19390 Slemmer Rd · Covington, LA 70433

$157,000

3 bd · 1.5 ba · 1,120 sqft · SingleFamily public records · 97 Days on market

Built 2009 $140/sqft · 26% below area Est $215k · 27% 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 +23.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.5/10.0
• 1% rule +5.0/10.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move in ready in Covington just 10 minutes from the Causeway Bridge. This 3 bedroom home is comfortable and move in ready. Freshly painted with throughout in 2026. New vinyl plank flooring and subflooring was installed in living room, hallway and 3 bedrooms. The color of the flooring has a beautiful tone that feels relaxing. There is a locking shed in the back yard where the water's well pump is located. There is plenty of storage space in shed. With your private well water, there is no water bill at this home. The house is all electric. This home is a raised home. The flood zone is X which means the highest zone where flood insurance is not a requirement to get a loan. This home has never flooded.

Key facts

• Locking shed
• Private well water
• Flood zone x

Tags

• MOVE IN READY
• LOCKING SHED
• PRIVATE WELL WATER
• RAISED HOME
• FLOOD ZONE X

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $157k.

Deal economics

• At list price, monthly cash flow is $290 ($3k/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 $157k (0.1% below list).
• Recommended offer: $143k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 3.9% in Covington — 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.

Location & tenants

• Location reads 75/100 on livability (#17 in LA, #3,876 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• St. Tammany Parish (suburban): math 43% / reading 55% proficiency, ranked #11 of 98 in LA (top 11%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.3%/yr); 524 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,064 units permitted in St. Tammany Parish in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• St. Tammany County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $63k; list at $157k implies a 149% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $142,870 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.00% ✗
• Cap rate: 8.51%
• Cash-on-cash: 7.91%
• DSCR: 1.35
• GRM: 8.3

CMA / ARV

• ARV (median comp): $214,529
• List price: $157,000
• Delta: -26.82%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4 Hollycrest Blvd	0.34mi	2/2.0 (-1)	1,019 (-9%)	14mo	$184,000	$181	51
350 Emerald Forest Blvd #6203	0.74mi	3/1.0	973 (-13%)	21mo	$135,000	$139	24

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.31% rent growth · sell at horizon

5-year hold

• IRR: -3.0%
• Equity multiple: 0.89×
• Total profit: $-4,952
• Equity at exit: $23,409

10-year hold

• IRR: 8.0%
• Equity multiple: 1.64×
• Total profit: $28,038
• Equity at exit: $13,574

Cash invested: $43,960 (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 70433

• Rents YoY: 4.3%
• Active inventory: 524
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,569 high
• Mortgage (P&I): −$823
• Tax from tax record: −$61 /mo · $734/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$330
• Net cashflow: $290

Break-even live

Break-even rent $1,202

Max offer price $157,000

Occupancy floor 77%

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: $39,250
• Closing costs: $4,710
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19425 Slemmer Rd Unit 2 Covington, LA	3.0	2.0	1100	$1,100	$1.00	21d	1	0.07mi
100 Covington Meadow Cir Unit D Covington, LA	3.0	2.5	1356	$1,600	$1.18	16d	1	0.26mi
104 Covington Meadow Cir Unit I Covington, LA	3.0	2.5	1476	$1,600	$1.08	23d	1	0.27mi
103 Covington Meadow Cir Unit F Covington, LA	3.0	2.5	1476	$1,700	$1.15	43d	1	0.31mi
103 Covington Meadow Cir Unit E Covington, LA	3.0	2.5	1476	$1,700	$1.15	23d	1	0.31mi
3 Hollycrest Blvd Covington, LA	2.0	2.0	1413	$1,495	$1.06	2d	1	0.37mi
28 Park Place Dr Covington, LA	1.0–3.0	1.0–2.0	963	$1,407	$1.46	1d	9	0.58mi
140 Holiday Blvd Covington, LA	2.0	1.0–2.0	652	$1,525	$2.34	1d	12	0.58mi
350 Emerald Forest Blvd Covington, LA	1.0–2.0	1.0–2.0	845	$1,600	$1.89	11d	2	0.73mi
126 Pear St Unit A Covington, LA	3.0	2.0	1383	$1,600	$1.16	23d	1	0.98mi
219 Beech St Covington, LA	3.0	2.0	1250	$1,500	$1.20	43d	1	1.00mi
1612 Versailles Business Pkwy Covington, LA	1.0–2.0	1.0–2.0	1009	$2,089	$2.07	2d	31	1.01mi
70040 2nd St Covington, LA	3.0	2.0	1416	$2,000	$1.41	3d	1	1.24mi
2021 Sullivan Ln Covington, LA	1.0–2.0	1.0–2.0	860	$1,856	$2.16	1d	18	1.26mi
70045 3rd St Covington, LA	3.0	2.0	1430	$1,750	$1.22	3d	1	1.26mi
70076 6th St Covington, LA	3.0	2.0	1151	$1,600	$1.39	23d	1	1.44mi

Listing history 21 events

1. 2026-06-18
   days on market $157,000 Active 97 DOM
2. 2026-06-17
   days on market $157,000 Active 96 DOM
3. 2026-06-16
   days on market $157,000 Active 95 DOM
4. 2026-06-15
   days on market $157,000 Active 94 DOM
5. 2026-06-13
   days on market $157,000 Active 92 DOM
6. 2026-06-10
   days on market $157,000 Active 89 DOM
7. 2026-06-09
   days on market $157,000 Active 88 DOM
8. 2026-06-08
   days on market $157,000 Active 87 DOM
9. 2026-06-07
   days on market $157,000 Active 86 DOM
10. 2026-06-03
    days on market $157,000 Active 82 DOM
11. 2026-06-02
    days on market $157,000 Active 81 DOM
12. 2026-06-01
    days on market $157,000 Active 80 DOM
13. 2026-05-31
    days on market $157,000 Active 79 DOM
14. 2026-05-08
    status Active 707-char remark

    Show marketing remark (707 chars)

    Move in ready in Covington just 10 minutes from the Causeway Bridge. This 3 bedroom home is comfortable and move in ready. Freshly painted with throughout in 2026. New vinyl plank flooring and subflooring was installed in living room, hallway and 3 bedrooms. The color of the flooring has a beautiful tone that feels relaxing. There is a locking shed in the back yard where the water's well pump is located. There is plenty of storage space in shed. With your private well water, there is no water bill at this home. The house is all electric. This home is a raised home. The flood zone is X which means the highest zone where flood insurance is not a requirement to get a loan. This home has never flooded.

15. 2026-05-08
    status Active 707-char remark

    Show marketing remark (707 chars)

    Move in ready in Covington just 10 minutes from the Causeway Bridge. This 3 bedroom home is comfortable and move in ready. Freshly painted with throughout in 2026. New vinyl plank flooring and subflooring was installed in living room, hallway and 3 bedrooms. The color of the flooring has a beautiful tone that feels relaxing. There is a locking shed in the back yard where the water's well pump is located. There is plenty of storage space in shed. With your private well water, there is no water bill at this home. The house is all electric. This home is a raised home. The flood zone is X which means the highest zone where flood insurance is not a requirement to get a loan. This home has never flooded.

16. 2026-04-29
    status Pending 707-char remark

    Show marketing remark (707 chars)

    Move in ready in Covington just 10 minutes from the Causeway Bridge. This 3 bedroom home is comfortable and move in ready. Freshly painted with throughout in 2026. New vinyl plank flooring and subflooring was installed in living room, hallway and 3 bedrooms. The color of the flooring has a beautiful tone that feels relaxing. There is a locking shed in the back yard where the water's well pump is located. There is plenty of storage space in shed. With your private well water, there is no water bill at this home. The house is all electric. This home is a raised home. The flood zone is X which means the highest zone where flood insurance is not a requirement to get a loan. This home has never flooded.

17. 2026-04-28
    historical Active Under Contract 707-char remark

    Show marketing remark (707 chars)

    Move in ready in Covington just 10 minutes from the Causeway Bridge. This 3 bedroom home is comfortable and move in ready. Freshly painted with throughout in 2026. New vinyl plank flooring and subflooring was installed in living room, hallway and 3 bedrooms. The color of the flooring has a beautiful tone that feels relaxing. There is a locking shed in the back yard where the water's well pump is located. There is plenty of storage space in shed. With your private well water, there is no water bill at this home. The house is all electric. This home is a raised home. The flood zone is X which means the highest zone where flood insurance is not a requirement to get a loan. This home has never flooded.

18. 2026-03-12
    listed $157,000 Active 707-char remark

    Show marketing remark (707 chars)

    Move in ready in Covington just 10 minutes from the Causeway Bridge. This 3 bedroom home is comfortable and move in ready. Freshly painted with throughout in 2026. New vinyl plank flooring and subflooring was installed in living room, hallway and 3 bedrooms. The color of the flooring has a beautiful tone that feels relaxing. There is a locking shed in the back yard where the water's well pump is located. There is plenty of storage space in shed. With your private well water, there is no water bill at this home. The house is all electric. This home is a raised home. The flood zone is X which means the highest zone where flood insurance is not a requirement to get a loan. This home has never flooded.

19. 2026-03-12
    listed $157,000 Active 707-char remark

    Show marketing remark (707 chars)

    Move in ready in Covington just 10 minutes from the Causeway Bridge. This 3 bedroom home is comfortable and move in ready. Freshly painted with throughout in 2026. New vinyl plank flooring and subflooring was installed in living room, hallway and 3 bedrooms. The color of the flooring has a beautiful tone that feels relaxing. There is a locking shed in the back yard where the water's well pump is located. There is plenty of storage space in shed. With your private well water, there is no water bill at this home. The house is all electric. This home is a raised home. The flood zone is X which means the highest zone where flood insurance is not a requirement to get a loan. This home has never flooded.

20. 2008-07-02
    soldstatus $63,000
21. 2004-09-22
    soldstatus $18,000

ⓘ 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: $734 · $61/mo
• Projected year-2 tax: $864 · $72/mo
• Expected delta: +$129/yr (+$11/mo · 17.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 19 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,830
• − Mortgage interest: −$8,794
• − Property taxes: −$734
• − Insurance: −$785
• − Repairs & maintenance: −$1,506
• − Management: −$1,506
• − Depreciation: −$4,567
• Taxable income: $936
• Est. tax owed @ 24.0%: −$225
• After-tax cash flow: $3,252/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. Tammany Parish
• NCES district ID: 2201650
• Math proficiency: 43% ▼ -32.00%
• Reading proficiency: 55% ▼ -26.00%
• Median HH income: $61,752
• Composite: 43.04/100
• National rank: #3098
• State rank: #11 of 98 in LA

Livability — Covington

• Score: 75/100
• State rank: #17
• US rank: #3876

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Saint Tammany Parish · 228,296 people
• City population: 64,351
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 41,876
• Household income: $81,241
• Rent vs Own: 29.6% rent · 70.4% own
• Severe rent burden: 1287.0

Population outlook (St. Tammany County) Hauer SSP2

• Today (2025): 286,725 people
• By 2030: 304,175 · +6.1%
• By 2040: 336,203 · +17.3%
• By 2050: 364,590 · +27.2%
• By 2075: 433,362 · +51.1%
• By 2100: 470,333 · +64.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Black 9% Hispanic / Latino 7% Two or more races 7% Native American 1% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 17% Italian 2% Slovak 2%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 5% French/Haitian/Cajun 1% Vietnamese 1%

Political lean MEDSL · St. Tammany

• 2024 margin: Solid R (+43.8) · D 27.3% · R 71.1% · Other 1.6%
• 2008→2024 swing: +9.6pp toward D · 2008: -53.4pp · 2024: -43.8pp
• All cycles: 2024: R+43.8 2020: R+44.2 2016: R+50.8 2012: R+52.2 2008: R+53.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -112.14%
• Current HPI: 181.8348
• Rent YoY: ▲ 4.31%
• Metro: New Orleans-Metairie, LA
• 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

+772.2% since first listed

8 events — show timeline

• 2026-05-08 Relisted — AcadianaMLS
• 2026-05-08 Relisted — GSREIN
• 2026-04-29 Pending — AcadianaMLS
• 2026-04-28 Contingent — GSREIN
• 2026-03-12 Listed $157,000 GSREIN
• 2026-03-12 Listed $157,000 AcadianaMLS
• 2008-07-02 Sold (Public Records) $63,000 Public Records
• 2004-09-22 Sold (Public Records) $18,000 Public Records

Property tax history

-2.5%/yr

Latest (2025): $734 · -3.6% YoY. Source: county tax records.