1500 W Esplanade Ave Unit 35D

Kenner, LA 70065

$128,000D+

3 bd · 2.0 ba · 1,725 sqft · Built 1981 · Condo · Active · 89 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,892/mo
• Mortgage (P&I): −$671
• Tax + insurance: −$213
• HOA: −$672
• Vac / Maint / Mgmt: −$397
• Net cashflow: $-62/mo
• Annual: $-744/yr
• Cap rate: 5.71%
• Cash-on-cash: -2.08%
• DSCR: 0.91
• 1% rule: 1.48%
• Cash to close: $35,840

Investor read

• This is a 3-bed/2.0-bath condo listed at $128k.
• At list price, monthly cash flow is $-62 ($-744/yr) — negative.
• To cash-flow at today's rent, offer at most $119k (7.0% below list).
• Meets the 1% rule at list price ($2k rent vs $128k).
• It's been on market 89 days — a 6% lower offer ($120k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $119k (7.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $885 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#6 in LA, #2,414 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, employment C-, crime D.
• 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.
• Watch-outs: HOA is 36% of rent.
• Market conditions: Rents falling (-4.2%/yr); 292 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; 518 units permitted in Jefferson Parish in 2024 (43 in 5+ unit buildings).
• 5 sale attempts since 21y 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.
• This rent runs 34% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 89 days. Have you received any prior offers? Is the seller open to a 7% 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.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?