621 Alvar St · New Orleans, LA 70117

$515,000

8 bd · 4.0 ba · 2,800 sqft · MultiFamily public records · 320 Days on market

Built 1925 $184/sqft · 20% above area Est $473k · 9% over

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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 +23.7/30.0
• DSCR +7.6/10.0
• 1% rule +6.0/10.0
• Livability +4.0/5.0
• ARV discount +3.5/15.0
• 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 (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

The Rainbow Fourplex in the Bywater ~ Fully Occupied Income Producing Property in Prime Location! All units occupied with paying tenants who would like to stay. Separate electric and gas meters ~ owner pays water. Many key upgrades have been made including a brand new fortified roof (c. February 2024), four tankless hot water heaters, and hardy plank siding. The gutted rear shed could potentially be converted to a 5th rental unit, renting at an estimated $1,000/month. Large fenced-in backyard. This iconic property represents solid cash flow in an established location with the potential to add value to an already solid foundation. Coveted flood zone X. Property requires some notice to show.

Key facts

• Solid cash flow
• Hardy plank siding
• New fortified roof

Tags

• INCOME PRODUCING PROPERTY
• PRIME LOCATION
• NEW FORTIFIED ROOF
• HARDY PLANK SIDING
• LARGE FENCED-IN BACKYARD
• SOLID CASH FLOW

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $515k.

Deal economics

• At list price, monthly cash flow is $913 ($11k/yr) — positive. Per door: $228/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $515k).
• Recommended offer: $453k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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 $5,651/mo this rent would consume 148% 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 $4k of loan paydown is wiped out by about $15k 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 320 days — a 12% lower offer ($453k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $84k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $453,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 320 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.10% ✓
• Cap rate: 8.57%
• Cash-on-cash: 8.15%
• DSCR: 1.36
• GRM: 7.6

CMA / ARV

• ARV (median comp): $473,220
• List price: $515,000
• Delta: 8.83%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4016-18 Royal St	0.08mi	8/—	3,016 (+8%)	23mo	$420,000	$139	64
3400-02 N Rampart St	0.34mi	8/4.0	3,032 (+8%)	15mo	$425,000	$140	58
1405-07 Bartholomew St	0.56mi	8/4.0	2,800 (0%)	20mo	$225,000	$80	58
1428-30 Pauline St	0.59mi	8/3.0	2,976 (+6%)	15mo	$80,000	$27	45
5624-26 Saint Claude St	0.69mi	7/— (-1)	2,971 (+6%)	22mo	$324,000	$109	34

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: -5.3%
• Equity multiple: 0.80×
• Total profit: $-28,127
• Equity at exit: $76,788

10-year hold

• IRR: 3.8%
• Equity multiple: 1.27×
• Total profit: $38,968
• Equity at exit: $44,528

Cash invested: $144,200 (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: 30.4×

Monthly cashflow live

• Estimated rent: $5,651 high
• Mortgage (P&I): −$2,701
• Tax from tax record: −$570 /mo · $6,838/yr
• Insurance: −$215
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,187
• Net cashflow: $913

Break-even live

Break-even rent $4,496

Max offer price $515,000

Occupancy floor 79%

Sensitivity live

Price	-10% $1,204	-5% $1,058	+0% $913	+5% $767	+10% $621
Rent	-10% $466	-5% $689	+0% $913	+5% $1,136	+10% $1,359
Rate	-1.0pp $1,172	-0.5pp $1,044	base $913	+0.5pp $779	+1.0pp $643

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,652
Total (4 units)			$5,651

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: $128,750
• Closing costs: $15,450
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-21
   days on market $515,000 Active 320 DOM
2. 2026-06-18
   days on market $515,000 Active 317 DOM
3. 2026-06-17
   days on market $515,000 Active 316 DOM
4. 2026-06-16
   days on market $515,000 Active 315 DOM
5. 2026-06-15
   days on market $515,000 Active 314 DOM
6. 2026-06-13
   days on market $515,000 Active 312 DOM
7. 2026-06-10
   days on market $515,000 Active 309 DOM
8. 2026-06-09
   days on market $515,000 Active 308 DOM
9. 2026-06-08
   days on market $515,000 Active 307 DOM
10. 2026-06-07
    days on market $515,000 Active 306 DOM
11. 2026-06-05
    days on market $515,000 Active 303 DOM
12. 2026-06-03
    days on market $515,000 Active 302 DOM
13. 2026-06-02
    days on market $515,000 Active 301 DOM
14. 2026-06-01
    days on market $515,000 Active 300 DOM
15. 2026-05-31
    days on market $515,000 Active 299 DOM
16. 2026-04-23
    price $515,000 698-char remark

    Show marketing remark (698 chars)

    The Rainbow Fourplex in the Bywater ~ Fully Occupied Income Producing Property in Prime Location! All units occupied with paying tenants who would like to stay. Separate electric and gas meters ~ owner pays water. Many key upgrades have been made including a brand new fortified roof (c. February 2024), four tankless hot water heaters, and hardy plank siding. The gutted rear shed could potentially be converted to a 5th rental unit, renting at an estimated $1,000/month. Large fenced-in backyard. This iconic property represents solid cash flow in an established location with the potential to add value to an already solid foundation. Coveted flood zone X. Property requires some notice to show.

17. 2026-04-23
    price $515,000 698-char remark

    Show marketing remark (698 chars)

    The Rainbow Fourplex in the Bywater ~ Fully Occupied Income Producing Property in Prime Location! All units occupied with paying tenants who would like to stay. Separate electric and gas meters ~ owner pays water. Many key upgrades have been made including a brand new fortified roof (c. February 2024), four tankless hot water heaters, and hardy plank siding. The gutted rear shed could potentially be converted to a 5th rental unit, renting at an estimated $1,000/month. Large fenced-in backyard. This iconic property represents solid cash flow in an established location with the potential to add value to an already solid foundation. Coveted flood zone X. Property requires some notice to show.

18. 2026-01-05
    price $525,000 698-char remark

    Show marketing remark (698 chars)

    The Rainbow Fourplex in the Bywater ~ Fully Occupied Income Producing Property in Prime Location! All units occupied with paying tenants who would like to stay. Separate electric and gas meters ~ owner pays water. Many key upgrades have been made including a brand new fortified roof (c. February 2024), four tankless hot water heaters, and hardy plank siding. The gutted rear shed could potentially be converted to a 5th rental unit, renting at an estimated $1,000/month. Large fenced-in backyard. This iconic property represents solid cash flow in an established location with the potential to add value to an already solid foundation. Coveted flood zone X. Property requires some notice to show.

19. 2026-01-05
    price $525,000 698-char remark

    Show marketing remark (698 chars)

    The Rainbow Fourplex in the Bywater ~ Fully Occupied Income Producing Property in Prime Location! All units occupied with paying tenants who would like to stay. Separate electric and gas meters ~ owner pays water. Many key upgrades have been made including a brand new fortified roof (c. February 2024), four tankless hot water heaters, and hardy plank siding. The gutted rear shed could potentially be converted to a 5th rental unit, renting at an estimated $1,000/month. Large fenced-in backyard. This iconic property represents solid cash flow in an established location with the potential to add value to an already solid foundation. Coveted flood zone X. Property requires some notice to show.

20. 2025-10-27
    price $550,000 698-char remark

    Show marketing remark (698 chars)

    The Rainbow Fourplex in the Bywater ~ Fully Occupied Income Producing Property in Prime Location! All units occupied with paying tenants who would like to stay. Separate electric and gas meters ~ owner pays water. Many key upgrades have been made including a brand new fortified roof (c. February 2024), four tankless hot water heaters, and hardy plank siding. The gutted rear shed could potentially be converted to a 5th rental unit, renting at an estimated $1,000/month. Large fenced-in backyard. This iconic property represents solid cash flow in an established location with the potential to add value to an already solid foundation. Coveted flood zone X. Property requires some notice to show.

21. 2025-10-27
    price $550,000 698-char remark

    Show marketing remark (698 chars)

    The Rainbow Fourplex in the Bywater ~ Fully Occupied Income Producing Property in Prime Location! All units occupied with paying tenants who would like to stay. Separate electric and gas meters ~ owner pays water. Many key upgrades have been made including a brand new fortified roof (c. February 2024), four tankless hot water heaters, and hardy plank siding. The gutted rear shed could potentially be converted to a 5th rental unit, renting at an estimated $1,000/month. Large fenced-in backyard. This iconic property represents solid cash flow in an established location with the potential to add value to an already solid foundation. Coveted flood zone X. Property requires some notice to show.

22. 2025-09-30
    price $575,000 698-char remark

    Show marketing remark (698 chars)

    The Rainbow Fourplex in the Bywater ~ Fully Occupied Income Producing Property in Prime Location! All units occupied with paying tenants who would like to stay. Separate electric and gas meters ~ owner pays water. Many key upgrades have been made including a brand new fortified roof (c. February 2024), four tankless hot water heaters, and hardy plank siding. The gutted rear shed could potentially be converted to a 5th rental unit, renting at an estimated $1,000/month. Large fenced-in backyard. This iconic property represents solid cash flow in an established location with the potential to add value to an already solid foundation. Coveted flood zone X. Property requires some notice to show.

23. 2025-09-30
    price $575,000 698-char remark

    Show marketing remark (698 chars)

    The Rainbow Fourplex in the Bywater ~ Fully Occupied Income Producing Property in Prime Location! All units occupied with paying tenants who would like to stay. Separate electric and gas meters ~ owner pays water. Many key upgrades have been made including a brand new fortified roof (c. February 2024), four tankless hot water heaters, and hardy plank siding. The gutted rear shed could potentially be converted to a 5th rental unit, renting at an estimated $1,000/month. Large fenced-in backyard. This iconic property represents solid cash flow in an established location with the potential to add value to an already solid foundation. Coveted flood zone X. Property requires some notice to show.

24. 2025-08-05
    listed $599,000 Active 698-char remark

    Show marketing remark (698 chars)

    The Rainbow Fourplex in the Bywater ~ Fully Occupied Income Producing Property in Prime Location! All units occupied with paying tenants who would like to stay. Separate electric and gas meters ~ owner pays water. Many key upgrades have been made including a brand new fortified roof (c. February 2024), four tankless hot water heaters, and hardy plank siding. The gutted rear shed could potentially be converted to a 5th rental unit, renting at an estimated $1,000/month. Large fenced-in backyard. This iconic property represents solid cash flow in an established location with the potential to add value to an already solid foundation. Coveted flood zone X. Property requires some notice to show.

25. 2025-08-05
    listed $599,000 Active 698-char remark

    Show marketing remark (698 chars)

    The Rainbow Fourplex in the Bywater ~ Fully Occupied Income Producing Property in Prime Location! All units occupied with paying tenants who would like to stay. Separate electric and gas meters ~ owner pays water. Many key upgrades have been made including a brand new fortified roof (c. February 2024), four tankless hot water heaters, and hardy plank siding. The gutted rear shed could potentially be converted to a 5th rental unit, renting at an estimated $1,000/month. Large fenced-in backyard. This iconic property represents solid cash flow in an established location with the potential to add value to an already solid foundation. Coveted flood zone X. Property requires some notice to show.

26. 2024-05-30
    soldstatus $545,000
27. 2017-02-13
    soldstatus $400,000
28. 1998-08-26
    soldstatus $61,600
29. 1987-03-30
    soldstatus $41,294

ⓘ 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: $6,838 · $570/mo
• Projected year-2 tax: $6,838 · $570/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 7/10 Severe FEMA zone X · 59% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 21 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: $67,812
• − Mortgage interest: −$28,848
• − Property taxes: −$6,838
• − Insurance: −$3,372
• − Repairs & maintenance: −$5,425
• − Management: −$5,425
• − Depreciation: −$14,982
• Taxable income: $2,922
• Est. tax owed @ 24.0%: −$701
• After-tax cash flow: $10,251/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

+1147.2% since first listed

14 events — show timeline

• 2026-04-23 Price Changed $515,000 AcadianaMLS
• 2026-04-23 Price Changed $515,000 GSREIN
• 2026-01-05 Price Changed $525,000 AcadianaMLS
• 2026-01-05 Price Changed $525,000 GSREIN
• 2025-10-27 Price Changed $550,000 AcadianaMLS
• 2025-10-27 Price Changed $550,000 GSREIN
• 2025-09-30 Price Changed $575,000 AcadianaMLS
• 2025-09-30 Price Changed $575,000 GSREIN
• 2025-08-05 Listed $599,000 GSREIN
• 2025-08-05 Listed $599,000 AcadianaMLS
• 2024-05-30 Sold (Public Records) $545,000 Public Records
• 2017-02-13 Sold (Public Records) $400,000 Public Records
• 1998-08-26 Sold (Public Records) $61,600 Public Records
• 1987-03-30 Sold (Public Records) $41,294 Public Records

Property tax history

+10.4%/yr

Latest (2026): $6,838 · +1.1% YoY. Source: county tax records.