609 Ramsey Spring Dr · Covington, LA 70435

$347,324

4 bd · 2.0 ba · 2,204 sqft · Land · 13 Days on market

Built 2026 0.30 ac lot $53/mo HOA · 2% 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 +16.7/30.0
• ARV discount +7.5/15.0
• DSCR +5.2/10.0
• 1% rule +4.7/10.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Awesome builder rate + FREE Refrigerator OR Window Blinds OR Smart Home Package (restrictions apply)! WATERFRONT PROPERTY! This Brand NEW Construction built by DSLD HOMES in Lake Ramsey backs to the Lake! The Camellia V H has an open floor plan with 4 bedrooms and 2 full bathrooms. This NEW home includes upgraded quartz counters, wood look plank tile flooring throughout, gutters, undermount cabinet lighting & more. Plan features: stainless appliances, walk-in pantry & island in kitchen, garden tub, separate shower & large walk-in closet in primary, boot bench, Wi-Fi thermostat & much more! About the Community: Located in Covington, Lake Ramsey offers far more than a place to live--it delivers a lifestyle rooted in nature, connection, and everyday adventure. This private, masterfully planned community blends serene natural surroundings with thoughtfully designed, energy-efficient new homes, creating a setting where comfort and outdoor living go hand in hand. Life at Lake Ramsey is active, social, and welcoming. Residents enjoy fishing, boating, cycling, jogging, and lakeside barbecues, along with neighborhood gatherings, holiday celebrations, and an annual community garage sale that brings neighbors together. Whether you're seeking peaceful relaxation or an engaging community atmosphere, Lake Ramsey offers the perfect balance of both. One of the community's most impressive features is its eight miles of scenic lake shoreline, providing breathtaking water and nature views throughout the neighborhood. Many homesites offer direct lake or green-space views, making Lake Ramsey an ideal choice for buyers looking for water-view living in Louisiana.

Key facts

• New construction
• Stainless appliances
• Island in kitchen

Tags

• NEW CONSTRUCTION
• UPGRADED QUARTZ COUNTERS
• WOOD LOOK PLANK TILE FLOORING
• STAINLESS APPLIANCES
• WALK-IN PANTRY
• ISLAND IN KITCHEN

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath land listed at $347k.

Deal economics

• At list price, monthly cash flow is $-208 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $317k (8.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $338k (2.6% below list).
• Recommended offer: $317k (8.7% below list) — sets the bar for cash-flow.
• Cap rate 7.0% 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: 365 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,064 units permitted in St. Tammany Parish in 2024 (0 in 5+ unit buildings).
• At $3,382/mo this rent would consume 50% of the median local household income ($81k/yr) (locally 296% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 9y 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: 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; moderate wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $317,220 (8.7% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 0.97% ✗
• Cap rate: 7.05%
• Cash-on-cash: 2.70%
• DSCR: 1.12
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -20.4%
• Equity multiple: 0.29×
• Total profit: $-69,186
• Equity at exit: $51,787

10-year hold

• IRR: -13.3%
• Equity multiple: 0.22×
• Total profit: $-75,903
• Equity at exit: $30,030

Cash invested: $97,251 (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 70435

• Home prices YoY: -27.3%
• Active inventory: 365
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $3,382 medium
• Mortgage (P&I): −$1,821
• Tax est. 1.5%: −$434 /mo · $5,210/yr
• Insurance: −$145
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$53
• Vacancy / Maint / Mgmt: −$710
• Net cashflow: $-208

Break-even live

Break-even rent $3,645

Max offer price $317,220

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: $86,831
• Closing costs: $10,420
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12099 Jones Rd Covington, LA	3.0	2.0	1700	$3,650	$2.15	11d	1	1.41mi
12099 Jones Rd Covington, LA	3.0	2.0	1700	$3,950	$2.32	3d	1	1.41mi

HOA detail

• Monthly dues: $53 · $636/yr
• Likely covers: waterinternet

Listing history 15 events

1. 2026-06-18
   days on market $347,324 Active 13 DOM
2. 2026-06-17
   days on market $347,324 Active 12 DOM
3. 2026-06-16
   days on market $347,324 Active 11 DOM
4. 2026-06-15
   days on market $347,324 Active 10 DOM
5. 2026-06-13
   days on market $347,324 Active 8 DOM
6. 2026-06-10
   days on market $347,324 Active 5 DOM
7. 2026-06-09
   days on market $347,324 Active 4 DOM
8. 2026-06-08
   pricestatus $347,324 Active 3 DOM
9. 2026-03-06
   status Pending 1684-char remark

   Show marketing remark (1684 chars)

   Awesome builder rate + FREE Refrigerator OR Window Blinds OR Smart Home Package (restrictions apply)! WATERFRONT PROPERTY! This Brand NEW Construction built by DSLD HOMES in Lake Ramsey backs to the Lake! The Camellia V H has an open floor plan with 4 bedrooms and 2 full bathrooms. This NEW home includes upgraded quartz counters, wood look plank tile flooring throughout, gutters, undermount cabinet lighting & more. Plan features: stainless appliances, walk-in pantry & island in kitchen, garden tub, separate shower & large walk-in closet in primary, boot bench, Wi-Fi thermostat & much more! About the Community: Located in Covington, Lake Ramsey offers far more than a place to live--it delivers a lifestyle rooted in nature, connection, and everyday adventure. This private, masterfully planned community blends serene natural surroundings with thoughtfully designed, energy-efficient new homes, creating a setting where comfort and outdoor living go hand in hand. Life at Lake Ramsey is active, social, and welcoming. Residents enjoy fishing, boating, cycling, jogging, and lakeside barbecues, along with neighborhood gatherings, holiday celebrations, and an annual community garage sale that brings neighbors together. Whether you're seeking peaceful relaxation or an engaging community atmosphere, Lake Ramsey offers the perfect balance of both. One of the community's most impressive features is its eight miles of scenic lake shoreline, providing breathtaking water and nature views throughout the neighborhood. Many homesites offer direct lake or green-space views, making Lake Ramsey an ideal choice for buyers looking for water-view living in Louisiana.

10. 2026-03-06
    status Pending 1684-char remark

    Show marketing remark (1684 chars)

    Awesome builder rate + FREE Refrigerator OR Window Blinds OR Smart Home Package (restrictions apply)! WATERFRONT PROPERTY! This Brand NEW Construction built by DSLD HOMES in Lake Ramsey backs to the Lake! The Camellia V H has an open floor plan with 4 bedrooms and 2 full bathrooms. This NEW home includes upgraded quartz counters, wood look plank tile flooring throughout, gutters, undermount cabinet lighting & more. Plan features: stainless appliances, walk-in pantry & island in kitchen, garden tub, separate shower & large walk-in closet in primary, boot bench, Wi-Fi thermostat & much more! About the Community: Located in Covington, Lake Ramsey offers far more than a place to live--it delivers a lifestyle rooted in nature, connection, and everyday adventure. This private, masterfully planned community blends serene natural surroundings with thoughtfully designed, energy-efficient new homes, creating a setting where comfort and outdoor living go hand in hand. Life at Lake Ramsey is active, social, and welcoming. Residents enjoy fishing, boating, cycling, jogging, and lakeside barbecues, along with neighborhood gatherings, holiday celebrations, and an annual community garage sale that brings neighbors together. Whether you're seeking peaceful relaxation or an engaging community atmosphere, Lake Ramsey offers the perfect balance of both. One of the community's most impressive features is its eight miles of scenic lake shoreline, providing breathtaking water and nature views throughout the neighborhood. Many homesites offer direct lake or green-space views, making Lake Ramsey an ideal choice for buyers looking for water-view living in Louisiana.

11. 2026-03-03
    listed $346,238 Active 1684-char remark

    Show marketing remark (1684 chars)

    Awesome builder rate + FREE Refrigerator OR Window Blinds OR Smart Home Package (restrictions apply)! WATERFRONT PROPERTY! This Brand NEW Construction built by DSLD HOMES in Lake Ramsey backs to the Lake! The Camellia V H has an open floor plan with 4 bedrooms and 2 full bathrooms. This NEW home includes upgraded quartz counters, wood look plank tile flooring throughout, gutters, undermount cabinet lighting & more. Plan features: stainless appliances, walk-in pantry & island in kitchen, garden tub, separate shower & large walk-in closet in primary, boot bench, Wi-Fi thermostat & much more! About the Community: Located in Covington, Lake Ramsey offers far more than a place to live--it delivers a lifestyle rooted in nature, connection, and everyday adventure. This private, masterfully planned community blends serene natural surroundings with thoughtfully designed, energy-efficient new homes, creating a setting where comfort and outdoor living go hand in hand. Life at Lake Ramsey is active, social, and welcoming. Residents enjoy fishing, boating, cycling, jogging, and lakeside barbecues, along with neighborhood gatherings, holiday celebrations, and an annual community garage sale that brings neighbors together. Whether you're seeking peaceful relaxation or an engaging community atmosphere, Lake Ramsey offers the perfect balance of both. One of the community's most impressive features is its eight miles of scenic lake shoreline, providing breathtaking water and nature views throughout the neighborhood. Many homesites offer direct lake or green-space views, making Lake Ramsey an ideal choice for buyers looking for water-view living in Louisiana.

12. 2026-03-03
    listed $346,238 Active 1684-char remark

    Show marketing remark (1684 chars)

    Awesome builder rate + FREE Refrigerator OR Window Blinds OR Smart Home Package (restrictions apply)! WATERFRONT PROPERTY! This Brand NEW Construction built by DSLD HOMES in Lake Ramsey backs to the Lake! The Camellia V H has an open floor plan with 4 bedrooms and 2 full bathrooms. This NEW home includes upgraded quartz counters, wood look plank tile flooring throughout, gutters, undermount cabinet lighting & more. Plan features: stainless appliances, walk-in pantry & island in kitchen, garden tub, separate shower & large walk-in closet in primary, boot bench, Wi-Fi thermostat & much more! About the Community: Located in Covington, Lake Ramsey offers far more than a place to live--it delivers a lifestyle rooted in nature, connection, and everyday adventure. This private, masterfully planned community blends serene natural surroundings with thoughtfully designed, energy-efficient new homes, creating a setting where comfort and outdoor living go hand in hand. Life at Lake Ramsey is active, social, and welcoming. Residents enjoy fishing, boating, cycling, jogging, and lakeside barbecues, along with neighborhood gatherings, holiday celebrations, and an annual community garage sale that brings neighbors together. Whether you're seeking peaceful relaxation or an engaging community atmosphere, Lake Ramsey offers the perfect balance of both. One of the community's most impressive features is its eight miles of scenic lake shoreline, providing breathtaking water and nature views throughout the neighborhood. Many homesites offer direct lake or green-space views, making Lake Ramsey an ideal choice for buyers looking for water-view living in Louisiana.

13. 2025-10-30
    soldstatus $450,000
14. 2019-07-12
    soldstatus $800,000
15. 2017-03-17
    listed $60,000

ⓘ 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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 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: $40,584
• − Mortgage interest: −$19,456
• − Property taxes: −$5,210
• − Insurance: −$6,855
• − Repairs & maintenance: −$3,247
• − Management: −$3,247
• − HOA: −$636
• − Depreciation: −$10,104
• Taxable loss: −$8,170
• Est. tax savings @ 24.0%: +$1,961
• After-tax cash flow: $-536/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): 22,475
• Household income: $80,926
• Rent vs Own: 12.2% rent · 87.8% own
• Severe rent burden: 296.0

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 (84%)
• Race & ethnicity: White 84% Black 9% Two or more races 4% Hispanic / Latino 3% Pacific Islander 2%
• Common ancestry: Lithuanian 15% Serbian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% French/Haitian/Cajun 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: ▼ -76.03%
• Current HPI: 202.0458
• Rent YoY: —
• 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

+477.1% since first listed

7 events — show timeline

• 2026-03-06 Pending — GSREIN
• 2026-03-06 Pending — AcadianaMLS
• 2026-03-03 Listed $346,238 AcadianaMLS
• 2026-03-03 Listed $346,238 GSREIN
• 2025-10-30 Sold (Public Records) $450,000 Public Records
• 2019-07-12 Sold (Public Records) $800,000 Public Records
• 2017-03-17 Listed $60,000 AcadianaMLS

Property tax history

+9.2%/yr

Latest (2025): $606 · -3.8% YoY. Source: county tax records.