Sullivan Plan · Slidell, LA 70461

$214,900

4 bd · 2.0 ba · 1,425 sqft · SingleFamily · 793 Days on market

Excellent condition ↓ 2% since listing

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Why this score? — see what drove the D- 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 +10.0/30.0
• ARV discount +7.5/15.0
• Condition / age +5.0/5.0
• Schools +4.3/10.0
• Livability +3.5/5.0
• 1% rule +3.0/10.0
• DSCR +2.9/10.0
• Rent growth +2.9/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

The Sullivan is one of our cottage homes in Lakeshore Villages, a new home community in Slidell, Louisiana. The Sullivan offers 2 different elevations with 4 bedrooms and 2 bathrooms at 1,425 square feet! As you walk into the home, you'll be greeted by three bedrooms along with the guest bathroom. Walking down the foyer, you'll see the storage room, another closet, and laundry room before reaching the open concept living space. The kitchen comes fully equipped with stainless-steel Whirlpool appliances, granite countertops, stove, microwave hood, dishwasher, and plenty of space for a table, never too far from the action. Every Sullivan includes our smart home package, featuring a video doorbell, smart light switches, a home hub, and more! Each bedroom is equipped with cozy carpeting and a convenient closet. Whether you need a space for entertainment, storage, hosting guests, relaxation, or fitness activities, you can count on feeling comfortable and content. The primary bedroom is in the rear of the home and has its own en suite. The primary bathroom features a double vanity with a tub/shower combo, large walk-in closet, and a separate linen closet. Experience the ideal mix of cozy and functional at Lakeshore Villages! Book a tour now and see for yourself.

Key facts

• Listed 793 days

🏗️ New construction. The $214,900 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $283,450.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $215k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-169 ($-2k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• Recommended offer: $189k (12.0% below list) — sets the bar for market timing.

Location & tenants

• 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.
• Market conditions: Rents rising (+1.7%/yr); 589 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,064 units permitted in St. Tammany Parish in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($89k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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 793 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.

Recommended offer $189,112 (12.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 793 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.80% ✗
• Cap rate: 5.58%
• Cash-on-cash: -2.55%
• DSCR: 0.89
• GRM: 10.4

CMA / ARV

• ARV (median comp): $283,450
• List price: $214,900
• Delta: -24.18%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5481 Fornea Glen Way	0.06mi	3/2.0 (-1)	1,405 (-1%)	1mo	$224,900	$160	89
5429 Fornea Glen Way	0.06mi	3/2.0 (-1)	1,405 (-1%)	2mo	$236,900	$169	88
5473 Fornea Glen Way	0.06mi	3/2.0 (-1)	1,405 (-1%)	4mo	$225,990	$161	87
5465 Fornea Glen Way	0.06mi	3/2.0 (-1)	1,405 (-1%)	6mo	$224,900	$160	85
5441 Fornea Glen Way	0.06mi	4/2.0	1,612 (+13%)	1mo	$249,900	$155	75
5472 Fornea Glen Way	0.06mi	4/2.0	1,612 (+13%)	2mo	$256,005	$159	74
5460 Fornea Glen Way	0.06mi	4/2.0	1,612 (+13%)	4mo	$244,900	$152	72
5468 Fornea Glen Way	0.06mi	4/2.0	1,612 (+13%)	5mo	$243,900	$151	71
4778 Cotton Grass Dr	0.71mi	4/2.0	1,425 (0%)	1mo	$216,900	$152	66
3381 Bellwick Bay Dr	0.67mi	4/2.0	1,610 (+13%)	2mo	$239,900	$149	46
5149 Clarkston Grove Dr	0.51mi	3/2.0 (-1)	1,613 (+13%)	6mo	$214,000	$133	45
3435 Tide Wind Dr	0.74mi	4/2.0	1,585 (+11%)	4mo	$235,000	$148	44

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 · 1.72% rent growth · sell at horizon

5-year hold

• IRR: -22.0%
• Equity multiple: 0.25×
• Total profit: $-59,541
• Equity at exit: $42,263

10-year hold

• IRR: -19.3%
• Equity multiple: 0.03×
• Total profit: $-77,089
• Equity at exit: $24,508

Cash invested: $79,366 (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 70461

• Home prices YoY: -33.0%
• Rents YoY: 1.7%
• Active inventory: 589
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,266 high
• Mortgage (P&I): −$1,486
• Tax est. 1.5%: −$354 /mo · $4,252/yr
• Insurance: −$118
• HOA: −$0
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $-169

Break-even live

Break-even rent $2,480

Max offer price $258,998

Occupancy floor —

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: $70,862
• Closing costs: $8,504
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3604 Spruce Key Ln Slidell, LA	3.0–4.0	2.0	1586	$2,510	$1.58	1d	14	0.52mi
3604 Spruce Key Ln Slidell, LA	3.0–4.0	2.0	1539	$2,610	$1.70	44d	1	0.52mi
3616 Spruce Key Ln Slidell, LA	3.0	2.0	1635	$2,395	$1.46	1d	1	0.54mi
5579 Grand Springs Rd Slidell, LA	4.0	2.0	1867	$2,200	$1.18	43d	1	0.59mi
7535 1st Lake Dr Slidell, LA	3.0	2.0	1564	$2,195	$1.40	17d	1	0.69mi
301 Lakeshore Blvd N Slidell, LA	1.0–4.0	1.0–2.0	1134	$1,699	$1.50	1d	1	0.74mi
5265 Summer Pecan Rd Slidell, LA	4.0	2.0	1647	$2,300	$1.40	2d	1	0.80mi
200 Long St Slidell, LA	2.0–4.0	2.0	1112	$1,539	$1.38	1d	1	0.87mi
713 Lakeshore Vlg E Slidell, LA	3.0	2.0	1563	$2,100	$1.34	43d	1	0.88mi
408 Lakeshore Vlg E Slidell, LA	3.0	2.0	1785	$2,395	$1.34	11d	1	1.05mi
100 Marina Dr Unit 100 Slidell, LA	3.0	3.0	1850	$1,925	$1.04	3d	1	1.26mi
870 Marina Dr Unit B Slidell, LA	3.0	2.5	1700	$2,000	$1.18	43d	1	1.41mi
870 Marina Dr Unit A Slidell, LA	3.0	2.5	1600	$1,950	$1.22	3d	1	1.42mi

Listing history 15 events

1. 2026-06-18
   days on market $214,900 Active 793 DOM
2. 2026-06-17
   days on market $214,900 Active 792 DOM
3. 2026-06-16
   days on market $214,900 Active 791 DOM
4. 2026-06-15
   days on market $214,900 Active 790 DOM
5. 2026-06-13
   days on market $214,900 Active 788 DOM
6. 2026-06-10
   days on market $214,900 Active 785 DOM
7. 2026-06-09
   days on market $214,900 Active 784 DOM
8. 2026-06-08
   days on market $214,900 Active 783 DOM
9. 2026-06-07
   days on market $214,900 Active 782 DOM
10. 2026-06-03
    days on market $214,900 Active 778 DOM
11. 2026-06-02
    days on market $214,900 Active 777 DOM
12. 2026-06-01
    days on market $214,900 Active 776 DOM
13. 2026-05-31
    days on market $214,900 Active 775 DOM
14. 2025-09-13
    price $214,900 1278-char remark

    Show marketing remark (1278 chars)

    The Sullivan is one of our cottage homes in Lakeshore Villages, a new home community in Slidell, Louisiana. The Sullivan offers 2 different elevations with 4 bedrooms and 2 bathrooms at 1,425 square feet! As you walk into the home, you'll be greeted by three bedrooms along with the guest bathroom. Walking down the foyer, you'll see the storage room, another closet, and laundry room before reaching the open concept living space. The kitchen comes fully equipped with stainless-steel Whirlpool appliances, granite countertops, stove, microwave hood, dishwasher, and plenty of space for a table, never too far from the action. Every Sullivan includes our smart home package, featuring a video doorbell, smart light switches, a home hub, and more! Each bedroom is equipped with cozy carpeting and a convenient closet. Whether you need a space for entertainment, storage, hosting guests, relaxation, or fitness activities, you can count on feeling comfortable and content. The primary bedroom is in the rear of the home and has its own en suite. The primary bathroom features a double vanity with a tub/shower combo, large walk-in closet, and a separate linen closet. Experience the ideal mix of cozy and functional at Lakeshore Villages! Book a tour now and see for yourself.

15. 2024-04-16
    listed $219,900 Active 1278-char remark

    Show marketing remark (1278 chars)

    The Sullivan is one of our cottage homes in Lakeshore Villages, a new home community in Slidell, Louisiana. The Sullivan offers 2 different elevations with 4 bedrooms and 2 bathrooms at 1,425 square feet! As you walk into the home, you'll be greeted by three bedrooms along with the guest bathroom. Walking down the foyer, you'll see the storage room, another closet, and laundry room before reaching the open concept living space. The kitchen comes fully equipped with stainless-steel Whirlpool appliances, granite countertops, stove, microwave hood, dishwasher, and plenty of space for a table, never too far from the action. Every Sullivan includes our smart home package, featuring a video doorbell, smart light switches, a home hub, and more! Each bedroom is equipped with cozy carpeting and a convenient closet. Whether you need a space for entertainment, storage, hosting guests, relaxation, or fitness activities, you can count on feeling comfortable and content. The primary bedroom is in the rear of the home and has its own en suite. The primary bathroom features a double vanity with a tub/shower combo, large walk-in closet, and a separate linen closet. Experience the ideal mix of cozy and functional at Lakeshore Villages! Book a tour now and see for yourself.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $27,188
• − Mortgage interest: −$15,878
• − Property taxes: −$4,252
• − Insurance: −$1,417
• − Repairs & maintenance: −$2,175
• − Management: −$2,175
• − Depreciation: −$8,246
• Taxable loss: −$6,954
• Est. tax savings @ 24.0%: +$1,669
• After-tax cash flow: $-359/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.

Condition & rehab AI · 12 photos

Excellent 100/100 None rehab

This home is in excellent condition with a modern and well-maintained interior and exterior. It is move-in ready and would benefit from minor updates to enhance its curb appeal and functionality.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract potential buyers/tenants.
• Both Adding smart home features — Smart home features can increase convenience and appeal to tech-savvy buyers/tenants.
• Both Upgrading the kitchen appliances — Modern appliances can make the kitchen more functional and appealing to potential buyers/tenants.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract potential buyers/tenants. ↑
• Both Adding smart home features — Smart home features can increase convenience and appeal to tech-savvy buyers/tenants. ↑
• Both Upgrading the kitchen appliances — Modern appliances can make the kitchen more functional and appealing to potential buyers/tenants. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Slidell

• Score: 70/100
• State rank: #57
• US rank: #7673

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Saint Tammany Parish · 228,296 people
• City population: 95,511
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 34,808
• Household income: $89,003
• Rent vs Own: 23.1% rent · 76.9% own
• Severe rent burden: 328.0

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: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 55% Black 24% Two or more races 14% Hispanic / Latino 11% Asian 3%
• Common ancestry: Lithuanian 9% Italian 1% Romanian 1%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 89% English-only · Spanish 7% Chinese 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: ▼ -74.47%
• Current HPI: 151.3353
• Rent YoY: ▲ 1.72%
• 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

-2.3% since first listed

2 events — show timeline

• 2025-09-13 Price Changed $214,900 Zillow
• 2024-04-16 Listed $219,900 Zillow