119 W Gulf Dr

Buras, LA 70041

$107,900B

3 bd · 2.0 ba · 1,250 sqft · Built 2009 · SingleFamily · Active · 220 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,608/mo
• Mortgage (P&I): −$566
• Tax + insurance: −$606
• HOA: −$0
• Vac / Maint / Mgmt: −$338
• Net cashflow: $98/mo
• Annual: $1,178/yr
• Cap rate: 12.13%
• Cash-on-cash: 20.84%
• DSCR: 1.93
• 1% rule: 1.49%
• Cash to close: $30,212

Investor read

• This is a 3-bed/2.0-bath single-family listed at $108k.
• At list price, monthly cash flow is $98 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $108k).
• It's been on market 220 days — a 12% lower offer ($95k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $95k (12.0% below list) — sets the bar for market timing.
• In year one you build about $434 of equity ($746 loan paydown + $-312 appreciation (-0.3% local appreciation)).
• Location reads 52/100 on livability (#409 in LA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: housing C-, schools D+, crime F.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 52 active listings in the ZIP; 88 units permitted in Plaquemines Parish in 2024 (0 in 5+ unit buildings).
• Plaquemines County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts since 30y ago; this cycle's ask has dropped $42k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $51k; list at $108k implies a 112% gain — meaningful room to come down on a strong offer.
• At projected returns (-0.3% appreciation + 3.0% rent growth), your $30k cash investment doubles in ~10 years — after that, you're playing with house money.
• 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→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 220 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.