330 Penn Mill Lakes Blvd · Covington, LA 70435

$249,000

3 bd · 2.0 ba · 1,510 sqft · SingleFamily public records · 46 Days on market

Built 2009 9,239 sqft lot $165/sqft · 8% below area Est $269k · 8% under $40/mo HOA · 2% of rent

---

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 +12.4/30.0
• ARV discount +10.9/15.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• DSCR +3.7/10.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Flood Zone C 0% Financing for Qualified Buyers! Welcome to your new home! Lake-View living meets ultimate peace of mind in this pristine 3BD/2BA home in the desirable Penn Mill Lakes Subdivision. This residence comes equipped with a high-value whole-house generator, ensuring comfort year-round. The open-concept interior features vaulted ceilings and durable laminate wood flooring throughout the main living areas. The kitchen is a chef's delight, boasting a gas range, stainless steel appliances, and a wrap-around breakfast bar. Retreat to the primary suite featuring a large walk-in closet and a relaxing garden tub. Outside, enjoy serene lake views from the comfort of your oversized screened-in patio. This home offers a low-maintenance lifestyle with professional landscaping and a spacious 2-car garage. Residents enjoy community amenities including a neighborhood pool and playground, walk trails, and other outdoor activities. Don't miss out--schedule your private tour today!

Key facts

• Lake views
• Neighborhood pool
• Playground

Tags

• WHOLE-HOUSE GENERATOR
• LAKE VIEWS
• OVERSIZED SCREENED-IN PATIO
• PROFESSIONAL LANDSCAPING
• NEIGHBORHOOD POOL
• PLAYGROUND

Property features AI

Finance

• HOA & community: Homeowners association with an annual fee of $480; Community pool

Exterior

• Parking: Two parking spaces
• Security: Security system
• Utilities: Generator electric; Public water; Public sewer
• Home design: Single-story; Brick and vinyl siding exterior; Asphalt shingle roof; Slab foundation; Very good condition; Lot is rectangular and located outside city limits (approx. 74 x 135)
• Construction: Built with brick and vinyl siding; Asphalt shingle roof; Slab foundation
• Exterior features: Enclosed porch; Fence; Concrete covered porch; Screened porch; Pond on lot; Lakefront

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Has heating; Has cooling
• Interior features: Cathedral ceilings; High ceilings; Vaulted ceilings

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $249k.

Deal economics

• At list price, monthly cash flow is $-41 ($-487/yr) — negative.
• To cash-flow at today's rent, offer at most $242k (2.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $198k (20.4% below list).
• Recommended offer: $198k (20.4% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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.
• Zoned schools: Covington Elementary School (math 52% / reading 52%, grade C-, #108 of 646 statewide, top 18%, 628 students, 59% FRL); Pine View Middle School (math 20% / reading 37%, grade F, #119 of 218 statewide, top 57%, 635 students, 62% FRL); Covington High School (math 32% / reading 44%, grade F, #90 of 265 statewide, top 34%, 1,660 students, 46% FRL) — zoned schools average 56% FRL vs 40% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 366 active listings in the ZIP; solid renter incomes; 1,064 units permitted in St. Tammany Parish in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 46 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 18y 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 $165k; list at $249k implies a 51% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $198,263 (20.4% 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 46 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
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: 0.80% ✗
• Cap rate: 6.10%
• Cash-on-cash: -0.70%
• DSCR: 0.97
• GRM: 10.5

CMA / ARV

• ARV (median comp): $269,319
• List price: $249,000
• Delta: -7.54%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
709 Bridle Ct	0.14mi	3/2.0	1,533 (+2%)	11mo	$245,000	$160	81
75522 Beverly Dr	0.36mi	3/2.0	1,487 (-2%)	7mo	$250,000	$168	75
517 Huseman Ln	0.50mi	3/2.0	1,510 (0%)	10mo	$192,500	$127	68
413 Penn Ct	0.10mi	3/2.0	1,736 (+15%)	3mo	$255,000	$147	68
334 Penn Mill Lakes Blvd	0.01mi	3/2.0	1,350 (-11%)	22mo	$249,999	$185	63
337 Penn Mill Lakes Blvd	0.05mi	3/2.0	1,715 (+14%)	15mo	$240,000	$140	63
15010 Lake Ramsey Rd	0.35mi	3/2.0	1,600 (+6%)	16mo	$147,000	$92	60
76077 Carroll Dr	0.38mi	2/2.0 (-1)	1,556 (+3%)	14mo	$187,700	$121	60
456 Steeple Chase Rd	0.22mi	3/2.0	1,731 (+15%)	24mo	$255,000	$147	46
76118 Carroll Dr	0.49mi	4/2.0 (+1)	1,678 (+11%)	21mo	$250,000	$149	36

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: -17.5%
• Equity multiple: 0.38×
• Total profit: $-42,975
• Equity at exit: $37,127

10-year hold

• IRR: -9.5%
• Equity multiple: 0.41×
• Total profit: $-40,914
• Equity at exit: $21,529

Cash invested: $69,720 (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: 366
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,983 medium
• Mortgage (P&I): −$1,306
• Tax from tax record: −$157 /mo · $1,888/yr
• Insurance: −$104
• HOA: −$40
• Vacancy / Maint / Mgmt: −$416
• Net cashflow: $-41

Break-even live

Break-even rent $2,034

Max offer price $241,827

Occupancy floor 97%

Sensitivity live

Price	-10% $100	-5% $30	+0% $-41	+5% $-111	+10% $-182
Rent	-10% $-197	-5% $-119	+0% $-41	+5% $38	+10% $116
Rate	-1.0pp $85	-0.5pp $23	base $-41	+0.5pp $-105	+1.0pp $-171

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $40 · $480/yr
• Likely covers: gaslandscapingpool

Listing history 28 events

1. 2026-06-21
   days on market $249,000 Active 46 DOM
2. 2026-06-18
   days on market $249,000 Active 43 DOM
3. 2026-06-17
   days on market $249,000 Active 42 DOM
4. 2026-06-16
   days on market $249,000 Active 41 DOM
5. 2026-06-15
   days on market $249,000 Active 40 DOM
6. 2026-06-13
   days on market $249,000 Active 38 DOM
7. 2026-06-10
   days on market $249,000 Active 35 DOM
8. 2026-06-09
   days on market $249,000 Active 34 DOM
9. 2026-06-08
   days on market $249,000 Active 33 DOM
10. 2026-06-07
    days on market $249,000 Active 32 DOM
11. 2026-06-03
    pricedays on market $249,000 Active 28 DOM

    Show marketing remark (987 chars)

    Flood Zone C 0% Financing for Qualified Buyers! Welcome to your new home! Lake-View living meets ultimate peace of mind in this pristine 3BD/2BA home in the desirable Penn Mill Lakes Subdivision. This residence comes equipped with a high-value whole-house generator, ensuring comfort year-round. The open-concept interior features vaulted ceilings and durable laminate wood flooring throughout the main living areas. The kitchen is a chef's delight, boasting a gas range, stainless steel appliances, and a wrap-around breakfast bar. Retreat to the primary suite featuring a large walk-in closet and a relaxing garden tub. Outside, enjoy serene lake views from the comfort of your oversized screened-in patio. This home offers a low-maintenance lifestyle with professional landscaping and a spacious 2-car garage. Residents enjoy community amenities including a neighborhood pool and playground, walk trails, and other outdoor activities. Don't miss out--schedule your private tour today!

12. 2026-06-02
    days on market $259,999 Active 27 DOM
13. 2026-06-01
    days on market $259,999 Active 26 DOM
14. 2026-05-31
    days on market $259,999 Active 25 DOM
15. 2026-05-06
    listed $259,999 Active 987-char remark

    Show marketing remark (987 chars)

    Flood Zone C 0% Financing for Qualified Buyers! Welcome to your new home! Lake-View living meets ultimate peace of mind in this pristine 3BD/2BA home in the desirable Penn Mill Lakes Subdivision. This residence comes equipped with a high-value whole-house generator, ensuring comfort year-round. The open-concept interior features vaulted ceilings and durable laminate wood flooring throughout the main living areas. The kitchen is a chef's delight, boasting a gas range, stainless steel appliances, and a wrap-around breakfast bar. Retreat to the primary suite featuring a large walk-in closet and a relaxing garden tub. Outside, enjoy serene lake views from the comfort of your oversized screened-in patio. This home offers a low-maintenance lifestyle with professional landscaping and a spacious 2-car garage. Residents enjoy community amenities including a neighborhood pool and playground, walk trails, and other outdoor activities. Don't miss out--schedule your private tour today!

16. 2026-05-06
    listed $259,999 Active 999-char remark

    Show marketing remark (987 chars)

    Flood Zone C 0% Financing for Qualified Buyers! Welcome to your new home! Lake-View living meets ultimate peace of mind in this pristine 3BD/2BA home in the desirable Penn Mill Lakes Subdivision. This residence comes equipped with a high-value whole-house generator, ensuring comfort year-round. The open-concept interior features vaulted ceilings and durable laminate wood flooring throughout the main living areas. The kitchen is a chef's delight, boasting a gas range, stainless steel appliances, and a wrap-around breakfast bar. Retreat to the primary suite featuring a large walk-in closet and a relaxing garden tub. Outside, enjoy serene lake views from the comfort of your oversized screened-in patio. This home offers a low-maintenance lifestyle with professional landscaping and a spacious 2-car garage. Residents enjoy community amenities including a neighborhood pool and playground, walk trails, and other outdoor activities. Don't miss out--schedule your private tour today!

17. 2019-06-05
    soldstatus $165,000
18. 2019-05-31
    soldstatus $165,000 Closed

    Show marketing remark (520 chars)

    Adorable home in Penn Mill Lakes Subdivision. This Beauty Offers 3 Bedrooms, 2 Bathrooms, large screened patio overlooking private lake and plenty of yard space that's beautifully landscaped. Included is a whole-house generator, laminate wood floors, vaulted ceiling, 2 car garage. Master suite features garden tub & walk in closet. Kitchen includes stainless steel appliances, gas range, pantry, wrap around breakfast bar & breakfast area. Great Opportunity To Live In Amazing Penn Mill Lakes! Flood Zone C!

19. 2019-05-03
    status Pending

    Show marketing remark (520 chars)

    Adorable home in Penn Mill Lakes Subdivision. This Beauty Offers 3 Bedrooms, 2 Bathrooms, large screened patio overlooking private lake and plenty of yard space that's beautifully landscaped. Included is a whole-house generator, laminate wood floors, vaulted ceiling, 2 car garage. Master suite features garden tub & walk in closet. Kitchen includes stainless steel appliances, gas range, pantry, wrap around breakfast bar & breakfast area. Great Opportunity To Live In Amazing Penn Mill Lakes! Flood Zone C!

20. 2019-05-01
    price $172,000

    Show marketing remark (520 chars)

    Adorable home in Penn Mill Lakes Subdivision. This Beauty Offers 3 Bedrooms, 2 Bathrooms, large screened patio overlooking private lake and plenty of yard space that's beautifully landscaped. Included is a whole-house generator, laminate wood floors, vaulted ceiling, 2 car garage. Master suite features garden tub & walk in closet. Kitchen includes stainless steel appliances, gas range, pantry, wrap around breakfast bar & breakfast area. Great Opportunity To Live In Amazing Penn Mill Lakes! Flood Zone C!

21. 2019-04-29
    listed $171,000 Active

    Show marketing remark (520 chars)

    Adorable home in Penn Mill Lakes Subdivision. This Beauty Offers 3 Bedrooms, 2 Bathrooms, large screened patio overlooking private lake and plenty of yard space that's beautifully landscaped. Included is a whole-house generator, laminate wood floors, vaulted ceiling, 2 car garage. Master suite features garden tub & walk in closet. Kitchen includes stainless steel appliances, gas range, pantry, wrap around breakfast bar & breakfast area. Great Opportunity To Live In Amazing Penn Mill Lakes! Flood Zone C!

22. 2019-04-29
    listed $172,000

    Show marketing remark (520 chars)

    Adorable home in Penn Mill Lakes Subdivision. This Beauty Offers 3 Bedrooms, 2 Bathrooms, large screened patio overlooking private lake and plenty of yard space that's beautifully landscaped. Included is a whole-house generator, laminate wood floors, vaulted ceiling, 2 car garage. Master suite features garden tub & walk in closet. Kitchen includes stainless steel appliances, gas range, pantry, wrap around breakfast bar & breakfast area. Great Opportunity To Live In Amazing Penn Mill Lakes! Flood Zone C!

23. 2018-05-21
    historical
24. 2018-04-24
    historical Pending Continue to Show
25. 2018-04-18
    listed $160,000
26. 2018-04-18
    listed $160,000 Active
27. 2008-09-09
    listed $164,500
28. 2008-09-09
    listed $164,500

ⓘ 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: $1,888 · $157/mo
• Projected year-2 tax: $1,888 · $157/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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 23 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: $23,792
• − Mortgage interest: −$13,948
• − Property taxes: −$1,888
• − Insurance: −$1,245
• − Repairs & maintenance: −$1,903
• − Management: −$1,903
• − HOA: −$480
• − Depreciation: −$7,244
• Taxable loss: −$4,820
• Est. tax savings @ 24.0%: +$1,157
• After-tax cash flow: $670/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

+51.4% since first listed

16 events — show timeline

• 2026-06-03 Price Changed $249,000 AcadianaMLS
• 2026-06-03 Price Changed $249,000 GSREIN
• 2026-05-06 Listed $259,999 GSREIN
• 2026-05-06 Listed $259,999 AcadianaMLS
• 2019-06-05 Sold (Public Records) $165,000 Public Records
• 2019-05-31 Sold (MLS) $165,000 GSREIN
• 2019-05-03 Pending — GSREIN
• 2019-05-01 Price Changed $172,000 GSREIN
• 2019-04-29 Listed $172,000 AcadianaMLS
• 2019-04-29 Listed $171,000 GSREIN
• 2018-05-21 Listing Removed — GSREIN
• 2018-04-24 Contingent — GSREIN
• 2018-04-18 Listed $160,000 GSREIN
• 2018-04-18 Listed $160,000 AcadianaMLS
• 2008-09-09 Listed $164,500 GSREIN
• 2008-09-09 Listed $164,500 AcadianaMLS

Property tax history

-0.6%/yr

Latest (2025): $1,888 · -3.8% YoY. Source: county tax records.