18318 Cusachs Dr · Covington, LA 70433

$293,000

3 bd · 2.0 ba · 1,810 sqft · SingleFamily public records · 21 Days on market

Built 1985 0.48 ac lot $162/sqft · 21% below area Est $375k · 22% 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 +13.2/30.0
• Schools +4.3/10.0
• DSCR +4.0/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Situated on a double lot along the Sally waterway in Lazy River Estates, this 3 bedroom, 2 bath home combines character, functionality, and outdoor living with a 30x48 workshop, screened porch, and spacious backyard setting just minutes from the Tchefuncte River. Positioned at the end of a cul-de-sac on one of the higher streets within the neighborhood, the property offers 1,827 living sq ft with updated flooring throughout, no carpet, a large living area with fireplace and custom built-ins, renovated bathrooms, and an updated kitchen featuring granite counters, open shelving, island workspace, and abundant storage. A separate built-in office/library space adds flexibility for work, hobbies, or creative use. The screened rear porch overlooks the patio, gardens, and waterway, creating an inviting extension of the living space. The approximately 1,422 sq ft workshop includes multiple roll-up doors, rear access, expansive flex/storage space, and room for boats, recreational vehicles, woodworking, equipment, hobbies, or workshop use. An additional storage shed is located beside the shop. Additional features include a newer well tank, recently added patio space, screened porch improvements, and a spacious backyard setting with waterfront views. Lazy River Estates offers a unique blend of waterfront living, mature landscape, and boating access along the Tchefuncte River system. Zoned for Mandeville schools, the neighborhood remains one of the Northshore's more distinctive hidden-pocket waterfront communities.

Key facts

• 30x48 workshop
• Spacious backyard
• Renovated bathrooms

Tags

• DOUBLE LOT
• 30X48 WORKSHOP
• SCREENED PORCH
• SPACIOUS BACKYARD
• CUL-DE-SAC
• RENOVATED BATHROOMS

Property features AI

Finance

• Other: Located on a cul-de-sac; Outside city limits; Waterfront with canal access

Exterior

• Parking: Driveway; Three or more parking spaces
• Security: Smoke detector(s)
• Utilities: Septic tank; Well water
• Home design: Single-story; Very good condition
• Construction: Cedar construction; Shingle roof; Slab foundation; Built on an oversized lot
• Exterior features: Enclosed porch; Porch (screened); Shed(s); Workshop

Interior

• Kitchen: Dishwasher; Disposal; Oven; Range; Trash compactor
• Bedrooms: Total rooms: 8
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Ceiling fan(s); Carbon monoxide detector; Granite counters; Cable TV; Wood-burning fireplace; Smoke detector(s)
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $293k.

Deal economics

• At list price, monthly cash flow is $-430 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $217k (25.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $228k (22.1% below list).
• Recommended offer: $217k (25.9% below list) — sets the bar for cash-flow.
• Cap rate 6.3% 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: Marigny Elementary School (456 students, 33% FRL); Fontainebleau Junior High School (math 38% / reading 62%, grade C, #26 of 218 statewide, top 12%, 877 students, 37% FRL); Fontainebleau High School (math 56% / reading 61%, grade C, #23 of 265 statewide, top 9%, 1,677 students, 33% FRL).
• Market conditions: Rents rising fast (+4.3%/yr); 530 active listings in the ZIP; 9 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 21 days — a 2% lower offer ($289k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 10y 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.
• Current owner paid $240k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $217,070 (25.9% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.78% ✗
• Cap rate: 6.28%
• Cash-on-cash: -0.05%
• DSCR: 1.00
• GRM: 10.7

CMA / ARV

• ARV (median comp): $374,863
• List price: $293,000
• Delta: -24.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18249 Derbes Dr	0.10mi	3/2.0	1,720 (-5%)	13mo	$348,000	$202	76
305 Avenue Palais Royal	0.58mi	3/2.0	1,852 (+2%)	3mo	$342,000	$185	67
1105 Avenue Du Chateau St	0.35mi	3/2.0	1,963 (+8%)	17mo	$385,000	$196	55
18070 Cusachs Dr	0.47mi	3/2.5	2,049 (+13%)	23mo	$480,000	$234	35

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 · 4.31% rent growth · sell at horizon

5-year hold

• IRR: -25.4%
• Equity multiple: 0.13×
• Total profit: $-71,643
• Equity at exit: $43,687

10-year hold

• IRR: -17.6%
• Equity multiple: -0.03×
• Total profit: $-84,125
• Equity at exit: $25,333

Cash invested: $82,040 (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 70433

• Rents YoY: 4.3%
• Active inventory: 530
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $2,283 high
• Mortgage (P&I): −$1,537
• Tax from tax record: −$149 /mo · $1,783/yr
• Insurance: −$122
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$480
• Net cashflow: $-430

Break-even live

Break-even rent $2,828

Max offer price $217,070

Occupancy floor —

Sensitivity live

Price	-10% $-264	-5% $-347	+0% $-430	+5% $-513	+10% $-596
Rent	-10% $-610	-5% $-520	+0% $-430	+5% $-340	+10% $-249
Rate	-1.0pp $-282	-0.5pp $-355	base $-430	+0.5pp $-506	+1.0pp $-583

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: $73,250
• Closing costs: $8,790
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1612 Versailles Business Pkwy Covington, LA	1.0–2.0	1.0–2.0	1009	$2,089	$2.07	4d	31	0.43mi
69037 Riverbend Dr Covington, LA	3.0	2.0	1689	$3,500	$2.07	25d	1	0.84mi
312 Lismore Ln Covington, LA	3.0	2.5	1521	$2,900	$1.91	25d	1	1.00mi
110 Robinhood Dr Covington, LA	3.0	2.0	1600	$1,500	$0.94	45d	1	1.32mi
3 Hollycrest Blvd Covington, LA	2.0	2.0	1413	$1,495	$1.06	5d	1	1.38mi
308 Robinhood Dr Covington, LA	3.0	2.0	1650	$1,800	$1.09	5d	1	1.42mi
1776 Continental Dr Covington, LA	3.0	1.0–2.0	990	$1,936	$1.96	3d	21	1.43mi
2209 Archwyck Cir Covington, LA	4.0	3.0	2256	$3,500	$1.55	25d	1	1.45mi
445 Tiger Ave Covington, LA	3.0	2.0	1538	$2,300	$1.50	25d	1	1.48mi

Listing history 38 events

1. 2026-06-21
   days on market $293,000 Active 21 DOM
2. 2026-06-18
   days on market $293,000 Active 18 DOM
3. 2026-06-17
   days on market $293,000 Active 17 DOM
4. 2026-06-16
   days on market $293,000 Active 16 DOM
5. 2026-06-15
   days on market $293,000 Active 15 DOM
6. 2026-06-13
   pricedays on market $293,000 Active 13 DOM
7. 2026-06-10
   days on market $303,000 Active 10 DOM

   Show marketing remark (1528 chars)

   Situated on a double lot along the Sally waterway in Lazy River Estates, this 3 bedroom, 2 bath home combines character, functionality, and outdoor living with a 30x48 workshop, screened porch, and spacious backyard setting just minutes from the Tchefuncte River. Positioned at the end of a cul-de-sac on one of the higher streets within the neighborhood, the property offers 1,827 living sq ft with updated flooring throughout, no carpet, a large living area with fireplace and custom built-ins, renovated bathrooms, and an updated kitchen featuring granite counters, open shelving, island workspace, and abundant storage. A separate built-in office/library space adds flexibility for work, hobbies, or creative use. The screened rear porch overlooks the patio, gardens, and waterway, creating an inviting extension of the living space. The approximately 1,422 sq ft workshop includes multiple roll-up doors, rear access, expansive flex/storage space, and room for boats, recreational vehicles, woodworking, equipment, hobbies, or workshop use. An additional storage shed is located beside the shop. Additional features include a newer well tank, recently added patio space, screened porch improvements, and a spacious backyard setting with waterfront views. Lazy River Estates offers a unique blend of waterfront living, mature landscape, and boating access along the Tchefuncte River system. Zoned for Mandeville schools, the neighborhood remains one of the Northshore's more distinctive hidden-pocket waterfront communities.

8. 2026-06-09
   days on market $303,000 Active 9 DOM
9. 2026-06-08
   days on market $303,000 Active 8 DOM
10. 2026-06-07
    days on market $303,000 Active 7 DOM
11. 2026-06-03
    days on market $303,000 Active 3 DOM
12. 2026-06-02
    days on market $303,000 Active 2 DOM
13. 2026-06-01
    remarks 699-char remark
14. 2026-06-01
    pricedays on marketlisting id $303,000 Active 1 DOM
15. 2026-04-30
    price $284,900 663-char remark
16. 2026-04-30
    price $284,900 663-char remark
17. 2026-03-20
    price $289,900 663-char remark
18. 2026-03-20
    price $289,900 663-char remark
19. 2026-03-05
    listed $294,900 Active 663-char remark
20. 2026-03-05
    listed $294,900 Active 663-char remark
21. 2022-10-28
    soldstatus $240,000 Closed
22. 2022-10-28
    soldstatus $240,000
23. 2022-09-29
    status Pending
24. 2022-09-17
    listed $249,900
25. 2022-09-17
    listed $249,900 Active
26. 2017-12-16
    historical
27. 2017-09-15
    listed $189,900 Active
28. 2017-09-15
    listed $189,900
29. 2017-01-06
    soldstatus $125,000 Sold
30. 2016-12-07
    historical Pending Continue to Show
31. 2016-10-16
    price $149,500
32. 2016-08-20
    listed $174,500 Active
33. 2016-08-16
    listed $149,500
34. 2016-08-15
    historical
35. 2016-07-21
    price $189,900
36. 2016-07-07
    price $194,900
37. 2016-06-06
    listed $199,900 Active
38. 2016-06-06
    listed $189,900

ⓘ 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: $1,783 · $149/mo
• Projected year-2 tax: $1,783 · $149/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 8/10 Severe FEMA zone AE · 78% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,401
• − Mortgage interest: −$16,413
• − Property taxes: −$1,783
• − Insurance: −$6,584
• − Repairs & maintenance: −$2,192
• − Management: −$2,192
• − Depreciation: −$8,524
• Taxable loss: −$10,286
• Est. tax savings @ 24.0%: +$2,469
• After-tax cash flow: $-2,689/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): 41,876
• Household income: $81,241
• Rent vs Own: 29.6% rent · 70.4% own
• Severe rent burden: 1287.0

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 (78%)
• Race & ethnicity: White 78% Black 9% Hispanic / Latino 7% Two or more races 7% Native American 1% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 17% Italian 2% Slovak 2%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 5% French/Haitian/Cajun 1% Vietnamese 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: ▼ -112.14%
• Current HPI: 181.8348
• Rent YoY: ▲ 4.31%
• 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

+54.3% since first listed

27 events — show timeline

• 2026-06-10 Price Changed $293,000 AcadianaMLS
• 2026-06-10 Price Changed $293,000 GSREIN
• 2026-05-31 Listed $303,000 GSREIN
• 2026-05-31 Listed $303,000 AcadianaMLS
• 2026-04-30 Price Changed $284,900 AcadianaMLS
• 2026-04-30 Price Changed $284,900 GSREIN
• 2026-03-20 Price Changed $289,900 AcadianaMLS
• 2026-03-20 Price Changed $289,900 GSREIN
• 2026-03-05 Listed $294,900 AcadianaMLS
• 2022-10-28 Sold (Public Records) $240,000 Public Records
• 2022-10-28 Sold (MLS) $240,000 GSREIN
• 2022-09-29 Pending — GSREIN
• 2022-09-17 Listed $249,900 GSREIN
• 2022-09-17 Listed $249,900 AcadianaMLS
• 2017-12-16 Listing Removed — GSREIN
• 2017-09-15 Listed $189,900 GSREIN
• 2017-09-15 Listed $189,900 AcadianaMLS
• 2017-01-06 Sold (MLS) $125,000 GSREIN
• 2016-12-07 Contingent — GSREIN
• 2016-10-16 Price Changed $149,500 GSREIN
• 2016-08-20 Listed $174,500 GSREIN
• 2016-08-16 Listed $149,500 AcadianaMLS
• 2016-08-15 Listing Removed — GSREIN
• 2016-07-21 Price Changed $189,900 GSREIN
• 2016-07-07 Price Changed $194,900 GSREIN
• 2016-06-06 Listed $199,900 GSREIN
• 2016-06-06 Listed $189,900 AcadianaMLS

Property tax history

-0.8%/yr

Latest (2025): $1,783 · -3.8% YoY. Source: county tax records.