13015 Highway 118 Hwy

Hornbeck, LA 71429

$205,000D-

3 bd · 2.0 ba · 2,040 sqft · Built 2015 · Manufactured · Active · 269 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,537/mo
• Mortgage (P&I): −$1,075
• Tax + insurance: −$141
• HOA: −$0
• Vac / Maint / Mgmt: −$323
• Net cashflow: $-2/mo
• Annual: $-27/yr
• Cap rate: 6.28%
• Cash-on-cash: -0.05%
• DSCR: 1.00
• 1% rule: 0.75%
• Cash to close: $57,400

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $205k.
• At list price, monthly cash flow is $-2 ($-27/yr) — negative.
• To cash-flow at today's rent, offer at most $205k (0.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $154k (25.0% below list).
• It's been on market 269 days — a 12% lower offer ($180k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $154k (25.0% 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 65/100 on livability (#151 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools A; Watch: health & safety C-, crime F, amenities F.
• Sabine Parish (rural): math 27% / reading 39% proficiency, ranked #40 of 98 in LA (top 41%) — 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: 13 active listings in the ZIP; 49 units permitted in Sabine Parish in 2024 (0 in 5+ unit buildings).
• Sabine County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 4y 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.
• Climate carrying-cost: severe wind risk, 96% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→21/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 269 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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.