156 Mack Ln

Spearsville, LA 71277

$115,000D-

3 bd · 2.0 ba · 1,216 sqft · Built 2002 · Manufactured · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $794/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$83
• HOA: −$0
• Vac / Maint / Mgmt: −$167
• Net cashflow: $-58/mo
• Annual: $-701/yr
• Cap rate: 5.68%
• Cash-on-cash: -2.18%
• DSCR: 0.90
• 1% rule: 0.69%
• Cash to close: $32,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $115k.
• At list price, monthly cash flow is $-58 ($-701/yr) — negative.
• To cash-flow at today's rent, offer at most $105k (9.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $79k (30.9% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $79k (30.9% below list) — sets the bar for 1% rule.
• In year one you build about $4k of equity ($795 loan paydown + $3k appreciation (2.6% local appreciation)).
• Location reads 49/100 on livability (#437 in LA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: health & safety D, amenities F, commute F.
• Union Parish (rural): math 12% / reading 20% proficiency, ranked #74 of 98 in LA (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 76% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Union Parish Elementary School (math 4% / reading 8%, grade F, #630 of 646 statewide, top 98%, 659 students, 58% FRL); Union Parish High School (math 8% / reading 16%, grade F, #235 of 265 statewide, top 90%, 745 students, 52% FRL) — zoned schools average 55% FRL vs 76% district-wide (21 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 16 active listings in the ZIP; 2 units permitted in Union Parish in 2024 (0 in 5+ unit buildings).
• Union County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.6% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~8 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.