10601 Stephenson Dr

Bastrop, LA 71220

$121,500D+

2 bd · 2.0 ba · 1,482 sqft · Built 1954 · SingleFamily · Active · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,070/mo
• Mortgage (P&I): −$637
• Tax + insurance: −$118
• HOA: −$0
• Vac / Maint / Mgmt: −$225
• Net cashflow: $90/mo
• Annual: $1,084/yr
• Cap rate: 7.19%
• Cash-on-cash: 3.19%
• DSCR: 1.14
• 1% rule: 0.88%
• Cash to close: $34,020

Investor read

• This is a 2-bed/2.0-bath single-family listed at $122k.
• At list price, monthly cash flow is $90 ($1k/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 $107k (11.9% below list).
• It's been on market 52 days — a 3% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $107k (11.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-2.1%/yr); year-one equity from $840 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 50/100 on livability (#425 in LA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: schools D, health & safety D, crime F.
• Morehouse Parish (town): math 10% / reading 19% proficiency, ranked #83 of 98 in LA (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 92 active listings in the ZIP; 11 units permitted in Morehouse Parish in 2024 (0 in 5+ unit buildings).
• Morehouse County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: major wind risk, 65% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 52 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F 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.