0 Pleasure Island Dr

Farmerville, LA 71241

$230,000D-

2 bd · 2.0 ba · 672 sqft · Built 2015 · Manufactured · Active · 54 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,512/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$140
• HOA: −$0
• Vac / Maint / Mgmt: −$318
• Net cashflow: $-152/mo
• Annual: $-1,818/yr
• Cap rate: 5.50%
• Cash-on-cash: -2.82%
• DSCR: 0.87
• 1% rule: 0.66%
• Cash to close: $64,400

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $230k.
• At list price, monthly cash flow is $-152 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $203k (11.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $151k (34.3% below list).
• It's been on market 54 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $151k (34.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#321 in LA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety D, crime F, amenities F.
• Union Parish (rural): math 12% / reading 20% proficiency, ranked #74 of 98 in LA (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 76% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Union Parish Elementary School (math 4% / reading 8%, grade F, #630 of 646 statewide, top 98%, 659 students, 58% FRL); Union Parish High School (math 8% / reading 16%, grade F, #235 of 265 statewide, top 90%, 745 students, 52% FRL) — zoned schools average 55% FRL vs 76% district-wide (21 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 111 active listings in the ZIP; 2 units permitted in Union Parish in 2024 (0 in 5+ unit buildings).
• Union County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 16y 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.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 54 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is F 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?