223 Henry St · Patterson, LA 70392

$120,000

3 bd · 2.0 ba · 2,491 sqft · SingleFamily · 23 Days on market

0.63 ac lot $48/sqft · 33% below area Est $178k · 33% under

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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 +27.3/30.0
• ARV discount +15.0/15.0
• DSCR +9.5/10.0
• 1% rule +6.8/10.0
• Livability +3.4/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming Custom Home with Spacious Workshop and Fruit Trees! Nestled under the shade of majestic oak trees, this well-loved 3 bed, 2 bath, custom-manufactured home with 2491 sf. sits on a peaceful property rich with character and potential. Enjoy the comfort of a large covered back porch and a welcoming front porch--perfect spots for relaxing and watching nature. The property features a spacious workshop ideal for woodworking or hobbies, a shed for storage, and a third smaller shed for lawn equipment. Pecan and satsuma trees offer an abundant harvest each year, adding to the home's appeal. Inside, you'll find an extra-large living room complete with a cozy fireplace, wet bar, and numerous b

Key facts

• Spacious workshop
• Cozy fireplace
• Fruit trees

Tags

• SPACIOUS WORKSHOP
• FRUIT TREES
• LARGE COVERED BACK PORCH
• WELCOMING FRONT PORCH
• EXTRA-LARGE LIVING ROOM
• COZY FIREPLACE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $280 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#101 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, crime B+; Watch: amenities F, commute F, employment D-.
• St. Mary Parish (town): math 28% / reading 39% proficiency, ranked #37 of 98 in LA (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 30 active listings in the ZIP; 37 units permitted in St. Mary Parish in 2024 (20 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• St. Mary County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $75k; list at $120k implies a 60% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $118,200 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.18% ✓
• Cap rate: 9.76%
• Cash-on-cash: 12.38%
• DSCR: 1.55
• GRM: 7.1

CMA / ARV

• ARV (median comp): $178,498
• List price: $120,000
• Delta: -13.16%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -1.2%
• Equity multiple: 0.95×
• Total profit: $-1,571
• Equity at exit: $17,892

10-year hold

• IRR: 8.5%
• Equity multiple: 1.65×
• Total profit: $21,719
• Equity at exit: $10,375

Cash invested: $33,600 (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 70392

• Home prices YoY: -30.3%
• Active inventory: 30
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,414 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$91 /mo · $1,090/yr
• Insurance: −$50
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$297
• Net cashflow: $280

Break-even live

Break-even rent $1,059

Max offer price $120,000

Occupancy floor 75%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $120,000 Active 23 DOM
2. 2026-06-17
   days on market $120,000 Active 22 DOM
3. 2026-06-16
   days on market $120,000 Active 21 DOM
4. 2026-06-15
   days on market $120,000 Active 20 DOM
5. 2026-06-13
   days on market $120,000 Active 18 DOM
6. 2026-06-12
   days on market $120,000 Active 17 DOM
7. 2026-06-09
   days on market $120,000 Active 14 DOM
8. 2026-06-08
   days on market $120,000 Active 13 DOM
9. 2026-06-07
   days on market $120,000 Active 12 DOM
10. 2026-06-07
    days on market $120,000 Active 11 DOM
11. 2026-06-04
    days on market $120,000 Active 8 DOM
12. 2026-06-02
    days on market $120,000 Active 7 DOM
13. 2026-06-01
    days on market $120,000 Active 6 DOM
14. 2026-05-31
    days on market $120,000 Active 5 DOM
15. 2026-05-31
    days on market $120,000 Active 4 DOM
16. 2025-05-15
    listed $155,000 Active
17. 1997-01-03
    soldstatus $75,000

ⓘ 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: $1,090 · $91/mo
• Projected year-2 tax: $1,090 · $91/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 7/10 Severe FEMA zone X (shaded) · 60% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 24 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: $16,964
• − Mortgage interest: −$6,722
• − Property taxes: −$1,090
• − Insurance: −$1,398
• − Repairs & maintenance: −$1,357
• − Management: −$1,357
• − Depreciation: −$3,491
• Taxable income: $1,550
• Est. tax owed @ 24.0%: −$372
• After-tax cash flow: $2,991/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. Mary Parish
• NCES district ID: 2201620
• Math proficiency: 28% ▼ -40.00%
• Reading proficiency: 39% ▼ -33.00%
• Median HH income: $39,843
• Composite: 28.1/100
• National rank: #6828
• State rank: #37 of 98 in LA

Livability — Patterson

• Score: 68/100
• State rank: #101
• US rank: #10077

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 8,158
• Population (ZIP): 8,158

Population outlook (St. Mary County) Hauer SSP2

• Today (2025): 49,510 people
• By 2030: 47,570 · -3.9%
• By 2040: 43,880 · -11.4%
• By 2050: 40,655 · -17.9%
• By 2075: 37,190 · -24.9%
• By 2100: 38,101 · -23.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 53% Black 39% Two or more races 6% Hispanic / Latino 2%
• Common ancestry: Lithuanian 8%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · French/Haitian/Cajun 2% Spanish 1%

Political lean MEDSL · St. Mary

• 2024 margin: Solid R (+31.9) · D 33.5% · R 65.4% · Other 1.0%
• 2008→2024 swing: -15.1pp toward R · 2008: -16.8pp · 2024: -31.9pp
• All cycles: 2024: R+31.9 2020: R+29.1 2016: R+27.6 2012: R+18.8 2008: R+16.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -50.27%
• Current HPI: 115.661
• 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

+106.7% since first listed

2 events — show timeline

• 2025-05-15 Listed $155,000 AcadianaMLS
• 1997-01-03 Sold (Public Records) $75,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $1,090 · +8.7% YoY. Source: county tax records.