Porcelain tile shower. Large walk-in closets, 2 bedrooms upstairs, Computer/ Desk area. Walk in floored attic, tankless hot water heater. Single car garage with painted flooring. Driveway to accommodate 2 cars. Roof is 2.5 years old and HVAC system is 1.5 years old. Home is conveniently located near the community built in pool. Covered back patio. HOA fee covers trash pickup and lawn care.

Key facts

• Computer desk area
• Walk in closets
• Oversized garden tub

Tags

• OVERSIZED GARDEN TUB
• PORCELAIN TILE SHOWER
• WALK IN CLOSETS
• COMPUTER DESK AREA
• WALK IN FLOORED ATTIC
• TANKLESS HOT WATER HEATER

Property features AI

Finance

• HOA & community: Homeowners association with a quarterly fee of $375; Gated community with pool

Exterior

• Parking: Attached garage with one space and garage door opener
• Security: Gated community
• Utilities: Public water; Public sewer
• Home design: 2-story home
• Construction: Brick and stucco construction; Shingle roof; Slab foundation; Property in excellent condition
• Exterior features: Fenced yard; Concrete patio/porch; Community pool; Outside city limits

Interior

• Kitchen: Granite counters
• Bedrooms: Total rooms: 7
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Attic; Ceiling fans; Carbon monoxide detector; Granite counters; Pull-down attic stairs; Cable TV
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $265k.

Deal economics

• At list price, monthly cash flow is $-112 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $245k (7.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $206k (22.1% below list).
• Recommended offer: $206k (22.1% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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.
• Market conditions: Rents rising fast (+4.3%/yr); 524 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,064 units permitted in St. Tammany Parish in 2024 (0 in 5+ unit buildings).
• This rent runs 30% 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 32 days — a 3% lower offer ($257k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 16y 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 $206,453 (22.1% 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 32 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.78% ✗
• Cap rate: 5.79%
• Cash-on-cash: -1.81%
• DSCR: 0.92
• GRM: 10.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.31% rent growth · sell at horizon

5-year hold

• IRR: -17.9%
• Equity multiple: 0.36×
• Total profit: $-47,308
• Equity at exit: $39,497

10-year hold

• IRR: -7.9%
• Equity multiple: 0.48×
• Total profit: $-38,833
• Equity at exit: $22,904

Cash invested: $74,172 (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 70433

• Rents YoY: 4.3%
• Active inventory: 524
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $2,065 high
• Mortgage (P&I): −$1,389
• Tax from tax record: −$118 /mo · $1,418/yr
• Insurance: −$110
• HOA: −$125
• Vacancy / Maint / Mgmt: −$434
• Net cashflow: $-112

Break-even live

Break-even rent $2,206

Max offer price $245,163

Occupancy floor —

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: $66,225
• Closing costs: $7,947
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
312 Lismore Ln Covington, LA	3.0	2.5	1521	$2,900	$1.91	23d	1	0.04mi
140 Holiday Blvd Covington, LA	2.0	1.0–2.0	652	$1,525	$2.34	1d	12	0.19mi
3 Hollycrest Blvd Covington, LA	2.0	2.0	1413	$1,495	$1.06	3d	1	0.48mi
110 Robinhood Dr Covington, LA	3.0	2.0	1600	$1,500	$0.94	43d	1	0.54mi
1612 Versailles Business Pkwy Covington, LA	1.0–2.0	1.0–2.0	1009	$2,089	$2.07	2d	31	0.57mi
308 Robinhood Dr Covington, LA	3.0	2.0	1650	$1,800	$1.09	3d	1	0.60mi
445 Tiger Ave Covington, LA	3.0	2.0	1538	$2,300	$1.50	23d	1	0.61mi
2021 Sullivan Ln Covington, LA	1.0–2.0	1.0–2.0	860	$1,856	$2.16	2d	18	0.68mi
19425 Slemmer Rd Unit 2 Covington, LA	3.0	2.0	1100	$1,100	$1.00	21d	1	0.76mi
350 Emerald Forest Blvd Covington, LA	1.0–2.0	1.0–2.0	845	$1,600	$1.89	11d	2	0.77mi
28 Park Place Dr Covington, LA	1.0–3.0	1.0–2.0	963	$1,407	$1.46	1d	9	0.80mi
100 Covington Meadow Cir Unit D Covington, LA	3.0	2.5	1356	$1,600	$1.18	17d	1	0.98mi
104 Covington Meadow Cir Unit I Covington, LA	3.0	2.5	1476	$1,600	$1.08	23d	1	0.99mi
103 Covington Meadow Cir Unit F Covington, LA	3.0	2.5	1476	$1,700	$1.15	43d	1	1.01mi
103 Covington Meadow Cir Unit E Covington, LA	3.0	2.5	1476	$1,700	$1.15	23d	1	1.01mi
70403 L St Covington, LA	3.0	2.0	1250	$1,695	$1.36	43d	1	1.44mi
126 Pear St Unit A Covington, LA	3.0	2.0	1383	$1,600	$1.16	23d	1	1.46mi

HOA detail condo

• Monthly dues: $125 · $1,500/yr
• Likely covers: watertrashlandscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 31 events

1. 2026-06-18
   days on market $264,900 Active 32 DOM
2. 2026-06-17
   days on market $264,900 Active 31 DOM
3. 2026-06-16
   days on market $264,900 Active 30 DOM
4. 2026-06-15
   days on market $264,900 Active 29 DOM
5. 2026-06-13
   days on market $264,900 Active 27 DOM
6. 2026-06-10
   days on market $264,900 Active 24 DOM
7. 2026-06-09
   days on market $264,900 Active 23 DOM
8. 2026-06-08
   days on market $264,900 Active 22 DOM
9. 2026-06-07
   days on market $264,900 Active 21 DOM
10. 2026-06-03
    days on market $264,900 Active 17 DOM
11. 2026-06-02
    days on market $264,900 Active 16 DOM
12. 2026-06-01
    days on market $264,900 Active 15 DOM
13. 2026-05-31
    days on market $264,900 Active 14 DOM
14. 2026-05-17
    listed $274,900 Active

    Show marketing remark (547 chars)

    Precious 3 Bedroom garden home close to the interstate. Primary bedroom and bath on bottom floor, newly updated primary bath with oversized garden tub and Porcelain tile shower. Large walk-in closets, 2 bedrooms upstairs, Computer/ Desk area. Walk in floored attic, tankless hot water heater. Single car garage with painted flooring. Driveway to accommodate 2 cars. Roof is 2.5 years old and HVAC system is 1.5 years old. Home is conveniently located near the community built in pool. Covered back patio. HOA fee covers trash pickup and lawn care.

15. 2026-05-17
    listed $274,900 Active 547-char remark

    Show marketing remark (547 chars)

    Precious 3 Bedroom garden home close to the interstate. Primary bedroom and bath on bottom floor, newly updated primary bath with oversized garden tub and Porcelain tile shower. Large walk-in closets, 2 bedrooms upstairs, Computer/ Desk area. Walk in floored attic, tankless hot water heater. Single car garage with painted flooring. Driveway to accommodate 2 cars. Roof is 2.5 years old and HVAC system is 1.5 years old. Home is conveniently located near the community built in pool. Covered back patio. HOA fee covers trash pickup and lawn care.

16. 2023-07-05
    soldstatus $249,900
17. 2023-06-30
    soldstatus $249,900 Closed
18. 2023-05-22
    historical Active Under Contract
19. 2023-05-19
    listed $259,900
20. 2023-05-19
    listed $259,900 Active
21. 2013-05-02
    soldstatus $164,000
22. 2013-04-18
    soldstatus $164,000
23. 2013-04-18
    soldstatus $164,000
24. 2013-02-22
    listed $164,000
25. 2013-02-22
    listed $164,000
26. 2013-02-21
    listed $164,000
27. 2013-02-21
    listed $164,000
28. 2010-06-03
    listed $175,000
29. 2010-06-03
    listed $185,000
30. 2010-06-03
    listed $175,000
31. 2010-06-03
    listed $185,000

ⓘ 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: $1,418 · $118/mo
• Projected year-2 tax: $1,457 · $121/mo
• Expected delta: +$39/yr (+$3/mo · 2.7%)

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

Taxation est. · year 1

• Rental income: $24,774
• − Mortgage interest: −$14,839
• − Property taxes: −$1,418
• − Insurance: −$1,324
• − Repairs & maintenance: −$1,982
• − Management: −$1,982
• − HOA: −$1,500
• − Depreciation: −$7,706
• Taxable loss: −$5,977
• Est. tax savings @ 24.0%: +$1,434
• After-tax cash flow: $94/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): 41,876
• Household income: $81,241
• Rent vs Own: 29.6% rent · 70.4% own
• Severe rent burden: 1287.0

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 (78%)
• Race & ethnicity: White 78% Black 9% Hispanic / Latino 7% Two or more races 7% Native American 1% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 17% Italian 2% Slovak 2%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 5% French/Haitian/Cajun 1% Vietnamese 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: ▼ -112.14%
• Current HPI: 181.8348
• Rent YoY: ▲ 4.31%
• 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

+57.1% since first listed

18 events — show timeline

• 2026-05-17 Listed $274,900 AcadianaMLS
• 2026-05-17 Listed $274,900 GSREIN
• 2023-07-05 Sold (Public Records) $249,900 Public Records
• 2023-06-30 Sold (MLS) $249,900 GSREIN
• 2023-05-22 Contingent — GSREIN
• 2023-05-19 Listed $259,900 GSREIN
• 2023-05-19 Listed $259,900 AcadianaMLS
• 2013-05-02 Sold (Public Records) $164,000 Public Records
• 2013-04-18 Sold (MLS) $164,000 GSREIN
• 2013-04-18 Sold (MLS) $164,000 GSREIN
• 2013-02-22 Listed $164,000 AcadianaMLS
• 2013-02-22 Listed $164,000 GSREIN
• 2013-02-21 Listed $164,000 AcadianaMLS
• 2013-02-21 Listed $164,000 GSREIN
• 2010-06-03 Listed $185,000 GSREIN
• 2010-06-03 Listed $175,000 GSREIN
• 2010-06-03 Listed $185,000 AcadianaMLS
• 2010-06-03 Listed $175,000 AcadianaMLS

Property tax history

-3.0%/yr

Latest (2025): $1,418 · -3.6% YoY. Source: county tax records.