110 Inspiration Ln · Covington, LA 70433

$299,000

4 bd · 2.0 ba · 1,759 sqft · SingleFamily · 290 Days on market

Built 2024 Est $308k · at est. ↓ 19% since listing

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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 +11.0/30.0
• ARV discount +8.8/15.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• 1% rule +3.2/10.0
• DSCR +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Builder will offer in house financing options with low low rates for qualified buyers! Beautiful new construction by Cretin Townsend Homes. The Gardenia Home features an open floor plan and a large island bar which serves as the centerpiece of the kitchen and great room. The cozy covered patio is a perfect place to gather for a barbecue or to enjoy a beautiful sunset. Move in ready!

Key facts

• Open floor plan
• Cozy covered patio
• Parking

Tags

• OPEN FLOOR PLAN
• LARGE ISLAND SNACK BAR
• COZY COVERED PATIO

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $299k.

Deal economics

• At list price, monthly cash flow is $-128 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $281k (6.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $245k (17.9% below list).
• Recommended offer: $245k (17.9% 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.
• Market conditions: Rents rising fast (+4.3%/yr); 524 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 36% 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 290 days — a 12% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $71k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $245,408 (17.9% 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. It's been on market 290 days. Have you received any prior offers? Is the seller open to a 18% 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: 0.82% ✗
• Cap rate: 5.78%
• Cash-on-cash: -1.83%
• DSCR: 0.92
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $307,825
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
401 Inspiration Ln	0.16mi	3/2.0 (-1)	1,738 (-1%)	2mo	$250,000	$144	83
126 Inspiration Ln	0.02mi	3/2.0 (-1)	1,641 (-7%)	1mo	$260,000	$158	82
417 Millstone Ct	0.24mi	3/2.0 (-1)	1,768 (+0%)	2mo	$322,000	$182	81
18 Pecan Grove Ct	0.16mi	3/2.0 (-1)	1,675 (-5%)	0mo	$276,000	$165	79
513 Somerset Ct	0.29mi	3/2.0 (-1)	1,714 (-3%)	5mo	$345,000	$201	73
1108 W 16th Ave	0.63mi	3/2.0 (-1)	1,727 (-2%)	2mo	$287,000	$166	61
1020 W 19th Ave	0.63mi	3/2.5 (-1)	1,698 (-4%)	3mo	$272,000	$160	56
1116 W 19th Ave	0.56mi	4/2.5	2,005 (+14%)	1mo	$459,000	$229	48
1421 Zachery Ct	0.73mi	3/2.0 (-1)	1,925 (+9%)	1mo	$336,000	$175	44
527 S Filmore St	0.72mi	3/2.0 (-1)	1,554 (-12%)	0mo	$249,000	$160	42
3056 Estelle Ct	0.75mi	3/2.0 (-1)	1,561 (-11%)	1mo	$297,511	$191	40
3031 Estelle Ct	0.75mi	3/2.0 (-1)	1,517 (-14%)	2mo	$297,781	$196	36

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: -17.9%
• Equity multiple: 0.36×
• Total profit: $-53,264
• Equity at exit: $44,582

10-year hold

• IRR: -7.7%
• Equity multiple: 0.49×
• Total profit: $-42,885
• Equity at exit: $25,852

Cash invested: $83,720 (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: 524
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,454 high
• Mortgage (P&I): −$1,568
• Tax est. 1.5%: −$374 /mo · $4,485/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$515
• Net cashflow: $-128

Break-even live

Break-even rent $2,616

Max offer price $280,536

Occupancy floor —

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2000 Pine Crest Ave Covington, LA	2.0–4.0	2.0	1121	$1,581	$1.41	24d	1	0.81mi
719 W 18th Ave Covington, LA	3.0	3.0	1926	$3,600	$1.87	12d	1	0.84mi
715 W 18th Ave Covington, LA	3.0	3.0	1926	$3,600	$1.87	12d	1	0.86mi
720 N Tyler St Covington, LA	3.0	2.0	1336	$1,500	$1.12	44d	1	1.02mi
1016 Ronald Reagan Hwy Covington, LA	1.0–3.0	1.0–2.0	1081	$1,745	$1.61	2d	24	1.04mi
2213 Darlene Dr Covington, LA	4.0	3.0	2397	$2,550	$1.06	14d	1	1.17mi
19690 Calden CT Covington, LA	4.0	2.5	1826	$2,300	$1.26	44d	1	1.26mi
19638 Calden CT Covington, LA	3.0	2.0	1451	$2,250	$1.55	10d	1	1.26mi
19638 Calden CT Covington, LA	3.0	2.0	1451	$2,250	$1.55	24d	1	1.26mi

Listing history 11 events

1. 2025-07-21
   status Pending
2. 2025-04-12
   price $299,000
3. 2025-04-12
   price $299,000
4. 2025-02-11
   price $316,500
5. 2025-02-10
   price $316,500
6. 2025-01-12
   price $345,000
7. 2025-01-09
   price $345,000
8. 2024-10-28
   price $349,900
9. 2024-10-28
   price $349,900
10. 2024-10-04
    listed $370,000 Active
11. 2024-10-04
    listed $370,000 Active

ⓘ 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: $29,449
• − Mortgage interest: −$16,749
• − Property taxes: −$4,485
• − Insurance: −$1,495
• − Repairs & maintenance: −$2,356
• − Management: −$2,356
• − Depreciation: −$8,698
• Taxable loss: −$6,690
• Est. tax savings @ 24.0%: +$1,606
• After-tax cash flow: $74/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): 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

-19.2% since first listed

11 events — show timeline

• 2025-07-21 Pending — GSREIN
• 2025-04-12 Price Changed $299,000 AcadianaMLS
• 2025-04-12 Price Changed $299,000 GSREIN
• 2025-02-11 Price Changed $316,500 AcadianaMLS
• 2025-02-10 Price Changed $316,500 GSREIN
• 2025-01-12 Price Changed $345,000 AcadianaMLS
• 2025-01-09 Price Changed $345,000 GSREIN
• 2024-10-28 Price Changed $349,900 AcadianaMLS
• 2024-10-28 Price Changed $349,900 GSREIN
• 2024-10-04 Listed $370,000 GSREIN
• 2024-10-04 Listed $370,000 AcadianaMLS