2636 38 Flood St · New Orleans, LA 70117

$350,000

6 bd · 4.0 ba · 3,054 sqft · MultiFamily · 99 Days on market

Built 2022 4,029 sqft lot Est $357k · at est.

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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 +19.4/30.0
• ARV discount +8.4/15.0
• DSCR +6.1/10.0
• 1% rule +5.3/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Welcome to your dream investment opportunity! This stunning multi-family property, located at 2636-38 Flood Street, New Orleans, LA 70117, is a must-see for first-time home buyers or investors looking to possess a lucrative income stream. With 6 bedrooms, 4 bathrooms, and an expansive floor size of 3054 sqft, this property offers ample space for comfortable living. Situated on a generously sized lot of 4030 sqft, this property provides wonderful potential for outdoor entertaining or expansion. Located in a neighborhood of New Orleans, you'll be just a short distance away from the vibrant soul of the city, with restaurants, parks, and schools right at your doorstep. Don't miss out on this opportunity to own a piece of the Big Easy - call now to schedule a viewing and make this your dream investment a reality! TITLE COMPANY OF BUYER'S CHOICE TO HOLD DEPOSIT.

Key facts

• Outdoor entertaining
• Generously sized lot
• 4,029 sq ft lot

Tags

• MULTI-FAMILY PROPERTY
• GENEROUSLY SIZED LOT
• OUTDOOR ENTERTAINING

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $-33 ($-392/yr) — negative. Per door: $-16/mo.
• To cash-flow at today's rent, offer at most $344k (1.6% below list).
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $318k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 4.4% in New Orleans — 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 81/100 on livability (#3 in LA, #1,383 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime C-, employment D.
• Orleans Parish (urban): math 11% / reading 27% proficiency, ranked #69 of 98 in LA (top 70%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Benjamin Franklin Elem. Math And Science (math 12% / reading 23%, grade F, #479 of 646 statewide, top 75%, 747 students, 98% FRL, charter) — zoned schools average 98% FRL vs 68% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.5%/yr); 587 active listings in the ZIP; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,620/mo this rent would consume 95% of the median local household income ($46k/yr) (locally 1988% 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 $10k of value loss. Plan a longer hold.
• Orleans County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($318k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $16k; list at $350k implies a 2088% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $318,500 (9.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.03% ✓
• Cap rate: 7.64%
• Cash-on-cash: 4.82%
• DSCR: 1.21
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $357,318
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2308 10 Fats Domino Ave	0.33mi	6/4.0	2,944 (-4%)	8mo	$345,000	$117	71

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 · 2.49% rent growth · sell at horizon

5-year hold

• IRR: -17.5%
• Equity multiple: 0.38×
• Total profit: $-60,297
• Equity at exit: $52,186

10-year hold

• IRR: -10.5%
• Equity multiple: 0.37×
• Total profit: $-61,286
• Equity at exit: $30,262

Cash invested: $98,000 (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 70117

• Rents YoY: 2.5%
• Active inventory: 587
• Price-to-rent: 16.1×

Monthly cashflow live

• Estimated rent: $3,620 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$485 /mo · $5,816/yr
• Insurance: −$146
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$760
• Net cashflow: $-33

Break-even live

Break-even rent $3,661

Max offer price $344,231

Occupancy floor 96%

Sensitivity live

Price	-10% $165	-5% $66	+0% $-33	+5% $-132	+10% $-231
Rent	-10% $-319	-5% $-176	+0% $-33	+5% $110	+10% $253
Rate	-1.0pp $144	-0.5pp $56	base $-33	+0.5pp $-123	+1.0pp $-216

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,620
Total (2 units)			$3,620

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-04-16
   status Pending 868-char remark

   Show marketing remark (868 chars)

   Welcome to your dream investment opportunity! This stunning multi-family property, located at 2636-38 Flood Street, New Orleans, LA 70117, is a must-see for first-time home buyers or investors looking to possess a lucrative income stream. With 6 bedrooms, 4 bathrooms, and an expansive floor size of 3054 sqft, this property offers ample space for comfortable living. Situated on a generously sized lot of 4030 sqft, this property provides wonderful potential for outdoor entertaining or expansion. Located in a neighborhood of New Orleans, you'll be just a short distance away from the vibrant soul of the city, with restaurants, parks, and schools right at your doorstep. Don't miss out on this opportunity to own a piece of the Big Easy - call now to schedule a viewing and make this your dream investment a reality! TITLE COMPANY OF BUYER'S CHOICE TO HOLD DEPOSIT.

2. 2026-04-16
   status Pending

   Show marketing remark (868 chars)

   Welcome to your dream investment opportunity! This stunning multi-family property, located at 2636-38 Flood Street, New Orleans, LA 70117, is a must-see for first-time home buyers or investors looking to possess a lucrative income stream. With 6 bedrooms, 4 bathrooms, and an expansive floor size of 3054 sqft, this property offers ample space for comfortable living. Situated on a generously sized lot of 4030 sqft, this property provides wonderful potential for outdoor entertaining or expansion. Located in a neighborhood of New Orleans, you'll be just a short distance away from the vibrant soul of the city, with restaurants, parks, and schools right at your doorstep. Don't miss out on this opportunity to own a piece of the Big Easy - call now to schedule a viewing and make this your dream investment a reality! TITLE COMPANY OF BUYER'S CHOICE TO HOLD DEPOSIT.

3. 2026-01-06
   listed $350,000 Active 868-char remark

   Show marketing remark (868 chars)

   Welcome to your dream investment opportunity! This stunning multi-family property, located at 2636-38 Flood Street, New Orleans, LA 70117, is a must-see for first-time home buyers or investors looking to possess a lucrative income stream. With 6 bedrooms, 4 bathrooms, and an expansive floor size of 3054 sqft, this property offers ample space for comfortable living. Situated on a generously sized lot of 4030 sqft, this property provides wonderful potential for outdoor entertaining or expansion. Located in a neighborhood of New Orleans, you'll be just a short distance away from the vibrant soul of the city, with restaurants, parks, and schools right at your doorstep. Don't miss out on this opportunity to own a piece of the Big Easy - call now to schedule a viewing and make this your dream investment a reality! TITLE COMPANY OF BUYER'S CHOICE TO HOLD DEPOSIT.

4. 2026-01-06
   listed $350,000 Active

   Show marketing remark (868 chars)

   Welcome to your dream investment opportunity! This stunning multi-family property, located at 2636-38 Flood Street, New Orleans, LA 70117, is a must-see for first-time home buyers or investors looking to possess a lucrative income stream. With 6 bedrooms, 4 bathrooms, and an expansive floor size of 3054 sqft, this property offers ample space for comfortable living. Situated on a generously sized lot of 4030 sqft, this property provides wonderful potential for outdoor entertaining or expansion. Located in a neighborhood of New Orleans, you'll be just a short distance away from the vibrant soul of the city, with restaurants, parks, and schools right at your doorstep. Don't miss out on this opportunity to own a piece of the Big Easy - call now to schedule a viewing and make this your dream investment a reality! TITLE COMPANY OF BUYER'S CHOICE TO HOLD DEPOSIT.

5. 2025-05-20
   listed $350,000 Active
6. 2024-08-15
   price $360,000
7. 2024-05-18
   listed $360,000 Active
8. 1981-09-08
   soldstatus $16,000

ⓘ 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: $5,816 · $485/mo
• Projected year-2 tax: $5,816 · $485/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 9/10 Extreme FEMA zone AE · 78% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 20 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,440
• − Mortgage interest: −$19,605
• − Property taxes: −$5,816
• − Insurance: −$6,868
• − Repairs & maintenance: −$3,475
• − Management: −$3,475
• − Depreciation: −$10,182
• Taxable loss: −$5,982
• Est. tax savings @ 24.0%: +$1,436
• After-tax cash flow: $1,044/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: Orleans Parish
• NCES district ID: 2201170
• Math proficiency: 11% ▼ -52.00%
• Reading proficiency: 27% ▼ -46.00%
• Median HH income: $37,011
• Composite: 15.78/100
• National rank: #9271
• State rank: #69 of 98 in LA

Livability — New Orleans

• Score: 81/100
• State rank: #3
• US rank: #1383

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Orleans, LA
• County: Orleans Parish · 338,817 people
• City population: 338,817
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 25,652
• Household income: $45,764
• Rent vs Own: 47.8% rent · 52.2% own
• Severe rent burden: 1988.0

Population outlook (Orleans County) Hauer SSP2

• Today (2025): 513,025 people
• By 2030: 575,781 · +12.2%
• By 2040: 700,174 · +36.5%
• By 2050: 826,541 · +61.1%
• By 2075: 1,123,374 · +119.0%
• By 2100: 1,355,609 · +164.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Black (60%)
• Race & ethnicity: Black 60% White 30% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Lithuanian 5% Italian 1% Romanian 1%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Orleans

• 2024 margin: Solid D (+67.0) · D 82.2% · R 15.2% · Other 2.7%
• 2008→2024 swing: +6.7pp toward D · 2008: 60.3pp · 2024: 67.0pp
• All cycles: 2024: D+67.0 2020: D+68.2 2016: D+66.2 2012: D+62.5 2008: D+60.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -177.22%
• Current HPI: 184.6061
• Rent YoY: ▲ 2.49%
• 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

+2087.5% since first listed

8 events — show timeline

• 2026-04-16 Pending — AcadianaMLS
• 2026-04-16 Pending — GSREIN
• 2026-01-06 Listed $350,000 GSREIN
• 2026-01-06 Listed $350,000 AcadianaMLS
• 2025-05-20 Listed $350,000 AcadianaMLS
• 2024-08-15 Price Changed $360,000 GSREIN
• 2024-05-18 Listed $360,000 AcadianaMLS
• 1981-09-08 Sold (Public Records) $16,000 Public Records

Property tax history

+188.1%/yr

Latest (2026): $5,816 · +1.1% YoY. Source: county tax records.