2464 Dixie Dr · Covington, LA 70435

$304,900

3 bd · 2.0 ba · 1,826 sqft · SingleFamily public records · 114 Days on market

Built 2016 8,415 sqft lot $167/sqft · 8% below area Est $330k · 8% under $25/mo HOA · 1% of rent

---

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).

• Cash flow +11.1/30.0
• ARV discount +10.9/15.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• DSCR +3.2/10.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Precious 3 bedroom 2 bath home just minutes away from Downtown Covington. Quartz countertops, new vinyl plank floors, no carpet, screened in oversized patio. Fenced. This is the DSLD home Laurana plan. Large living room and kitchen, with island overlooking living and oversized side bar. Utility room attached to the primary bathroom but still centrally located. Easy access to the interstate, hospitals, restaurants and shopping.

Key facts

• Quartz countertops
• Fenced
• Vinyl plank floors

Tags

• QUARTZ COUNTERTOPS
• VINYL PLANK FLOORS
• SCREENED IN OVERSIZED PATIO
• FENCED
• ISLAND OVERLOOKING LIVING
• EASY ACCESS TO INTERSTATE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $305k.

Deal economics

• At list price, monthly cash flow is $-122 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $283k (7.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $231k (24.4% below list).
• Recommended offer: $231k (24.4% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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.
• Zoned schools: Covington Elementary School (math 52% / reading 52%, grade C-, #108 of 646 statewide, top 18%, 628 students, 59% FRL); Pine View Middle School (math 20% / reading 37%, grade F, #119 of 218 statewide, top 57%, 635 students, 62% FRL); Covington High School (math 32% / reading 44%, grade F, #90 of 265 statewide, top 34%, 1,660 students, 46% FRL) — zoned schools average 56% FRL vs 40% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 366 active listings in the ZIP; 6 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; 1,064 units permitted in St. Tammany Parish in 2024 (0 in 5+ unit buildings).
• This rent runs 34% 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 114 days — a 9% lower offer ($277k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y ago; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $240k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $230,509 (24.4% 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 114 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 0.76% ✗
• Cap rate: 5.81%
• Cash-on-cash: -1.72%
• DSCR: 0.92
• GRM: 11.0

CMA / ARV

• ARV (median comp): $329,835
• List price: $304,900
• Delta: -7.56%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2009 Thomas Dr	0.28mi	3/2.0	1,829 (+0%)	2mo	$325,000	$178	85
2492 Dixie Dr	0.09mi	3/2.0	1,718 (-6%)	2mo	$305,000	$178	85
2505 Sam Ct	0.13mi	3/2.0	1,887 (+3%)	4mo	$325,000	$172	85
1816 Justin Dr	0.33mi	4/2.0 (+1)	1,927 (+6%)	1mo	$315,000	$163	69
1162 Barrington Dr	0.47mi	3/2.0	1,925 (+5%)	1mo	$331,579	$172	68
1421 Zachery Ct	0.59mi	3/2.0	1,925 (+5%)	2mo	$336,000	$175	62
1801 Justin Dr	0.29mi	4/2.0 (+1)	2,021 (+11%)	2mo	$322,500	$160	62
3056 Estelle Ct	0.54mi	3/2.0	1,561 (-14%)	1mo	$297,511	$191	50
1824 Rosalie Ct	0.57mi	4/2.0 (+1)	1,581 (-13%)	0mo	$294,328	$186	46
3048 Estelle Ct	0.63mi	3/2.0	1,561 (-14%)	2mo	$297,226	$190	45
3023 Estelle Ct	0.58mi	3/2.0	1,561 (-14%)	5mo	$295,815	$190	45
1849 Rosalie Ct	0.58mi	4/3.0 (+1)	2,092 (+15%)	0mo	$334,472	$160	39

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: -19.2%
• Equity multiple: 0.33×
• Total profit: $-57,271
• Equity at exit: $45,462

10-year hold

• IRR: -11.9%
• Equity multiple: 0.30×
• Total profit: $-60,179
• Equity at exit: $26,362

Cash invested: $85,372 (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: 366
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $2,305 high
• Mortgage (P&I): −$1,599
• Tax from tax record: −$192 /mo · $2,310/yr
• Insurance: −$127
• HOA: −$25
• Vacancy / Maint / Mgmt: −$484
• Net cashflow: $-122

Break-even live

Break-even rent $2,460

Max offer price $283,270

Occupancy floor —

Sensitivity live

Price	-10% $50	-5% $-36	+0% $-122	+5% $-209	+10% $-295
Rent	-10% $-305	-5% $-213	+0% $-122	+5% $-31	+10% $60
Rate	-1.0pp $31	-0.5pp $-45	base $-122	+0.5pp $-201	+1.0pp $-282

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: $76,225
• Closing costs: $9,147
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2213 Darlene Dr Covington, LA	4.0	3.0	2397	$2,550	$1.06	16d	1	0.19mi
1016 Ronald Reagan Hwy Covington, LA	1.0–3.0	1.0–2.0	1081	$1,745	$1.61	4d	24	0.53mi
2000 Pine Crest Ave Covington, LA	2.0–4.0	2.0	1121	$1,411	$1.26	25d	1	0.68mi
75049 Crestview Hills Loop Covington, LA	4.0	2.0	2365	$2,349	$0.99	19d	1	1.16mi
75736 Rickelin Dr Covington, LA	3.0	2.0	1781	$2,095	$1.18	45d	1	1.43mi
75533 Joyce Dr Covington, LA	3.0	2.0	1825	$2,150	$1.18	45d	1	1.46mi

HOA detail

• Monthly dues: $25 · $300/yr

Listing history 17 events

1. 2026-06-07
   days on market $304,900 Active 114 DOM
2. 2026-06-03
   days on market $304,900 Active 110 DOM
3. 2026-06-02
   days on market $304,900 Active 109 DOM
4. 2026-06-01
   days on market $304,900 Active 108 DOM
5. 2026-05-31
   days on market $304,900 Active 107 DOM
6. 2026-04-11
   price $304,900 430-char remark

   Show marketing remark (430 chars)

   Precious 3 bedroom 2 bath home just minutes away from Downtown Covington. Quartz countertops, new vinyl plank floors, no carpet, screened in oversized patio. Fenced. This is the DSLD home Laurana plan. Large living room and kitchen, with island overlooking living and oversized side bar. Utility room attached to the primary bathroom but still centrally located. Easy access to the interstate, hospitals, restaurants and shopping.

7. 2026-04-11
   price $304,900 430-char remark

   Show marketing remark (430 chars)

   Precious 3 bedroom 2 bath home just minutes away from Downtown Covington. Quartz countertops, new vinyl plank floors, no carpet, screened in oversized patio. Fenced. This is the DSLD home Laurana plan. Large living room and kitchen, with island overlooking living and oversized side bar. Utility room attached to the primary bathroom but still centrally located. Easy access to the interstate, hospitals, restaurants and shopping.

8. 2026-03-05
   price $314,900 430-char remark

   Show marketing remark (430 chars)

   Precious 3 bedroom 2 bath home just minutes away from Downtown Covington. Quartz countertops, new vinyl plank floors, no carpet, screened in oversized patio. Fenced. This is the DSLD home Laurana plan. Large living room and kitchen, with island overlooking living and oversized side bar. Utility room attached to the primary bathroom but still centrally located. Easy access to the interstate, hospitals, restaurants and shopping.

9. 2026-03-05
   price $314,900 430-char remark

   Show marketing remark (430 chars)

   Precious 3 bedroom 2 bath home just minutes away from Downtown Covington. Quartz countertops, new vinyl plank floors, no carpet, screened in oversized patio. Fenced. This is the DSLD home Laurana plan. Large living room and kitchen, with island overlooking living and oversized side bar. Utility room attached to the primary bathroom but still centrally located. Easy access to the interstate, hospitals, restaurants and shopping.

10. 2026-02-13
    listed $324,900 Active 430-char remark

    Show marketing remark (430 chars)

    Precious 3 bedroom 2 bath home just minutes away from Downtown Covington. Quartz countertops, new vinyl plank floors, no carpet, screened in oversized patio. Fenced. This is the DSLD home Laurana plan. Large living room and kitchen, with island overlooking living and oversized side bar. Utility room attached to the primary bathroom but still centrally located. Easy access to the interstate, hospitals, restaurants and shopping.

11. 2026-02-13
    listed $324,900 Active 430-char remark

    Show marketing remark (430 chars)

    Precious 3 bedroom 2 bath home just minutes away from Downtown Covington. Quartz countertops, new vinyl plank floors, no carpet, screened in oversized patio. Fenced. This is the DSLD home Laurana plan. Large living room and kitchen, with island overlooking living and oversized side bar. Utility room attached to the primary bathroom but still centrally located. Easy access to the interstate, hospitals, restaurants and shopping.

12. 2017-10-13
    soldstatus $240,115 Sold
13. 2017-09-05
    status Under Contract
14. 2017-08-17
    price $240,115
15. 2017-08-17
    status Active
16. 2017-07-21
    listed $237,355
17. 2017-07-21
    listed $240,115

ⓘ 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: $2,310 · $192/mo
• Projected year-2 tax: $2,310 · $192/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X · 72% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 22 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,661
• − Mortgage interest: −$17,079
• − Property taxes: −$2,310
• − Insurance: −$1,524
• − Repairs & maintenance: −$2,213
• − Management: −$2,213
• − HOA: −$300
• − Depreciation: −$8,870
• Taxable loss: −$6,848
• Est. tax savings @ 24.0%: +$1,644
• After-tax cash flow: $174/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

• Census place: Covington, LA
• 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

+28.5% since first listed

12 events — show timeline

• 2026-04-11 Price Changed $304,900 AcadianaMLS
• 2026-04-11 Price Changed $304,900 GSREIN
• 2026-03-05 Price Changed $314,900 AcadianaMLS
• 2026-03-05 Price Changed $314,900 GSREIN
• 2026-02-13 Listed $324,900 GSREIN
• 2026-02-13 Listed $324,900 AcadianaMLS
• 2017-10-13 Sold (MLS) $240,115 GSREIN
• 2017-09-05 Pending — GSREIN
• 2017-08-17 Price Changed $240,115 GSREIN
• 2017-08-17 Relisted — GSREIN
• 2017-07-21 Listed $240,115 AcadianaMLS
• 2017-07-21 Listed $237,355 GSREIN

Property tax history

-0.8%/yr

Latest (2025): $2,310 · -3.8% YoY. Source: county tax records.