102 Northern Oak Dr

Lafayette, LA 70507

$229,000D

4 bd · 2.0 ba · 1,786 sqft · Built — · SingleFamily · Active · 95 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,945/mo
• Mortgage (P&I): −$1,201
• Tax + insurance: −$382
• HOA: −$32
• Vac / Maint / Mgmt: −$408
• Net cashflow: $-78/mo
• Annual: $-939/yr
• Cap rate: 5.88%
• Cash-on-cash: -1.46%
• DSCR: 0.93
• 1% rule: 0.85%
• Cash to close: $64,120

Investor read

• This is a 4-bed/2.0-bath single-family listed at $229k. Condition is rated good.
• At list price, monthly cash flow is $-78 ($-939/yr) — negative.
• To cash-flow at today's rent, offer at most $218k (4.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $194k (15.1% below list).
• It's been on market 95 days — a 9% lower offer ($208k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $194k (15.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#63 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, employment C-, crime F.
• Lafayette Parish (urban): math 38% / reading 46% proficiency, ranked #19 of 98 in LA (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Evangeline Elementary School (math 20% / reading 33%, grade F, #372 of 646 statewide, top 58%, 613 students, 84% FRL); Acadian Middle School (math 13% / reading 27%, grade F, #166 of 218 statewide, top 76%, 372 students, 74% FRL); Northside High School (math 17% / reading 22%, grade F, #186 of 265 statewide, top 73%, 655 students, 83% FRL) — zoned schools average 80% FRL vs 56% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 22% at this address vs 42% district-wide (-20 pts) — the specific schools serving this property underperform the Lafayette Parish average; the district grade overstates school quality for this exact location.
• Market conditions: 429 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,585 units permitted in Lafayette Parish in 2024 (10 in 5+ unit buildings).
• Lafayette County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $16k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 5.9% vs local median 4.8% in Lafayette — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 36% of the median local income ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 95 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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?
• 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?
• 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?