16 bd · 16.0 ba ·
2,184 sqft ·
Built 2002
· MultiFamily
· Active
· 66 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$5,511/mo
Mortgage (P&I)
−$2,014
Tax + insurance
−$640
HOA
−$0
Vac / Maint / Mgmt
−$1,157
Net cashflow
$1,700/mo
Annual
$20,399/yr
Cap rate
11.61%
Cash-on-cash
18.97%
DSCR
1.84
1% rule
1.44%
Cash to close
$107,520
Investor read
This is a 4 × 2-bed/1-bath units multifamily listed at $384k. Condition is rated average.
At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $425/mo.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($6k rent vs $384k).
It's been on market 66 days — a 6% lower offer ($361k) is reasonable based on typical stale-listing flexibility.
Recommended offer: $361k (6.0% below list) — sets the bar for market timing.
Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
Location reads 77/100 on livability (#13 in LA, #3,224 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, employment A+, housing 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: Rents rising (+1.1%/yr); 260 active listings in the ZIP; solid renter incomes; 1,064 units permitted in St. Tammany Parish in 2024 (0 in 5+ unit buildings).
St. Tammany County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
2 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.
At projected returns (-3.0% appreciation + 1.1% rent growth), your $108k cash investment doubles in ~8 years — after that, you're playing with house money.
Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
Cap rate 11.6% vs local median 3.5% in Mandeville — 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.
At $5,511/mo this rent would consume 69% of the median local household income ($96k/yr) (locally 320% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.
Questions for listing agent
It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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.
Repairs flagged (vision-AI assessment)
Minor: kitchen cabinets
— original cabinets from 2002
Minor: bathroom fixtures
— original fixtures from 2002
Minor: paint
— original paint from 2002
CashFlowRE · CFR-PPPA7T36WHW502
· Data 2 days agocashflowre.app · 2026-05-29