232-234 Duke Dr

Kenner, LA 70065

$305,000D

5 bd · 3.0 ba · 2,460 sqft · Built 1978 · Townhouse · Pending · 259 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,823/mo
• Mortgage (P&I): −$1,599
• Tax + insurance: −$220
• HOA: −$0
• Vac / Maint / Mgmt: −$593
• Net cashflow: $411/mo
• Annual: $4,928/yr
• Cap rate: 7.91%
• Cash-on-cash: 5.77%
• DSCR: 1.26
• 1% rule: 0.93%
• Cash to close: $85,400

Investor read

• This is a 5-bed/3.0-bath townhouse listed at $305k.
• At list price, monthly cash flow is $411 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $282k (7.4% below list).
• It's been on market 259 days — a 12% lower offer ($268k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $268k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#6 in LA, #2,414 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, employment C-, crime D.
• Jefferson Parish (suburban): math 24% / reading 34% proficiency, ranked #44 of 98 in LA (top 45%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: A.C. Alexander School (math 26% / reading 39%, grade F, #300 of 646 statewide, top 47%, 680 students, 59% FRL); Tom Benson School (math 11% / reading 14%, grade F, #546 of 646 statewide, top 85%, 753 students, 60% FRL); Bonnabel Magnet Academy High School (math 12% / reading 21%, grade F, #214 of 265 statewide, top 81%, 1,478 students, 52% FRL).
• Market conditions: Rents falling (-4.2%/yr); 292 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 518 units permitted in Jefferson Parish in 2024 (43 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $63k; list at $305k implies a 385% gain — meaningful room to come down on a strong offer.
• Cap rate 7.9% vs local median 5.3% in Kenner — 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.
• At $2,823/mo this rent would consume 50% of the median local household income ($67k/yr) (locally 1906% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 259 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D 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?
• 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?
• 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.
• 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.