Azalea IV A Plan · Covington, LA 70435

$355,990

4 bd · 3.0 ba · 2,438 sqft · SingleFamily · 206 Days on market

Good condition

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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).

• Cash flow +9.5/30.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• 1% rule +2.9/10.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

The Azalea IV A Floor Plan by DSLD Homes offers spacious, modern living with 4 bedrooms, 3 full bathrooms, and 2,438 square feet of beautifully designed space. Perfect for growing families or those who love to entertain, this home seamlessly combines comfort, style, and functionality. The exterior features a classic combination of brick and stucco, along with a covered rear patio and two-car garage for convenience and curb appeal. Step inside to an open floor plan enhanced by recessed can lighting in the kitchen and living areas, creating a warm and inviting atmosphere throughout the home. A large walk-in pantry makes kitchen organization a breeze, while a boot bench in the mudroom adds practical storage for daily routines. The luxurious primary suite includes a double vanity, separate walk-in shower, and an expansive walk-in closet-providing a serene retreat at the end of the day. With thoughtful design, high-quality finishes, and energy-efficient construction, the Azalea IV A delivers everything today's homeowners are looking for in a new home-style, space, and long-term value.

Key facts

• Double vanity
• Open floor plan
• Boot bench

Tags

• COVERED REAR PATIO
• OPEN FLOOR PLAN
• LARGE WALK-IN PANTRY
• BOOT BENCH
• DOUBLE VANITY
• SEPARATE WALK-IN SHOWER

🏗️ New construction. The $355,990 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $429,467.

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $356k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-296 ($-4k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $338k (5.0% below list).
• Recommended offer: $313k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.5% vs local median 3.8% 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: 421 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,064 units permitted in St. Tammany Parish in 2024 (0 in 5+ unit buildings).
• At $3,382/mo this rent would consume 50% of the median local household income ($81k/yr) — 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 $3k of loan paydown is wiped out by about $13k 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 206 days — a 12% lower offer ($313k) is reasonable based on typical stale-listing flexibility.

Recommended offer $313,271 (12.0% 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 206 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.79% ✗
• Cap rate: 5.47%
• Cash-on-cash: -2.96%
• DSCR: 0.87
• GRM: 10.6

CMA / ARV

• ARV (median comp): $429,467
• List price: $355,990
• Delta: -17.11%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
221 Lakeside Ct	0.16mi	3/2.0 (-1)	2,565 (+5%)	7mo	$565,000	$220	69
13316 Riverlake Dr	0.38mi	3/2.0 (-1)	2,214 (-9%)	5mo	$340,000	$154	54
14034 S Lakeshore Dr	0.55mi	4/3.0	2,224 (-9%)	8mo	$413,277	$186	53
13198 Lake Bend Dr	0.27mi	3/2.5 (-1)	2,669 (+10%)	15mo	$589,000	$221	52
13129 Riverlake Dr	0.36mi	3/2.5 (-1)	2,532 (+4%)	23mo	$420,000	$166	50
13603 Riverlake Dr	0.69mi	4/3.5	2,206 (-10%)	4mo	$425,000	$193	47
13115 Raehyo Ln	0.70mi	4/2.0	2,292 (-6%)	24mo	$389,000	$170	34
76021 Green Valley Rd	0.55mi	4/2.5	2,784 (+14%)	20mo	$525,000	$189	32

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: -21.2%
• Equity multiple: 0.26×
• Total profit: $-88,404
• Equity at exit: $64,035

10-year hold

• IRR: -14.7%
• Equity multiple: 0.16×
• Total profit: $-101,063
• Equity at exit: $37,132

Cash invested: $120,251 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 43 active · 2 under contract
• Months of supply: 51.6 mo (2%/mo absorbed)
• Median asking: $359,990 ($156/sqft)
• Median days on market: 191 d
• This list price: 35% of active listings are priced below it
• ARV vs active asking: +13.3% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 70435

• Home prices YoY: -27.3%
• Active inventory: 421
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $3,382 medium
• Mortgage (P&I): −$2,252
• Tax est. 1.5%: −$537 /mo · $6,442/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$710
• Net cashflow: $-296

Break-even live

Break-even rent $3,757

Max offer price $386,611

Occupancy floor —

Sensitivity live

Price	-10% $1	-5% $-148	+0% $-296	+5% $-445	+10% $-593
Rent	-10% $-563	-5% $-430	+0% $-296	+5% $-163	+10% $-29
Rate	-1.0pp $-80	-0.5pp $-187	base $-296	+0.5pp $-407	+1.0pp $-521

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: $107,367
• Closing costs: $12,884
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12099 Jones Rd Covington, LA	3.0	2.0	1700	$3,650	$2.15	61d	1	1.47mi
12099 Jones Rd Covington, LA	3.0	2.0	1700	$3,950	$2.32	52d	1	1.47mi

Listing history 50 events

1. 2026-08-08
   days on market $355,990 Active 206 DOM
2. 2026-08-07
   days on market $355,990 Active 205 DOM
3. 2026-08-06
   days on market $355,990 Active 204 DOM
4. 2026-08-05
   days on market $355,990 Active 203 DOM
5. 2026-08-04
   days on market $355,990 Active 202 DOM
6. 2026-08-03
   days on market $355,990 Active 201 DOM
7. 2026-07-31
   days on market $355,990 Active 198 DOM
8. 2026-07-30
   days on market $355,990 Active 196 DOM
9. 2026-07-28
   days on market $355,990 Active 195 DOM
10. 2026-07-26
    days on market $355,990 Active 193 DOM
11. 2026-07-24
    days on market $355,990 Active 191 DOM
12. 2026-07-23
    days on market $355,990 Active 190 DOM
13. 2026-07-22
    days on market $355,990 Active 189 DOM
14. 2026-07-21
    days on market $355,990 Active 188 DOM
15. 2026-07-20
    days on market $355,990 Active 187 DOM
16. 2026-07-18
    days on market $355,990 Active 185 DOM
17. 2026-07-18
    days on market $355,990 Active 184 DOM
18. 2026-07-16
    days on market $355,990 Active 183 DOM
19. 2026-07-15
    days on market $355,990 Active 182 DOM
20. 2026-07-14
    days on market $355,990 Active 181 DOM
21. 2026-07-13
    days on market $355,990 Active 180 DOM
22. 2026-07-13
    days on market $355,990 Active 179 DOM
23. 2026-07-11
    days on market $355,990 Active 178 DOM
24. 2026-07-10
    days on market $355,990 Active 177 DOM
25. 2026-07-09
    days on market $355,990 Active 176 DOM
26. 2026-07-07
    days on market $355,990 Active 174 DOM
27. 2026-07-06
    days on market $355,990 Active 173 DOM
28. 2026-07-05
    days on market $355,990 Active 172 DOM
29. 2026-07-03
    days on market $355,990 Active 170 DOM
30. 2026-07-02
    days on market $355,990 Active 169 DOM
31. 2026-07-01
    days on market $355,990 Active 168 DOM
32. 2026-06-30
    days on market $355,990 Active 167 DOM
33. 2026-06-29
    days on market $355,990 Active 166 DOM
34. 2026-06-28
    days on market $355,990 Active 165 DOM
35. 2026-06-27
    days on market $355,990 Active 164 DOM
36. 2026-06-27
    days on market $355,990 Active 163 DOM
37. 2026-06-25
    days on market $355,990 Active 161 DOM
38. 2026-06-22
    days on market $355,990 Active 159 DOM
39. 2026-06-21
    days on market $355,990 Active 158 DOM
40. 2026-06-18
    days on market $355,990 Active 155 DOM
41. 2026-06-17
    days on market $355,990 Active 154 DOM
42. 2026-06-16
    days on market $355,990 Active 153 DOM
43. 2026-06-15
    days on market $355,990 Active 152 DOM
44. 2026-06-13
    days on market $355,990 Active 150 DOM
45. 2026-06-10
    days on market $355,990 Active 147 DOM
46. 2026-06-09
    days on market $355,990 Active 146 DOM
47. 2026-06-08
    days on market $355,990 Active 145 DOM
48. 2026-06-07
    days on market $355,990 Active 144 DOM
49. 2026-06-03
    days on market $355,990 Active 140 DOM
50. 2026-06-02
    days on market $355,990 Active 139 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $40,584
• − Mortgage interest: −$24,057
• − Property taxes: −$6,442
• − Insurance: −$2,147
• − Repairs & maintenance: −$3,247
• − Management: −$3,247
• − Depreciation: −$12,494
• Taxable loss: −$11,049
• Est. tax savings @ 24.0%: +$2,652
• After-tax cash flow: $-902/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.

Condition & rehab AI · 2 photos

Good 80/100 Cosmetic rehab Est. rehab $12,190–$36,570 screening

The home is in good condition with a good exterior and interior. It has a good layout and potential for value increases through cosmetic updates and improvements.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract more potential buyers or renters. ↑
• Both Kitchen and bathroom updates — Modernizing the kitchen and bathrooms can increase the home's value and attract more buyers or renters. ↑
• Both HVAC maintenance and upgrade — A clean and efficient HVAC system can improve comfort and energy efficiency, making the home more attractive to buyers or renters. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 40/100

Zoned Schools

Elementary Covington Elementary School C- LA #108/646 Nat'l #11,263/41,679 Middle William Pitcher Junior High School F LA #112/218 Nat'l #8,750/14,009 High Covington High School F LA #90/265 Nat'l #8,877/17,239

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

B Composite livability gradescore 75/100

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 · 286,725 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: 3% of renters

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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%

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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%

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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

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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

1 event — show timeline

• 2026-01-14 Listed $355,990 Zillow