53 Antigua Dr Unit D

Kenner, LA 70065

$124,500D

2 bd · 1.5 ba · 1,325 sqft · Built 1982 · Condo · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,595/mo
• Mortgage (P&I): −$653
• Tax + insurance: −$208
• HOA: −$325
• Vac / Maint / Mgmt: −$335
• Net cashflow: $75/mo
• Annual: $899/yr
• Cap rate: 7.02%
• Cash-on-cash: 2.58%
• DSCR: 1.11
• 1% rule: 1.28%
• Cash to close: $34,860

Investor read

• This is a 2-bed/1.5-bath condo listed at $124k. Condition is rated good.
• At list price, monthly cash flow is $75 ($899/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $124k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $861 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#6 in LA, #2,414 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, employment C-, crime D.
• Jefferson Parish (suburban): math 24% / reading 34% proficiency, ranked #44 of 98 in LA (top 45%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Airline Park Academy For Advanced Studies (math 92% / reading 92%, grade A+, #3 of 646 statewide, top 0%, 418 students, 16% FRL); John Q. Adams Middle School (math 22% / reading 36%, grade F, #117 of 218 statewide, top 54%, 900 students, 55% FRL); Bonnabel Magnet Academy High School (math 12% / reading 21%, grade F, #214 of 265 statewide, top 81%, 1,478 students, 52% FRL) — zoned schools average 41% FRL vs 70% district-wide (29 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 46% at this address vs 29% district-wide (+17 pts) — the actual schools serving this property are materially stronger than the Jefferson Parish average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: HOA is 20% of rent.
• Market conditions: Rents falling (-4.2%/yr); 292 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 518 units permitted in Jefferson Parish in 2024 (43 in 5+ unit buildings).
• 14 sale attempts since 31y 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 $94k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 7.0% vs local median 5.3% in Kenner — 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.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D 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?
• 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?
• 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.