103 Morrison Ave · Houma, LA 70364

$59,900

2 bd · 2.0 ba · 600 sqft · Manufactured public records · 150 Days on market

Built 1993 0.27 ac lot $100/sqft · 10% above area Est $80k · 25% under ↓ 14% since listing

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Seller says sell it!

Key facts

• 0.27 acre lot
• Built 1993
• Listed 149 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $60k.

Deal economics

• At list price, monthly cash flow is $430 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.9% vs local median 4.0% in Houma — 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 64/100 on livability (#165 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: employment D, crime D-, amenities F.
• Terrebonne Parish (other): math 32% / reading 46% proficiency, ranked #23 of 98 in LA (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 311 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 300 units permitted in Terrebonne Parish in 2024 (0 in 5+ unit buildings).
• This rent is only 17% of the median local income ($69k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $52,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 150 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. Crime grade is D 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?
6. 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.
7. 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.
8. 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: 1.67% ✓
• Cap rate: 14.90%
• Cash-on-cash: 30.73%
• DSCR: 2.37
• GRM: 5.0

CMA / ARV

• ARV (median comp): $79,500
• List price: $59,900
• Delta: -24.65%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 25.4%
• Equity multiple: 2.05×
• Total profit: $17,634
• Equity at exit: $8,931

10-year hold

• IRR: 33.2%
• Equity multiple: 4.01×
• Total profit: $50,517
• Equity at exit: $5,179

Cash invested: $16,772 (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 70364

• Active inventory: 311
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,003 medium
• Mortgage (P&I): −$314
• Tax from tax record: −$24 /mo · $287/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $430

Break-even live

Break-even rent $459

Max offer price $59,900

Occupancy floor 52%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
624 Gabasse St Unit 1 Houma, LA	1.0	1.0	750	$975	$1.30	43d	1	0.92mi
213 Magnolia St Unit B Houma, LA	1.0	1.0	435	$875	$2.01	43d	1	0.94mi
241 Magnolia St Unit A Houma, LA	1.0	1.0	435	$875	$2.01	43d	1	0.96mi
243 Magnolia St Apt C Houma, LA	1.0	1.0	435	$875	$2.01	43d	1	0.97mi

Listing history 21 events

1. 2026-06-19
   days on market $59,900 Active 150 DOM
2. 2026-06-18
   days on market $59,900 Active 149 DOM
3. 2026-06-17
   days on market $59,900 Active 148 DOM
4. 2026-06-16
   days on market $59,900 Active 147 DOM
5. 2026-06-15
   days on market $59,900 Active 146 DOM
6. 2026-06-14
   days on market $59,900 Active 144 DOM
7. 2026-06-13
   days on market $59,900 Active 143 DOM
8. 2026-06-10
   days on market $59,900 Active 141 DOM
9. 2026-06-09
   days on market $59,900 Active 140 DOM
10. 2026-06-08
    days on market $59,900 Active 139 DOM
11. 2026-06-07
    days on market $59,900 Active 138 DOM
12. 2026-06-05
    days on market $59,900 Active 135 DOM
13. 2026-06-03
    days on market $59,900 Active 134 DOM
14. 2026-06-02
    days on market $59,900 Active 133 DOM
15. 2026-06-01
    days on market $59,900 Active 132 DOM
16. 2026-05-31
    days on market $59,900 Active 131 DOM
17. 2026-05-30
    days on market $59,900 Active 130 DOM
18. 2026-05-08
    price $59,900 20-char remark

    Show marketing remark (20 chars)

    Seller says sell it!

19. 2026-05-08
    price $59,900 20-char remark

    Show marketing remark (20 chars)

    Seller says sell it!

20. 2026-01-20
    listed $70,000 Active 20-char remark

    Show marketing remark (20 chars)

    Seller says sell it!

21. 2026-01-20
    listed $70,000 Active 20-char remark

    Show marketing remark (20 chars)

    Seller says sell it!

ⓘ 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: $287 · $24/mo
• Projected year-2 tax: $329 · $27/mo
• Expected delta: +$43/yr (+$4/mo · 14.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 56% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 22 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,038
• − Mortgage interest: −$3,355
• − Property taxes: −$287
• − Insurance: −$300
• − Repairs & maintenance: −$963
• − Management: −$963
• − Depreciation: −$1,743
• Taxable income: $4,428
• Est. tax owed @ 24.0%: −$1,063
• After-tax cash flow: $4,092/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: Terrebonne Parish
• NCES district ID: 2201740
• Math proficiency: 32% ▼ -36.00%
• Reading proficiency: 46% ▼ -30.00%
• Median HH income: $47,612
• Composite: 33.38/100
• National rank: #5480
• State rank: #23 of 98 in LA

Livability — Houma

• Score: 64/100
• State rank: #165
• US rank: #13966

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Houma, LA
• County: Terrebonne Parish · 57,290 people
• City population: 57,290
• Metro: Houma-Thibodaux, LA
• Population (ZIP): 28,716
• Household income: $68,843
• Rent vs Own: 25.5% rent · 74.5% own
• Severe rent burden: 387.0

Population outlook (Terrebonne County) Hauer SSP2

• Today (2025): 118,724 people
• By 2030: 120,321 · +1.3%
• By 2040: 121,894 · +2.7%
• By 2050: 121,119 · +2.0%
• By 2075: 117,270 · -1.2%
• By 2100: 107,544 · -9.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (65%)
• Race & ethnicity: White 65% Black 16% Hispanic / Latino 9% Two or more races 9% Native American 7% Asian 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Lithuanian 17% Slovak 1% Serbian 1%
• Foreign-born: 3% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 4% French/Haitian/Cajun 2% Other Indo-European 1%

Political lean MEDSL · Terrebonne

• 2024 margin: Solid R (+51.8) · D 23.5% · R 75.3% · Other 1.2%
• 2008→2024 swing: -11.0pp toward R · 2008: -40.9pp · 2024: -51.8pp
• All cycles: 2024: R+51.8 2020: R+50.0 2016: R+48.4 2012: R+41.2 2008: R+40.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -99.75%
• Current HPI: 113.1047
• Rent YoY: —
• Metro: Houma-Thibodaux, 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

-14.4% since first listed

4 events — show timeline

• 2026-05-08 Price Changed $59,900 AcadianaMLS
• 2026-05-08 Price Changed $59,900 GBRMLS
• 2026-01-20 Listed $70,000 GBRMLS
• 2026-01-20 Listed $70,000 AcadianaMLS

Property tax history

+0.6%/yr

Latest (2025): $287 · -2.3% YoY. Source: county tax records.