73114 Military Rd · Covington, LA 70435

$299,900

3 bd · 2.5 ba · 2,804 sqft · SingleFamily public records · 85 Days on market

Built 1940 1.00 ac lot $107/sqft · 36% below area Est $467k · 36% under

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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).

• ARV discount +15.0/15.0
• Cash flow +9.5/30.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Homesteaded in 1940, reimagined in the 1960s, expanded in the late 1990s, and refreshed in 2011, this classic Acadian on popular Military Road welcomes you with a deep front porch, sunlight through mature trees, and a quick hop to Downtown Covington for the farmers market and brunch. Set on one acre, it’s made for easy indoor–outdoor living with front and back porches, a detached workshop for projects, and an attached garage for everyday convenience. Inside, comfortable gathering spaces anchor the main level, while upstairs offers 1,815 sq ft of unfinished space, a rare canvas for a future retreat, studio, or flex level (buyer to verify; not included in living area). The home does need some repairs and updates, presenting a thoughtful opportunity to personalize finishes and address deferred items so you gain the character you love without paying for someone else’s choices. If you’re seeking Covington convenience with room to grow and a porch-life vibe, 73114 Military Rd delivers a lifestyle that’s hard to find with its heritage character, expansion potential, and an address locals love.

Key facts

• Expansion potential
• Detached workshop
• Deep front porch

Tags

• DEEP FRONT PORCH
• DETACHED WORKSHOP
• FRONT AND BACK PORCHES
• UNFINISHED SPACE
• EXPANSION POTENTIAL
• HERITAGE CHARACTER

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $300k.

Deal economics

• At list price, monthly cash flow is $-209 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $263k (12.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $211k (29.5% below list).
• Recommended offer: $211k (29.5% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 3.9% in Covington — 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.

Location & tenants

• Location reads 75/100 on livability (#17 in LA, #3,876 nationally) — a middle-class / working-renter tenant base. Strengths: employment 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: 365 active listings in the ZIP; 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 ($81k/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 85 days — a 6% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 11y 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.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $211,285 (29.5% 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 85 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.70% ✗
• Cap rate: 5.46%
• Cash-on-cash: -2.99%
• DSCR: 0.87
• GRM: 11.8

CMA / ARV

• ARV (median comp): $466,745
• List price: $299,900
• Delta: -35.75%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10 Elizabeth Dr	0.43mi	3/2.5	3,013 (+8%)	13mo	$510,000	$169	57
11 Augusta Dr	0.42mi	3/2.0	2,425 (-14%)	3mo	$406,000	$167	54
32 Pine Edge Ln	0.42mi	3/2.5	3,156 (+13%)	9mo	$1,295,000	$410	52
20226 Chandler Dr	0.50mi	4/2.5 (+1)	2,432 (-13%)	10mo	$265,000	$109	41
73035 Becky Ln	0.49mi	4/3.0 (+1)	2,498 (-11%)	22mo	$441,500	$177	34
72428 Military Rd	0.72mi	2/2.5 (-1)	2,497 (-11%)	23mo	$565,000	$226	24

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -21.3%
• Equity multiple: 0.26×
• Total profit: $-62,004
• Equity at exit: $44,716

10-year hold

• IRR: -15.0%
• Equity multiple: 0.15×
• Total profit: $-71,498
• Equity at exit: $25,930

Cash invested: $83,972 (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 70435

• Home prices YoY: -27.3%
• Active inventory: 365
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $2,113 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$181 /mo · $2,167/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $-209

Break-even live

Break-even rent $2,378

Max offer price $262,956

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $299,900 Active 85 DOM
2. 2026-06-17
   days on market $299,900 Active 84 DOM
3. 2026-06-16
   days on market $299,900 Active 83 DOM
4. 2026-06-15
   days on market $299,900 Active 82 DOM
5. 2026-06-13
   days on market $299,900 Active 80 DOM
6. 2026-06-10
   days on market $299,900 Active 77 DOM
7. 2026-06-09
   days on market $299,900 Active 76 DOM
8. 2026-06-08
   days on market $299,900 Active 75 DOM
9. 2026-06-07
   days on market $299,900 Active 74 DOM
10. 2026-06-03
    days on market $299,900 Active 70 DOM
11. 2026-06-02
    days on market $299,900 Active 69 DOM
12. 2026-06-01
    days on market $299,900 Active 68 DOM
13. 2026-05-31
    days on market $299,900 Active 67 DOM
14. 2026-03-25
    listed $299,900 Active 1133-char remark

    Show marketing remark (1103 chars)

    Homesteaded in 1940, reimagined in the 1960s, expanded in the late 1990s, and refreshed in 2011, this classic Acadian on popular Military Road welcomes you with a deep front porch, sunlight through mature trees, and a quick hop to Downtown Covington for the farmers market and brunch. Set on one acre, it's made for easy indoor-outdoor living with front and back porches, a detached workshop for projects, and an attached garage for everyday convenience. Inside, comfortable gathering spaces anchor the main level, while upstairs offers 1,815 sq ft of unfinished space, a rare canvas for a future retreat, studio, or flex level (buyer to verify; not included in living area). The home does need some repairs and updates, presenting a thoughtful opportunity to personalize finishes and address deferred items so you gain the character you love without paying for someone else's choices. If you're seeking Covington convenience with room to grow and a porch-life vibe, 73114 Military Rd delivers a lifestyle that's hard to find with its heritage character, expansion potential, and an address locals love.

15. 2026-03-25
    listed $299,900 Active 1103-char remark

    Show marketing remark (1103 chars)

    Homesteaded in 1940, reimagined in the 1960s, expanded in the late 1990s, and refreshed in 2011, this classic Acadian on popular Military Road welcomes you with a deep front porch, sunlight through mature trees, and a quick hop to Downtown Covington for the farmers market and brunch. Set on one acre, it's made for easy indoor-outdoor living with front and back porches, a detached workshop for projects, and an attached garage for everyday convenience. Inside, comfortable gathering spaces anchor the main level, while upstairs offers 1,815 sq ft of unfinished space, a rare canvas for a future retreat, studio, or flex level (buyer to verify; not included in living area). The home does need some repairs and updates, presenting a thoughtful opportunity to personalize finishes and address deferred items so you gain the character you love without paying for someone else's choices. If you're seeking Covington convenience with room to grow and a porch-life vibe, 73114 Military Rd delivers a lifestyle that's hard to find with its heritage character, expansion potential, and an address locals love.

16. 2025-12-02
    price $299,900
17. 2025-12-02
    price $299,900
18. 2025-09-05
    listed $320,000 Active
19. 2025-09-05
    listed $320,000 Active
20. 2016-11-10
    soldstatus $283,000
21. 2016-07-02
    listed $285,000
22. 2015-10-22
    listed $299,900

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

Tax reassessment forecast LA · Resets to sale price

• Current annual tax: $2,167 · $181/mo
• Projected year-2 tax: $2,167 · $181/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $25,354
• − Mortgage interest: −$16,799
• − Property taxes: −$2,167
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,028
• − Management: −$2,028
• − Depreciation: −$8,724
• Taxable loss: −$7,893
• Est. tax savings @ 24.0%: +$1,894
• After-tax cash flow: $-615/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.

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 — Covington

• Score: 75/100
• State rank: #17
• US rank: #3876

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Saint Tammany Parish · 228,296 people
• City population: 64,351
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 22,475
• Household income: $80,926
• Rent vs Own: 12.2% rent · 87.8% own
• Severe rent burden: 296.0

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: Predominantly White (84%)
• Race & ethnicity: White 84% Black 9% Two or more races 4% Hispanic / Latino 3% Pacific Islander 2%
• Common ancestry: Lithuanian 15% Serbian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% French/Haitian/Cajun 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: ▼ -76.03%
• Current HPI: 202.0458
• Rent YoY: —
• 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

+0.0% since first listed

9 events — show timeline

• 2026-03-25 Listed $299,900 AcadianaMLS
• 2026-03-25 Listed $299,900 GSREIN
• 2025-12-02 Price Changed $299,900 AcadianaMLS
• 2025-12-02 Price Changed $299,900 GSREIN
• 2025-09-05 Listed $320,000 AcadianaMLS
• 2025-09-05 Listed $320,000 AcadianaMLS
• 2016-11-10 Sold (Public Records) $283,000 Public Records
• 2016-07-02 Listed $285,000 AcadianaMLS
• 2015-10-22 Listed $299,900 AcadianaMLS

Property tax history

-9.4%/yr

Latest (2025): $2,167 · -4.6% YoY. Source: county tax records.