3605 Thomas Dr · Bayou Blue, LA 70363

$334,900

None bd · None ba · 3,152 sqft · MultiFamily · 130 Days on market

$106/sqft · 145% above area

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• ARV discount +7.5/15.0
• Schools +3.3/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Turnkey Cash-Flowing 4-Plex for Sale - Houma, LA Investor opportunity in Village East! Fully renovated 4-plex at 3605 Thomas Dr now available with stable tenants already in place. Fully occupied Reliable on-time tenants $4,200/month rental income Renovated top to bottom in 2024 Priced below appraisal value Each unit includes: * 2 Bedrooms / 1 Bath * Granite countertops * Water-resistant flooring * Updated appliances * New HVAC * New hot water heaters * New roof Listing Price: $334,900 Appraised Value Range: $350K - $400K Turnkey income property Perfect for investors looking for immediate cash flow without renovation headaches.

Key facts

• Real wood cabinetry
• Fully renovated
• Brand new roof

Tags

• FULLY RENOVATED
• INCOME PRODUCING FOURPLEX
• BRAND NEW ROOF
• NEW APPLIANCES
• GRANITE COUNTERTOPS
• REAL WOOD CABINETRY

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $335k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $293/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $335k).
• Recommended offer: $295k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 3.5% in Bayou Blue — 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 59/100 on livability (#275 in LA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Terrebonne Parish (other): math 32% / reading 46% proficiency, ranked #23 of 98 in LA (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 206 active listings in the ZIP; 300 units permitted in Terrebonne 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 $10k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $94k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 130 days — a 12% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 8y 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 $140k; list at $335k implies a 139% gain — meaningful room to come down on a strong offer.

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 $294,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 130 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.35% ✓
• Cap rate: 12.02%
• Cash-on-cash: 20.44%
• DSCR: 1.91
• GRM: 6.2

CMA / ARV

• ARV (median comp): $136,756
• List price: $334,900
• Delta: 144.89%
• Verdict: OVERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 5.6%
• Equity multiple: 1.22×
• Total profit: $20,440
• Equity at exit: $49,935

10-year hold

• IRR: 15.0%
• Equity multiple: 2.22×
• Total profit: $114,351
• Equity at exit: $28,956

Cash invested: $93,772 (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 70363

• Active inventory: 206
• Price-to-rent: 24.6×

Monthly cashflow live

• Estimated rent: $4,533 medium
• Mortgage (P&I): −$1,756
• Tax from tax record: −$88 /mo · $1,053/yr
• Insurance: −$140
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$952
• Net cashflow: $1,171

Break-even live

Break-even rent $3,051

Max offer price $334,900

Occupancy floor 69%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,532
Total (4 units)			$4,533

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: $83,725
• Closing costs: $10,047
• Reserves months: —
• Total cash needed: —

Listing history 41 events

1. 2026-06-19
   days on market $334,900 Active 130 DOM
2. 2026-06-18
   days on market $334,900 Active 129 DOM
3. 2026-06-17
   days on market $334,900 Active 128 DOM
4. 2026-06-16
   days on market $334,900 Active 127 DOM
5. 2026-06-15
   days on market $334,900 Active 126 DOM
6. 2026-06-14
   days on market $334,900 Active 124 DOM
7. 2026-06-13
   days on market $334,900 Active 123 DOM
8. 2026-06-10
   days on market $334,900 Active 121 DOM
9. 2026-06-09
   days on market $334,900 Active 120 DOM
10. 2026-06-08
    days on market $334,900 Active 119 DOM
11. 2026-06-07
    days on market $334,900 Active 118 DOM
12. 2026-06-05
    days on market $334,900 Active 115 DOM
13. 2026-06-03
    days on market $334,900 Active 114 DOM
14. 2026-06-02
    days on market $334,900 Active 113 DOM
15. 2026-06-01
    days on market $334,900 Active 112 DOM
16. 2026-05-31
    days on market $334,900 Active 111 DOM
17. 2026-05-30
    days on market $334,900 Active 110 DOM
18. 2026-04-10
    price $334,900 634-char remark

    Show marketing remark (686 chars)

    Turnkey Cash-Flowing 4-Plex for Sale – Houma, LA Investor opportunity in Village East! Fully renovated 4-plex at 3605 Thomas Dr now available with stable tenants already in place. Fully occupied Reliable on-time tenants $4,200/month rental income Renovated top to bottom in 2024 Priced below appraisal value Each unit includes: • 2 Bedrooms / 1 Bath • Granite countertops • Water-resistant flooring • Updated appliances • New HVAC • New hot water heaters • New roof Listing Price: $334,900 Appraised Value Range: $350K – $400K Turnkey income property Perfect for investors looking for immediate cash flow without renovation headaches.

19. 2026-04-10
    price $334,900 686-char remark

    Show marketing remark (686 chars)

    Turnkey Cash-Flowing 4-Plex for Sale – Houma, LA Investor opportunity in Village East! Fully renovated 4-plex at 3605 Thomas Dr now available with stable tenants already in place. Fully occupied Reliable on-time tenants $4,200/month rental income Renovated top to bottom in 2024 Priced below appraisal value Each unit includes: • 2 Bedrooms / 1 Bath • Granite countertops • Water-resistant flooring • Updated appliances • New HVAC • New hot water heaters • New roof Listing Price: $334,900 Appraised Value Range: $350K – $400K Turnkey income property Perfect for investors looking for immediate cash flow without renovation headaches.

20. 2026-02-10
    listed $349,900 Active 634-char remark

    Show marketing remark (686 chars)

    Turnkey Cash-Flowing 4-Plex for Sale – Houma, LA Investor opportunity in Village East! Fully renovated 4-plex at 3605 Thomas Dr now available with stable tenants already in place. Fully occupied Reliable on-time tenants $4,200/month rental income Renovated top to bottom in 2024 Priced below appraisal value Each unit includes: • 2 Bedrooms / 1 Bath • Granite countertops • Water-resistant flooring • Updated appliances • New HVAC • New hot water heaters • New roof Listing Price: $334,900 Appraised Value Range: $350K – $400K Turnkey income property Perfect for investors looking for immediate cash flow without renovation headaches.

21. 2026-02-10
    listed $349,900 Active 686-char remark

    Show marketing remark (686 chars)

    Turnkey Cash-Flowing 4-Plex for Sale – Houma, LA Investor opportunity in Village East! Fully renovated 4-plex at 3605 Thomas Dr now available with stable tenants already in place. Fully occupied Reliable on-time tenants $4,200/month rental income Renovated top to bottom in 2024 Priced below appraisal value Each unit includes: • 2 Bedrooms / 1 Bath • Granite countertops • Water-resistant flooring • Updated appliances • New HVAC • New hot water heaters • New roof Listing Price: $334,900 Appraised Value Range: $350K – $400K Turnkey income property Perfect for investors looking for immediate cash flow without renovation headaches.

22. 2025-07-03
    price $369,900
23. 2025-07-03
    price $369,900
24. 2025-05-05
    price $384,900
25. 2025-05-05
    price $384,900
26. 2025-03-25
    listed $399,900 Active
27. 2025-03-22
    listed $399,900 Active
28. 2023-03-15
    soldstatus Sold
29. 2023-03-15
    soldstatus $140,000
30. 2023-02-27
    status Pending
31. 2023-02-26
    status Active
32. 2022-12-29
    status Pending
33. 2022-07-13
    listed $180,000 Active
34. 2022-07-13
    listed $180,000
35. 2021-01-17
    listed $220,000
36. 2021-01-17
    listed $220,000
37. 2020-06-27
    listed $69,000
38. 2020-06-27
    listed $69,000
39. 2018-10-05
    listed $169,000
40. 2018-10-05
    listed $169,000
41. 2002-02-07
    soldstatus

ⓘ 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: $1,053 · $88/mo
• Projected year-2 tax: $1,842 · $153/mo
• Expected delta: +$789/yr (+$66/mo · 74.9%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $54,396
• − Mortgage interest: −$18,760
• − Property taxes: −$1,053
• − Insurance: −$6,793
• − Repairs & maintenance: −$4,352
• − Management: −$4,352
• − Depreciation: −$9,743
• Taxable income: $9,345
• Est. tax owed @ 24.0%: −$2,243
• After-tax cash flow: $11,809/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: Terrebonne Parish
• NCES district ID: 2201740
• Math proficiency: 32% ▼ -36.00%
• Reading proficiency: 46% ▼ -30.00%
• Median HH income: $47,612
• Composite: 33.38/100
• National rank: #5480
• State rank: #23 of 98 in LA

Livability — Bayou Blue

• Score: 59/100
• State rank: #275
• US rank: #19981

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 28,990
• Population (ZIP): 24,668

Population outlook (Terrebonne County) Hauer SSP2

• Today (2025): 118,724 people
• By 2030: 120,321 · +1.3%
• By 2040: 121,894 · +2.7%
• By 2050: 121,119 · +2.0%
• By 2075: 117,270 · -1.2%
• By 2100: 107,544 · -9.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 57% Black 22% Hispanic / Latino 9% Two or more races 8% Native American 8%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 16% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 88% English-only · Spanish 7% French/Haitian/Cajun 4%

Political lean MEDSL · Terrebonne

• 2024 margin: Solid R (+51.8) · D 23.5% · R 75.3% · Other 1.2%
• 2008→2024 swing: -11.0pp toward R · 2008: -40.9pp · 2024: -51.8pp
• All cycles: 2024: R+51.8 2020: R+50.0 2016: R+48.4 2012: R+41.2 2008: R+40.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -99.27%
• Current HPI: 91.3914
• Rent YoY: —
• Metro: —
• 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

+98.2% since first listed

24 events — show timeline

• 2026-04-10 Price Changed $334,900 AcadianaMLS
• 2026-04-10 Price Changed $334,900 GBRMLS
• 2026-02-10 Listed $349,900 AcadianaMLS
• 2026-02-10 Listed $349,900 GBRMLS
• 2025-07-03 Price Changed $369,900 GBRMLS
• 2025-07-03 Price Changed $369,900 AcadianaMLS
• 2025-05-05 Price Changed $384,900 AcadianaMLS
• 2025-05-05 Price Changed $384,900 GBRMLS
• 2025-03-25 Listed $399,900 GBRMLS
• 2025-03-22 Listed $399,900 AcadianaMLS
• 2023-03-15 Sold (Public Records) $140,000 Public Records
• 2023-03-15 Sold (MLS) — GBRMLS
• 2023-02-27 Pending — GBRMLS
• 2023-02-26 Relisted — GBRMLS
• 2022-12-29 Pending — GBRMLS
• 2022-07-13 Listed $180,000 AcadianaMLS
• 2022-07-13 Listed $180,000 GBRMLS
• 2021-01-17 Listed $220,000 AcadianaMLS
• 2021-01-17 Listed $220,000 GBRMLS
• 2020-06-27 Listed $69,000 AcadianaMLS
• 2020-06-27 Listed $69,000 GBRMLS
• 2018-10-05 Listed $169,000 AcadianaMLS
• 2018-10-05 Listed $169,000 GBRMLS
• 2002-02-07 Sold (Public Records) — Public Records

Property tax history

+7.6%/yr

Latest (2025): $1,053 · -2.0% YoY. Source: county tax records.