613 Ramsey Spring Dr · Covington, LA 70435

$367,337

4 bd · 3.0 ba · 2,211 sqft · Land · 106 Days on market

Built 2026 0.30 ac lot $166/sqft · 12% below area Est $419k · 12% under $53/mo HOA · 2% of rent

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Why this score? — see what drove the D+ 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 +14.5/30.0
• ARV discount +13.1/15.0
• DSCR +4.4/10.0
• Schools +4.3/10.0
• 1% rule +4.2/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* 2/1 buydown with rate as low as 3.99% for the first 12 months. Contact Builder Sales Rep(s) for current incentive details. * WATERFRONT PROPERTY! The KLEIN III A offers a 4 bedroom, 3 full bathroom, open and split designed floor plan. Added upgrades: quartz counters, wood look plank tile flooring added in bedrooms, undermount cabinet lighting and more. Features: front porch, kitchen island, large walk-in pantry, wood look plank ceramic tile flooring in living room and all wet areas, double vanity, garden tub, separate tiled shower with frameless shower door, linen closet, and a large walk-in closet in the primary suite, primary closet goes through to the laundry room for added convenience, framed bathroom mirrors, double vanity in the second bathroom, boot bench at the garage entry, rear porch, smart connect wi-fi thermostat, post tension slab, landscaping, architectural 30-year shingles, flood lights, and more! Energy Efficient Features: a stainless kitchen appliance package, low E Tilt-in windows, radiant barrier roof decking, and more!

Key facts

• Double vanity
• New construction
• Kitchen island

Tags

• WATERFRONT PROPERTY
• NEW CONSTRUCTION
• KITCHEN ISLAND
• LARGE WALK-IN PANTRY
• DOUBLE VANITY
• GARDEN TUB

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath land listed at $367k.

Deal economics

• At list price, monthly cash flow is $-346 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $317k (13.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $338k (7.9% below list).
• Recommended offer: $317k (13.6% below list) — sets the bar for cash-flow.
• Cap rate 6.6% vs local median 3.9% in Covington — 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 75/100 on livability (#17 in LA, #3,876 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.
• Market conditions: 365 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,064 units permitted in St. Tammany Parish in 2024 (0 in 5+ unit buildings).
• At $3,382/mo this rent would consume 50% of the median local household income ($81k/yr) (locally 296% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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 106 days — a 9% lower offer ($334k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $317,220 (13.6% below list)

Questions for the listing agent

1. 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?
2. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-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?
8. 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?
9. 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.
10. 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.
11. 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: 0.92% ✗
• Cap rate: 6.55%
• Cash-on-cash: 0.94%
• DSCR: 1.04
• GRM: 9.1

CMA / ARV

• ARV (median comp): $419,278
• List price: $367,337
• Delta: -12.39%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -23.0%
• Equity multiple: 0.21×
• Total profit: $-81,238
• Equity at exit: $54,771

10-year hold

• IRR: -17.2%
• Equity multiple: 0.05×
• Total profit: $-97,740
• Equity at exit: $31,761

Cash invested: $102,854 (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 70435

• Home prices YoY: -27.3%
• Active inventory: 365
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $3,382 medium
• Mortgage (P&I): −$1,926
• Tax est. 1.5%: −$459 /mo · $5,510/yr
• Insurance: −$153
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$53
• Vacancy / Maint / Mgmt: −$710
• Net cashflow: $-346

Break-even live

Break-even rent $3,820

Max offer price $317,220

Occupancy floor —

Sensitivity live

Price	-10% $-92	-5% $-219	+0% $-346	+5% $-473	+10% $-600
Rent	-10% $-614	-5% $-480	+0% $-346	+5% $-213	+10% $-79
Rate	-1.0pp $-161	-0.5pp $-253	base $-346	+0.5pp $-442	+1.0pp $-538

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: $91,834
• Closing costs: $11,020
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12099 Jones Rd Covington, LA	3.0	2.0	1700	$3,650	$2.15	12d	1	1.47mi
12099 Jones Rd Covington, LA	3.0	2.0	1700	$3,950	$2.32	4d	1	1.47mi

HOA detail

• Monthly dues: $53 · $636/yr
• Likely covers: waterinternetlandscaping

Listing history 19 events

1. 2026-06-18
   days on market $367,337 Active 106 DOM
2. 2026-06-17
   days on market $367,337 Active 105 DOM
3. 2026-06-16
   days on market $367,337 Active 104 DOM
4. 2026-06-15
   days on market $367,337 Active 103 DOM
5. 2026-06-13
   days on market $367,337 Active 101 DOM
6. 2026-06-10
   days on market $367,337 Active 98 DOM
7. 2026-06-09
   days on market $367,337 Active 97 DOM
8. 2026-06-08
   days on market $367,337 Active 96 DOM
9. 2026-06-07
   days on market $367,337 Active 95 DOM
10. 2026-06-03
    days on market $367,337 Active 91 DOM
11. 2026-06-02
    days on market $367,337 Active 90 DOM
12. 2026-06-01
    days on market $367,337 Active 89 DOM
13. 2026-05-31
    days on market $367,337 Active 88 DOM
14. 2026-04-16
    listed $367,337 Active 1057-char remark

    Show marketing remark (1057 chars)

    * 2/1 buydown with rate as low as 3.99% for the first 12 months. Contact Builder Sales Rep(s) for current incentive details. * WATERFRONT PROPERTY! The KLEIN III A offers a 4 bedroom, 3 full bathroom, open and split designed floor plan. Added upgrades: quartz counters, wood look plank tile flooring added in bedrooms, undermount cabinet lighting and more. Features: front porch, kitchen island, large walk-in pantry, wood look plank ceramic tile flooring in living room and all wet areas, double vanity, garden tub, separate tiled shower with frameless shower door, linen closet, and a large walk-in closet in the primary suite, primary closet goes through to the laundry room for added convenience, framed bathroom mirrors, double vanity in the second bathroom, boot bench at the garage entry, rear porch, smart connect wi-fi thermostat, post tension slab, landscaping, architectural 30-year shingles, flood lights, and more! Energy Efficient Features: a stainless kitchen appliance package, low E Tilt-in windows, radiant barrier roof decking, and more!

15. 2026-03-04
    listed $367,337 Active 1779-char remark

    Show marketing remark (1779 chars)

    Awesome builder rate + FREE front gutters OR window blinds(restrictions apply)! WATERFRONT PROPERTY! This Brand NEW Construction built by DSLD HOMES in Lake Ramsey backs to the Lake! The KLEIN III A offers a 4 bedroom, 3 full bathroom, open and split designed floor plan. Added upgrades: quartz counters, wood look plank tile flooring added in bedrooms, undermount cabinet lighting and more. Features: front porch, kitchen island, large walk-in pantry, wood look plank ceramic tile flooring in living room and all wet areas, double vanity, garden tub, separate tiled shower with frameless shower door, linen closet, and a large walk-in closet in the primary suite, primary closet goes through to the laundry room for added convenience, framed bathroom mirrors, double vanity in the second bathroom, boot bench at the garage entry, rear porch, smart connect wi-fi thermostat, post tension slab, landscaping, architectural 30-year shingles, flood lights, and more! Energy Efficient Features: a stainless kitchen appliance package, low E Tilt-in windows, radiant barrier roof decking, and more! About the Community: Located in Covington, Lake Ramsey offers far more than a place to live--it delivers a lifestyle rooted in nature, connection, and everyday adventure. This private, masterfully planned community blends serene natural surroundings with thoughtfully designed, energy-efficient new homes, creating a setting where comfort and outdoor living go hand in hand. One of the community's most impressive features is its eight miles of scenic lake shoreline, providing breathtaking water and nature views throughout the neighborhood. Many homesites offer direct lake or green-space views, making Lake Ramsey an ideal choice for buyers looking for water-view living in Louisiana.

16. 2026-03-04
    listed $367,337 Active 1779-char remark

    Show marketing remark (1779 chars)

    Awesome builder rate + FREE front gutters OR window blinds(restrictions apply)! WATERFRONT PROPERTY! This Brand NEW Construction built by DSLD HOMES in Lake Ramsey backs to the Lake! The KLEIN III A offers a 4 bedroom, 3 full bathroom, open and split designed floor plan. Added upgrades: quartz counters, wood look plank tile flooring added in bedrooms, undermount cabinet lighting and more. Features: front porch, kitchen island, large walk-in pantry, wood look plank ceramic tile flooring in living room and all wet areas, double vanity, garden tub, separate tiled shower with frameless shower door, linen closet, and a large walk-in closet in the primary suite, primary closet goes through to the laundry room for added convenience, framed bathroom mirrors, double vanity in the second bathroom, boot bench at the garage entry, rear porch, smart connect wi-fi thermostat, post tension slab, landscaping, architectural 30-year shingles, flood lights, and more! Energy Efficient Features: a stainless kitchen appliance package, low E Tilt-in windows, radiant barrier roof decking, and more! About the Community: Located in Covington, Lake Ramsey offers far more than a place to live--it delivers a lifestyle rooted in nature, connection, and everyday adventure. This private, masterfully planned community blends serene natural surroundings with thoughtfully designed, energy-efficient new homes, creating a setting where comfort and outdoor living go hand in hand. One of the community's most impressive features is its eight miles of scenic lake shoreline, providing breathtaking water and nature views throughout the neighborhood. Many homesites offer direct lake or green-space views, making Lake Ramsey an ideal choice for buyers looking for water-view living in Louisiana.

17. 2025-10-30
    soldstatus $450,000
18. 2019-07-12
    soldstatus $800,000
19. 2017-03-17
    listed $60,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥109°F today · 22 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,584
• − Mortgage interest: −$20,577
• − Property taxes: −$5,510
• − Insurance: −$6,955
• − Repairs & maintenance: −$3,247
• − Management: −$3,247
• − HOA: −$636
• − Depreciation: −$10,686
• Taxable loss: −$10,273
• Est. tax savings @ 24.0%: +$2,466
• After-tax cash flow: $-1,691/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 — Covington

• Score: 75/100
• State rank: #17
• US rank: #3876

Category grades

Amenities F Commute F Cost of living B+ 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: 64,351
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 22,475
• Household income: $80,926
• Rent vs Own: 12.2% rent · 87.8% own
• Severe rent burden: 296.0

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 (84%)
• Race & ethnicity: White 84% Black 9% Two or more races 4% Hispanic / Latino 3% Pacific Islander 2%
• Common ancestry: Lithuanian 15% Serbian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% French/Haitian/Cajun 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: ▼ -76.03%
• Current HPI: 202.0458
• Rent YoY: —
• 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

+512.2% since first listed

6 events — show timeline

• 2026-04-16 Listed $367,337 Zillow
• 2026-03-04 Listed $367,337 GSREIN
• 2026-03-04 Listed $367,337 AcadianaMLS
• 2025-10-30 Sold (Public Records) $450,000 Public Records
• 2019-07-12 Sold (Public Records) $800,000 Public Records
• 2017-03-17 Listed $60,000 AcadianaMLS

Property tax history

+9.2%/yr

Latest (2025): $606 · -3.8% YoY. Source: county tax records.