489 W Railroad Ave · Independence, LA 70443

$119,000

4 bd · None ba · 2,270 sqft · SingleFamily · 102 Days on market

Built 1915 Good condition $52/sqft · 9% below area Est $130k · 9% under

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Why this score? — see what drove the B 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 +30.0/30.0
• ARV discount +11.3/15.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• Condition / age +3.8/5.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Quintessential historic masonry store front in revitalizing Independence begs your imagination to run wild. A blank slate, this building would make an excellent 2-unit multi-family investment. It has been gutted with many renovations completed including new windows, new electrical panels, new water supply line, new 10-year roof coating, spray foam insulation under roof decking, and newly redesigned apartment floor plan upstairs. Approx 1135 sf living on each floor. A most unique detail of this property is that it sits on 2 CITY LOTS adding to the redevelopment possibilities! Come be part of the renaissance of historic main street Louisiana!

Key facts

• New roof coating
• New windows
• Built 1915

Tags

• HISTORIC MASONRY STORE FRONT
• NEW WINDOWS
• NEW ELECTRICAL PANELS
• NEW WATER SUPPLY LINE
• NEW ROOF COATING
• SPRAY FOAM INSULATION

What this means for you Summary

Snapshot

• This is a 4-bed/?-bath single-family listed at $119k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $541 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• Recommended offer: $108k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.7% vs local median 4.0% in Independence — 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 56/100 on livability (#351 in LA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+; Watch: schools D, crime F, amenities F.
• Tangipahoa Parish (rural): math 18% / reading 29% proficiency, ranked #63 of 98 in LA (top 64%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 108 active listings in the ZIP; 1,085 units permitted in Tangipahoa Parish in 2024 (378 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Tangipahoa County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $108,290 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. 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: 1.45% ✓
• Cap rate: 11.75%
• Cash-on-cash: 19.48%
• DSCR: 1.87
• GRM: 5.7

CMA / ARV

• ARV (median comp): $130,062
• List price: $119,000
• Delta: -8.51%
• Verdict: FAIR
• Comps: 4 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
125 Vaccaro St	0.35mi	3/2.5 (-1)	2,278 (+0%)	11mo	$265,000	$116	69
319 Tiger Ave	0.47mi	4/3.0	2,241 (-1%)	13mo	$265,000	$118	66
246 Cypress St	0.69mi	4/3.0	2,489 (+10%)	1mo	$285,000	$115	51
331 Tiger Ave	0.49mi	3/3.0 (-1)	2,435 (+7%)	18mo	$224,900	$92	45
53210 Ragusa Rd	0.67mi	3/3.0 (-1)	2,501 (+10%)	19mo	$129,900	$52	31

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: 11.5%
• Equity multiple: 1.46×
• Total profit: $15,200
• Equity at exit: $17,743

10-year hold

• IRR: 20.5%
• Equity multiple: 2.73×
• Total profit: $57,711
• Equity at exit: $10,289

Cash invested: $33,320 (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 70443

• Active inventory: 108
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,726 medium
• Mortgage (P&I): −$624
• Tax est. 1.5%: −$149 /mo · $1,785/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $541

Break-even live

Break-even rent $1,041

Max offer price $119,000

Occupancy floor 64%

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-19
   days on market $119,000 Active 102 DOM
2. 2026-06-18
   days on market $119,000 Active 101 DOM
3. 2026-06-17
   days on market $119,000 Active 100 DOM
4. 2026-06-16
   days on market $119,000 Active 99 DOM
5. 2026-06-15
   days on market $119,000 Active 98 DOM
6. 2026-06-14
   days on market $119,000 Active 96 DOM
7. 2026-06-13
   days on market $119,000 Active 95 DOM
8. 2026-06-10
   days on market $119,000 Active 93 DOM
9. 2026-06-09
   days on market $119,000 Active 92 DOM
10. 2026-06-08
    days on market $119,000 Active 91 DOM
11. 2026-06-07
    days on market $119,000 Active 90 DOM
12. 2026-06-05
    days on market $119,000 Active 87 DOM
13. 2026-06-03
    days on market $119,000 Active 86 DOM
14. 2026-06-02
    days on market $119,000 Active 85 DOM
15. 2026-06-01
    days on market $119,000 Active 84 DOM
16. 2026-05-31
    days on market $119,000 Active 83 DOM
17. 2026-05-30
    days on market $119,000 Active 82 DOM
18. 2026-04-18
    price $124,000 648-char remark

    Show marketing remark (648 chars)

    Quintessential historic masonry store front in revitalizing Independence begs your imagination to run wild. A blank slate, this building would make an excellent 2-unit multi-family investment. It has been gutted with many renovations completed including new windows, new electrical panels, new water supply line, new 10-year roof coating, spray foam insulation under roof decking, and newly redesigned apartment floor plan upstairs. Approx 1135 sf living on each floor. A most unique detail of this property is that it sits on 2 CITY LOTS adding to the redevelopment possibilities! Come be part of the renaissance of historic main street Louisiana!

19. 2026-04-18
    price $124,000 648-char remark

    Show marketing remark (648 chars)

    Quintessential historic masonry store front in revitalizing Independence begs your imagination to run wild. A blank slate, this building would make an excellent 2-unit multi-family investment. It has been gutted with many renovations completed including new windows, new electrical panels, new water supply line, new 10-year roof coating, spray foam insulation under roof decking, and newly redesigned apartment floor plan upstairs. Approx 1135 sf living on each floor. A most unique detail of this property is that it sits on 2 CITY LOTS adding to the redevelopment possibilities! Come be part of the renaissance of historic main street Louisiana!

20. 2026-04-09
    status Active 648-char remark

    Show marketing remark (648 chars)

    Quintessential historic masonry store front in revitalizing Independence begs your imagination to run wild. A blank slate, this building would make an excellent 2-unit multi-family investment. It has been gutted with many renovations completed including new windows, new electrical panels, new water supply line, new 10-year roof coating, spray foam insulation under roof decking, and newly redesigned apartment floor plan upstairs. Approx 1135 sf living on each floor. A most unique detail of this property is that it sits on 2 CITY LOTS adding to the redevelopment possibilities! Come be part of the renaissance of historic main street Louisiana!

21. 2026-04-09
    status Active 648-char remark

    Show marketing remark (648 chars)

    Quintessential historic masonry store front in revitalizing Independence begs your imagination to run wild. A blank slate, this building would make an excellent 2-unit multi-family investment. It has been gutted with many renovations completed including new windows, new electrical panels, new water supply line, new 10-year roof coating, spray foam insulation under roof decking, and newly redesigned apartment floor plan upstairs. Approx 1135 sf living on each floor. A most unique detail of this property is that it sits on 2 CITY LOTS adding to the redevelopment possibilities! Come be part of the renaissance of historic main street Louisiana!

22. 2026-04-02
    status Pending 648-char remark

    Show marketing remark (648 chars)

    Quintessential historic masonry store front in revitalizing Independence begs your imagination to run wild. A blank slate, this building would make an excellent 2-unit multi-family investment. It has been gutted with many renovations completed including new windows, new electrical panels, new water supply line, new 10-year roof coating, spray foam insulation under roof decking, and newly redesigned apartment floor plan upstairs. Approx 1135 sf living on each floor. A most unique detail of this property is that it sits on 2 CITY LOTS adding to the redevelopment possibilities! Come be part of the renaissance of historic main street Louisiana!

23. 2026-04-02
    historical Active Under Contract 648-char remark

    Show marketing remark (648 chars)

    Quintessential historic masonry store front in revitalizing Independence begs your imagination to run wild. A blank slate, this building would make an excellent 2-unit multi-family investment. It has been gutted with many renovations completed including new windows, new electrical panels, new water supply line, new 10-year roof coating, spray foam insulation under roof decking, and newly redesigned apartment floor plan upstairs. Approx 1135 sf living on each floor. A most unique detail of this property is that it sits on 2 CITY LOTS adding to the redevelopment possibilities! Come be part of the renaissance of historic main street Louisiana!

24. 2026-03-09
    listed $134,000 Active 648-char remark

    Show marketing remark (648 chars)

    Quintessential historic masonry store front in revitalizing Independence begs your imagination to run wild. A blank slate, this building would make an excellent 2-unit multi-family investment. It has been gutted with many renovations completed including new windows, new electrical panels, new water supply line, new 10-year roof coating, spray foam insulation under roof decking, and newly redesigned apartment floor plan upstairs. Approx 1135 sf living on each floor. A most unique detail of this property is that it sits on 2 CITY LOTS adding to the redevelopment possibilities! Come be part of the renaissance of historic main street Louisiana!

25. 2026-03-09
    listed $134,000 Active 648-char remark

    Show marketing remark (648 chars)

    Quintessential historic masonry store front in revitalizing Independence begs your imagination to run wild. A blank slate, this building would make an excellent 2-unit multi-family investment. It has been gutted with many renovations completed including new windows, new electrical panels, new water supply line, new 10-year roof coating, spray foam insulation under roof decking, and newly redesigned apartment floor plan upstairs. Approx 1135 sf living on each floor. A most unique detail of this property is that it sits on 2 CITY LOTS adding to the redevelopment possibilities! Come be part of the renaissance of historic main street Louisiana!

26. 2025-01-02
    listed $75,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% 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: $20,710
• − Mortgage interest: −$6,666
• − Property taxes: −$1,785
• − Insurance: −$595
• − Repairs & maintenance: −$1,657
• − Management: −$1,657
• − Depreciation: −$3,462
• Taxable income: $4,888
• Est. tax owed @ 24.0%: −$1,173
• After-tax cash flow: $5,319/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.

Condition & rehab AI · 12 photos

Good 75/100 Extensive rehab

This historic building is in the process of being gutted and renovated. It has a good roof and new windows, but requires extensive work on the interior to be move-in ready.

Repairs flagged

• Major Exposed framing — Structural elements need to be completed
• Major Exposed concrete flooring — Flooring needs to be installed
• Major Exposed electrical panel — Electrical system needs to be completed

Value-add opportunities

• Both Complete kitchen and bathroom — Fully functional kitchens and bathrooms are essential for both resale and rental
• Both Complete electrical system — A fully functional electrical system is essential for both resale and rental
• Both Install flooring — Flooring enhances the aesthetic and functionality of the space, improving both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exposed framing · Structural elements need to be completed	Major	$15,000–50,000
Exposed concrete flooring · Flooring needs to be installed	Major	$15,000–50,000
Exposed electrical panel · Electrical system needs to be completed	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Complete kitchen and bathroom — Fully functional kitchens and bathrooms are essential for both resale and rental ↑
• Both Complete electrical system — A fully functional electrical system is essential for both resale and rental ↑
• Both Install flooring — Flooring enhances the aesthetic and functionality of the space, improving both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Tangipahoa Parish
• NCES district ID: 2201680
• Math proficiency: 18% ▼ -32.00%
• Reading proficiency: 29% ▼ -31.00%
• Median HH income: $41,283
• Composite: 19.94/100
• National rank: #8676
• State rank: #63 of 98 in LA

Livability — Independence

• Score: 56/100
• State rank: #351
• US rank: #23010

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Independence, LA
• Population (ZIP): 8,359

Population outlook (Tangipahoa County) Hauer SSP2

• Today (2025): 144,204 people
• By 2030: 151,413 · +5.0%
• By 2040: 164,374 · +14.0%
• By 2050: 175,427 · +21.7%
• By 2075: 195,165 · +35.3%
• By 2100: 201,641 · +39.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 53% Black 28% Hispanic / Latino 16% Two or more races 12%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Lithuanian 7% Slovak 2% Portuguese 1%
• Foreign-born: 8% · Canada
• Languages at home: 89% English-only · Spanish 11%

Political lean MEDSL · Tangipahoa

• 2024 margin: Solid R (+37.4) · D 30.6% · R 68.0% · Other 1.3%
• 2008→2024 swing: -6.5pp toward R · 2008: -30.9pp · 2024: -37.4pp
• All cycles: 2024: R+37.4 2020: R+32.8 2016: R+32.6 2012: R+27.7 2008: R+30.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.69%
• Current HPI: 101.0489
• 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

+65.3% since first listed

9 events — show timeline

• 2026-04-18 Price Changed $124,000 AcadianaMLS
• 2026-04-18 Price Changed $124,000 GSREIN
• 2026-04-09 Relisted — AcadianaMLS
• 2026-04-09 Relisted — GSREIN
• 2026-04-02 Pending — AcadianaMLS
• 2026-04-02 Contingent — GSREIN
• 2026-03-09 Listed $134,000 GSREIN
• 2026-03-09 Listed $134,000 AcadianaMLS
• 2025-01-02 Listed $75,000 AcadianaMLS