8404 Galleon Dr · Chalmette, LA 70043

$275,000

4 bd · 2.5 ba · 2,089 sqft · SingleFamily · 262 Days on market

Built 1996 $132/sqft · at area comps Est $277k · at est.

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Why this score? — see what drove the C- 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 +19.4/30.0
• ARV discount +7.9/15.0
• DSCR +6.1/10.0
• Schools +5.0/10.0
• 1% rule +3.9/10.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Price reduced -- and the best deal in Chalmette for a growing family. 4 bedrooms. 2.5 baths. Stone fireplace. A primary suite with a private balcony and two walk-in closets. All in an X flood zone with no mandatory flood insurance, and eligible for 100% USDA Rural Development financing. Inside: 9-foot ceilings, laminate wood floors, and an open living area anchored by a stone fireplace. The kitchen connects seamlessly -- granite counters, gas stove, built-in microwave, dishwasher, and a versatile island with bar seating. The sunny breakfast nook is framed by large windows. Head upstairs to the spacious primary suite with its private balcony and two walk-in closets -- plus two additional bedrooms, each with ample space for kids, guests, or a home office. Covered back patio. Detached shed. Fenced yard. Steps from schools, parks, and shopping. This home isn't just a place to live; it's where memories are made.

Key facts

• Oak cabinets
• Versatile island
• Sunny breakfast nook

Tags

• OPEN LIVING AREA
• STONE FIREPLACE
• OAK CABINETS
• GRANITE COUNTERTOPS
• VERSATILE ISLAND
• SUNNY BREAKFAST NOOK

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $240 ($3k/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 $246k (10.7% below list).
• Recommended offer: $242k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 5.4% in Chalmette — 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 65/100 on livability (#137 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: crime F, amenities F, commute F.
• Market conditions: Rents rising (+3.1%/yr); 214 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 112 units permitted in St. Bernard Parish in 2024 (0 in 5+ unit buildings).
• At $2,455/mo this rent would consume 54% of the median local household income ($55k/yr) (locally 881% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• 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.
• St. Bernard County population projected at +89% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 262 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $24k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $22k; list at $275k implies a 1150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• 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.

Recommended offer $242,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 262 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.89% ✗
• Cap rate: 7.63%
• Cash-on-cash: 4.78%
• DSCR: 1.21
• GRM: 9.3

CMA / ARV

• ARV (median comp): $277,287
• List price: $275,000
• Delta: -0.82%
• 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
2828 Jean Lafitte Pkwy	0.18mi	4/2.0	2,201 (+5%)	12mo	$265,000	$120	70
2109 Jean Lafitte Park	0.30mi	4/2.0	2,034 (-3%)	16mo	$315,000	$155	66
2204 Congressman Hebert Dr	0.30mi	3/2.0 (-1)	1,831 (-12%)	1mo	$319,000	$174	58
61 Cochrane Dr	0.50mi	4/2.0	1,912 (-8%)	9mo	$260,000	$136	53
200 Perrin Dr	0.67mi	4/2.5	1,956 (-6%)	8mo	$335,000	$171	52
62 Carolyn Ct	0.70mi	3/2.5 (-1)	2,108 (+1%)	12mo	$275,000	$130	50
2812 Jean Lafitte Pkwy	0.13mi	4/2.0	1,781 (-15%)	21mo	$265,000	$149	50
204 Doerr Dr	0.63mi	5/3.0 (+1)	2,215 (+6%)	7mo	$315,000	$142	48
300 Parish Dr	0.51mi	3/2.0 (-1)	1,822 (-13%)	2mo	$239,900	$132	46
412 Genet Dr	0.74mi	3/2.0 (-1)	1,850 (-11%)	0mo	$350,000	$189	39
813 Rowley Blvd	0.69mi	3/2.5 (-1)	1,946 (-7%)	19mo	$315,000	$162	36
28 Carroll Dr	0.75mi	4/3.0	1,816 (-13%)	10mo	$289,000	$159	33

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 · 3.11% rent growth · sell at horizon

5-year hold

• IRR: -10.3%
• Equity multiple: 0.62×
• Total profit: $-29,067
• Equity at exit: $41,003

10-year hold

• IRR: -0.9%
• Equity multiple: 0.94×
• Total profit: $-4,831
• Equity at exit: $23,777

Cash invested: $77,000 (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 70043

• Rents YoY: 3.1%
• Active inventory: 214
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,455 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$76 /mo · $914/yr
• Insurance: −$115
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$516
• Net cashflow: $240

Break-even live

Break-even rent $2,151

Max offer price $275,000

Occupancy floor 85%

Sensitivity live

Price	-10% $396	-5% $318	+0% $240	+5% $163	+10% $85
Rent	-10% $46	-5% $143	+0% $240	+5% $337	+10% $434
Rate	-1.0pp $379	-0.5pp $310	base $240	+0.5pp $169	+1.0pp $97

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
309 Fawn Dr Arabi, LA	3.0	2.5	1745	$2,500	$1.43	0d	1	0.70mi
1019 Center St Arabi, LA	5.0	3.0	1973	$5,888	$2.98	0d	1	0.79mi
1239 Center St Arabi, LA	4.0	2.0	1922	$3,500	$1.82	5d	1	0.81mi
1511 Schnell Dr Arabi, LA	4.0	3.0	1700	$1,850	$1.09	5d	1	0.84mi
424 Chinchilla Dr Arabi, LA	3.0	2.0	1735	$3,500	$2.02	18d	1	0.85mi
1529 Schnell Dr Arabi, LA	3.0	2.5	1736	$2,600	$1.50	0d	1	0.88mi
7532 Patricia St Arabi, LA	3.0	2.0	1850	$1,900	$1.03	4d	1	0.89mi
7532 Patricia St Arabi, LA	3.0	2.0	1850	$1,900	$1.03	5d	1	0.89mi
7532 Patricia St Arabi, LA	4.0	3.0	2099	$2,200	$1.05	46d	1	0.90mi
2707 Jackson Blvd Chalmette, LA	3.0	2.5	1733	$2,300	$1.33	25d	1	1.06mi
2707 Jackson Blvd Chalmette, LA	3.0	3.0	1733	$2,300	$1.33	46d	1	1.06mi
438 Friscoville Ave Arabi, LA	3.0	2.0	1500	$3,200	$2.13	5d	1	1.08mi
6900 Royal St Arabi, LA	3.0	2.0	1579	$5,888	$3.73	5d	1	1.09mi
8413 Benjamin Dr Chalmette, LA	3.0	2.0	1800	$2,300	$1.28	5d	1	1.19mi
3606 Pakenham Dr Unit 3606 Chalmette, LA	3.0	2.0	1400	$1,800	$1.29	14d	1	1.27mi
2012 Esteban St Arabi, LA	3.0	2.0	1466	$2,500	$1.71	12d	1	1.32mi
2201 Esteban St Arabi, LA	3.0	3.0	1604	$3,800	$2.37	0d	1	1.36mi
103 Danny Dr New Orleans, LA	4.0	2.0	2040	$2,400	$1.18	25d	1	1.46mi

Listing history 19 events

1. 2026-06-16
   statusdays on market $275,000 Pending 262 DOM
2. 2026-06-15
   days on market $275,000 Active Under Contract 261 DOM
3. 2026-06-13
   days on market $275,000 Active Under Contract 259 DOM
4. 2026-06-10
   days on market $275,000 Active Under Contract 256 DOM
5. 2026-06-09
   days on market $275,000 Active Under Contract 255 DOM
6. 2026-06-08
   days on market $275,000 Active Under Contract 254 DOM
7. 2026-06-07
   days on market $275,000 Active Under Contract 253 DOM
8. 2026-06-03
   days on market $275,000 Active Under Contract 249 DOM
9. 2026-06-02
   days on market $275,000 Active Under Contract 248 DOM
10. 2026-06-02
    status $275,000 Active Under Contract 247 DOM
11. 2026-06-01
    days on market $275,000 Active 247 DOM
12. 2026-05-31
    days on market $275,000 Active 246 DOM
13. 2026-03-22
    price $275,000 920-char remark

    Show marketing remark (936 chars)

    Price reduced — and the best deal in Chalmette for a growing family. 4 bedrooms. 2.5 baths. Stone fireplace. A primary suite with a private balcony and two walk-in closets. All in an X flood zone with no mandatory flood insurance, and eligible for 100% USDA Rural Development financing. Inside: 9-foot ceilings, laminate wood floors, and an open living area anchored by a stone fireplace. The kitchen connects seamlessly — granite counters, gas stove, built-in microwave, dishwasher, and a versatile island with bar seating. The sunny breakfast nook is framed by large windows. Head upstairs to the spacious primary suite with its private balcony and two walk-in closets — plus two additional bedrooms, each with ample space for kids, guests, or a home office. Covered back patio. Detached shed. Fenced yard. Steps from schools, parks, and shopping. This home isn't just a place to live; it's where memories are made.

14. 2026-03-22
    price $275,000 936-char remark

    Show marketing remark (936 chars)

    Price reduced — and the best deal in Chalmette for a growing family. 4 bedrooms. 2.5 baths. Stone fireplace. A primary suite with a private balcony and two walk-in closets. All in an X flood zone with no mandatory flood insurance, and eligible for 100% USDA Rural Development financing. Inside: 9-foot ceilings, laminate wood floors, and an open living area anchored by a stone fireplace. The kitchen connects seamlessly — granite counters, gas stove, built-in microwave, dishwasher, and a versatile island with bar seating. The sunny breakfast nook is framed by large windows. Head upstairs to the spacious primary suite with its private balcony and two walk-in closets — plus two additional bedrooms, each with ample space for kids, guests, or a home office. Covered back patio. Detached shed. Fenced yard. Steps from schools, parks, and shopping. This home isn't just a place to live; it's where memories are made.

15. 2025-12-27
    price $289,000 920-char remark

    Show marketing remark (936 chars)

    Price reduced — and the best deal in Chalmette for a growing family. 4 bedrooms. 2.5 baths. Stone fireplace. A primary suite with a private balcony and two walk-in closets. All in an X flood zone with no mandatory flood insurance, and eligible for 100% USDA Rural Development financing. Inside: 9-foot ceilings, laminate wood floors, and an open living area anchored by a stone fireplace. The kitchen connects seamlessly — granite counters, gas stove, built-in microwave, dishwasher, and a versatile island with bar seating. The sunny breakfast nook is framed by large windows. Head upstairs to the spacious primary suite with its private balcony and two walk-in closets — plus two additional bedrooms, each with ample space for kids, guests, or a home office. Covered back patio. Detached shed. Fenced yard. Steps from schools, parks, and shopping. This home isn't just a place to live; it's where memories are made.

16. 2025-12-27
    price $289,000 936-char remark

    Show marketing remark (936 chars)

    Price reduced — and the best deal in Chalmette for a growing family. 4 bedrooms. 2.5 baths. Stone fireplace. A primary suite with a private balcony and two walk-in closets. All in an X flood zone with no mandatory flood insurance, and eligible for 100% USDA Rural Development financing. Inside: 9-foot ceilings, laminate wood floors, and an open living area anchored by a stone fireplace. The kitchen connects seamlessly — granite counters, gas stove, built-in microwave, dishwasher, and a versatile island with bar seating. The sunny breakfast nook is framed by large windows. Head upstairs to the spacious primary suite with its private balcony and two walk-in closets — plus two additional bedrooms, each with ample space for kids, guests, or a home office. Covered back patio. Detached shed. Fenced yard. Steps from schools, parks, and shopping. This home isn't just a place to live; it's where memories are made.

17. 2025-09-27
    listed $299,000 Active 920-char remark

    Show marketing remark (936 chars)

    Price reduced — and the best deal in Chalmette for a growing family. 4 bedrooms. 2.5 baths. Stone fireplace. A primary suite with a private balcony and two walk-in closets. All in an X flood zone with no mandatory flood insurance, and eligible for 100% USDA Rural Development financing. Inside: 9-foot ceilings, laminate wood floors, and an open living area anchored by a stone fireplace. The kitchen connects seamlessly — granite counters, gas stove, built-in microwave, dishwasher, and a versatile island with bar seating. The sunny breakfast nook is framed by large windows. Head upstairs to the spacious primary suite with its private balcony and two walk-in closets — plus two additional bedrooms, each with ample space for kids, guests, or a home office. Covered back patio. Detached shed. Fenced yard. Steps from schools, parks, and shopping. This home isn't just a place to live; it's where memories are made.

18. 2025-09-27
    listed $299,000 Active 936-char remark

    Show marketing remark (936 chars)

    Price reduced — and the best deal in Chalmette for a growing family. 4 bedrooms. 2.5 baths. Stone fireplace. A primary suite with a private balcony and two walk-in closets. All in an X flood zone with no mandatory flood insurance, and eligible for 100% USDA Rural Development financing. Inside: 9-foot ceilings, laminate wood floors, and an open living area anchored by a stone fireplace. The kitchen connects seamlessly — granite counters, gas stove, built-in microwave, dishwasher, and a versatile island with bar seating. The sunny breakfast nook is framed by large windows. Head upstairs to the spacious primary suite with its private balcony and two walk-in closets — plus two additional bedrooms, each with ample space for kids, guests, or a home office. Covered back patio. Detached shed. Fenced yard. Steps from schools, parks, and shopping. This home isn't just a place to live; it's where memories are made.

19. 1995-07-25
    soldstatus $22,000

ⓘ 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: $914 · $76/mo
• Projected year-2 tax: $1,512 · $126/mo
• Expected delta: +$599/yr (+$50/mo · 65.6%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 60% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 22 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,463
• − Mortgage interest: −$15,404
• − Property taxes: −$914
• − Insurance: −$2,172
• − Repairs & maintenance: −$2,357
• − Management: −$2,357
• − Depreciation: −$8,000
• Taxable loss: −$1,741
• Est. tax savings @ 24.0%: +$418
• After-tax cash flow: $3,302/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)

No district data.

Livability — Chalmette

• Score: 65/100
• State rank: #137
• US rank: #12500

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chalmette, LA
• County: Saint Bernard Parish · 22,638 people
• City population: 22,638
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 22,638
• Household income: $55,068
• Rent vs Own: 39.0% rent · 61.0% own
• Severe rent burden: 881.0

Population outlook (St. Bernard County) Hauer SSP2

• Today (2025): 66,513 people
• By 2030: 77,768 · +16.9%
• By 2040: 101,296 · +52.3%
• By 2050: 125,770 · +89.1%
• By 2075: 188,160 · +182.9%
• By 2100: 239,339 · +259.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 55% Black 26% Hispanic / Latino 12% Two or more races 10% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 13% Slovak 2%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 88% English-only · Spanish 8% Arabic 1% Vietnamese 1%

Political lean MEDSL · St. Bernard

• 2024 margin: Strong R (+29.3) · D 34.5% · R 63.8% · Other 1.7%
• 2008→2024 swing: +16.1pp toward D · 2008: -45.4pp · 2024: -29.3pp
• All cycles: 2024: R+29.3 2020: R+28.5 2016: R+33.4 2012: R+24.7 2008: R+45.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -211.77%
• Current HPI: 194.8123
• Rent YoY: ▲ 3.11%
• 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

+1150.0% since first listed

7 events — show timeline

• 2026-03-22 Price Changed $275,000 AcadianaMLS
• 2026-03-22 Price Changed $275,000 GSREIN
• 2025-12-27 Price Changed $289,000 AcadianaMLS
• 2025-12-27 Price Changed $289,000 GSREIN
• 2025-09-27 Listed $299,000 GSREIN
• 2025-09-27 Listed $299,000 AcadianaMLS
• 1995-07-25 Sold (Public Records) $22,000 Public Records

Property tax history

-4.2%/yr

Latest (2025): $914 · -55.8% YoY. Source: county tax records.