20478 Old Covington Hwy · Hammond, LA 70403

$274,900

3 bd · 2.0 ba · 2,184 sqft · SingleFamily public records · 160 Days on market

Built 1968 2.41 ac lot $126/sqft · 26% below area Est $355k · 23% under

---

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 +17.3/30.0
• ARV discount +15.0/15.0
• DSCR +5.4/10.0
• 1% rule +3.7/10.0
• Livability +3.5/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Situated on 2.41 acres with a stocked pond, this updated home offers space, comfort, and practical features both inside and out. This 3-bedroom, 2-bathroom home features two separate living areas, including a living room and a den, providing flexibility for everyday living and entertaining. Recent updates include new flooring and fresh paint throughout, creating a bright, move-in-ready feel. The kitchen is equipped with quartz countertops and stainless steel appliances, offering both style and functionality. A whole-home generator adds peace of mind and reliability year-round. The 2.41-acre property includes a large, stocked pond, adding a scenic centerpiece to the property. The home is located in Flood Zone X, meaning no flood insurance is required. Additional features include a large carport, an oversized patio ideal for outdoor enjoyment, and an outside storage shed for tools, equipment, or seasonal items. Schedule your private showing today and explore all the space and possibilities this property has to offer.

Key facts

• Quartz countertops
• Oversized patio
• Whole-home generator

Tags

• TWO SEPARATE LIVING AREAS
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• WHOLE-HOME GENERATOR
• LARGE CARPORT
• OVERSIZED PATIO

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $136 ($2k/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 $240k (12.6% below list).
• Recommended offer: $240k (12.6% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 5.0% in Hammond — 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 69/100 on livability (#77 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+; Watch: amenities C-, commute D+, schools D.
• Tangipahoa Parish (rural): math 18% / reading 29% proficiency, ranked #63 of 98 in LA (top 64%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 329 active listings in the ZIP; 3 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; 1,085 units permitted in Tangipahoa Parish in 2024 (378 in 5+ unit buildings).
• At $2,403/mo this rent would consume 57% of the median local household income ($51k/yr) (locally 1201% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• 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.
• Tangipahoa County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 160 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 2y ago; this cycle's ask has dropped $15k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $163k; list at $275k implies a 69% 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; 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 $240,256 (12.6% below list)

Questions for the listing agent

1. It's been on market 160 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is F 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?
8. 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.
9. 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.
10. 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: 0.87% ✗
• Cap rate: 7.18%
• Cash-on-cash: 3.16%
• DSCR: 1.14
• GRM: 9.5

CMA / ARV

• ARV (median comp): $355,436
• List price: $274,900
• Delta: -22.66%
• 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
43352 Rainier Dr	0.40mi	3/2.5	2,185 (0%)	4mo	$305,000	$140	76
20299 Camden Ln	0.40mi	3/2.5	2,185 (0%)	7mo	$305,000	$140	74
20383 Kingland Dr	0.20mi	4/2.5 (+1)	2,185 (0%)	18mo	$323,000	$148	68
20243 Kingland Dr	0.46mi	3/2.0	2,139 (-2%)	15mo	$307,500	$144	63
43450 Denali Dr	0.63mi	3/2.5	2,185 (0%)	9mo	$312,000	$143	61
20235 Camden Ln	0.51mi	4/2.5 (+1)	2,185 (0%)	19mo	$315,000	$144	53
43449 Denali Dr	0.67mi	3/2.0	1,951 (-11%)	1mo	$339,000	$174	50
43421 Biscayne Dr	0.56mi	4/2.0 (+1)	1,900 (-13%)	2mo	$299,000	$157	45
43460 Denali Dr	0.63mi	4/2.0 (+1)	1,896 (-13%)	2mo	$297,500	$157	42
20216 Camden Ln	0.55mi	4/2.0 (+1)	1,927 (-12%)	12mo	$310,000	$161	40
43459 Denali Dr	0.66mi	4/2.0 (+1)	1,927 (-12%)	8mo	$297,000	$154	38
20193 Long Lake Dr	0.59mi	4/2.0 (+1)	1,927 (-12%)	13mo	$285,000	$148	37

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 · 0.33% rent growth · sell at horizon

5-year hold

• IRR: -15.8%
• Equity multiple: 0.45×
• Total profit: $-42,199
• Equity at exit: $40,988

10-year hold

• IRR: -12.5%
• Equity multiple: 0.35×
• Total profit: $-50,218
• Equity at exit: $23,768

Cash invested: $76,972 (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 70403

• Home prices YoY: -34.1%
• Rents YoY: 0.3%
• Active inventory: 329
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $2,403 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$139 /mo · $1,669/yr
• Insurance: −$115
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$505
• Net cashflow: $136

Break-even live

Break-even rent $2,230

Max offer price $274,900

Occupancy floor 89%

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: $68,725
• Closing costs: $8,247
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20175 Kingland Dr Hammond, LA	3.0	2.5	2300	$2,300	$1.00	43d	1	0.57mi
43293 Quiet Lake Dr Hammond, LA	4.0	2.0	1850	$3,840	$2.08	43d	1	0.87mi
44243 Kendalwood Dr Hammond, LA	3.0	2.0	1826	$2,200	$1.20	43d	1	1.21mi

Listing history 50 events

1. 2026-06-19
   days on market $274,900 Active 160 DOM
2. 2026-06-18
   days on market $274,900 Active 159 DOM
3. 2026-06-17
   days on market $274,900 Active 158 DOM
4. 2026-06-16
   days on market $274,900 Active 157 DOM
5. 2026-06-15
   days on market $274,900 Active 156 DOM
6. 2026-06-14
   days on market $274,900 Active 154 DOM
7. 2026-06-13
   days on market $274,900 Active 153 DOM
8. 2026-06-10
   days on market $274,900 Active 151 DOM
9. 2026-06-09
   pricestatus $274,900 Active 150 DOM
10. 2026-03-25
    price $284,900 1030-char remark

    Show marketing remark (1030 chars)

    Situated on 2.41 acres with a stocked pond, this updated home offers space, comfort, and practical features both inside and out. This 3-bedroom, 2-bathroom home features two separate living areas, including a living room and a den, providing flexibility for everyday living and entertaining. Recent updates include new flooring and fresh paint throughout, creating a bright, move-in-ready feel. The kitchen is equipped with quartz countertops and stainless steel appliances, offering both style and functionality. A whole-home generator adds peace of mind and reliability year-round. The 2.41-acre property includes a large, stocked pond, adding a scenic centerpiece to the property. The home is located in Flood Zone X, meaning no flood insurance is required. Additional features include a large carport, an oversized patio ideal for outdoor enjoyment, and an outside storage shed for tools, equipment, or seasonal items. Schedule your private showing today and explore all the space and possibilities this property has to offer.

11. 2026-03-25
    price $284,900 1030-char remark

    Show marketing remark (1030 chars)

    Situated on 2.41 acres with a stocked pond, this updated home offers space, comfort, and practical features both inside and out. This 3-bedroom, 2-bathroom home features two separate living areas, including a living room and a den, providing flexibility for everyday living and entertaining. Recent updates include new flooring and fresh paint throughout, creating a bright, move-in-ready feel. The kitchen is equipped with quartz countertops and stainless steel appliances, offering both style and functionality. A whole-home generator adds peace of mind and reliability year-round. The 2.41-acre property includes a large, stocked pond, adding a scenic centerpiece to the property. The home is located in Flood Zone X, meaning no flood insurance is required. Additional features include a large carport, an oversized patio ideal for outdoor enjoyment, and an outside storage shed for tools, equipment, or seasonal items. Schedule your private showing today and explore all the space and possibilities this property has to offer.

12. 2025-12-22
    listed $289,900 Active 1030-char remark

    Show marketing remark (1030 chars)

    Situated on 2.41 acres with a stocked pond, this updated home offers space, comfort, and practical features both inside and out. This 3-bedroom, 2-bathroom home features two separate living areas, including a living room and a den, providing flexibility for everyday living and entertaining. Recent updates include new flooring and fresh paint throughout, creating a bright, move-in-ready feel. The kitchen is equipped with quartz countertops and stainless steel appliances, offering both style and functionality. A whole-home generator adds peace of mind and reliability year-round. The 2.41-acre property includes a large, stocked pond, adding a scenic centerpiece to the property. The home is located in Flood Zone X, meaning no flood insurance is required. Additional features include a large carport, an oversized patio ideal for outdoor enjoyment, and an outside storage shed for tools, equipment, or seasonal items. Schedule your private showing today and explore all the space and possibilities this property has to offer.

13. 2025-12-22
    listed $289,900 Active 1030-char remark

    Show marketing remark (1030 chars)

    Situated on 2.41 acres with a stocked pond, this updated home offers space, comfort, and practical features both inside and out. This 3-bedroom, 2-bathroom home features two separate living areas, including a living room and a den, providing flexibility for everyday living and entertaining. Recent updates include new flooring and fresh paint throughout, creating a bright, move-in-ready feel. The kitchen is equipped with quartz countertops and stainless steel appliances, offering both style and functionality. A whole-home generator adds peace of mind and reliability year-round. The 2.41-acre property includes a large, stocked pond, adding a scenic centerpiece to the property. The home is located in Flood Zone X, meaning no flood insurance is required. Additional features include a large carport, an oversized patio ideal for outdoor enjoyment, and an outside storage shed for tools, equipment, or seasonal items. Schedule your private showing today and explore all the space and possibilities this property has to offer.

14. 2025-11-28
    price $289,900
15. 2025-11-28
    price $289,900
16. 2025-11-21
    price $295,000
17. 2025-11-11
    price $295,000
18. 2025-10-21
    price $299,900
19. 2025-10-21
    price $299,900
20. 2025-09-26
    price $305,000
21. 2025-09-25
    price $305,000
22. 2025-09-10
    price $310,000
23. 2025-09-10
    price $310,000
24. 2025-08-29
    listed $315,000 Active
25. 2025-08-29
    listed $310,000 Active
26. 2025-06-10
    soldstatus $163,000 Closed
27. 2025-05-05
    historical Active Under Contract
28. 2025-04-24
    price $215,000
29. 2025-04-24
    price $215,000
30. 2025-04-19
    price $219,000
31. 2025-04-19
    price $219,000
32. 2025-04-14
    price $225,000
33. 2025-04-14
    price $225,000
34. 2025-04-12
    price $229,000
35. 2025-04-12
    price $229,000
36. 2025-04-09
    price $230,000
37. 2025-04-09
    price $230,000
38. 2025-04-01
    price $235,000
39. 2025-04-01
    price $235,000
40. 2025-03-24
    price $237,000
41. 2025-03-24
    price $237,000
42. 2025-03-19
    price $239,000
43. 2025-03-19
    price $239,000
44. 2025-03-10
    price $240,000
45. 2025-03-10
    price $240,000
46. 2025-02-03
    price $245,000
47. 2025-02-03
    price $245,000
48. 2024-12-03
    listed $250,000 Active
49. 2024-12-03
    listed $250,000 Active
50. 1994-05-19
    soldstatus

ⓘ 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: $1,669 · $139/mo
• Projected year-2 tax: $1,669 · $139/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 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 9/10 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 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,831
• − Mortgage interest: −$15,399
• − Property taxes: −$1,669
• − Insurance: −$2,172
• − Repairs & maintenance: −$2,306
• − Management: −$2,306
• − Depreciation: −$7,997
• Taxable loss: −$3,019
• Est. tax savings @ 24.0%: +$725
• After-tax cash flow: $2,360/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: Tangipahoa Parish
• NCES district ID: 2201680
• Math proficiency: 18% ▼ -32.00%
• Reading proficiency: 29% ▼ -31.00%
• Median HH income: $41,283
• Composite: 19.94/100
• National rank: #8676
• State rank: #63 of 98 in LA

Livability — Hammond

• Score: 69/100
• State rank: #77
• US rank: #8868

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Tangipahoa Parish · 85,958 people
• City population: 51,394
• Metro: Hammond, LA
• Population (ZIP): 30,173
• Household income: $50,976
• Rent vs Own: 33.6% rent · 66.4% own
• Severe rent burden: 1201.0

Population outlook (Tangipahoa County) Hauer SSP2

• Today (2025): 144,204 people
• By 2030: 151,413 · +5.0%
• By 2040: 164,374 · +14.0%
• By 2050: 175,427 · +21.7%
• By 2075: 195,165 · +35.3%
• By 2100: 201,641 · +39.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 55% Black 37% Hispanic / Latino 6% Two or more races 6%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Lithuanian 9% Serbian 1% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 4% Arabic 1%

Political lean MEDSL · Tangipahoa

• 2024 margin: Solid R (+37.4) · D 30.6% · R 68.0% · Other 1.3%
• 2008→2024 swing: -6.5pp toward R · 2008: -30.9pp · 2024: -37.4pp
• All cycles: 2024: R+37.4 2020: R+32.8 2016: R+32.6 2012: R+27.7 2008: R+30.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.04%
• Current HPI: 127.4535
• Rent YoY: ▲ 0.33%
• Metro: Hammond, 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

+14.0% since first listed

41 events — show timeline

• 2026-03-25 Price Changed $284,900 AcadianaMLS
• 2026-03-25 Price Changed $284,900 GBRMLS
• 2025-12-22 Listed $289,900 GBRMLS
• 2025-12-22 Listed $289,900 AcadianaMLS
• 2025-11-28 Price Changed $289,900 AcadianaMLS
• 2025-11-28 Price Changed $289,900 GSREIN
• 2025-11-21 Price Changed $295,000 AcadianaMLS
• 2025-11-11 Price Changed $295,000 GSREIN
• 2025-10-21 Price Changed $299,900 AcadianaMLS
• 2025-10-21 Price Changed $299,900 GSREIN
• 2025-09-26 Price Changed $305,000 AcadianaMLS
• 2025-09-25 Price Changed $305,000 GSREIN
• 2025-09-10 Price Changed $310,000 AcadianaMLS
• 2025-09-10 Price Changed $310,000 GSREIN
• 2025-08-29 Listed $310,000 AcadianaMLS
• 2025-08-29 Listed $315,000 AcadianaMLS
• 2025-06-10 Sold (MLS) $163,000 GSREIN
• 2025-05-05 Contingent — GSREIN
• 2025-04-24 Price Changed $215,000 AcadianaMLS
• 2025-04-24 Price Changed $215,000 GSREIN
• 2025-04-19 Price Changed $219,000 AcadianaMLS
• 2025-04-19 Price Changed $219,000 GSREIN
• 2025-04-14 Price Changed $225,000 AcadianaMLS
• 2025-04-14 Price Changed $225,000 GSREIN
• 2025-04-12 Price Changed $229,000 AcadianaMLS
• 2025-04-12 Price Changed $229,000 GSREIN
• 2025-04-09 Price Changed $230,000 AcadianaMLS
• 2025-04-09 Price Changed $230,000 GSREIN
• 2025-04-01 Price Changed $235,000 AcadianaMLS
• 2025-04-01 Price Changed $235,000 GSREIN
• 2025-03-24 Price Changed $237,000 AcadianaMLS
• 2025-03-24 Price Changed $237,000 GSREIN
• 2025-03-19 Price Changed $239,000 AcadianaMLS
• 2025-03-19 Price Changed $239,000 GSREIN
• 2025-03-10 Price Changed $240,000 AcadianaMLS
• 2025-03-10 Price Changed $240,000 GSREIN
• 2025-02-03 Price Changed $245,000 AcadianaMLS
• 2025-02-03 Price Changed $245,000 GSREIN
• 2024-12-03 Listed $250,000 GSREIN
• 2024-12-03 Listed $250,000 AcadianaMLS
• 1994-05-19 Sold (Public Records) — Public Records

Property tax history

+7.0%/yr

Latest (2025): $1,669 · +91.6% YoY. Source: county tax records.