506 Lee Dr · Slidell, LA 70460

$227,000

4 bd · 2.5 ba · 2,652 sqft · SingleFamily public records · 205 Days on market

Built 2004 8,215 sqft lot $86/sqft · 20% below area Est $282k · 20% 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 +16.1/30.0
• ARV discount +15.0/15.0
• DSCR +5.0/10.0
• Schools +4.3/10.0
• 1% rule +4.2/10.0
• Rent growth +4.0/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful and spacious 4BR home with 3 bedrooms upstairs, 1 downstairs, plus an extra room good for an office or playroom. Features 2 full baths, new windows, and new flooring throughout. Kitchen includes stainless steel appliances. Large laundry room with washer and dryer. Includes shed for extra storage. 2,652 sq. ft. living area on an 8,217 sq. ft. lot. Move-in ready and waiting for new owners. Measurements and lot size to be verified by buyer. Bring your offer!

Key facts

• New flooring
• Large laundry room
• New windows

Tags

• NEW WINDOWS
• NEW FLOORING
• STAINLESS STEEL APPLIANCES
• LARGE LAUNDRY ROOM
• SHED FOR EXTRA STORAGE

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $227k.

Deal economics

• At list price, monthly cash flow is $116 ($1k/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 $208k (8.3% below list).
• Recommended offer: $200k (12.0% below list) — sets the bar for market timing.

Location & tenants

• 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: Henry Mayfield Elementary School (math 35% / reading 45%, grade F, #221 of 646 statewide, top 34%, 832 students, 60% FRL); Slidell Junior High School (math 25% / reading 47%, grade F, #84 of 218 statewide, top 41%, 823 students, 60% FRL); Slidell High School (math 34% / reading 41%, grade F, #93 of 265 statewide, top 36%, 1,883 students, 52% FRL) — zoned schools average 58% FRL vs 40% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.9%/yr); 246 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,064 units permitted in St. Tammany Parish in 2024 (0 in 5+ unit buildings).
• This rent runs 40% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 205 days — a 12% lower offer ($200k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 23y ago; this cycle's ask has dropped $63k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $184k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $199,760 (12.0% below list)

Questions for the listing agent

1. It's been on market 205 days. Have you received any prior offers? Is the seller open to a 12% 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 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?
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: 0.92% ✗
• Cap rate: 6.91%
• Cash-on-cash: 2.19%
• DSCR: 1.10
• GRM: 9.1

CMA / ARV

• ARV (median comp): $282,049
• List price: $227,000
• Delta: -19.52%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
313 Tracey Ln	0.73mi	4/2.5	2,940 (+11%)	14mo	$305,000	$104	36

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 · 5.91% rent growth · sell at horizon

5-year hold

• IRR: -9.7%
• Equity multiple: 0.64×
• Total profit: $-23,122
• Equity at exit: $33,846

10-year hold

• IRR: 3.2%
• Equity multiple: 1.26×
• Total profit: $16,718
• Equity at exit: $19,627

Cash invested: $63,560 (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 70460

• Rents YoY: 5.9%
• Active inventory: 246
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,081 medium
• Mortgage (P&I): −$1,190
• Tax from tax record: −$243 /mo · $2,918/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $116

Break-even live

Break-even rent $1,934

Max offer price $227,000

Occupancy floor 89%

Sensitivity live

Price	-10% $244	-5% $180	+0% $116	+5% $52	+10% $-13
Rent	-10% $-48	-5% $34	+0% $116	+5% $198	+10% $280
Rate	-1.0pp $230	-0.5pp $174	base $116	+0.5pp $57	+1.0pp $-3

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: $56,750
• Closing costs: $6,810
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1382 Bristol Ct Slidell, LA	3.0	2.5	2399	$2,100	$0.88	25d	1	1.48mi

Listing history 15 events

1. 2026-05-04
   price $227,000 469-char remark

   Show marketing remark (469 chars)

   Beautiful and spacious 4BR home with 3 bedrooms upstairs, 1 downstairs, plus an extra room good for an office or playroom. Features 2 full baths, new windows, and new flooring throughout. Kitchen includes stainless steel appliances. Large laundry room with washer and dryer. Includes shed for extra storage. 2,652 sq. ft. living area on an 8,217 sq. ft. lot. Move-in ready and waiting for new owners. Measurements and lot size to be verified by buyer. Bring your offer!

2. 2026-05-04
   price $227,000 469-char remark

   Show marketing remark (469 chars)

   Beautiful and spacious 4BR home with 3 bedrooms upstairs, 1 downstairs, plus an extra room good for an office or playroom. Features 2 full baths, new windows, and new flooring throughout. Kitchen includes stainless steel appliances. Large laundry room with washer and dryer. Includes shed for extra storage. 2,652 sq. ft. living area on an 8,217 sq. ft. lot. Move-in ready and waiting for new owners. Measurements and lot size to be verified by buyer. Bring your offer!

3. 2026-04-08
   price $246,000 469-char remark

   Show marketing remark (469 chars)

   Beautiful and spacious 4BR home with 3 bedrooms upstairs, 1 downstairs, plus an extra room good for an office or playroom. Features 2 full baths, new windows, and new flooring throughout. Kitchen includes stainless steel appliances. Large laundry room with washer and dryer. Includes shed for extra storage. 2,652 sq. ft. living area on an 8,217 sq. ft. lot. Move-in ready and waiting for new owners. Measurements and lot size to be verified by buyer. Bring your offer!

4. 2026-04-08
   price $246,000 469-char remark

   Show marketing remark (469 chars)

   Beautiful and spacious 4BR home with 3 bedrooms upstairs, 1 downstairs, plus an extra room good for an office or playroom. Features 2 full baths, new windows, and new flooring throughout. Kitchen includes stainless steel appliances. Large laundry room with washer and dryer. Includes shed for extra storage. 2,652 sq. ft. living area on an 8,217 sq. ft. lot. Move-in ready and waiting for new owners. Measurements and lot size to be verified by buyer. Bring your offer!

5. 2026-01-20
   price $265,000 469-char remark

   Show marketing remark (469 chars)

   Beautiful and spacious 4BR home with 3 bedrooms upstairs, 1 downstairs, plus an extra room good for an office or playroom. Features 2 full baths, new windows, and new flooring throughout. Kitchen includes stainless steel appliances. Large laundry room with washer and dryer. Includes shed for extra storage. 2,652 sq. ft. living area on an 8,217 sq. ft. lot. Move-in ready and waiting for new owners. Measurements and lot size to be verified by buyer. Bring your offer!

6. 2026-01-20
   price $265,000 469-char remark

   Show marketing remark (469 chars)

   Beautiful and spacious 4BR home with 3 bedrooms upstairs, 1 downstairs, plus an extra room good for an office or playroom. Features 2 full baths, new windows, and new flooring throughout. Kitchen includes stainless steel appliances. Large laundry room with washer and dryer. Includes shed for extra storage. 2,652 sq. ft. living area on an 8,217 sq. ft. lot. Move-in ready and waiting for new owners. Measurements and lot size to be verified by buyer. Bring your offer!

7. 2025-10-31
   listed $289,900 Active 469-char remark

   Show marketing remark (469 chars)

   Beautiful and spacious 4BR home with 3 bedrooms upstairs, 1 downstairs, plus an extra room good for an office or playroom. Features 2 full baths, new windows, and new flooring throughout. Kitchen includes stainless steel appliances. Large laundry room with washer and dryer. Includes shed for extra storage. 2,652 sq. ft. living area on an 8,217 sq. ft. lot. Move-in ready and waiting for new owners. Measurements and lot size to be verified by buyer. Bring your offer!

8. 2025-10-31
   listed $289,900 Active 469-char remark

   Show marketing remark (469 chars)

   Beautiful and spacious 4BR home with 3 bedrooms upstairs, 1 downstairs, plus an extra room good for an office or playroom. Features 2 full baths, new windows, and new flooring throughout. Kitchen includes stainless steel appliances. Large laundry room with washer and dryer. Includes shed for extra storage. 2,652 sq. ft. living area on an 8,217 sq. ft. lot. Move-in ready and waiting for new owners. Measurements and lot size to be verified by buyer. Bring your offer!

9. 2005-12-20
   soldstatus $184,000
10. 2005-12-16
    soldstatus $184,000
11. 2005-09-16
    listed $189,000
12. 2005-09-16
    listed $189,000
13. 2004-02-06
    soldstatus $25,200
14. 2003-08-03
    listed $32,000
15. 2003-08-03
    listed $32,000

ⓘ 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: $2,918 · $243/mo
• Projected year-2 tax: $2,918 · $243/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 5/10 Major FEMA zone X · 48% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 10/10 Extreme 7 d/yr ≥109°F today · 21 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,974
• − Mortgage interest: −$12,716
• − Property taxes: −$2,918
• − Insurance: −$1,135
• − Repairs & maintenance: −$1,998
• − Management: −$1,998
• − Depreciation: −$6,604
• Taxable loss: −$2,394
• Est. tax savings @ 24.0%: +$575
• After-tax cash flow: $1,966/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 — Slidell

• Score: 70/100
• State rank: #57
• US rank: #7673

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Saint Tammany Parish · 228,296 people
• City population: 95,511
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 21,669
• Household income: $62,565
• Rent vs Own: 22.0% rent · 78.0% own
• Severe rent burden: 318.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 53% Black 29% Two or more races 11% Hispanic / Latino 10% Pacific Islander 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Lithuanian 13% Slovak 1% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 6%

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: ▼ -93.87%
• Current HPI: 130.56
• Rent YoY: ▲ 5.91%
• 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

+609.4% since first listed

15 events — show timeline

• 2026-05-04 Price Changed $227,000 AcadianaMLS
• 2026-05-04 Price Changed $227,000 GSREIN
• 2026-04-08 Price Changed $246,000 AcadianaMLS
• 2026-04-08 Price Changed $246,000 GSREIN
• 2026-01-20 Price Changed $265,000 AcadianaMLS
• 2026-01-20 Price Changed $265,000 GSREIN
• 2025-10-31 Listed $289,900 GSREIN
• 2025-10-31 Listed $289,900 AcadianaMLS
• 2005-12-20 Sold (Public Records) $184,000 Public Records
• 2005-12-16 Sold (MLS) $184,000 GSREIN
• 2005-09-16 Listed $189,000 AcadianaMLS
• 2005-09-16 Listed $189,000 GSREIN
• 2004-02-06 Sold (MLS) $25,200 GSREIN
• 2003-08-03 Listed $32,000 GSREIN
• 2003-08-03 Listed $32,000 AcadianaMLS

Property tax history

+1.5%/yr

Latest (2025): $2,918 · -3.9% YoY. Source: county tax records.