2596 4th St

Slidell, LA 70458

$214,900B+

4 bd · 2.5 ba · 2,977 sqft · Built 1965 · SingleFamily · Active · 350 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,952/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$379
• HOA: −$0
• Vac / Maint / Mgmt: −$620
• Net cashflow: $827/mo
• Annual: $9,921/yr
• Cap rate: 10.91%
• Cash-on-cash: 16.49%
• DSCR: 1.73
• 1% rule: 1.37%
• Cash to close: $60,172

Investor read

• This is a 4-bed/2.5-bath single-family listed at $215k. Condition is rated good.
• At list price, monthly cash flow is $827 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• It's been on market 350 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $189k (12.0% below list) — sets the bar for market timing.
• 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 70/100 on livability (#57 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living 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: Glynn H. Brock Elementary School (math 32% / reading 42%, grade F, #251 of 646 statewide, top 41%, 320 students, 79% FRL); St. Tammany Junior High School (math 19% / reading 41%, grade F, #114 of 218 statewide, top 53%, 793 students, 68% FRL); Salmen High School (math 15% / reading 27%, grade F, #179 of 265 statewide, top 68%, 1,216 students, 62% FRL) — zoned schools average 70% FRL vs 40% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 29% at this address vs 49% district-wide (-20 pts) — the specific schools serving this property underperform the St. Tammany Parish average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.5%/yr); 580 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,064 units permitted in St. Tammany Parish in 2024 (0 in 5+ unit buildings).
• St. Tammany County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 8 sale attempts since 8y 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 $174k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 1.5% rent growth), your $60k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 10.9% vs local median 6.0% in Slidell — 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.
• At $2,952/mo this rent would consume 49% of the median local household income ($73k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 350 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• 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.
• 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.