129 N Bengal Rd

Metairie, LA 70003

$408,000D

4 bd · 2.5 ba · 2,879 sqft · Built 1964 · SingleFamily · Active · 53 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,310/mo
• Mortgage (P&I): −$2,140
• Tax + insurance: −$462
• HOA: −$0
• Vac / Maint / Mgmt: −$695
• Net cashflow: $14/mo
• Annual: $164/yr
• Cap rate: 6.33%
• Cash-on-cash: 0.14%
• DSCR: 1.01
• 1% rule: 0.81%
• Cash to close: $114,240

Investor read

• This is a 4-bed/2.5-bath single-family listed at $408k.
• At list price, monthly cash flow is $14 ($164/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 $331k (18.9% below list).
• It's been on market 53 days — a 3% lower offer ($396k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $331k (18.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 87/100 on livability (#1 in LA, #261 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+.
• 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: Green Park Elementary School (math 22% / reading 32%, grade F, #359 of 646 statewide, top 57%, 446 students, 53% FRL); T.H. Harris Middle School (math 8% / reading 24%, grade F, #180 of 218 statewide, top 83%, 707 students, 61% FRL); East Jefferson High School (math 18% / reading 35%, grade F, #148 of 265 statewide, top 56%, 1,348 students, 55% FRL).
• Market conditions: Rents rising (+2.1%/yr); 227 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 518 units permitted in Jefferson Parish in 2024 (43 in 5+ unit buildings).
• 12 sale attempts since 4y ago; this cycle's ask has dropped $72k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $225k; list at $408k implies a 81% gain — meaningful room to come down on a strong offer.
• Cap rate 6.3% vs local median 3.6% in Metairie — 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 $3,310/mo this rent would consume 52% of the median local household income ($76k/yr) (locally 710% 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 53 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.
• 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.