938 Norval St · Mandeville, LA 70448

$225,000

3 bd · 2.0 ba · 1,463 sqft · SingleFamily public records · 90 Days on market

Built 2010 5,758 sqft lot $154/sqft · 19% below area Est $276k · 18% 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 +18.8/30.0
• ARV discount +15.0/15.0
• DSCR +5.9/10.0
• Schools +4.3/10.0
• 1% rule +4.0/10.0
• Livability +3.9/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

GREAT LOCATION, GREAT VALUE, and NO CARPET. This well-designed home offers an open layout that feels both spacious and comfortable from the moment you walk in. The living room features 10-foot ceilings and a corner fireplace that creates a warm, inviting focal point without sacrificing space. The kitchen is thoughtfully arranged with stainless steel appliances, granite countertops, an eat-in bar, and a separate breakfast area, making it easy to enjoy both quick mornings and relaxed meals at home. The primary suite provides a true retreat with a walk-in closet, garden tub, separate shower, and double vanities. Out back, the covered patio and fully fenced yard offer a private setting that is ideal for unwinding or hosting friends and family. Located just minutes from shopping, Highway 190, and I-12, this home combines everyday convenience with comfortable living. Homes with this combination of value, layout, and location do not stay available for long.

Key facts

• Open layout
• Eat-in bar
• Granite countertops

Tags

• OPEN LAYOUT
• CORNER FIREPLACE
• STAINLESS STEEL APPLIANCES
• GRANITE COUNTERTOPS
• EAT-IN BAR
• SEPARATE BREAKFAST AREA

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $229 ($3k/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 (9.7% below list).
• Recommended offer: $203k (9.7% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 3.4% in Mandeville — 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 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); Mandeville Middle School (math 61% / reading 69%, grade A-, #8 of 218 statewide, top 3%, 538 students, 23% FRL); Lakeshore High School (math 42% / reading 61%, grade D+, #35 of 265 statewide, top 13%, 949 students, 34% FRL).
• Zoned-school proficiency averages 63% at this address vs 49% district-wide (+14 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.
• Market conditions: Rents rising (+1.1%/yr); 263 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,064 units permitted in St. Tammany Parish in 2024 (0 in 5+ unit buildings).

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.
• St. Tammany County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y ago; this cycle's ask has dropped $55k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: 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 $203,216 (9.7% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 7.51%
• Cash-on-cash: 4.35%
• DSCR: 1.19
• GRM: 9.2

CMA / ARV

• ARV (median comp): $276,006
• List price: $225,000
• Delta: -18.48%
• 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
1720 Dupre St	0.26mi	3/2.0	1,475 (+1%)	7mo	$259,000	$176	81
2018 Steven St	0.34mi	3/2.0	1,455 (-0%)	8mo	$258,000	$177	77
755 Labarre St	0.41mi	3/2.0	1,532 (+5%)	1mo	$258,000	$168	72
820 Joans St	0.16mi	3/2.0	1,282 (-12%)	2mo	$250,000	$195	70
669 Labarre St	0.46mi	3/2.0	1,549 (+6%)	3mo	$265,000	$171	66
2098 Dupre St	0.23mi	3/2.0	1,276 (-13%)	5mo	$245,000	$192	64
2343 Doe Ct	0.71mi	3/2.0	1,488 (+2%)	1mo	$265,000	$178	64
2155 Biron St	0.55mi	3/2.0	1,548 (+6%)	1mo	$260,000	$168	64
2342 Doe Ct	0.72mi	3/2.0	1,479 (+1%)	3mo	$250,000	$169	62
2415 Biron St	0.66mi	3/2.0	1,340 (-8%)	6mo	$224,900	$168	50
1435 Owl Ct	0.60mi	3/2.0	1,670 (+14%)	0mo	$276,000	$165	48
1353 Albert St	0.70mi	3/2.0	1,669 (+14%)	8mo	$324,000	$194	38

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 · 1.06% rent growth · sell at horizon

5-year hold

• IRR: -11.5%
• Equity multiple: 0.59×
• Total profit: $-25,876
• Equity at exit: $33,548

10-year hold

• IRR: -5.1%
• Equity multiple: 0.69×
• Total profit: $-19,471
• 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 70448

• Rents YoY: 1.1%
• Active inventory: 263
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,032 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$103 /mo · $1,239/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$427
• Net cashflow: $229

Break-even live

Break-even rent $1,743

Max offer price $225,000

Occupancy floor 84%

Sensitivity live

Price	-10% $356	-5% $292	+0% $229	+5% $165	+10% $101
Rent	-10% $68	-5% $148	+0% $229	+5% $309	+10% $389
Rate	-1.0pp $342	-0.5pp $286	base $229	+0.5pp $170	+1.0pp $111

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 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
817 Norval St Mandeville, LA	3.0	2.0	1518	$1,950	$1.28	45d	1	0.13mi
805 Norval St Mandeville, LA	3.0	2.0	1600	$2,000	$1.25	5d	1	0.15mi
909 Chevreuil St Mandeville, LA	3.0	2.0	1561	$2,300	$1.47	16d	1	0.35mi
735 Nancy St Mandeville, LA	3.0	2.0	1250	$1,650	$1.32	45d	1	0.38mi
2440 Biron St Mandeville, LA	3.0	2.0	1250	$1,750	$1.40	5d	1	0.64mi
2630 Rue Weller Mandeville, LA	3.0	2.0	1288	$2,000	$1.55	25d	1	0.75mi
1010 Elmer St Mandeville, LA	3.0	2.0	1219	$1,600	$1.31	45d	1	0.84mi
1605 Dupard St Mandeville, LA	4.0	2.0	1495	$2,200	$1.47	13d	1	0.94mi
1349 Clausel St Mandeville, LA	3.0	2.5	1300	$1,995	$1.53	5d	1	0.99mi
143 Remmy Ct Mandeville, LA	2.0	2.0	1200	$1,600	$1.33	25d	1	1.00mi
129 Mead Ct Mandeville, LA	3.0	2.0	1580	$1,850	$1.17	5d	1	1.02mi
1555 Marigny Ave Mandeville, LA	3.0	2.0	1375	$2,000	$1.45	45d	1	1.13mi
22475 Louisiana 1088 Mandeville, LA	3.0	2.0	1120	$1,300	$1.16	45d	1	1.14mi
655 Colbert St #24 Mandeville, LA	2.0	2.5	1650	$3,700	$2.24	5d	1	1.38mi
1819 Orleans St Mandeville, LA	3.0	2.0	1207	$1,895	$1.57	25d	1	1.40mi

Listing history 27 events

1. 2026-06-21
   days on market $225,000 Active 90 DOM
2. 2026-06-18
   days on market $225,000 Active 87 DOM
3. 2026-06-18
   price $225,000 Active 86 DOM
4. 2026-06-17
   days on market $255,000 Active 86 DOM
5. 2026-06-16
   days on market $255,000 Active 85 DOM
6. 2026-06-15
   days on market $255,000 Active 84 DOM
7. 2026-06-13
   days on market $255,000 Active 82 DOM
8. 2026-06-10
   days on market $255,000 Active 79 DOM
9. 2026-06-09
   days on market $255,000 Active 78 DOM
10. 2026-06-08
    days on market $255,000 Active 77 DOM
11. 2026-06-07
    days on market $255,000 Active 76 DOM
12. 2026-06-03
    days on market $255,000 Active 72 DOM
13. 2026-06-02
    days on market $255,000 Active 71 DOM
14. 2026-06-01
    days on market $255,000 Active 70 DOM
15. 2026-05-31
    days on market $255,000 Active 69 DOM
16. 2026-03-23
    listed $279,900 Active 964-char remark

    Show marketing remark (964 chars)

    GREAT LOCATION, GREAT VALUE, and NO CARPET. This well-designed home offers an open layout that feels both spacious and comfortable from the moment you walk in. The living room features 10-foot ceilings and a corner fireplace that creates a warm, inviting focal point without sacrificing space. The kitchen is thoughtfully arranged with stainless steel appliances, granite countertops, an eat-in bar, and a separate breakfast area, making it easy to enjoy both quick mornings and relaxed meals at home. The primary suite provides a true retreat with a walk-in closet, garden tub, separate shower, and double vanities. Out back, the covered patio and fully fenced yard offer a private setting that is ideal for unwinding or hosting friends and family. Located just minutes from shopping, Highway 190, and I-12, this home combines everyday convenience with comfortable living. Homes with this combination of value, layout, and location do not stay available for long.

17. 2026-03-23
    listed $279,900 Active 964-char remark

    Show marketing remark (964 chars)

    GREAT LOCATION, GREAT VALUE, and NO CARPET. This well-designed home offers an open layout that feels both spacious and comfortable from the moment you walk in. The living room features 10-foot ceilings and a corner fireplace that creates a warm, inviting focal point without sacrificing space. The kitchen is thoughtfully arranged with stainless steel appliances, granite countertops, an eat-in bar, and a separate breakfast area, making it easy to enjoy both quick mornings and relaxed meals at home. The primary suite provides a true retreat with a walk-in closet, garden tub, separate shower, and double vanities. Out back, the covered patio and fully fenced yard offer a private setting that is ideal for unwinding or hosting friends and family. Located just minutes from shopping, Highway 190, and I-12, this home combines everyday convenience with comfortable living. Homes with this combination of value, layout, and location do not stay available for long.

18. 2020-03-30
    soldstatus $204,000
19. 2020-03-27
    soldstatus $204,000 Closed
20. 2020-02-23
    status Pending
21. 2020-02-11
    status Active
22. 2020-02-03
    status Pending
23. 2020-01-09
    listed $199,500 Active
24. 2020-01-09
    listed $199,500
25. 2011-03-30
    soldstatus $161,700
26. 2010-06-21
    soldstatus $160,000
27. 2004-03-26
    soldstatus $22,000

ⓘ 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: $1,239 · $103/mo
• Projected year-2 tax: $1,239 · $103/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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,386
• − Mortgage interest: −$12,603
• − Property taxes: −$1,239
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,951
• − Management: −$1,951
• − Depreciation: −$6,545
• Taxable loss: −$1,028
• Est. tax savings @ 24.0%: +$247
• After-tax cash flow: $2,989/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: St. Tammany Parish
• NCES district ID: 2201650
• Math proficiency: 43% ▼ -32.00%
• Reading proficiency: 55% ▼ -26.00%
• Median HH income: $61,752
• Composite: 43.04/100
• National rank: #3098
• State rank: #11 of 98 in LA

Livability — Mandeville

• Score: 77/100
• State rank: #13
• US rank: #3224

Category grades

Amenities F Commute F Cost of living C Crime A Employment A+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Saint Tammany Parish · 228,296 people
• City population: 50,537
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 26,338
• Household income: $95,682
• Rent vs Own: 19.4% rent · 80.6% own
• Severe rent burden: 320.0

Population outlook (St. Tammany County) Hauer SSP2

• Today (2025): 286,725 people
• By 2030: 304,175 · +6.1%
• By 2040: 336,203 · +17.3%
• By 2050: 364,590 · +27.2%
• By 2075: 433,362 · +51.1%
• By 2100: 470,333 · +64.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 10% Hispanic / Latino 9% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Lithuanian 16% Italian 2% Slovak 2%
• Foreign-born: 5% · Canada, Vietnam, Jamaica
• Languages at home: 92% English-only · Spanish 4% Russian/Polish/Slavic 1% German/W. Germanic 1%

Political lean MEDSL · St. Tammany

• 2024 margin: Solid R (+43.8) · D 27.3% · R 71.1% · Other 1.6%
• 2008→2024 swing: +9.6pp toward D · 2008: -53.4pp · 2024: -43.8pp
• All cycles: 2024: R+43.8 2020: R+44.2 2016: R+50.8 2012: R+52.2 2008: R+53.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -113.97%
• Current HPI: 179.9084
• Rent YoY: ▲ 1.06%
• 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

+1172.3% since first listed

12 events — show timeline

• 2026-03-23 Listed $279,900 AcadianaMLS
• 2026-03-23 Listed $279,900 GSREIN
• 2020-03-30 Sold (Public Records) $204,000 Public Records
• 2020-03-27 Sold (MLS) $204,000 GSREIN
• 2020-02-23 Pending — GSREIN
• 2020-02-11 Relisted — GSREIN
• 2020-02-03 Pending — GSREIN
• 2020-01-09 Listed $199,500 AcadianaMLS
• 2020-01-09 Listed $199,500 GSREIN
• 2011-03-30 Sold (Public Records) $161,700 Public Records
• 2010-06-21 Sold (Public Records) $160,000 Public Records
• 2004-03-26 Sold (Public Records) $22,000 Public Records

Property tax history

-4.1%/yr

Latest (2025): $1,239 · -3.5% YoY. Source: county tax records.