96 Chamale Cv #96

Slidell, LA 70458

$125,000D

2 bd · 2.5 ba · 1,432 sqft · Built 1980 · Condo · Active · 68 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,483/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$208
• HOA: −$525
• Vac / Maint / Mgmt: −$311
• Net cashflow: $-217/mo
• Annual: $-2,609/yr
• Cap rate: 4.21%
• Cash-on-cash: -7.45%
• DSCR: 0.67
• 1% rule: 1.19%
• Cash to close: $35,000

Investor read

• This is a 2-bed/2.5-bath condo listed at $125k.
• At list price, monthly cash flow is $-217 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $94k (25.2% below list).
• Meets the 1% rule at list price ($1k rent vs $125k).
• It's been on market 68 days — a 6% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $94k (25.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#57 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living 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.
• Zoned schools: Bayou Woods Elementary School (math 52% / reading 47%, grade D, #129 of 646 statewide, top 21%, 432 students, 72% FRL); Slidell Junior High School (math 25% / reading 47%, grade F, #84 of 218 statewide, top 41%, 823 students, 60% FRL); Slidell High School (math 34% / reading 41%, grade F, #93 of 265 statewide, top 36%, 1,883 students, 52% FRL) — zoned schools average 61% FRL vs 40% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 35% of rent.
• Market conditions: Rents rising (+1.5%/yr); 489 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,064 units permitted in St. Tammany Parish in 2024 (0 in 5+ unit buildings).
• St. Tammany County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 10y ago 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 $64k; list at $125k implies a 95% gain — meaningful room to come down on a strong offer.
• Cap rate 4.2% vs local median 5.9% in Slidell — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 68 days. Have you received any prior offers? Is the seller open to a 25% 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?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?
• 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?