240 Waldo St · Metairie, LA 70003

$225,000

4 bd · 2.0 ba · 1,360 sqft · SingleFamily · 211 Days on market

Built 1978 5,998 sqft lot $165/sqft · 15% below area Est $265k · 15% under

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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).

• Cash flow +18.0/30.0
• ARV discount +14.3/15.0
• DSCR +5.7/10.0
• Livability +4.4/5.0
• 1% rule +4.0/10.0
• Rent growth +3.0/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great Opportunity in METAIRIE! This home features 3 bedrooms and a plus room that can be transformed into a 4th bedroom or used as an office. Spacious living area with an open space concept, yet offering a formal dining area. Good-sized Master bedroom. Tile floor throughout the house. No carpet. Kitchen with granite countertop and stainless steel stove. The roof was replaced after 2021. Backyard access through a side gate, which can fit boats or RVs! Flood zone X. Easy access to Airline Highway and Roosevelt Boulevard. Come over to see this home!

Key facts

• Easy access
• Open space concept
• Backyard access

Tags

• OPEN SPACE CONCEPT
• GRANITE COUNTERTOP
• STAINLESS STEEL STOVE
• BACKYARD ACCESS
• FLOOD ZONE X
• EASY ACCESS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $128 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $203k (9.9% below list).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 3.6% in Metairie — 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 87/100 on livability (#1 in LA, #261 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+.
• 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.
• Market conditions: Rents rising (+2.1%/yr); 224 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 518 units permitted in Jefferson Parish in 2024 (43 in 5+ unit buildings).
• This rent runs 32% of the median local income ($76k/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 $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 211 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 25y 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 $115k; list at $225k implies a 96% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; 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 $198,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 211 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 0.90% ✗
• Cap rate: 7.33%
• Cash-on-cash: 3.71%
• DSCR: 1.17
• GRM: 9.3

CMA / ARV

• ARV (median comp): $264,966
• List price: $225,000
• Delta: -15.08%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
220 Grove Ave	0.11mi	4/2.0	1,250 (-8%)	2mo	$243,000	$194	80
705 N Upland Ave	0.68mi	4/2.0	1,405 (+3%)	1mo	$265,000	$189	62
1112 Compromise St	0.42mi	3/2.0 (-1)	1,407 (+4%)	11mo	$263,000	$187	61
304 N Cumberland St	0.35mi	3/2.0 (-1)	1,250 (-8%)	6mo	$131,000	$105	60
216 N Cumberland St	0.33mi	3/1.0 (-1)	1,266 (-7%)	10mo	$157,000	$124	56
1023 S Starrett Rd	0.42mi	4/2.0	1,534 (+13%)	5mo	$98,000	$64	55
624 Lynnette Dr	0.74mi	4/1.0	1,393 (+2%)	3mo	$125,000	$90	55
609 N Starrett Rd	0.56mi	3/2.0 (-1)	1,420 (+4%)	8mo	$243,000	$171	55
724 Blanche St	0.40mi	3/1.5 (-1)	1,270 (-7%)	10mo	$210,000	$165	55
405 Jade Ave	0.55mi	3/2.0 (-1)	1,213 (-11%)	6mo	$212,000	$175	46
324 Filmore St	0.62mi	3/2.0 (-1)	1,520 (+12%)	1mo	$292,500	$192	45
20 Albert Ct	0.70mi	3/1.5 (-1)	1,522 (+12%)	8mo	$160,000	$105	33

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 · 2.15% rent growth · sell at horizon

5-year hold

• IRR: -13.4%
• Equity multiple: 0.52×
• Total profit: $-30,015
• Equity at exit: $33,548

10-year hold

• IRR: -5.8%
• Equity multiple: 0.64×
• Total profit: $-22,612
• Equity at exit: $19,454

Cash invested: $63,000 (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 70003

• Rents YoY: 2.1%
• Active inventory: 224
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,026 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$132 /mo · $1,587/yr
• Insurance: −$94
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $128

Break-even live

Break-even rent $1,864

Max offer price $225,000

Occupancy floor 89%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
413 Maryland Ave Metairie, LA	3.0	2.0	1330	$1,400	$1.05	23d	1	0.18mi
1300 Webster St Kenner, LA	3.0	2.0	1200	$1,700	$1.42	23d	1	0.30mi
1300 Webster St Kenner, LA	3.0	2.0	1200	$1,700	$1.42	43d	1	0.30mi
621 S Bengal Rd Metairie, LA	3.0	2.0	900	$1,600	$1.78	3d	1	0.38mi
1108 Maryland Ave Kenner, LA	3.0	1.0	1050	$2,050	$1.95	14d	1	0.68mi
216 Trudeau Dr Metairie, LA	4.0	3.0	1825	$2,800	$1.53	4d	1	0.68mi
1001 Minnesota Ave Kenner, LA	3.0	2.0	1800	$2,100	$1.17	43d	1	0.70mi
808 Cynthia Ave Metairie, LA	3.0	2.0	1500	$2,100	$1.40	14d	1	0.88mi
10613 Chadwick Dr New Orleans, LA	3.0	2.0	1460	$2,200	$1.51	1d	1	0.94mi
1217 N Cumberland St Metairie, LA	3.0	1.0	1022	$2,100	$2.05	4d	1	0.96mi
1712 Michigan Ave Kenner, LA	3.0	1.0	1068	$1,900	$1.78	44d	1	0.96mi
2127 Connecticut Ave Unit A Kenner, LA	3.0	2.0	1310	$2,000	$1.53	43d	1	1.10mi
2013 Minnesota Ave Kenner, LA	4.0	2.0	1300	$2,000	$1.54	21d	1	1.11mi
705 N Lester Ave Metairie, LA	3.0	2.0	1334	$2,100	$1.57	43d	1	1.15mi
606 N Wilson St Metairie, LA	3.0	1.5	1200	$1,800	$1.50	43d	1	1.18mi
527 Little Farms Ave New Orleans, LA	3.0	2.0	1855	$2,800	$1.51	23d	1	1.25mi
1709 N Atlanta St Metairie, LA	3.0	1.5	1007	$1,800	$1.79	14d	1	1.27mi
129 Stewart Ave New Orleans, LA	3.0	1.0	1466	$1,950	$1.33	23d	1	1.37mi
8817 25th St Metairie, LA	3.0	1.0	1390	$2,100	$1.51	4d	1	1.44mi

Listing history 29 events

1. 2026-06-18
   days on market $225,000 Active 211 DOM
2. 2026-06-17
   days on market $225,000 Active 210 DOM
3. 2026-06-16
   days on market $225,000 Active 209 DOM
4. 2026-06-15
   days on market $225,000 Active 208 DOM
5. 2026-06-13
   days on market $225,000 Active 206 DOM
6. 2026-06-10
   days on market $225,000 Active 203 DOM
7. 2026-06-09
   days on market $225,000 Active 202 DOM
8. 2026-06-08
   days on market $225,000 Active 201 DOM
9. 2026-06-07
   days on market $225,000 Active 200 DOM
10. 2026-06-03
    days on market $225,000 Active 196 DOM
11. 2026-06-02
    days on market $225,000 Active 195 DOM
12. 2026-06-01
    days on market $225,000 Active 194 DOM
13. 2026-05-31
    days on market $225,000 Active 193 DOM
14. 2025-11-19
    listed $225,000 Active 552-char remark

    Show marketing remark (553 chars)

    Great Opportunity in METAIRIE! This home features 3 bedrooms and a plus room that can be transformed into a 4th bedroom or used as an office. Spacious living area with an open space concept, yet offering a formal dining area. Good-sized Master bedroom. Tile floor throughout the house. No carpet. Kitchen with granite countertop and stainless steel stove. The roof was replaced after 2021. Backyard access through a side gate, which can fit boats or RVs! Flood zone X. Easy access to Airline Highway and Roosevelt Boulevard. Come over to see this home!

15. 2025-11-19
    listed $225,000 Active 553-char remark

    Show marketing remark (553 chars)

    Great Opportunity in METAIRIE! This home features 3 bedrooms and a plus room that can be transformed into a 4th bedroom or used as an office. Spacious living area with an open space concept, yet offering a formal dining area. Good-sized Master bedroom. Tile floor throughout the house. No carpet. Kitchen with granite countertop and stainless steel stove. The roof was replaced after 2021. Backyard access through a side gate, which can fit boats or RVs! Flood zone X. Easy access to Airline Highway and Roosevelt Boulevard. Come over to see this home!

16. 2025-08-16
    price $225,000
17. 2025-08-16
    price $225,000
18. 2025-07-22
    price $230,000
19. 2025-07-22
    price $230,000
20. 2025-06-07
    price $234,000
21. 2025-06-07
    price $234,000
22. 2025-04-26
    listed $238,000 Active
23. 2019-07-26
    listed $199,900
24. 2019-06-14
    price $199,900
25. 2019-05-17
    listed $199,900
26. 2001-09-01
    soldstatus $115,000
27. 2001-08-29
    soldstatus $115,000
28. 2001-08-10
    listed $115,000
29. 2001-08-10
    listed $115,000

ⓘ 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: $1,587 · $132/mo
• Projected year-2 tax: $1,587 · $132/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 X · 60% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,317
• − Mortgage interest: −$12,603
• − Property taxes: −$1,587
• − Insurance: −$1,922
• − Repairs & maintenance: −$1,945
• − Management: −$1,945
• − Depreciation: −$6,545
• Taxable loss: −$2,232
• Est. tax savings @ 24.0%: +$536
• After-tax cash flow: $2,078/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: Jefferson Parish
• NCES district ID: 2200840
• Math proficiency: 24% ▼ -36.00%
• Reading proficiency: 34% ▼ -30.00%
• Median HH income: $48,421
• Composite: 25.19/100
• National rank: #7511
• State rank: #44 of 98 in LA

Livability — Metairie

• Score: 87/100
• State rank: #1
• US rank: #261

Category grades

Amenities A- Commute A+ Cost of living B+ Crime B Employment B- Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Metairie, LA
• County: Jefferson Parish · 426,999 people
• City population: 137,978
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 39,344
• Household income: $76,261
• Rent vs Own: 22.6% rent · 77.4% own
• Severe rent burden: 710.0

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 451,696 people
• By 2030: 455,451 · +0.8%
• By 2040: 458,308 · +1.5%
• By 2050: 461,031 · +2.1%
• By 2075: 476,351 · +5.5%
• By 2100: 499,377 · +10.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 19% Two or more races 12% Black 8% Asian 5%
• Hispanic origin (detail): Mexican 3% Cuban 1%
• Common ancestry: Lithuanian 12% Scotch-Irish 1% Slovak 1%
• Foreign-born: 14% · Canada, Vietnam, China
• Languages at home: 81% English-only · Spanish 12% Other Indo-European 3% Arabic 1%

Political lean MEDSL · Jefferson

• 2024 margin: R (+12.9) · D 42.5% · R 55.5% · Other 2.1%
• 2008→2024 swing: +13.6pp toward D · 2008: -26.6pp · 2024: -12.9pp
• All cycles: 2024: R+12.9 2020: R+11.1 2016: R+14.8 2012: R+18.4 2008: R+26.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -252.03%
• Current HPI: 138.5632
• Rent YoY: ▲ 2.15%
• 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

+95.7% since first listed

16 events — show timeline

• 2025-11-19 Listed $225,000 GSREIN
• 2025-11-19 Listed $225,000 AcadianaMLS
• 2025-08-16 Price Changed $225,000 AcadianaMLS
• 2025-08-16 Price Changed $225,000 GSREIN
• 2025-07-22 Price Changed $230,000 AcadianaMLS
• 2025-07-22 Price Changed $230,000 GSREIN
• 2025-06-07 Price Changed $234,000 AcadianaMLS
• 2025-06-07 Price Changed $234,000 GSREIN
• 2025-04-26 Listed $238,000 AcadianaMLS
• 2019-07-26 Listed $199,900 AcadianaMLS
• 2019-06-14 Price Changed $199,900 GSREIN
• 2019-05-17 Listed $199,900 AcadianaMLS
• 2001-09-01 Sold (Public Records) $115,000 Public Records
• 2001-08-29 Sold (MLS) $115,000 GSREIN
• 2001-08-10 Listed $115,000 GSREIN
• 2001-08-10 Listed $115,000 AcadianaMLS

Property tax history

+1.8%/yr

Latest (2025): $1,587 · +5.2% YoY. Source: county tax records.