4030-32 N Miro St · New Orleans, LA 70117

$389,000

None bd · None ba · 3,228 sqft · MultiFamily public records · 8 Days on market

Built 1940 3,483 sqft lot

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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 +20.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +4.2/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Welcome to this beautifully renovated 8-bedroom, 3-bath home in the heart of New Orleans. This building is greatly suited for a co-living/ group or sober living house It is zoned HUB1A-Historic Urban Neighborhood Business District. The property has been updated from top to bottom -- move in and enjoy modern finishes without the wait. The open kitchens feature brand-new white shaker cabinets, marble-look countertops, and stainless steel appliances including Samsung refrigerators and electric ranges. Luxury vinyl plank flooring flows throughout the entire home, offering a clean, contemporary look that's easy to maintain. Each bedroom is generously sized with high ceilings, ceiling fans, and i

Key facts

• Open kitchens
• Zoned hub1a
• 3,483 sq ft lot

Tags

• ZONED HUB1A
• OPEN KITCHENS
• WHITE SHAKER CABINETS
• MARBLE-LOOK COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• SAMSUNG REFRIGERATORS

Property features AI

Finance

• Other: Located near N Galvez and Mazant (bounding streets); 18 photos available

Exterior

• Home design: Duplex; 2 total units
• Construction: Other construction materials
• Exterior features: Composition roof

Interior

• Heating & cooling: Has cooling; Has heating
• Interior features: Window air conditioning units; Other type of heating (unspecified)

What this means for you Summary

Snapshot

• This is a multifamily listed at $389k.

Deal economics

• At list price, monthly cash flow is $471 ($6k/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 $359k (7.7% below list).
• Recommended offer: $359k (7.7% below list) — sets the bar for 1% rule.
• Cap rate 8.0% 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.
• Market conditions: Rents rising (+2.5%/yr); 581 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,589/mo this rent would consume 94% 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 $3k of loan paydown is wiped out by about $12k 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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 12y 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 $205k; list at $389k implies a 90% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• 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 $358,900 (7.7% below list)

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 0.92% ✗
• Cap rate: 7.95%
• Cash-on-cash: 5.93%
• DSCR: 1.26
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $187,224
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1837 39 France St	0.24mi	6/5.0	2,814 (-13%)	10mo	$351,000	$125	59
4217-19 N Johnson St	0.15mi	12/8.0	3,613 (+12%)	17mo	$230,000	$64	59
2647 49 Louisa St	0.60mi	6/4.0	3,032 (-6%)	7mo	$77,000	$25	56
1937 39 Desire St	0.38mi	—/—	3,565 (+10%)	13mo	$150,000	$42	54
2009-11 Desire St	0.37mi	12/6.0	3,648 (+13%)	10mo	$210,000	$58	53
1428-30 Pauline St	0.56mi	8/3.0	2,976 (-8%)	15mo	$80,000	$27	48
1928-30 Desire St	0.42mi	8/2.0	3,528 (+9%)	20mo	$143,350	$41	48
1323 25 Pauline St	0.64mi	6/4.0	3,587 (+11%)	9mo	$182,500	$51	44
1736-38 Louisa St	0.58mi	8/4.0	3,568 (+10%)	14mo	$340,000	$95	43
5624-26 Saint Claude St	0.63mi	7/—	2,971 (-8%)	22mo	$324,000	$109	39
1405-07 Bartholomew St	0.57mi	8/4.0	2,800 (-13%)	19mo	$225,000	$80	35

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: -8.8%
• Equity multiple: 0.68×
• Total profit: $-34,983
• Equity at exit: $58,001

10-year hold

• IRR: 0.0%
• Equity multiple: 1.00×
• Total profit: $172
• Equity at exit: $33,634

Cash invested: $108,920 (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: 581
• Price-to-rent: 18.1×

Monthly cashflow live

• Estimated rent: $3,589 high
• Mortgage (P&I): −$2,040
• Tax from tax record: −$95 /mo · $1,144/yr
• Insurance: −$162
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$754
• Net cashflow: $471

Break-even live

Break-even rent $2,992

Max offer price $389,000

Occupancy floor 82%

Sensitivity live

Price	-10% $692	-5% $582	+0% $471	+5% $361	+10% $251
Rent	-10% $188	-5% $330	+0% $471	+5% $613	+10% $755
Rate	-1.0pp $667	-0.5pp $570	base $471	+0.5pp $371	+1.0pp $268

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,590
Total (2 units)			$3,589

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: $97,250
• Closing costs: $11,670
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1928 Franklin Ave New Orleans, LA	2.0	2.5	2840	$2,500	$0.88	11d	1	1.06mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	44d	1	1.12mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	24d	1	1.12mi
639 Desire St New Orleans, LA	3.0	2.5	2687	$5,500	$2.05	20d	1	1.20mi
2228 Arts St New Orleans, LA	3.0	2.0	2270	$1,675	$0.74	3d	1	1.23mi

Listing history 6 events

1. 2026-06-18
   days on market $389,000 Active 8 DOM
2. 2026-06-17
   days on market $389,000 Active 7 DOM
3. 2026-06-16
   days on market $389,000 Active 6 DOM
4. 2026-06-15
   days on market $389,000 Active 5 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $389,000 Active 3 DOM

ⓘ 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: $1,144 · $95/mo
• Projected year-2 tax: $2,140 · $178/mo
• Expected delta: +$996/yr (+$83/mo · 87.0%)

ⓘ 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 (shaded) · 60% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,068
• − Mortgage interest: −$21,790
• − Property taxes: −$1,144
• − Insurance: −$2,742
• − Repairs & maintenance: −$3,445
• − Management: −$3,445
• − Depreciation: −$11,316
• Taxable loss: −$816
• Est. tax savings @ 24.0%: +$196
• After-tax cash flow: $5,854/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

+332.2% since first listed

26 events — show timeline

• 2026-06-09 Listed $389,000 AcadianaMLS
• 2024-12-12 Price Changed $149,900 GSREIN
• 2024-09-28 Price Changed $165,000 GSREIN
• 2024-09-27 Price Changed $167,000 GSREIN
• 2024-09-03 Price Changed $170,000 GSREIN
• 2020-07-01 Sold (Public Records) $205,000 Public Records
• 2017-05-25 Sold (MLS) $35,000 GSREIN
• 2017-05-05 Contingent — GSREIN
• 2017-04-20 Price Changed $42,000 GSREIN
• 2017-03-03 Price Changed $45,000 GSREIN
• 2017-01-26 Price Changed $60,000 GSREIN
• 2016-12-30 Listed $65,000 GSREIN
• 2016-07-20 Sold (MLS) $25,000 GSREIN
• 2016-07-13 Contingent — GSREIN
• 2016-07-09 Price Changed $25,000 GSREIN
• 2016-05-19 Listed $50,000 GSREIN
• 2016-05-09 Listed $25,000 AcadianaMLS
• 2015-10-01 Listing Removed — GSREIN
• 2015-09-23 Price Changed $50,000 GSREIN
• 2015-06-17 Price Changed $60,000 GSREIN
• 2015-05-13 Listed $50,000 GSREIN
• 2015-01-30 Listed $50,000 GSREIN
• 2014-11-08 Listed $50,000 GSREIN
• 2014-11-08 Listed $50,000 AcadianaMLS
• 2000-04-18 Sold (Public Records) $90,000 Public Records
• 1993-04-16 Sold (Public Records) $90,000 Public Records

Property tax history

+7.0%/yr

Latest (2026): $1,144 · +1.1% YoY. Source: county tax records.