629 Colbert St #629

Mandeville, LA 70448

$231,900D

2 bd · 2.5 ba · 1,331 sqft · Built 1986 · SingleFamily · Active · 169 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,041/mo
• Mortgage (P&I): −$1,216
• Tax + insurance: −$813
• HOA: −$560
• Vac / Maint / Mgmt: −$429
• Net cashflow: $-976/mo
• Annual: $-11,717/yr
• Cap rate: 3.45%
• Cash-on-cash: -10.16%
• DSCR: 0.55
• 1% rule: 0.88%
• Cash to close: $64,932

Investor read

• This is a 2-bed/2.5-bath single-family listed at $232k. Condition is rated good.
• At list price, monthly cash flow is $-976 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $91k (60.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $204k (12.0% below list).
• It's been on market 169 days — a 12% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $91k (60.9% below list) — sets the bar for cash-flow.
• 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.
• Location reads 77/100 on livability (#13 in LA, #3,224 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: Woodlake Elementary School (math 72% / reading 72%, grade A-, #18 of 646 statewide, top 3%, 548 students, 32% FRL); Lake Harbor Middle School (math 60% / reading 66%, grade B+, #10 of 218 statewide, top 5%, 602 students, 24% FRL); Mandeville High School (math 59% / reading 63%, grade C+, #19 of 265 statewide, top 7%, 2,259 students, 22% FRL).
• Zoned-school proficiency averages 65% at this address vs 49% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the St. Tammany Parish average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: flood insurance adds $427/mo; HOA is 27% of rent.
• Market conditions: Rents rising (+1.1%/yr); 427 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 113d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 70% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,064 units permitted in St. Tammany Parish in 2024 (0 in 5+ unit buildings).
• St. Tammany County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $28k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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.

Questions for listing agent

• 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?
• It's been on market 169 days. Have you received any prior offers? Is the seller open to a 61% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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?