18123 Cusachs Dr · Covington, LA 70433

$425,000

3 bd · 3.0 ba · 2,224 sqft · SingleFamily public records · 51 Days on market

Built 2004 $191/sqft · 10% below area Est $494k · 14% under

---

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).

• ARV discount +13.8/15.0
• Cash flow +9.3/30.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Elevated and tucked away in Lazy River Estates, this home offers a rare blend of space, functionality, and lifestyle--complete with a public boat launch less than a mile away. A classic Southern-style front porch welcomes you into a bright, open interior featuring hardwood floors and an abundance of natural light. The main living area showcases custom built-ins and a fireplace, while the spacious primary suite has a double-sided fireplace, dual vanities, soaking tub, separate shower, and two walk-in closets. The second level features two additional generously sized bedrooms with abundant closet space. The home offers approximately 2,320 square feet of living area, plus an additional 558 square feet on the ground level currently utilized as a media room and rec room, providing flexible space for hobbies, entertaining, or recreational use. The ground level also includes covered parking, ample storage, a workshop area, and a half bath. Out back, enjoy a large yard and patio overlooking a peaceful water setting that enhances the home's sense of privacy and relaxation.

Key facts

• Dual vanities
• Soaking tub
• Custom built-ins

Tags

• SOUTHERN-STYLE FRONT PORCH
• CUSTOM BUILT-INS
• DOUBLE-SIDED FIREPLACE
• DUAL VANITIES
• SOAKING TUB
• SEPARATE SHOWER

Property features AI

Exterior

• Parking: Detached garage; Garage with door opener; Three or more parking spaces
• Security: Security system; Closed-circuit camera(s); Smoke detector(s)
• Utilities: Well water; Septic tank
• Home design: 3 stories; Very good condition
• Construction: Hardboard, concrete and synthetic stucco construction; Shingle roof; Raised and slab foundation; Built with durable exterior materials
• Exterior features: Porch; Pavers on patio/porch; Workshop; Bayou frontage

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Oven; Range
• Bathrooms: 2 full bathrooms; 2 half bathrooms
• Heating & cooling: Central heating with multiple heating units; Central air conditioning
• Interior features: Attic; Ceiling fan(s); Carbon monoxide detector; Pull-down attic stairs; Wood-burning fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $425k.

Deal economics

• At list price, monthly cash flow is $-740 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $294k (30.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $293k (31.1% below list).
• Recommended offer: $293k (31.1% below list) — sets the bar for 1% rule.
• Cap rate 5.4% 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); 529 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 43% 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 $3k of loan paydown is wiped out by about $13k 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 51 days — a 3% lower offer ($412k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 11y 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.
• Current owner paid $290k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $292,629 (31.1% 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 51 days. Have you received any prior offers? Is the seller open to a 31% 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. 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. 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?
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: 0.69% ✗
• Cap rate: 5.41%
• Cash-on-cash: -3.16%
• DSCR: 0.86
• GRM: 12.1

CMA / ARV

• ARV (median comp): $494,421
• List price: $425,000
• Delta: -14.04%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18070 Cusachs Dr	0.11mi	3/2.5	2,049 (-8%)	23mo	$480,000	$234	60
1505 Rue De Fontaine	0.29mi	4/2.5 (+1)	2,468 (+11%)	10mo	$435,000	$176	53
1105 Avenue Du Chateau St	0.53mi	3/2.0	1,963 (-12%)	17mo	$385,000	$196	38
1211 Needlepoint Ln	0.66mi	4/3.0 (+1)	2,550 (+15%)	18mo	$550,000	$216	24

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 · 4.31% rent growth · sell at horizon

5-year hold

• IRR: -27.8%
• Equity multiple: 0.06×
• Total profit: $-111,965
• Equity at exit: $63,369

10-year hold

• IRR: -21.8%
• Equity multiple: -0.19×
• Total profit: $-141,237
• Equity at exit: $36,746

Cash invested: $119,000 (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 70433

• Rents YoY: 4.3%
• Active inventory: 529
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $2,926 high
• Mortgage (P&I): −$2,229
• Tax from tax record: −$219 /mo · $2,630/yr
• Insurance: −$177
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$615
• Net cashflow: $-740

Break-even live

Break-even rent $3,863

Max offer price $294,310

Occupancy floor —

Sensitivity live

Price	-10% $-499	-5% $-620	+0% $-740	+5% $-860	+10% $-980
Rent	-10% $-971	-5% $-855	+0% $-740	+5% $-624	+10% $-509
Rate	-1.0pp $-526	-0.5pp $-632	base $-740	+0.5pp $-850	+1.0pp $-962

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
69037 Riverbend Dr Covington, LA	3.0	2.0	1689	$3,500	$2.07	24d	1	0.52mi
1776 Continental Dr Covington, LA	3.0	1.0–2.0	990	$1,936	$1.96	2d	21	1.10mi
2209 Archwyck Cir Covington, LA	4.0	3.0	2256	$3,500	$1.55	24d	1	1.13mi
312 Lismore Ln Covington, LA	3.0	2.5	1521	$2,900	$1.91	24d	1	1.22mi
5032 Twin River Pl Covington, LA	4.0	3.0	2588	$4,000	$1.55	11d	1	1.36mi

Listing history 35 events

1. 2026-06-21
   days on market $425,000 Active 51 DOM
2. 2026-06-18
   days on market $425,000 Active 48 DOM
3. 2026-06-17
   days on market $425,000 Active 47 DOM
4. 2026-06-16
   days on market $425,000 Active 46 DOM
5. 2026-06-15
   days on market $425,000 Active 45 DOM
6. 2026-06-13
   days on market $425,000 Active 43 DOM
7. 2026-06-10
   days on market $425,000 Active 40 DOM
8. 2026-06-09
   days on market $425,000 Active 39 DOM
9. 2026-06-08
   days on market $425,000 Active 38 DOM
10. 2026-06-07
    days on market $425,000 Active 37 DOM
11. 2026-06-03
    days on market $425,000 Active 33 DOM
12. 2026-06-02
    days on market $425,000 Active 32 DOM
13. 2026-06-01
    days on market $425,000 Active 31 DOM
14. 2026-05-31
    days on market $425,000 Active 30 DOM
15. 2026-05-01
    listed $425,000 Active 1080-char remark

    Show marketing remark (1080 chars)

    Elevated and tucked away in Lazy River Estates, this home offers a rare blend of space, functionality, and lifestyle--complete with a public boat launch less than a mile away. A classic Southern-style front porch welcomes you into a bright, open interior featuring hardwood floors and an abundance of natural light. The main living area showcases custom built-ins and a fireplace, while the spacious primary suite has a double-sided fireplace, dual vanities, soaking tub, separate shower, and two walk-in closets. The second level features two additional generously sized bedrooms with abundant closet space. The home offers approximately 2,320 square feet of living area, plus an additional 558 square feet on the ground level currently utilized as a media room and rec room, providing flexible space for hobbies, entertaining, or recreational use. The ground level also includes covered parking, ample storage, a workshop area, and a half bath. Out back, enjoy a large yard and patio overlooking a peaceful water setting that enhances the home's sense of privacy and relaxation.

16. 2026-05-01
    listed $425,000 Active 1091-char remark

    Show marketing remark (1080 chars)

    Elevated and tucked away in Lazy River Estates, this home offers a rare blend of space, functionality, and lifestyle--complete with a public boat launch less than a mile away. A classic Southern-style front porch welcomes you into a bright, open interior featuring hardwood floors and an abundance of natural light. The main living area showcases custom built-ins and a fireplace, while the spacious primary suite has a double-sided fireplace, dual vanities, soaking tub, separate shower, and two walk-in closets. The second level features two additional generously sized bedrooms with abundant closet space. The home offers approximately 2,320 square feet of living area, plus an additional 558 square feet on the ground level currently utilized as a media room and rec room, providing flexible space for hobbies, entertaining, or recreational use. The ground level also includes covered parking, ample storage, a workshop area, and a half bath. Out back, enjoy a large yard and patio overlooking a peaceful water setting that enhances the home's sense of privacy and relaxation.

17. 2026-01-10
    price $425,000
18. 2026-01-10
    price $425,000
19. 2025-10-31
    listed $450,000 Active
20. 2025-07-08
    price $450,000
21. 2025-07-08
    price $450,000
22. 2025-05-31
    listed $468,000 Active
23. 2015-11-03
    soldstatus $290,000
24. 2015-10-29
    soldstatus $290,000 Sold
25. 2015-09-25
    historical Pending Continue to Show
26. 2015-09-04
    price $299,000
27. 2015-08-05
    status Active
28. 2015-08-05
    historical Pending Continue to Show
29. 2015-07-16
    listed $310,000 Active
30. 2015-07-16
    listed $299,000
31. 2015-07-13
    historical
32. 2015-05-24
    price $310,000
33. 2015-05-13
    listed $320,000 Active
34. 2015-04-10
    listed $310,000
35. 2004-08-17
    soldstatus $190,000

ⓘ 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: $2,630 · $219/mo
• Projected year-2 tax: $2,630 · $219/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 AE · 78% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,115
• − Mortgage interest: −$23,807
• − Property taxes: −$2,630
• − Insurance: −$7,244
• − Repairs & maintenance: −$2,809
• − Management: −$2,809
• − Depreciation: −$12,364
• Taxable loss: −$16,547
• Est. tax savings @ 24.0%: +$3,971
• After-tax cash flow: $-4,906/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

+123.7% since first listed

21 events — show timeline

• 2026-05-01 Listed $425,000 GSREIN
• 2026-05-01 Listed $425,000 AcadianaMLS
• 2026-01-10 Price Changed $425,000 AcadianaMLS
• 2026-01-10 Price Changed $425,000 GSREIN
• 2025-10-31 Listed $450,000 AcadianaMLS
• 2025-07-08 Price Changed $450,000 AcadianaMLS
• 2025-07-08 Price Changed $450,000 GSREIN
• 2025-05-31 Listed $468,000 AcadianaMLS
• 2015-11-03 Sold (Public Records) $290,000 Public Records
• 2015-10-29 Sold (MLS) $290,000 GSREIN
• 2015-09-25 Contingent — GSREIN
• 2015-09-04 Price Changed $299,000 GSREIN
• 2015-08-05 Relisted — GSREIN
• 2015-08-05 Contingent — GSREIN
• 2015-07-16 Listed $310,000 GSREIN
• 2015-07-16 Listed $299,000 AcadianaMLS
• 2015-07-13 Listing Removed — GSREIN
• 2015-05-24 Price Changed $310,000 GSREIN
• 2015-05-13 Listed $320,000 GSREIN
• 2015-04-10 Listed $310,000 AcadianaMLS
• 2004-08-17 Sold (Public Records) $190,000 Public Records

Property tax history

-0.8%/yr

Latest (2025): $2,630 · -3.8% YoY. Source: county tax records.