302 N Verret St

Amelia, LA 70380

$155,000D+

3 bd · 2.5 ba · 1,642 sqft · Built 1981 · SingleFamily · Active · 224 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,277/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$209
• HOA: −$0
• Vac / Maint / Mgmt: −$268
• Net cashflow: $-13/mo
• Annual: $-159/yr
• Cap rate: 6.70%
• Cash-on-cash: 1.47%
• DSCR: 1.07
• 1% rule: 0.82%
• Cash to close: $43,400

Investor read

• This is a 3-bed/2.5-bath single-family listed at $155k.
• At list price, monthly cash flow is $-13 ($-159/yr) — negative.
• To cash-flow at today's rent, offer at most $153k (1.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (17.6% below list).
• It's been on market 224 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (17.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#331 in LA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A, housing B; Watch: amenities F, commute F, employment F.
• St. Mary Parish (town): math 28% / reading 39% proficiency, ranked #37 of 98 in LA (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: J.S. Aucoin Elementary School (math 37% / reading 22%, grade F, #333 of 646 statewide, top 54%, 283 students, 56% FRL); Morgan City Junior High School (math 22% / reading 34%, grade F, #125 of 218 statewide, top 58%, 488 students, 56% FRL); Morgan City High School (math 27% / reading 42%, grade F, #106 of 265 statewide, top 43%, 732 students, 55% FRL).
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 83 active listings in the ZIP; 37 units permitted in St. Mary Parish in 2024 (20 in 5+ unit buildings).
• St. Mary County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $20k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $57k; list at $155k implies a 171% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→23/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 224 days. Have you received any prior offers? Is the seller open to a 18% 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?
• 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.
• 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.