Hickory Plan

Slidell, LA 70461

$249,900D

4 bd · 2.0 ba · 1,506 sqft · Built — · SingleFamily · Active · 429 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,197/mo
• Mortgage (P&I): −$1,412
• Tax + insurance: −$449
• HOA: −$0
• Vac / Maint / Mgmt: −$461
• Net cashflow: $-126/mo
• Annual: $-1,507/yr
• Cap rate: 5.73%
• Cash-on-cash: -2.00%
• DSCR: 0.91
• 1% rule: 0.82%
• Cash to close: $75,407

Investor read

• This is a 4-bed/2.0-bath single-family listed at $250k. Condition is rated excellent.
• At list price, monthly cash flow is $-126 ($-2k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $220k (12.1% below list).
• It's been on market 429 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $220k (12.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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: Cypress Cove Elementary School (657 students, 53% FRL); Little Oak Middle School (math 50% / reading 58%, grade B-, #19 of 218 statewide, top 9%, 929 students, 41% FRL); Northshore High School (math 53% / reading 61%, grade C, #25 of 265 statewide, top 9%, 1,681 students, 32% FRL) — zoned schools at 42% FRL track the district average.
• Market conditions: Rents rising (+1.7%/yr); 922 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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.

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 429 days. Have you received any prior offers? Is the seller open to a 12% 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 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?
• 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.