402 Cedarwood Dr #402 · Mandeville, LA 70471

$139,900

2 bd · 2.0 ba · 1,200 sqft · Condo · 111 Days on market

Built 1983 $117/sqft · 13% below area Est $160k · 12% under $400/mo HOA · 27% 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).

• ARV discount +13.1/15.0
• Cash flow +7.2/30.0
• 1% rule +5.6/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• DSCR +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cedarwood Condominium End Unit featuring lots of Light. Spacious Floor Plan with 1 Bedroom and Bath Down and 1 Bedroom and Bath Up. The Living Area has Wood Burning FP, Tile Floors, and Ceiling Fan. Nice Kitchen with lots of cabinets and counters. The Dining Area has a Bay Window and connects to the Living area. Upstairs is an Oversized Bedroom with Private Bath, Walk in Closet and a Bonus Loft Area great for an Office. Storage Closet, Covered Patio, & Privacy Fence. There is 1 Assigned Parking Space PLUS Guest spaces. LOCATION is PERFECT.....Less than 5 min to Causeway, minutes to Shopping, Restaurants, Health Clubs, Grocery Stores plus it is in a Highly Sought after School District. Condo Dues cover exterior maintenance, Lawn Care, Water, Sewer, Garbage, & Building Insurance. The Roof is 3 years old and there is a total of 16 units in complex.

Key facts

• Wood burning fp
• Tile floors
• Oversized bedroom

Tags

• END UNIT
• WOOD BURNING FP
• TILE FLOORS
• GRANITE COUNTERS
• BAY WINDOW
• OVERSIZED BEDROOM

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $140k.

Deal economics

• At list price, monthly cash flow is $-192 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $112k (19.9% below list).
• Meets the 1% rule at list price ($1k rent vs $140k).
• Recommended offer: $112k (19.9% below list) — sets the bar for cash-flow.
• Cap rate 4.6% vs local median 3.5% in Mandeville — 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 77/100 on livability (#13 in LA, #3,224 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, employment A+, housing 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 (+3.3%/yr); 225 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $967 of loan paydown is wiped out by about $4k 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 111 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 22y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $105k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 27% of rent.
• 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 $112,093 (19.9% 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 111 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. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.06% ✓
• Cap rate: 4.64%
• Cash-on-cash: -5.89%
• DSCR: 0.74
• GRM: 7.8

CMA / ARV

• ARV (median comp): $159,882
• List price: $139,900
• Delta: -12.50%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.32% rent growth · sell at horizon

5-year hold

• IRR: -25.6%
• Equity multiple: 0.13×
• Total profit: $-34,160
• Equity at exit: $20,860

10-year hold

• IRR: -19.8%
• Equity multiple: -0.08×
• Total profit: $-42,433
• Equity at exit: $12,096

Cash invested: $39,172 (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 70471

• Home prices YoY: -29.2%
• Rents YoY: 3.3%
• Active inventory: 225
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,487 high
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,098/yr
• Insurance: −$58
• HOA: −$400
• Vacancy / Maint / Mgmt: −$312
• Net cashflow: $-192

Break-even live

Break-even rent $1,730

Max offer price $112,093

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
509 Cedarwood Dr #509 Mandeville, LA	3.0	2.5	1320	$1,675	$1.27	23d	1	0.06mi
544 Cedarwood Dr Mandeville, LA	2.0	1.5	1205	$1,400	$1.16	43d	1	0.09mi
631 Cedarwood Dr Mandeville, LA	2.0	1.5	1130	$1,300	$1.15	23d	1	0.14mi
103 Parkview Blvd #103 Mandeville, LA	2.0	2.0	830	$1,300	$1.57	17d	1	0.15mi
Parkview Blvd #410 Parish Governing Authority District 4, LA	2.0	2.0	825	$1,300	$1.58	43d	1	0.16mi
4840 Highway 22 Mandeville, LA	2.0–3.0	2.0	1341	$1,425	$1.06	43d	1	0.18mi
700 Heavens Dr Unit 5 Mandeville, LA	2.0	1.0	1100	$1,200	$1.09	43d	1	0.21mi
725 Heavens Dr #3 Mandeville, LA	2.0	1.5	1102	$1,350	$1.23	43d	1	0.25mi
733 Heavens Dr #4 Mandeville, LA	2.0	1.5	1098	$1,370	$1.25	10d	1	0.29mi
736 Heavens Dr #8 Mandeville, LA	2.0	1.5	1300	$1,400	$1.08	43d	1	0.33mi
740 Heavens Dr #10 Mandeville, LA	3.0	2.5	1296	$1,800	$1.39	17d	1	0.34mi
500 Aries Dr Unit 4B Mandeville, LA	2.0	1.5	1400	$2,400	$1.71	43d	1	0.40mi
500 Aries Dr Mandeville, LA	2.0	1.5–2.5	1400	$2,020	$1.44	3d	2	0.40mi
32 S Court Villa Dr #32 Mandeville, LA	2.0	2.0	1285	$2,200	$1.71	43d	1	0.53mi
207 Walnut St Mandeville, LA	3.0	2.0	1075	$1,800	$1.67	3d	1	1.22mi
209 W Hickory St Mandeville, LA	3.0	1.5	1350	$1,900	$1.41	17d	1	1.28mi
200 Chapel Crk Mandeville, LA	1.0–3.0	1.0–2.0	1175	$1,392	$1.18	1d	11	1.37mi

HOA detail condo

• Monthly dues: $400 · $4,800/yr
• Likely covers: watersewertrashlandscapingexterior maint.insuranceparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-16
   statusdays on market $139,900 Pending 111 DOM
2. 2026-06-15
   days on market $139,900 Active 110 DOM
3. 2026-06-13
   days on market $139,900 Active 108 DOM
4. 2026-06-10
   days on market $139,900 Active 105 DOM
5. 2026-06-09
   days on market $139,900 Active 104 DOM
6. 2026-06-08
   days on market $139,900 Active 103 DOM
7. 2026-06-07
   days on market $139,900 Active 102 DOM
8. 2026-06-03
   days on market $139,900 Active 98 DOM
9. 2026-06-02
   days on market $139,900 Active 97 DOM
10. 2026-06-01
    days on market $139,900 Active 96 DOM
11. 2026-05-31
    days on market $139,900 Active 95 DOM
12. 2026-04-12
    price $139,900 865-char remark

    Show marketing remark (870 chars)

    Cedarwood Condominium End Unit featuring lots of Light. Spacious Floor Plan with 1 Bedroom and Bath Down and 1 Bedroom and Bath Up. The Living Area has Wood Burning FP, Tile Floors, and Ceiling Fan. Nice Kitchen with lots of cabinets and counters. The Dining Area has a Bay Window and connects to the Living area. Upstairs is an Oversized Bedroom with Private Bath, Walk in Closet and a Bonus Loft Area great for an Office. Storage Closet, Covered Patio, & Privacy Fence. There is 1 Assigned Parking Space PLUS Guest spaces. LOCATION is PERFECT. .. .. Less than 5 min to Causeway, minutes to Shopping, Restaurants, Health Clubs, Grocery Stores plus it is in a Highly Sought after School District. Condo Dues cover exterior maintenance, Lawn Care, Water, Sewer, Garbage, & Building Insurance. The Roof is 3 years old and there is a total of 16 units in complex.

13. 2026-04-12
    price $139,900 870-char remark

    Show marketing remark (870 chars)

    Cedarwood Condominium End Unit featuring lots of Light. Spacious Floor Plan with 1 Bedroom and Bath Down and 1 Bedroom and Bath Up. The Living Area has Wood Burning FP, Tile Floors, and Ceiling Fan. Nice Kitchen with lots of cabinets and counters. The Dining Area has a Bay Window and connects to the Living area. Upstairs is an Oversized Bedroom with Private Bath, Walk in Closet and a Bonus Loft Area great for an Office. Storage Closet, Covered Patio, & Privacy Fence. There is 1 Assigned Parking Space PLUS Guest spaces. LOCATION is PERFECT. .. .. Less than 5 min to Causeway, minutes to Shopping, Restaurants, Health Clubs, Grocery Stores plus it is in a Highly Sought after School District. Condo Dues cover exterior maintenance, Lawn Care, Water, Sewer, Garbage, & Building Insurance. The Roof is 3 years old and there is a total of 16 units in complex.

14. 2026-03-09
    price $144,500 865-char remark

    Show marketing remark (870 chars)

    Cedarwood Condominium End Unit featuring lots of Light. Spacious Floor Plan with 1 Bedroom and Bath Down and 1 Bedroom and Bath Up. The Living Area has Wood Burning FP, Tile Floors, and Ceiling Fan. Nice Kitchen with lots of cabinets and counters. The Dining Area has a Bay Window and connects to the Living area. Upstairs is an Oversized Bedroom with Private Bath, Walk in Closet and a Bonus Loft Area great for an Office. Storage Closet, Covered Patio, & Privacy Fence. There is 1 Assigned Parking Space PLUS Guest spaces. LOCATION is PERFECT. .. .. Less than 5 min to Causeway, minutes to Shopping, Restaurants, Health Clubs, Grocery Stores plus it is in a Highly Sought after School District. Condo Dues cover exterior maintenance, Lawn Care, Water, Sewer, Garbage, & Building Insurance. The Roof is 3 years old and there is a total of 16 units in complex.

15. 2026-03-09
    price $144,500 870-char remark

    Show marketing remark (870 chars)

    Cedarwood Condominium End Unit featuring lots of Light. Spacious Floor Plan with 1 Bedroom and Bath Down and 1 Bedroom and Bath Up. The Living Area has Wood Burning FP, Tile Floors, and Ceiling Fan. Nice Kitchen with lots of cabinets and counters. The Dining Area has a Bay Window and connects to the Living area. Upstairs is an Oversized Bedroom with Private Bath, Walk in Closet and a Bonus Loft Area great for an Office. Storage Closet, Covered Patio, & Privacy Fence. There is 1 Assigned Parking Space PLUS Guest spaces. LOCATION is PERFECT. .. .. Less than 5 min to Causeway, minutes to Shopping, Restaurants, Health Clubs, Grocery Stores plus it is in a Highly Sought after School District. Condo Dues cover exterior maintenance, Lawn Care, Water, Sewer, Garbage, & Building Insurance. The Roof is 3 years old and there is a total of 16 units in complex.

16. 2026-02-19
    listed $149,500 Active 865-char remark

    Show marketing remark (870 chars)

    Cedarwood Condominium End Unit featuring lots of Light. Spacious Floor Plan with 1 Bedroom and Bath Down and 1 Bedroom and Bath Up. The Living Area has Wood Burning FP, Tile Floors, and Ceiling Fan. Nice Kitchen with lots of cabinets and counters. The Dining Area has a Bay Window and connects to the Living area. Upstairs is an Oversized Bedroom with Private Bath, Walk in Closet and a Bonus Loft Area great for an Office. Storage Closet, Covered Patio, & Privacy Fence. There is 1 Assigned Parking Space PLUS Guest spaces. LOCATION is PERFECT. .. .. Less than 5 min to Causeway, minutes to Shopping, Restaurants, Health Clubs, Grocery Stores plus it is in a Highly Sought after School District. Condo Dues cover exterior maintenance, Lawn Care, Water, Sewer, Garbage, & Building Insurance. The Roof is 3 years old and there is a total of 16 units in complex.

17. 2026-02-19
    listed $149,500 Active 870-char remark

    Show marketing remark (870 chars)

    Cedarwood Condominium End Unit featuring lots of Light. Spacious Floor Plan with 1 Bedroom and Bath Down and 1 Bedroom and Bath Up. The Living Area has Wood Burning FP, Tile Floors, and Ceiling Fan. Nice Kitchen with lots of cabinets and counters. The Dining Area has a Bay Window and connects to the Living area. Upstairs is an Oversized Bedroom with Private Bath, Walk in Closet and a Bonus Loft Area great for an Office. Storage Closet, Covered Patio, & Privacy Fence. There is 1 Assigned Parking Space PLUS Guest spaces. LOCATION is PERFECT. .. .. Less than 5 min to Causeway, minutes to Shopping, Restaurants, Health Clubs, Grocery Stores plus it is in a Highly Sought after School District. Condo Dues cover exterior maintenance, Lawn Care, Water, Sewer, Garbage, & Building Insurance. The Roof is 3 years old and there is a total of 16 units in complex.

18. 2005-05-06
    soldstatus $105,000
19. 2005-04-05
    listed $105,000
20. 2005-04-05
    listed $105,000
21. 2004-10-22
    soldstatus $93,000
22. 2004-09-20
    listed $95,000
23. 2004-09-20
    listed $95,000

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,843
• − Mortgage interest: −$7,837
• − Property taxes: −$2,098
• − Insurance: −$700
• − Repairs & maintenance: −$1,427
• − Management: −$1,427
• − HOA: −$4,800
• − Depreciation: −$4,070
• Taxable loss: −$4,516
• Est. tax savings @ 24.0%: +$1,084
• After-tax cash flow: $-1,222/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 — Mandeville

• Score: 77/100
• State rank: #13
• US rank: #3224

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mandeville, LA
• County: Saint Tammany Parish · 228,296 people
• City population: 50,537
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 24,199
• Household income: $96,501
• Rent vs Own: 25.8% rent · 74.2% own
• Severe rent burden: 475.0

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% Two or more races 8% Hispanic / Latino 8% Asian 2% Native American 1% Black 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Lithuanian 15% Italian 2% Romanian 2%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 5% Other Indo-European 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: ▼ -77.41%
• Current HPI: 188.0159
• Rent YoY: ▲ 3.32%
• 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

+47.3% since first listed

12 events — show timeline

• 2026-04-12 Price Changed $139,900 AcadianaMLS
• 2026-04-12 Price Changed $139,900 GSREIN
• 2026-03-09 Price Changed $144,500 AcadianaMLS
• 2026-03-09 Price Changed $144,500 GSREIN
• 2026-02-19 Listed $149,500 GSREIN
• 2026-02-19 Listed $149,500 AcadianaMLS
• 2005-05-06 Sold (MLS) $105,000 GSREIN
• 2005-04-05 Listed $105,000 GSREIN
• 2005-04-05 Listed $105,000 AcadianaMLS
• 2004-10-22 Sold (MLS) $93,000 GSREIN
• 2004-09-20 Listed $95,000 GSREIN
• 2004-09-20 Listed $95,000 AcadianaMLS