4503 Heyman Ln

Alexandria, LA 71303

$185,000F

2 bd · 1.0 ba · 1,149 sqft · Built 1982 · Condo · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,202/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$183
• HOA: −$0
• Vac / Maint / Mgmt: −$252
• Net cashflow: $-204/mo
• Annual: $-2,447/yr
• Cap rate: 4.97%
• Cash-on-cash: -4.72%
• DSCR: 0.79
• 1% rule: 0.65%
• Cash to close: $51,800

Investor read

• This is a 2-bed/1.0-bath condo listed at $185k. Condition is rated good.
• At list price, monthly cash flow is $-204 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $149k (19.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $120k (35.0% below list).
• It's been on market 39 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $120k (35.0% 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 $6k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#160 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Rapides Parish (urban): math 29% / reading 44% proficiency, ranked #31 of 98 in LA (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 174 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 239 units permitted in Rapides Parish in 2024 (0 in 5+ unit buildings).
• Rapides County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 10y 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 $90k; list at $185k implies a 106% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 97% chance of damaging wind over 30y; extreme-heat days projected 7→19/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 39 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.