51 Hollycrest Blvd #51 · Covington, LA 70433

$135,000

2 bd · 2.0 ba · 1,350 sqft · Condo · 108 Days on market

Built 1980 Fair condition $100/sqft · 30% below area Est $194k · 30% under $378/mo HOA · 22% of rent ↓ 7% since listing

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Why this score? — see what drove the C 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 +14.5/30.0
• 1% rule +7.6/10.0
• DSCR +4.4/10.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

HOLLYCREST...Great opportunity to own a 2-bedroom condo for an affordable price, conveniently located to the interstate and major Covington shopping, restaurants, etc. This condo features all ceramic floors downstairs, fireplace, large primary suite on the first floor, patio backing up to pool and tennis court access! Upstairs features an oversized bedroom with vaulted ceilings, double closets and wood beams, full bath, plus a loft area that could be used for office, guest space etc. This condo is priced to sell. Condo dues include use of pool and tennis/ pickleball court. Call today for your private tour!

Key facts

• Oversized bedroom
• Ceramic floors
• Vaulted ceilings

Tags

• CERAMIC FLOORS
• FIREPLACE
• PATIO BACKING UP TO POOL
• TENNIS COURT ACCESS
• OVERSIZED BEDROOM
• VAULTED CEILINGS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $135k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $30 ($361/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $123k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.6% 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; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k 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 108 days — a 9% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 4 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.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $122,850 (9.0% below list)

Questions for the listing agent

1. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 1.26% ✓
• Cap rate: 6.56%
• Cash-on-cash: 0.96%
• DSCR: 1.04
• GRM: 6.6

CMA / ARV

• ARV (median comp): $193,611
• List price: $135,000
• Delta: -30.27%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.31% rent growth · sell at horizon

5-year hold

• IRR: -12.5%
• Equity multiple: 0.54×
• Total profit: $-17,435
• Equity at exit: $20,129

10-year hold

• IRR: -0.7%
• Equity multiple: 0.94×
• Total profit: $-2,114
• Equity at exit: $11,672

Cash invested: $37,800 (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: 6.6×

Monthly cashflow live

• Estimated rent: $1,698 high
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$378
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $30

Break-even live

Break-even rent $1,659

Max offer price $135,000

Occupancy floor 93%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
445 Tiger Ave Covington, LA	3.0	2.0	1538	$2,300	$1.50	23d	1	0.06mi
3 Hollycrest Blvd Covington, LA	2.0	2.0	1413	$1,495	$1.06	2d	1	0.12mi
308 Robinhood Dr Covington, LA	3.0	2.0	1650	$1,800	$1.09	3d	1	0.16mi
110 Robinhood Dr Covington, LA	3.0	2.0	1600	$1,500	$0.94	43d	1	0.23mi
28 Park Place Dr Covington, LA	1.0–3.0	1.0–2.0	963	$1,253	$1.30	1d	9	0.28mi
19425 Slemmer Rd Unit 2 Covington, LA	3.0	2.0	1100	$1,100	$1.00	21d	1	0.32mi
350 Emerald Forest Blvd Covington, LA	1.0–2.0	1.0–2.0	845	$1,600	$1.89	11d	2	0.39mi
140 Holiday Blvd Covington, LA	2.0	1.0–2.0	652	$1,525	$2.34	1d	12	0.42mi
100 Covington Meadow Cir Unit D Covington, LA	3.0	2.5	1356	$1,600	$1.18	17d	1	0.49mi
103 Covington Meadow Cir Unit E Covington, LA	3.0	2.5	1476	$1,700	$1.15	23d	1	0.49mi
103 Covington Meadow Cir Unit F Covington, LA	3.0	2.5	1476	$1,700	$1.15	43d	1	0.49mi
104 Covington Meadow Cir Unit I Covington, LA	3.0	2.5	1476	$1,600	$1.08	23d	1	0.51mi
312 Lismore Ln Covington, LA	3.0	2.5	1521	$2,900	$1.91	23d	1	0.56mi
164 Golden Meadow Dr Covington, LA	1.0	2.0	1100	$1,350	$1.23	19d	1	0.61mi
2021 Sullivan Ln Covington, LA	1.0–2.0	1.0–2.0	860	$1,856	$2.16	2d	18	0.97mi
70040 2nd St Covington, LA	3.0	2.0	1416	$2,000	$1.41	3d	1	1.01mi
70045 3rd St Covington, LA	3.0	2.0	1430	$1,750	$1.22	3d	1	1.04mi
1612 Versailles Business Pkwy Covington, LA	1.0–2.0	1.0–2.0	1009	$2,089	$2.07	2d	31	1.06mi
70076 6th St Covington, LA	3.0	2.0	1151	$1,600	$1.39	23d	1	1.23mi
70403 L St Covington, LA	3.0	2.0	1250	$1,695	$1.36	43d	1	1.29mi
70361 D St Covington, LA	3.0	2.0	1409	$1,750	$1.24	23d	1	1.32mi
126 Pear St Unit A Covington, LA	3.0	2.0	1383	$1,600	$1.16	23d	1	1.33mi
219 Beech St Covington, LA	3.0	2.0	1250	$1,500	$1.20	43d	1	1.35mi
70330 A St Covington, LA	3.0	2.0	1163	$1,600	$1.38	19d	1	1.35mi
70096 10th St Covington, LA	3.0	2.0	1391	$1,950	$1.40	17d	1	1.38mi
70266 7th St Covington, LA	3.0	2.0	1736	$1,575	$0.91	43d	1	1.49mi
70252 8th St Covington, LA	3.0	2.0	1230	$1,650	$1.34	23d	1	1.50mi

HOA detail condo

• Monthly dues: $378 · $4,536/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-18
   days on market $135,000 Active 108 DOM
2. 2026-06-17
   days on market $135,000 Active 107 DOM
3. 2026-06-16
   days on market $135,000 Active 106 DOM
4. 2026-06-15
   days on market $135,000 Active 105 DOM
5. 2026-06-13
   days on market $135,000 Active 103 DOM
6. 2026-06-10
   days on market $135,000 Active 100 DOM
7. 2026-06-09
   days on market $135,000 Active 99 DOM
8. 2026-06-08
   days on market $135,000 Active 98 DOM
9. 2026-06-07
   days on market $135,000 Active 97 DOM
10. 2026-06-03
    days on market $135,000 Active 93 DOM
11. 2026-06-02
    days on market $135,000 Active 92 DOM
12. 2026-06-01
    days on market $135,000 Active 91 DOM
13. 2026-05-31
    days on market $135,000 Active 90 DOM
14. 2026-03-02
    listed $135,000 Active 613-char remark

    Show marketing remark (615 chars)

    HOLLYCREST. .. Great opportunity to own a 2-bedroom condo for an affordable price, conveniently located to the interstate and major Covington shopping, restaurants, etc. This condo features all ceramic floors downstairs, fireplace, large primary suite on the first floor, patio backing up to pool and tennis court access! Upstairs features an oversized bedroom with vaulted ceilings, double closets and wood beams, full bath, plus a loft area that could be used for office, guest space etc. This condo is priced to sell. Condo dues include use of pool and tennis/ pickleball court. Call today for your private tour!

15. 2026-03-02
    listed $135,000 Active 615-char remark

    Show marketing remark (615 chars)

    HOLLYCREST. .. Great opportunity to own a 2-bedroom condo for an affordable price, conveniently located to the interstate and major Covington shopping, restaurants, etc. This condo features all ceramic floors downstairs, fireplace, large primary suite on the first floor, patio backing up to pool and tennis court access! Upstairs features an oversized bedroom with vaulted ceilings, double closets and wood beams, full bath, plus a loft area that could be used for office, guest space etc. This condo is priced to sell. Condo dues include use of pool and tennis/ pickleball court. Call today for your private tour!

16. 2025-09-24
    price $140,000
17. 2025-09-24
    price $140,000
18. 2025-08-15
    listed $145,000 Active
19. 2025-08-15
    listed $140,000 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: $20,370
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$1,630
• − Management: −$1,630
• − HOA: −$4,536
• − Depreciation: −$3,927
• Taxable loss: −$1,614
• Est. tax savings @ 24.0%: +$387
• After-tax cash flow: $748/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 · 13 photos

Fair 45/100 Moderate rehab

This 2-bedroom condo requires moderate updates to its kitchen and bathroom, as well as some exterior repairs. With these updates, it could significantly increase its resale and rental value.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of updating
• Moderate bathroom vanity — dated and in need of updating
• Minor exterior siding — some discoloration

Value-add opportunities

• Both update kitchen cabinets and backsplash — modernizing the kitchen would appeal to both buyers and renters
• Both update bathroom vanity and fixtures — modernizing the bathroom would appeal to both buyers and renters
• Both paint interior walls — fresh paint would improve the home's curb appeal and interior aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of updating	Moderate	$3,000–15,000
bathroom vanity · dated and in need of updating	Moderate	$3,000–15,000
exterior siding · some discoloration	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both update kitchen cabinets and backsplash — modernizing the kitchen would appeal to both buyers and renters ↑
• Both update bathroom vanity and fixtures — modernizing the bathroom would appeal to both buyers and renters ↑
• Both paint interior walls — fresh paint would improve the home's curb appeal and interior aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-6.9% since first listed

6 events — show timeline

• 2026-03-02 Listed $135,000 GSREIN
• 2026-03-02 Listed $135,000 AcadianaMLS
• 2025-09-24 Price Changed $140,000 AcadianaMLS
• 2025-09-24 Price Changed $140,000 GSREIN
• 2025-08-15 Listed $140,000 AcadianaMLS
• 2025-08-15 Listed $145,000 AcadianaMLS