728 Elmeer Ave · Metairie, LA 70005

$325,000

3 bd · 2.5 ba · 2,573 sqft · SingleFamily · 61 Days on market

Built 1975 $126/sqft · 28% below area Est $452k · 28% 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 +19.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• Livability +4.4/5.0
• 1% rule +4.0/10.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity knocks in the heart of Metairie! This spacious 2,600 sq ft cottage offers 3 bedrooms and 2.5 baths with incredible potential for the right buyer. The home has experienced water damage and is currently in need of significant renovation - flooring, kitchen and bathrooms - making it a true blank canvas ready for your vision. Whether you are an investor or a buyer looking to customize your dream home from the ground up, this property is priced to sell and positioned in a highly desirable location. Don't miss your chance to transform this property into something special.

Key facts

• Parking
• Built 1975
• Listed 60 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $325k.

Deal economics

• At list price, monthly cash flow is $272 ($3k/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 $292k (10.0% below list).
• Recommended offer: $292k (10.0% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 3.6% in Metairie — 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 87/100 on livability (#1 in LA, #261 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+.
• Jefferson Parish (suburban): math 24% / reading 34% proficiency, ranked #44 of 98 in LA (top 45%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.3%/yr); 177 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 518 units permitted in Jefferson Parish in 2024 (43 in 5+ unit buildings).
• This rent runs 39% of the median local income ($89k/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 $10k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($306k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $34k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $152k; list at $325k implies a 114% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe 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 $292,476 (10.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.90% ✗
• Cap rate: 7.54%
• Cash-on-cash: 4.46%
• DSCR: 1.20
• GRM: 9.3

CMA / ARV

• ARV (median comp): $451,670
• List price: $325,000
• Delta: -28.04%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
644 Brockenbraugh Ct	0.16mi	3/2.0	2,358 (-8%)	1mo	$586,500	$249	76
924 Brockenbraugh Ct	0.32mi	4/3.5 (+1)	2,551 (-1%)	2mo	$625,000	$245	73
401 Elmeer Ave	0.57mi	4/2.5 (+1)	2,563 (-0%)	3mo	$735,000	$287	65
868 Rosa Ave	0.36mi	3/2.0	2,323 (-10%)	1mo	$315,000	$136	64
1010 Orion Ave	0.42mi	4/2.0 (+1)	2,394 (-7%)	2mo	$325,000	$136	60
319 E William David Pkwy	0.54mi	4/3.0 (+1)	2,665 (+4%)	2mo	$575,000	$216	60
1029 Aurora Ave	0.37mi	4/2.5 (+1)	2,297 (-11%)	0mo	$627,500	$273	60
1001 Bonnabel Blvd	0.44mi	4/3.0 (+1)	2,838 (+10%)	1mo	$350,000	$123	54
1137 Aurora Ave	0.52mi	4/2.5 (+1)	2,310 (-10%)	2mo	$380,000	$165	52
1155 Bonnabel Blvd	0.64mi	4/2.0 (+1)	2,464 (-4%)	5mo	$380,000	$154	52
354 Homestead Ave	0.75mi	4/3.0 (+1)	2,465 (-4%)	0mo	$669,000	$271	51
1230 Aurora Ave	0.68mi	4/3.0 (+1)	2,257 (-12%)	1mo	$365,000	$162	40

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -13.8%
• Equity multiple: 0.52×
• Total profit: $-43,992
• Equity at exit: $48,459

10-year hold

• IRR: -10.2%
• Equity multiple: 0.46×
• Total profit: $-49,461
• Equity at exit: $28,100

Cash invested: $91,000 (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 70005

• Rents YoY: -0.3%
• Active inventory: 177
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,925 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$132 /mo · $1,588/yr
• Insurance: −$135
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$614
• Net cashflow: $272

Break-even live

Break-even rent $2,580

Max offer price $325,000

Occupancy floor 86%

Sensitivity live

Price	-10% $456	-5% $364	+0% $272	+5% $180	+10% $88
Rent	-10% $41	-5% $157	+0% $272	+5% $388	+10% $503
Rate	-1.0pp $436	-0.5pp $355	base $272	+0.5pp $188	+1.0pp $102

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
849 Rosa Ave Unit 1 Metairie, LA	4.0	3.0	2392	$2,650	$1.11	25d	1	0.34mi
728 Bonnabel Blvd Unit 1 Metairie, LA	3.0	2.0	2000	$3,500	$1.75	45d	1	0.46mi
517 Rosa Ave Metairie, LA	3.0	2.0	1900	$2,100	$1.11	5d	1	0.47mi
437 Elmeer Ave Metairie, LA	3.0	2.0	2041	$3,950	$1.94	22d	1	0.47mi
801 Rue Burgundy #215 Metairie, LA	2.0	2.0	1763	$3,500	$1.99	45d	1	0.68mi
801 Rue Burgundy #319 Metairie, LA	2.0	2.0	1763	$3,250	$1.84	15d	1	0.68mi
1117 Andrews Ave Metairie, LA	3.0	2.0	1770	$2,600	$1.47	45d	1	0.71mi
35 Oaklawn Dr Metairie, LA	3.0	3.0	3175	$12,000	$3.78	45d	1	0.80mi
309 Lilac St Metairie, LA	3.0	2.5	1750	$1,745	$1.00	45d	1	0.86mi
3017 Clifford Dr Metairie, LA	3.0	2.0	1900	$2,500	$1.32	25d	1	0.87mi
209 Rosa Ave Metairie, LA	3.0	2.5	2400	$2,000	$0.83	15d	1	0.87mi
3104 Clifford Dr Metairie, LA	4.0	2.0	2018	$2,700	$1.34	25d	1	0.92mi
1437 Ocean Dr Metairie, LA	3.0	2.0	1850	$2,600	$1.41	45d	1	1.00mi
321 W Harrison Ave New Orleans, LA	3.0	3.0	3000	$2,500	$0.83	17d	1	1.01mi
321 W Harrison Ave New Orleans, LA	3.0	3.0	3000	$3,000	$1.00	45d	1	1.01mi
218 Aurora Ave Metairie, LA	3.0	2.5	2500	$2,500	$1.00	25d	1	1.02mi
431 Tacoma St New Orleans, LA	3.0	2.0	2019	$4,300	$2.13	17d	1	1.05mi
1916 Metairie Heights Ave Metairie, LA	4.0	2.0	2250	$2,800	$1.24	25d	1	1.09mi
300 33rd St New Orleans, LA	2.0	1.5	1800	$1,750	$0.97	25d	1	1.12mi
1528 Cherokee Ave Metairie, LA	3.0	2.5	2500	$2,800	$1.12	3d	1	1.14mi
130 Helios Ave Metairie, LA	2.0	2.5	1793	$2,600	$1.45	15d	1	1.24mi
6760 Bellaire Dr New Orleans, LA	4.0	2.5	2000	$2,750	$1.38	45d	1	1.25mi
132 Hesper Ave Metairie, LA	4.0	4.0	2598	$5,500	$2.12	45d	1	1.26mi
400 Metairie-Hammond Hwy Unit 4A Metairie, LA	3.0	2.5	2316	$6,300	$2.72	15d	1	1.29mi
302 Bella Dr Metairie, LA	3.0	2.0	3125	$5,000	$1.60	5d	1	1.33mi
6180 Milne Blvd New Orleans, LA	3.0	2.5	1785	$2,400	$1.34	4d	1	1.38mi
6509 West End Blvd New Orleans, LA	4.0	2.0	1750	$2,600	$1.49	25d	1	1.39mi
3901 Ridgelake Dr Unit 4A Metairie, LA	3.0	2.5	2511	$8,500	$3.39	45d	1	1.49mi

Listing history 12 events

1. 2026-06-10
   days on market $325,000 Active 61 DOM
2. 2026-06-09
   days on market $325,000 Active 60 DOM
3. 2026-06-08
   days on market $325,000 Active 59 DOM
4. 2026-06-07
   days on market $325,000 Active 58 DOM
5. 2026-06-03
   days on market $325,000 Active 54 DOM
6. 2026-06-02
   days on market $325,000 Active 53 DOM
7. 2026-06-02
   price $325,000 Active 52 DOM
8. 2026-06-01
   days on market $359,000 Active 52 DOM
9. 2026-05-31
   days on market $359,000 Active 51 DOM
10. 2026-04-08
    listed $359,000 Active 584-char remark

    Show marketing remark (584 chars)

    Opportunity knocks in the heart of Metairie! This spacious 2,600 sq ft cottage offers 3 bedrooms and 2.5 baths with incredible potential for the right buyer. The home has experienced water damage and is currently in need of significant renovation - flooring, kitchen and bathrooms - making it a true blank canvas ready for your vision. Whether you are an investor or a buyer looking to customize your dream home from the ground up, this property is priced to sell and positioned in a highly desirable location. Don't miss your chance to transform this property into something special.

11. 2026-04-08
    listed $359,000 Active 584-char remark

    Show marketing remark (584 chars)

    Opportunity knocks in the heart of Metairie! This spacious 2,600 sq ft cottage offers 3 bedrooms and 2.5 baths with incredible potential for the right buyer. The home has experienced water damage and is currently in need of significant renovation - flooring, kitchen and bathrooms - making it a true blank canvas ready for your vision. Whether you are an investor or a buyer looking to customize your dream home from the ground up, this property is priced to sell and positioned in a highly desirable location. Don't miss your chance to transform this property into something special.

12. 1990-12-01
    soldstatus $152,000

ⓘ 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: $1,588 · $132/mo
• Projected year-2 tax: $1,788 · $149/mo
• Expected delta: +$200/yr (+$17/mo · 12.6%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X · 60% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 22 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,097
• − Mortgage interest: −$18,205
• − Property taxes: −$1,588
• − Insurance: −$2,422
• − Repairs & maintenance: −$2,808
• − Management: −$2,808
• − Depreciation: −$9,455
• Taxable loss: −$2,188
• Est. tax savings @ 24.0%: +$525
• After-tax cash flow: $3,790/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: Jefferson Parish
• NCES district ID: 2200840
• Math proficiency: 24% ▼ -36.00%
• Reading proficiency: 34% ▼ -30.00%
• Median HH income: $48,421
• Composite: 25.19/100
• National rank: #7511
• State rank: #44 of 98 in LA

Livability — Metairie

• Score: 87/100
• State rank: #1
• US rank: #261

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Metairie, LA
• County: Jefferson Parish · 426,999 people
• City population: 137,978
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 24,088
• Household income: $89,194
• Rent vs Own: 34.9% rent · 65.1% own
• Severe rent burden: 711.0

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 451,696 people
• By 2030: 455,451 · +0.8%
• By 2040: 458,308 · +1.5%
• By 2050: 461,031 · +2.1%
• By 2075: 476,351 · +5.5%
• By 2100: 499,377 · +10.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 13% Two or more races 8% Asian 2% Native American 2% Black 1%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Lithuanian 21% Slovak 2% Iranian 1%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 89% English-only · Spanish 8% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Jefferson

• 2024 margin: R (+12.9) · D 42.5% · R 55.5% · Other 2.1%
• 2008→2024 swing: +13.6pp toward D · 2008: -26.6pp · 2024: -12.9pp
• All cycles: 2024: R+12.9 2020: R+11.1 2016: R+14.8 2012: R+18.4 2008: R+26.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -371.32%
• Current HPI: 142.4955
• Rent YoY: ▼ -0.31%
• 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

+136.2% since first listed

3 events — show timeline

• 2026-04-08 Listed $359,000 AcadianaMLS
• 2026-04-08 Listed $359,000 GSREIN
• 1990-12-01 Sold (Public Records) $152,000 Public Records

Property tax history

+1.0%/yr

Latest (2025): $1,588 · +0.2% YoY. Source: county tax records.