113 Rhett Pl · Gray, LA 70359

$81,000

3 bd · 2.0 ba · 1,554 sqft · SingleFamily public records · 49 Days on market

Built 1975 5,662 sqft lot $52/sqft · 54% below 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.3/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 bedroom, 2 bathroom fixer upper in Flood Zone X! Just a 6 minute walk from HL Bourgeois High School, and the North Branch of the Terrebonne Parish Library. The home features a fire place, and an extra room that could serve as a den, bedroom, or whatever you may need. There's a covered carport, a large, covered and screened-in back patio, and a 12x16 shed located in the fenced-in back yard. ALL MEASUREMENTS TO BE VERIFIED BY THE BUYER.

Key facts

• Shed
• Fire place
• Fenced-in back yard

Tags

• FIRE PLACE
• EXTRA ROOM
• COVERED CARPORT
• COVERED SCREENED-IN BACK PATIO
• SHED
• FENCED-IN BACK YARD

Property features AI

Finance

• Other: Located in the Tara subdivision

Exterior

• Parking: 2 parking spaces
• Utilities: Public water
• Home design: Single-family detached residence; One story
• Construction: Brick construction; Slab foundation
• Exterior features: Wood fencing

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: No heating; No cooling
• Interior features: Fireplace (1)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $81k.

Deal economics

• At list price, monthly cash flow is $715 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $81k).
• Recommended offer: $79k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.9% vs local median 3.4% in Gray — 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 62/100 on livability (#222 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, schools B, housing B; Watch: crime F, amenities F, commute 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: 112 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 $560 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $23k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $6k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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 $78,570 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.97% ✓
• Cap rate: 16.88%
• Cash-on-cash: 37.82%
• DSCR: 2.68
• GRM: 4.2

CMA / ARV

• ARV (median comp): $202,476
• List price: $81,000
• Delta: -60.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
506 Linda Ann Ave	0.58mi	3/2.0	1,543 (-1%)	1mo	$185,000	$120	71
162 Casa Dr	0.38mi	3/2.0	1,466 (-6%)	6mo	$205,000	$140	68
145 Casa Dr	0.35mi	3/2.5	1,606 (+3%)	13mo	$249,900	$156	65
110 Rhett Pl	0.03mi	3/2.0	1,755 (+13%)	22mo	$179,500	$102	58
309 Gaidry Dr	0.32mi	3/2.0	1,419 (-9%)	17mo	$189,000	$133	56
319 Eureka Dr	0.41mi	3/2.0	1,414 (-9%)	19mo	$189,000	$134	50
312 Eureka Dr	0.35mi	3/2.0	1,378 (-11%)	18mo	$160,000	$116	49

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: 33.8%
• Equity multiple: 2.43×
• Total profit: $32,419
• Equity at exit: $12,077

10-year hold

• IRR: 40.8%
• Equity multiple: 4.83×
• Total profit: $86,922
• Equity at exit: $7,003

Cash invested: $22,680 (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 70359

• Home prices YoY: -26.8%
• Active inventory: 112
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,598 medium
• Mortgage (P&I): −$425
• Tax from tax record: −$89 /mo · $1,069/yr
• Insurance: −$34
• HOA: −$0
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $715

Break-even live

Break-even rent $693

Max offer price $81,000

Occupancy floor 50%

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: $20,250
• Closing costs: $2,430
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-19
   days on market $81,000 Active 49 DOM
2. 2026-06-18
   days on market $81,000 Active 48 DOM
3. 2026-06-17
   days on market $81,000 Active 47 DOM
4. 2026-06-16
   days on market $81,000 Active 46 DOM
5. 2026-06-15
   days on market $81,000 Active 45 DOM
6. 2026-06-14
   days on market $81,000 Active 43 DOM
7. 2026-06-13
   days on market $81,000 Active 42 DOM
8. 2026-06-10
   days on market $81,000 Active 40 DOM
9. 2026-06-09
   days on market $81,000 Active 39 DOM
10. 2026-06-08
    days on market $81,000 Active 38 DOM
11. 2026-06-07
    days on market $81,000 Active 37 DOM
12. 2026-06-05
    days on market $81,000 Active 34 DOM
13. 2026-06-03
    days on market $81,000 Active 33 DOM
14. 2026-06-02
    days on market $81,000 Active 32 DOM
15. 2026-06-01
    days on market $81,000 Active 31 DOM
16. 2026-05-31
    days on market $81,000 Active 30 DOM
17. 2026-05-30
    days on market $81,000 Active 29 DOM
18. 2026-05-01
    listed $87,000 Active 440-char remark

    Show marketing remark (440 chars)

    3 bedroom, 2 bathroom fixer upper in Flood Zone X! Just a 6 minute walk from HL Bourgeois High School, and the North Branch of the Terrebonne Parish Library. The home features a fire place, and an extra room that could serve as a den, bedroom, or whatever you may need. There's a covered carport, a large, covered and screened-in back patio, and a 12x16 shed located in the fenced-in back yard. ALL MEASUREMENTS TO BE VERIFIED BY THE BUYER.

19. 2026-05-01
    listed $87,000 Active 440-char remark

    Show marketing remark (440 chars)

    3 bedroom, 2 bathroom fixer upper in Flood Zone X! Just a 6 minute walk from HL Bourgeois High School, and the North Branch of the Terrebonne Parish Library. The home features a fire place, and an extra room that could serve as a den, bedroom, or whatever you may need. There's a covered carport, a large, covered and screened-in back patio, and a 12x16 shed located in the fenced-in back yard. ALL MEASUREMENTS TO BE VERIFIED BY THE BUYER.

20. 2026-03-31
    soldstatus $48,870 Sold

    Show marketing remark (181 chars)

    Located in Gray LA this 3 bedroom 2 bath is less than 1/2 mile from H.L.Bourgeois High School and Highway 90. Features oversized screened patio, storage shed & fenced back yard.

21. 2026-03-31
    soldstatus Closed

    Show marketing remark (181 chars)

    Located in Gray LA this 3 bedroom 2 bath is less than 1/2 mile from H.L.Bourgeois High School and Highway 90. Features oversized screened patio, storage shed & fenced back yard.

22. 2026-02-19
    status Pending

    Show marketing remark (181 chars)

    Located in Gray LA this 3 bedroom 2 bath is less than 1/2 mile from H.L.Bourgeois High School and Highway 90. Features oversized screened patio, storage shed & fenced back yard.

23. 2026-02-19
    status Pending

    Show marketing remark (181 chars)

    Located in Gray LA this 3 bedroom 2 bath is less than 1/2 mile from H.L.Bourgeois High School and Highway 90. Features oversized screened patio, storage shed & fenced back yard.

24. 2026-02-06
    listed $39,900 Active

    Show marketing remark (181 chars)

    Located in Gray LA this 3 bedroom 2 bath is less than 1/2 mile from H.L.Bourgeois High School and Highway 90. Features oversized screened patio, storage shed & fenced back yard.

25. 2026-02-06
    listed $39,900 Active

    Show marketing remark (181 chars)

    Located in Gray LA this 3 bedroom 2 bath is less than 1/2 mile from H.L.Bourgeois High School and Highway 90. Features oversized screened patio, storage shed & fenced back yard.

26. 2006-11-10
    soldstatus $60,000
27. 1995-04-04
    soldstatus $59,500

ⓘ 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: $1,069 · $89/mo
• Projected year-2 tax: $1,069 · $89/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 4/10 Moderate FEMA zone X (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 22 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: $19,177
• − Mortgage interest: −$4,537
• − Property taxes: −$1,069
• − Insurance: −$405
• − Repairs & maintenance: −$1,534
• − Management: −$1,534
• − Depreciation: −$2,356
• Taxable income: $7,740
• Est. tax owed @ 24.0%: −$1,858
• After-tax cash flow: $6,720/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 — Gray

• Score: 62/100
• State rank: #222
• US rank: #16997

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gray, LA
• City population: 9,472
• Population (ZIP): 9,472

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 0.61)
• Race & ethnicity: White 55% Black 30% Two or more races 7% Hispanic / Latino 7% Native American 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Lithuanian 12% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · French/Haitian/Cajun 4% Spanish 1% Vietnamese 1%

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: ▼ -46.42%
• Current HPI: 126.6099
• 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

+36.1% since first listed

12 events — show timeline

• 2026-05-20 Price Changed $81,000 AcadianaMLS
• 2026-05-20 Price Changed $81,000 GBRMLS
• 2026-05-01 Listed $87,000 GBRMLS
• 2026-05-01 Listed $87,000 AcadianaMLS
• 2026-03-31 Sold (MLS) — GBRMLS
• 2026-03-31 Sold (MLS) — AcadianaMLS
• 2026-02-19 Pending — AcadianaMLS
• 2026-02-19 Pending — GBRMLS
• 2026-02-06 Listed $39,900 GBRMLS
• 2026-02-06 Listed $39,900 AcadianaMLS
• 2006-11-10 Sold (Public Records) $60,000 Public Records
• 1995-04-04 Sold (Public Records) $59,500 Public Records

Property tax history

+17.1%/yr

Latest (2025): $1,069 · -5.1% YoY. Source: county tax records.