3629 Ridgelake Dr APT 34MetairieLA70002
INVESTMENT ANALYSIS
Investment Verdict
Solid IncomeThe 9.13% yield at 3629 Ridgelake Dr APT 34, Metairie, LA, 70002 in Metairie is solid, but the $576/mo payment compresses net cash flow to $181/mo at $128,000. This is a tight-spread property, income covers debt, with little cushion. For investors who can optimise occupancy, the upside is real: 5% annual appreciation adds $35,364 by year five, and $1,179/yr in loan paydown builds equity. Ziffy Mortgage qualifies this via DSCR (1.69) without U.S. income documentation. Total projected return: $42,188.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 9.1% | 5.4% |
| Monthly Cash Flow | $181 | $185 |
City averages based on Metairie market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $974 |
| Total Monthly Debt Service | $1,042 |
| DSCR Ratio | 0.93x |
Ziffy Mortgage typically prefers a DSCR of 1.0+, but in some cases you may qualify with a DSCR below 1. To explore if this deal qualifies for an investment mortgage, book time with your loan officer →
Estimates assume 6.0% rate / 30-yr fixed, 30% down, 1% tax, 0.5% insurance. Not a commitment to lend.
Condo
Built in 1982
1,067 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 70002, Metairie, LA area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 9,572 (100%) |
| Owner Occupied HU | 4,532 (47.3%) |
| Renter Occupied HU | 4,178 (43.6%) |
| Vacant Housing Units | 862 ( 9.0%) |
| Median Home Value | $392,874 |
| Average Home Value | $433,147 |
Housing Distribution
Address Breakdown
Residential
9,473
Single Family
5,506
Multi-Family
3,967
Businesses
2,303
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Ziffy AI Summary
A quick, investor-focused snapshot highlighting income strength, yield potential.
| Key metrics | Value |
|---|---|
| Price | $399,900 |
| Est. Rent | $3,200/mo |
| ROI | 18% |
- Attractive rent-to-price ratio for income stability
- Good fit for DSCR financing with healthy coverage
Condo
Built in 1982
1,067 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 70002, Metairie, LA area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 9,572 (100%) |
| Owner Occupied HU | 4,532 (47.3%) |
| Renter Occupied HU | 4,178 (43.6%) |
| Vacant Housing Units | 862 ( 9.0%) |
| Median Home Value | $392,874 |
| Average Home Value | $433,147 |
Housing Distribution
Address Breakdown
Residential
9,473
Single Family
5,506
Multi-Family
3,967
Businesses
2,303
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Listed by: Terez Harris • Terez Harris Nola Realtor Group
Mls Name: GSREIN
Mls Provider:
Mls ID: #2464916
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