350 Emerald Forest Blvd #21101 · Covington, LA 70433

$135,000

2 bd · 2.0 ba · 1,201 sqft · Condo public records · 77 Days on market

Built 2007 $112/sqft · 28% below area Est $187k · 28% under $485/mo HOA · 31% 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 +15.0/15.0
• Cash flow +10.9/30.0
• 1% rule +6.7/10.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• DSCR +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

*pending succession* This first floor unit is move in ready - come enjoy all of the amenities Emerald Forest has to offer! The location of this complex can't be beat when it comes to safety and convenience. This association has a gorgeous club house with a gym and an outdoor pool. The streets and outdoor spaces are meticulously maintained. There is one reserved parking spot with ample parking for others. Brand new carpet in bedrooms. Both bedrooms have en suites; one is jack and jill style for guests. All appliances are in working order- washer/dryer included which is in-unit. Private, covered patio overlooks grassy area. There is an outdoor storage room by front door of the unit. Condo fees are $485 a month and include trash services, pest control, insurance, grounds maintenance, etc. There is currently a special assessment of $54/month which is added to the condo fees.

Key facts

• Outdoor pool
• Outdoor storage room
• $485 HOA

Tags

• OUTDOOR POOL
• PRIVATE COVERED PATIO
• OUTDOOR STORAGE ROOM

🏷️ Possibly a rental listed for sale. The $135,000 price doesn't fit this home's estimated sale value (~$186,787) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $135k.

Deal economics

• At list price, monthly cash flow is $-59 ($-710/yr) — negative.
• To cash-flow at today's rent, offer at most $125k (7.7% below list).
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $125k (7.7% below list) — sets the bar for cash-flow.
• Cap rate 5.8% 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; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 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 77 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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: HOA is 31% of rent.

Recommended offer $124,547 (7.7% 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. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 8% 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 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?
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: 1.17% ✓
• Cap rate: 5.77%
• Cash-on-cash: -1.88%
• DSCR: 0.92
• GRM: 7.1

CMA / ARV

• ARV (median comp): $186,787
• List price: $135,000
• Delta: -27.73%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.31% rent growth · sell at horizon

5-year hold

• IRR: -17.1%
• Equity multiple: 0.38×
• Total profit: $-23,286
• Equity at exit: $20,129

10-year hold

• IRR: -5.7%
• Equity multiple: 0.60×
• Total profit: $-15,230
• Equity at exit: $11,672

Cash invested: $37,800 (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: 7.1×

Monthly cashflow live

• Estimated rent: $1,577 high
• Mortgage (P&I): −$708
• Tax from tax record: −$56 /mo · $671/yr
• Insurance: −$56
• HOA: −$485
• Vacancy / Maint / Mgmt: −$331
• Net cashflow: $-59

Break-even live

Break-even rent $1,652

Max offer price $124,547

Occupancy floor 99%

Sensitivity live

Price	-10% $17	-5% $-21	+0% $-59	+5% $-97	+10% $-136
Rent	-10% $-184	-5% $-121	+0% $-59	+5% $3	+10% $65
Rate	-1.0pp $9	-0.5pp $-25	base $-59	+0.5pp $-94	+1.0pp $-130

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
350 Emerald Forest Blvd Covington, LA	1.0–2.0	1.0–2.0	845	$1,600	$1.89	13d	2	0.03mi
28 Park Place Dr Covington, LA	1.0–3.0	1.0–2.0	963	$1,253	$1.30	3d	9	0.16mi
3 Hollycrest Blvd Covington, LA	2.0	2.0	1413	$1,495	$1.06	4d	1	0.42mi
140 Holiday Blvd Covington, LA	2.0	1.0–2.0	652	$1,525	$2.34	3d	12	0.60mi
19425 Slemmer Rd Unit 2 Covington, LA	3.0	2.0	1100	$1,100	$1.00	22d	1	0.66mi
70040 2nd St Covington, LA	3.0	2.0	1416	$2,000	$1.41	4d	1	0.75mi
103 Covington Meadow Cir Unit E Covington, LA	3.0	2.5	1476	$1,700	$1.15	25d	1	0.76mi
103 Covington Meadow Cir Unit F Covington, LA	3.0	2.5	1476	$1,700	$1.15	45d	1	0.76mi
70045 3rd St Covington, LA	3.0	2.0	1430	$1,750	$1.22	4d	1	0.77mi
100 Covington Meadow Cir Unit D Covington, LA	3.0	2.5	1356	$1,600	$1.18	18d	1	0.77mi
104 Covington Meadow Cir Unit I Covington, LA	3.0	2.5	1476	$1,600	$1.08	25d	1	0.79mi
2021 Sullivan Ln Covington, LA	1.0–2.0	1.0–2.0	860	$1,856	$2.16	3d	18	0.84mi
164 Golden Meadow Dr Covington, LA	1.0	2.0	1100	$1,350	$1.23	21d	1	0.87mi
70403 L St Covington, LA	3.0	2.0	1250	$1,695	$1.36	45d	1	0.94mi
70361 D St Covington, LA	3.0	2.0	1409	$1,750	$1.24	25d	1	0.96mi
70076 6th St Covington, LA	3.0	2.0	1151	$1,600	$1.39	25d	1	0.96mi
70330 A St Covington, LA	3.0	2.0	1163	$1,600	$1.38	21d	1	1.00mi
70096 10th St Covington, LA	3.0	2.0	1391	$1,950	$1.40	18d	1	1.15mi
70412 1st St Covington, LA	3.0	2.0	1182	$1,700	$1.44	18d	1	1.15mi
70293 7th St Covington, LA	3.0	2.0	1450	$1,695	$1.17	45d	1	1.18mi
70252 8th St Covington, LA	3.0	2.0	1230	$1,650	$1.34	25d	1	1.20mi
70300 7th St Covington, LA	3.0	2.0	1448	$1,750	$1.21	25d	1	1.22mi
70466 1st St Covington, LA	3.0	2.0	1443	$2,100	$1.46	18d	1	1.24mi
1612 Versailles Business Pkwy Covington, LA	1.0–2.0	1.0–2.0	1009	$2,089	$2.07	3d	31	1.31mi
711 Lionel Ct Abita Springs, LA	3.0	2.0	1497	$2,000	$1.34	25d	1	1.38mi
70439 8th St Covington, LA	3.0	2.0	1267	$1,500	$1.18	25d	1	1.41mi
70371 10th St Covington, LA	3.0	2.0	1212	$1,695	$1.40	45d	1	1.43mi
21096 Washington Ave Unit B Abita Springs, LA	2.0	1.5	900	$1,050	$1.17	45d	1	1.45mi

HOA detail condo

• Monthly dues: $485 · $5,820/yr
• Likely covers: trashlandscapingpoolgym
• ⚠ Special-assessment mentions:

  …are $485 a month and include trash services, pest control, insurance, grounds maintenance, etc. There is currently a special assessment of $54/month which is added to the condo fees.

Listing history 12 events

1. 2026-06-08
   statusdays on market $135,000 Pending 77 DOM
2. 2026-06-07
   days on market $135,000 Active 76 DOM
3. 2026-06-03
   days on market $135,000 Active 72 DOM
4. 2026-06-02
   days on market $135,000 Active 71 DOM
5. 2026-06-01
   days on market $135,000 Active 70 DOM
6. 2026-05-31
   days on market $135,000 Active 69 DOM
7. 2026-04-13
   status Active 883-char remark

   Show marketing remark (886 chars)

   * pending succession * This first floor unit is move in ready - come enjoy all of the amenities Emerald Forest has to offer! The location of this complex can't be beat when it comes to safety and convenience. This association has a gorgeous club house with a gym and an outdoor pool. The streets and outdoor spaces are meticulously maintained. There is one reserved parking spot with ample parking for others. Brand new carpet in bedrooms. Both bedrooms have en suites; one is jack and jill style for guests. All appliances are in working order- washer/dryer included which is in-unit. Private, covered patio overlooks grassy area. There is an outdoor storage room by front door of the unit. Condo fees are $485 a month and include trash services, pest control, insurance, grounds maintenance, etc. There is currently a special assessment of $54/month which is added to the condo fees.

8. 2026-04-13
   status Active 886-char remark

   Show marketing remark (886 chars)

   * pending succession * This first floor unit is move in ready - come enjoy all of the amenities Emerald Forest has to offer! The location of this complex can't be beat when it comes to safety and convenience. This association has a gorgeous club house with a gym and an outdoor pool. The streets and outdoor spaces are meticulously maintained. There is one reserved parking spot with ample parking for others. Brand new carpet in bedrooms. Both bedrooms have en suites; one is jack and jill style for guests. All appliances are in working order- washer/dryer included which is in-unit. Private, covered patio overlooks grassy area. There is an outdoor storage room by front door of the unit. Condo fees are $485 a month and include trash services, pest control, insurance, grounds maintenance, etc. There is currently a special assessment of $54/month which is added to the condo fees.

9. 2026-04-07
   status Pending 883-char remark

   Show marketing remark (886 chars)

   * pending succession * This first floor unit is move in ready - come enjoy all of the amenities Emerald Forest has to offer! The location of this complex can't be beat when it comes to safety and convenience. This association has a gorgeous club house with a gym and an outdoor pool. The streets and outdoor spaces are meticulously maintained. There is one reserved parking spot with ample parking for others. Brand new carpet in bedrooms. Both bedrooms have en suites; one is jack and jill style for guests. All appliances are in working order- washer/dryer included which is in-unit. Private, covered patio overlooks grassy area. There is an outdoor storage room by front door of the unit. Condo fees are $485 a month and include trash services, pest control, insurance, grounds maintenance, etc. There is currently a special assessment of $54/month which is added to the condo fees.

10. 2026-04-07
    historical Active Under Contract 886-char remark

    Show marketing remark (886 chars)

    * pending succession * This first floor unit is move in ready - come enjoy all of the amenities Emerald Forest has to offer! The location of this complex can't be beat when it comes to safety and convenience. This association has a gorgeous club house with a gym and an outdoor pool. The streets and outdoor spaces are meticulously maintained. There is one reserved parking spot with ample parking for others. Brand new carpet in bedrooms. Both bedrooms have en suites; one is jack and jill style for guests. All appliances are in working order- washer/dryer included which is in-unit. Private, covered patio overlooks grassy area. There is an outdoor storage room by front door of the unit. Condo fees are $485 a month and include trash services, pest control, insurance, grounds maintenance, etc. There is currently a special assessment of $54/month which is added to the condo fees.

11. 2026-03-23
    listed $135,000 Active 883-char remark

    Show marketing remark (886 chars)

    * pending succession * This first floor unit is move in ready - come enjoy all of the amenities Emerald Forest has to offer! The location of this complex can't be beat when it comes to safety and convenience. This association has a gorgeous club house with a gym and an outdoor pool. The streets and outdoor spaces are meticulously maintained. There is one reserved parking spot with ample parking for others. Brand new carpet in bedrooms. Both bedrooms have en suites; one is jack and jill style for guests. All appliances are in working order- washer/dryer included which is in-unit. Private, covered patio overlooks grassy area. There is an outdoor storage room by front door of the unit. Condo fees are $485 a month and include trash services, pest control, insurance, grounds maintenance, etc. There is currently a special assessment of $54/month which is added to the condo fees.

12. 2026-03-23
    listed $135,000 Active 886-char remark

    Show marketing remark (886 chars)

    * pending succession * This first floor unit is move in ready - come enjoy all of the amenities Emerald Forest has to offer! The location of this complex can't be beat when it comes to safety and convenience. This association has a gorgeous club house with a gym and an outdoor pool. The streets and outdoor spaces are meticulously maintained. There is one reserved parking spot with ample parking for others. Brand new carpet in bedrooms. Both bedrooms have en suites; one is jack and jill style for guests. All appliances are in working order- washer/dryer included which is in-unit. Private, covered patio overlooks grassy area. There is an outdoor storage room by front door of the unit. Condo fees are $485 a month and include trash services, pest control, insurance, grounds maintenance, etc. There is currently a special assessment of $54/month which is added to the condo fees.

ⓘ 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: $671 · $56/mo
• Projected year-2 tax: $742 · $62/mo
• Expected delta: +$72/yr (+$6/mo · 10.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $18,925
• − Mortgage interest: −$7,562
• − Property taxes: −$671
• − Insurance: −$675
• − Repairs & maintenance: −$1,514
• − Management: −$1,514
• − HOA: −$5,820
• − Depreciation: −$3,927
• Taxable loss: −$2,758
• Est. tax savings @ 24.0%: +$662
• After-tax cash flow: $-48/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

+0.0% since first listed

6 events — show timeline

• 2026-04-13 Relisted — AcadianaMLS
• 2026-04-13 Relisted — GSREIN
• 2026-04-07 Pending — AcadianaMLS
• 2026-04-07 Contingent — GSREIN
• 2026-03-23 Listed $135,000 GSREIN
• 2026-03-23 Listed $135,000 AcadianaMLS

Property tax history

-12.5%/yr

Latest (2021): $671 · +0.1% YoY. Source: county tax records.