1161 Lake Ave #115 · Metairie, LA 70002

$89,000

1 bd · 1.0 ba · 745 sqft · Condo · 30 Days on market

Built 1975 $353/mo HOA · 27% of rent

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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 +18.7/30.0
• 1% rule +9.7/10.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• Livability +4.4/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Rent growth +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

<br><br> The thoughtfully designed interior features an inviting and highly functional floorplan with updated finishes throughout, attractive laminate wood flooring and a light filled living space that feels both warm and welcoming. The private patio extends your living area outdoors and creates the perfect setting for morning coffee, evening relaxation or entertaining guests.<br><br> Major capital improvements have already been completed, including a recently replaced HVAC system and water heater, providing tremendous added value and peace of mind for the next owner. This unit has been exceptionally well maintained and offers the ease and simplicity of low maintenance living at its best. This unit has its own Private Laundry room with extra storage. <br><br> The gated grounds are beautifully maintained and offer residents a true resort style atmosphere with secure entry, gated parking and attractive community amenities rarely found at this price point. Conveniently located near shopping, dining, grocery stores, entertainment and everyday conveniences with easy access to surrounding areas.<br><br> Excellent opportunity for an owner occupant, second home purchaser, downsizer or anyone seeking secure, easy lock and leave living in a highly convenient location.<br><br>

Key facts

• Gated community
• Secure entry
• Resort style pool

Tags

• GATED COMMUNITY
• PRIVATE PATIO
• RESORT STYLE POOL
• PRIVATE LAUNDRY ROOM
• GATED OFF STREET PARKING
• SECURE ENTRY

Property features AI

Finance

• Other: In-ground pool; Pet-friendly (cats and dogs allowed; some restrictions may apply)
• Financial info: Multi-unit property with 87 total units
• HOA & community: Association dues (monthly) include common areas and water; Community common grounds/area

Exterior

• Parking: On-site parking lot with three or more spaces; Parking available
• Utilities: Public water; Public sewer
• Home design: One-story unit in a 3-story building; Flat roof; Brick and frame construction; Property in excellent condition with cosmetic repairs and updates noted; Raised and slab foundation; City lot
• Construction: Built with brick and frame materials; Flat roof; Raised and slab foundation
• Exterior features: Courtyard; Fence; Wood patio/porch

Interior

• Kitchen: Icemaker; Microwave; Oven; Range; Refrigerator
• Bedrooms: Total of 4 rooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning; HVAC energy-efficient features
• Interior features: Ceiling fan(s); Carbon monoxide detector; Cable TV
• Laundry & utility: In-unit laundry; Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $89k.

Deal economics

• At list price, monthly cash flow is $87 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $88k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 3.6% in Metairie — 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 87/100 on livability (#1 in LA, #261 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+.
• Jefferson Parish (suburban): math 24% / reading 34% proficiency, ranked #44 of 98 in LA (top 45%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-2.8%/yr); 121 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 518 units permitted in Jefferson Parish in 2024 (43 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 29y 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.

Risks & watch-outs

• Watch-outs: HOA is 27% of rent.

Recommended offer $87,665 (1.5% below list)

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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. 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.
7. 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.
8. 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: 1.47% ✓
• Cap rate: 7.47%
• Cash-on-cash: 4.21%
• DSCR: 1.19
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -14.6%
• Equity multiple: 0.50×
• Total profit: $-12,460
• Equity at exit: $13,270

10-year hold

• IRR: -15.7%
• Equity multiple: 0.30×
• Total profit: $-17,567
• Equity at exit: $7,695

Cash invested: $24,920 (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 70002

• Rents YoY: -2.8%
• Active inventory: 121
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,305 high
• Mortgage (P&I): −$467
• Tax from tax record: −$87 /mo · $1,044/yr
• Insurance: −$37
• HOA: −$353
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $87

Break-even live

Break-even rent $1,195

Max offer price $89,000

Occupancy floor 88%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1161 Lake Ave #120 Metairie, LA	1.0	1.0	750	$1,400	$1.87	44d	1	0.02mi
213 Rosebud St Unit I Metairie, LA	1.0	1.0	382	$875	$2.29	24d	1	0.30mi
230 16th St New Orleans, LA	2.0	1.0	750	$1,875	$2.50	2d	1	0.43mi
812 Martin Behrman Ave Unit A Metairie, LA	1.0	1.0	700	$1,250	$1.79	44d	1	0.44mi
800 Martin Behrman Ave Unit 203 Metairie, LA	1.0	1.0	520	$1,050	$2.02	44d	1	0.44mi
800 Martin Behrman Ave Unit 205 Metairie, LA	1.0	1.0	520	$1,000	$1.92	24d	1	0.45mi
6564 Fleur de Lis Dr New Orleans, LA	1.0	1.0	600	$1,050	$1.75	24d	1	0.50mi
115 W Esplanade Ave Unit 7 Metairie, LA	1.0	1.0	497	$1,000	$2.01	44d	1	0.51mi
115 W Esplanade Ave Unit 7 Metairie, LA	1.0	1.0	500	$1,000	$2.00	24d	1	0.51mi
301 Seattle St New Orleans, LA	2.0	1.0	660	$1,475	$2.23	21d	3	0.58mi
6650 Fleur De Lis Dr #5 New Orleans, LA	1.0	1.0	600	$1,100	$1.83	24d	1	0.59mi
6629 Fleur De Lis Dr Apt 6 New Orleans, LA	1.0	1.0	750	$1,150	$1.53	12d	1	0.61mi
112 Glenn St Unit G Metairie, LA	2.0	1.0	750	$1,275	$1.70	24d	1	0.61mi
1554 Orpheum Ave Unit 2 Metairie, LA	1.0	1.5	700	$1,050	$1.50	44d	1	0.66mi
509 E William David Pkwy Unit A Metairie, LA	1.0	1.0	700	$1,650	$2.36	24d	1	0.75mi
506 Nursery Ave Metairie, LA	2.0	1.0	725	$1,500	$2.07	4d	1	0.80mi
1508 Seminole Ave Unit 207 Metairie, LA	1.0	1.0	550	$905	$1.65	14d	1	0.88mi
325 Filmore Ave New Orleans, LA	2.0	1.0	738	$1,350	$1.83	24d	1	0.93mi
420 Metairie Hammond Hwy Metairie, LA	1.0–2.0	1.0	808	$2,000	$2.48	24d	4	0.93mi
420 Metairie Hammond Hwy Metairie, LA	1.0–2.0	1.0	808	$2,000	$2.48	21d	4	0.93mi
505 Lake Ave Unit 3 Metairie, LA	1.0	1.0	585	$1,465	$2.50	4d	1	0.98mi
500 Lake Marina Ave #212 New Orleans, LA	1.0	1.0	676	$1,800	$2.66	3d	1	1.07mi
5643 Canal Blvd Unit A New Orleans, LA	1.0	1.0	487	$1,400	$2.87	2d	1	1.25mi
132 Nursery Ave Metairie, LA	1.0	1.0	564	$1,500	$2.66	44d	1	1.25mi
600 Walker St New Orleans, LA	1.0	1.0	427	$1,350	$3.16	16d	1	1.27mi
1611 Hesiod St Apt 2 Metairie, LA	1.0	1.0	500	$995	$1.99	44d	1	1.27mi
614 Metairie Rd Unit 12 Metairie, LA	1.0	1.0	500	$1,400	$2.80	44d	1	1.36mi
117 Elmeer Ave Metairie, LA	1.0	1.0	640	$1,999	$3.12	44d	1	1.37mi

HOA detail condo

• Monthly dues: $353 · $4,236/yr
• Likely covers: waterlandscapingsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 38 events

1. 2026-06-18
   days on market $89,000 Active 30 DOM
2. 2026-06-17
   days on market $89,000 Active 29 DOM
3. 2026-06-16
   days on market $89,000 Active 28 DOM
4. 2026-06-15
   days on market $89,000 Active 27 DOM
5. 2026-06-13
   days on market $89,000 Active 25 DOM
6. 2026-06-10
   days on market $89,000 Active 22 DOM
7. 2026-06-09
   days on market $89,000 Active 21 DOM
8. 2026-06-08
   days on market $89,000 Active 20 DOM
9. 2026-06-07
   days on market $89,000 Active 19 DOM
10. 2026-06-03
    days on market $89,000 Active 15 DOM
11. 2026-06-02
    days on market $89,000 Active 14 DOM
12. 2026-06-01
    days on market $89,000 Active 13 DOM
13. 2026-05-31
    days on market $89,000 Active 12 DOM
14. 2026-05-19
    listed $89,000 Active 1286-char remark

    Show marketing remark (1286 chars)

    <br><br> The thoughtfully designed interior features an inviting and highly functional floorplan with updated finishes throughout, attractive laminate wood flooring and a light filled living space that feels both warm and welcoming. The private patio extends your living area outdoors and creates the perfect setting for morning coffee, evening relaxation or entertaining guests.<br><br> Major capital improvements have already been completed, including a recently replaced HVAC system and water heater, providing tremendous added value and peace of mind for the next owner. This unit has been exceptionally well maintained and offers the ease and simplicity of low maintenance living at its best. This unit has its own Private Laundry room with extra storage. <br><br> The gated grounds are beautifully maintained and offer residents a true resort style atmosphere with secure entry, gated parking and attractive community amenities rarely found at this price point. Conveniently located near shopping, dining, grocery stores, entertainment and everyday conveniences with easy access to surrounding areas.<br><br> Excellent opportunity for an owner occupant, second home purchaser, downsizer or anyone seeking secure, easy lock and leave living in a highly convenient location.<br><br>

15. 2026-05-19
    listed $89,000 Active

    Show marketing remark (1286 chars)

    <br><br> The thoughtfully designed interior features an inviting and highly functional floorplan with updated finishes throughout, attractive laminate wood flooring and a light filled living space that feels both warm and welcoming. The private patio extends your living area outdoors and creates the perfect setting for morning coffee, evening relaxation or entertaining guests.<br><br> Major capital improvements have already been completed, including a recently replaced HVAC system and water heater, providing tremendous added value and peace of mind for the next owner. This unit has been exceptionally well maintained and offers the ease and simplicity of low maintenance living at its best. This unit has its own Private Laundry room with extra storage. <br><br> The gated grounds are beautifully maintained and offer residents a true resort style atmosphere with secure entry, gated parking and attractive community amenities rarely found at this price point. Conveniently located near shopping, dining, grocery stores, entertainment and everyday conveniences with easy access to surrounding areas.<br><br> Excellent opportunity for an owner occupant, second home purchaser, downsizer or anyone seeking secure, easy lock and leave living in a highly convenient location.<br><br>

16. 2024-06-05
    price $105,000
17. 2024-05-28
    price $114,900
18. 2024-05-06
    listed $105,000
19. 2022-04-22
    soldstatus $87,000 Closed
20. 2022-04-07
    status Pending
21. 2022-04-06
    listed $85,000 Active
22. 2022-04-06
    listed $85,000
23. 2017-03-03
    historical
24. 2017-03-02
    listed $109,900 Active
25. 2016-10-25
    soldstatus $54,000
26. 2016-09-29
    soldstatus $54,000 Sold
27. 2016-08-29
    listed $59,000
28. 2016-08-29
    listed $59,000
29. 2002-07-01
    soldstatus $68,500
30. 2002-06-28
    soldstatus $68,500
31. 2002-05-06
    listed $72,000
32. 2002-05-06
    listed $72,000
33. 2002-02-22
    soldstatus $49,500
34. 2002-01-29
    listed $53,500
35. 2002-01-29
    listed $53,500
36. 1998-02-18
    soldstatus $37,000
37. 1997-10-10
    listed $37,000
38. 1997-10-10
    listed $37,000

ⓘ 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: $1,044 · $87/mo
• Projected year-2 tax: $1,044 · $87/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: $15,663
• − Mortgage interest: −$4,985
• − Property taxes: −$1,044
• − Insurance: −$445
• − Repairs & maintenance: −$1,253
• − Management: −$1,253
• − HOA: −$4,236
• − Depreciation: −$2,589
• Taxable loss: −$142
• Est. tax savings @ 24.0%: +$34
• After-tax cash flow: $1,083/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: Jefferson Parish
• NCES district ID: 2200840
• Math proficiency: 24% ▼ -36.00%
• Reading proficiency: 34% ▼ -30.00%
• Median HH income: $48,421
• Composite: 25.19/100
• National rank: #7511
• State rank: #44 of 98 in LA

Livability — Metairie

• Score: 87/100
• State rank: #1
• US rank: #261

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Metairie, LA
• County: Jefferson Parish · 426,999 people
• City population: 137,978
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 19,426
• Household income: $65,436
• Rent vs Own: 49.3% rent · 50.7% own
• Severe rent burden: 1269.0

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 451,696 people
• By 2030: 455,451 · +0.8%
• By 2040: 458,308 · +1.5%
• By 2050: 461,031 · +2.1%
• By 2075: 476,351 · +5.5%
• By 2100: 499,377 · +10.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 60% Black 16% Hispanic / Latino 15% Two or more races 10% Asian 6%
• Common ancestry: Lithuanian 9% Italian 3% Scotch-Irish 1%
• Foreign-born: 17% · Canada, China, Jamaica
• Languages at home: 79% English-only · Spanish 11% Other Indo-European 3% Chinese 3%

Political lean MEDSL · Jefferson

• 2024 margin: R (+12.9) · D 42.5% · R 55.5% · Other 2.1%
• 2008→2024 swing: +13.6pp toward D · 2008: -26.6pp · 2024: -12.9pp
• All cycles: 2024: R+12.9 2020: R+11.1 2016: R+14.8 2012: R+18.4 2008: R+26.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -175.35%
• Current HPI: 196.8402
• Rent YoY: ▼ -2.82%
• 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

+140.5% since first listed

25 events — show timeline

• 2026-05-19 Listed $89,000 GSREIN
• 2026-05-19 Listed $89,000 AcadianaMLS
• 2024-06-05 Price Changed $105,000 GSREIN
• 2024-05-28 Price Changed $114,900 GSREIN
• 2024-05-06 Listed $105,000 AcadianaMLS
• 2022-04-22 Sold (MLS) $87,000 GSREIN
• 2022-04-07 Pending — GSREIN
• 2022-04-06 Listed $85,000 AcadianaMLS
• 2022-04-06 Listed $85,000 GSREIN
• 2017-03-03 Listing Removed — GSREIN
• 2017-03-02 Listed $109,900 GSREIN
• 2016-10-25 Sold (Public Records) $54,000 Public Records
• 2016-09-29 Sold (MLS) $54,000 GSREIN
• 2016-08-29 Listed $59,000 AcadianaMLS
• 2016-08-29 Listed $59,000 GSREIN
• 2002-07-01 Sold (Public Records) $68,500 Public Records
• 2002-06-28 Sold (MLS) $68,500 GSREIN
• 2002-05-06 Listed $72,000 AcadianaMLS
• 2002-05-06 Listed $72,000 GSREIN
• 2002-02-22 Sold (MLS) $49,500 GSREIN
• 2002-01-29 Listed $53,500 GSREIN
• 2002-01-29 Listed $53,500 AcadianaMLS
• 1998-02-18 Sold (MLS) $37,000 GSREIN
• 1997-10-10 Listed $37,000 AcadianaMLS
• 1997-10-10 Listed $37,000 GSREIN

Property tax history

+3.6%/yr

Latest (2025): $1,044 · +0.2% YoY. Source: county tax records.