507 & 509 S 23rd St Unit A-G

Monroe, LA 71201

$99,000D

None bd · None ba · — sqft · Built 1952 · Condo · Active · 72 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $925/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$165
• HOA: −$0
• Vac / Maint / Mgmt: −$194
• Net cashflow: $47/mo
• Annual: $560/yr
• Cap rate: 6.86%
• Cash-on-cash: 2.02%
• DSCR: 1.09
• 1% rule: 0.93%
• Cash to close: $27,720

Investor read

• This is a condo listed at $99k. Condition is rated poor.
• At list price, monthly cash flow is $47 ($560/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $93k (6.6% below list).
• It's been on market 72 days — a 6% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $93k (6.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#128 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+; Watch: crime F, amenities F, commute F.
• City Of Monroe School District (urban): math 21% / reading 31% proficiency, ranked #60 of 98 in LA (top 61%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 142 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 345 units permitted in Ouachita Parish in 2024 (0 in 5+ unit buildings).
• Climate carrying-cost: major wind risk, 78% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent is only 17% of the median local income ($65k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 72 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?

Repairs flagged (vision-AI assessment)

• Major: landscaping — Overgrown vegetation needs trimming and landscaping to improve curb appeal.
• Major: exterior maintenance — The property needs exterior maintenance to address overgrown vegetation and improve curb appeal.
• Major: interior maintenance — The property needs interior maintenance to address potential issues with walls, paint, and other interior elements.
• Major: HVAC/mechanical maintenance — The property needs HVAC and mechanical maintenance to ensure proper functioning and energy efficiency.
• Major: roof inspection — The roof condition is unknown and needs inspection to determine if there are any issues that need addressing.
• Major: foundation inspection — The foundation condition is unknown and needs inspection to determine if there are any issues that need addressing.