5025 Tartan Dr

Metairie, LA 70003

$339,000C

4 bd · 2.5 ba · 3,100 sqft · Built 1988 · SingleFamily · Active · 601 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,196/mo
• Mortgage (P&I): −$1,778
• Tax + insurance: −$423
• HOA: −$0
• Vac / Maint / Mgmt: −$671
• Net cashflow: $324/mo
• Annual: $3,890/yr
• Cap rate: 7.68%
• Cash-on-cash: 4.94%
• DSCR: 1.22
• 1% rule: 0.94%
• Cash to close: $94,920

Investor read

• This is a 4-bed/2.5-bath single-family listed at $339k.
• At list price, monthly cash flow is $324 ($4k/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 $320k (5.7% below list).
• It's been on market 601 days — a 12% lower offer ($298k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $298k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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: Harold Keller Elementary School (math 26% / reading 26%, grade F, #374 of 646 statewide, top 58%, 662 students, 55% FRL); John Q. Adams Middle School (math 22% / reading 36%, grade F, #117 of 218 statewide, top 54%, 900 students, 55% FRL); Grace King High School (math 16% / reading 23%, grade F, #186 of 265 statewide, top 73%, 1,463 students, 47% FRL) — zoned schools average 52% FRL vs 70% district-wide (18 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents rising (+2.1%/yr); 227 active listings in the ZIP; 12 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; solid renter incomes; 518 units permitted in Jefferson Parish in 2024 (43 in 5+ unit buildings).
• 4 sale attempts since 2y ago; this cycle's ask has dropped $256k (43%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $113k; list at $339k implies a 200% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.7% 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 $3,196/mo this rent would consume 50% 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 601 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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.