104 Delta St

Belle Chasse, LA 70037

$265,000C

4 bd · 2.0 ba · 1,867 sqft · Built 1965 · SingleFamily · Active · 121 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,500/mo
• Mortgage (P&I): −$1,390
• Tax + insurance: −$272
• HOA: −$0
• Vac / Maint / Mgmt: −$525
• Net cashflow: $313/mo
• Annual: $3,756/yr
• Cap rate: 8.01%
• Cash-on-cash: 6.14%
• DSCR: 1.27
• 1% rule: 0.94%
• Cash to close: $74,200

Investor read

• This is a 4-bed/2.0-bath single-family listed at $265k.
• At list price, monthly cash flow is $313 ($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 $250k (5.7% below list).
• It's been on market 121 days — a 12% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $233k (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 $8k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#66 in LA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: amenities F, commute F, health & safety F.
• Zoned schools: Belle Chasse Elementary School (math 54% / reading 60%, grade C+, #79 of 646 statewide, top 13%, 579 students, 58% FRL); Belle Chasse Middle School (math 40% / reading 44%, grade D-, #59 of 218 statewide, top 27%, 721 students, 62% FRL); Belle Chasse High School (math 51% / reading 54%, grade C-, #30 of 265 statewide, top 12%, 959 students, 51% FRL).
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents falling (-13.6%/yr); 185 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 88 units permitted in Plaquemines Parish in 2024 (0 in 5+ unit buildings).
• Plaquemines County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts 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.
• Current owner paid $128k; list at $265k implies a 107% 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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.0% vs local median 3.8% in Belle Chasse — 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.
• This rent runs 30% of the median local income ($99k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 A-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.