2540 42 Mistletoe St · New Orleans, LA 70118

$150,000

4 bd · 2.0 ba · 1,430 sqft · MultiFamily public records · 36 Days on market

Built 1945 $105/sqft · 21% below area Est $185k · 19% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• 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

A classic New Orleans double on a corner lot in Holly Grove, offered at an introductory price. This property presents an opportunity to subdivide the key lot for future development, making it an attractive prospect for investors and developers alike. Flood Zone X. Whether you're a homeowner or investor, this duplex offers real flexibility. Live in one unit while generating rental income from the other, or add it to your investment portfolio as an income-producing asset. The property features a charming front porch and sits on a spacious L-shaped lot with plenty of potential for future use or expansion. Strong income potential and the versatility to fit a variety of needs make this a property worth a serious look. Buyer to verify all zoning regulations and building possibilities.

Key facts

• Built 1945
• Listed 36 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $531/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Recommended offer: $146k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.3% 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 flat; 279 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,709/mo this rent would consume 51% of the median local household income ($64k/yr) (locally 2237% 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 $1k of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 1.0% rent growth), your $42k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y 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 $82k; list at $150k implies a 84% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1945 — 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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% 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 1945 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.81% ✓
• Cap rate: 15.32%
• Cash-on-cash: 32.25%
• DSCR: 2.43
• GRM: 4.6

CMA / ARV

• ARV (median comp): $185,186
• List price: $150,000
• Delta: -19.00%
• 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
8628 30 Apple St	0.37mi	4/2.0	1,558 (+9%)	6mo	$205,000	$132	63
9234 36 Apple St	0.04mi	4/4.0	1,512 (+6%)	22mo	$150,500	$100	62
1826 28 General Ogden St	0.54mi	4/2.0	1,333 (-7%)	5mo	$158,000	$119	59
8839-37 Colapissa St	0.42mi	4/2.0	1,568 (+10%)	10mo	$120,000	$77	56
1832 Eagle St	0.56mi	3/3.0 (-1)	1,512 (+6%)	0mo	$90,000	$60	55
8517 19 Forshey St	0.67mi	4/2.0	1,512 (+6%)	8mo	$219,000	$145	53
3315-17 Leonidas St	0.66mi	4/2.0	1,488 (+4%)	12mo	$249,000	$167	53
3316 18 Joliet St	0.69mi	4/2.0	1,512 (+6%)	8mo	$220,000	$146	51
3322 24 Joliet St	0.69mi	4/2.0	1,488 (+4%)	12mo	$229,000	$154	51
3328-30 Joliet St	0.69mi	4/2.0	1,488 (+4%)	12mo	$249,000	$167	51
8316 18 S Claiborne Ave	0.61mi	4/2.0	1,610 (+13%)	10mo	$125,000	$78	42
8605 07 Hickory St	0.67mi	4/2.0	1,265 (-12%)	16mo	$180,550	$143	36

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 · 0.97% rent growth · sell at horizon

5-year hold

• IRR: 22.7%
• Equity multiple: 1.90×
• Total profit: $37,984
• Equity at exit: $22,365

10-year hold

• IRR: 29.3%
• Equity multiple: 3.36×
• Total profit: $99,086
• Equity at exit: $12,969

Cash invested: $42,000 (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 70118

• Rents YoY: 1.0%
• Active inventory: 279
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,709 high
• Mortgage (P&I): −$787
• Tax from tax record: −$162 /mo · $1,949/yr
• Insurance: −$62
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$569
• Net cashflow: $1,062

Break-even live

Break-even rent $1,365

Max offer price $150,000

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,708
Total (2 units)			$2,709

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8812 Apple St New Orleans, LA	3.0	2.0	1085	$1,650	$1.52	16d	1	0.25mi
9107 Fig St New Orleans, LA	3.0	3.0	1230	$2,000	$1.63	3d	1	0.28mi
2527 Eagle St New Orleans, LA	3.0	2.0	1571	$2,200	$1.40	23d	1	0.29mi
8929 Colapissa St New Orleans, LA	3.0	1.0	1300	$1,400	$1.08	23d	1	0.38mi
8709 Pritchard Pl New Orleans, LA	3.0	2.0	1000	$1,500	$1.50	21d	1	0.38mi
8610 Apricot St New Orleans, LA	3.0	2.0	1000	$2,200	$2.20	10d	1	0.40mi
912 Monticello Ave New Orleans, LA	3.0	2.0	1750	$2,500	$1.43	43d	1	0.40mi
9438 Forshey St New Orleans, LA	3.0	2.0	1274	$2,000	$1.57	23d	1	0.48mi
2616 Cambronne St Unit 2618 New Orleans, LA	3.0	1.0	1200	$1,475	$1.23	23d	1	0.53mi
2616 Cambronne St New Orleans, LA	4.0	1.0	996	$1,350	$1.36	23d	1	0.53mi
2305 Joliet St New Orleans, LA	3.0	2.0	1451	$2,500	$1.72	43d	1	0.54mi
1836 General Ogden St New Orleans, LA	3.0	2.0	1368	$1,675	$1.22	23d	1	0.54mi
1916 Eagle St New Orleans, LA	3.0	2.0	1000	$1,250	$1.25	23d	1	0.54mi
1916 Eagle St New Orleans, LA	3.0	2.0	1000	$1,250	$1.25	3d	1	0.54mi
8405 Apricot St New Orleans, LA	3.0	2.0	1058	$1,795	$1.70	3d	1	0.54mi
8405 Apricot St New Orleans, LA	3.0	2.0	1058	$1,795	$1.70	3d	1	0.54mi
8816 Olive St New Orleans, LA	3.0	2.0	1200	$1,800	$1.50	23d	1	0.56mi
8816 Olive St Unit A-B New Orleans, LA	3.0	2.0	1200	$1,800	$1.50	16d	1	0.56mi
8514 Forshey St New Orleans, LA	3.0	1.0	1030	$1,600	$1.55	23d	1	0.62mi
8426 Spruce St New Orleans, LA	3.0	2.0	1700	$3,000	$1.76	43d	1	0.67mi
8635 Green St New Orleans, LA	3.0	1.0	950	$950	$1.00	14d	1	0.71mi
8815 Palm St New Orleans, LA	3.0	2.0	1195	$2,100	$1.76	23d	1	0.72mi
8609 Green St New Orleans, LA	3.0	2.0	1009	$1,800	$1.78	17d	1	0.74mi
8626 Green St New Orleans, LA	3.0	1.5	1450	$1,500	$1.03	17d	1	0.74mi
8502 Edinburgh St New Orleans, LA	3.0	2.0	1456	$1,800	$1.24	3d	1	0.74mi
9528 Stroelitz St New Orleans, LA	3.0	2.0	1174	$2,100	$1.79	11d	1	0.74mi
2102 S Carrollton Ave Unit NA New Orleans, LA	3.0	2.0	1800	$2,250	$1.25	10d	1	0.81mi
2102 S Carrollton Ave New Orleans, LA	3.0	2.0	1800	$2,250	$1.25	11d	1	0.81mi
2231 S Carrollton Ave Unit D New Orleans, LA	3.0	2.0	1600	$2,495	$1.56	23d	1	0.82mi
8728 Jeannette St New Orleans, LA	3.0	2.0	1511	$1,995	$1.32	3d	1	0.83mi
7933 Belfast St Unit Upper New Orleans, LA	3.0	2.0	1500	$2,400	$1.60	23d	1	0.84mi
2308 Short St New Orleans, LA	3.0	2.0	1600	$2,800	$1.75	3d	1	0.85mi
2101 S Carrollton Ave New Orleans, LA	4.0	2.0	1800	$2,400	$1.33	23d	1	0.86mi
7922 Colapissa St New Orleans, LA	4.0	2.0	1848	$2,400	$1.30	10d	1	0.91mi
1526 Dante St New Orleans, LA	3.0	3.0	1446	$3,000	$2.07	17d	1	0.93mi
212 Harding St New Orleans, LA	3.0	2.0	1400	$2,100	$1.50	23d	1	0.94mi
1517 Dante St New Orleans, LA	3.0	1.0	1500	$1,700	$1.13	17d	1	0.96mi
3317 Short St New Orleans, LA	3.0	2.0	900	$1,600	$1.78	23d	1	0.97mi
2116 Burdette St New Orleans, LA	3.0	1.0	1700	$1,975	$1.16	3d	1	1.00mi
2201 Burdette St New Orleans, LA	3.0	1.5	1800	$2,695	$1.50	17d	1	1.01mi

Listing history 8 events

1. 2026-05-13
   status Pending 789-char remark

   Show marketing remark (789 chars)

   A classic New Orleans double on a corner lot in Holly Grove, offered at an introductory price. This property presents an opportunity to subdivide the key lot for future development, making it an attractive prospect for investors and developers alike. Flood Zone X. Whether you're a homeowner or investor, this duplex offers real flexibility. Live in one unit while generating rental income from the other, or add it to your investment portfolio as an income-producing asset. The property features a charming front porch and sits on a spacious L-shaped lot with plenty of potential for future use or expansion. Strong income potential and the versatility to fit a variety of needs make this a property worth a serious look. Buyer to verify all zoning regulations and building possibilities.

2. 2026-05-13
   status Pending 789-char remark

   Show marketing remark (789 chars)

   A classic New Orleans double on a corner lot in Holly Grove, offered at an introductory price. This property presents an opportunity to subdivide the key lot for future development, making it an attractive prospect for investors and developers alike. Flood Zone X. Whether you're a homeowner or investor, this duplex offers real flexibility. Live in one unit while generating rental income from the other, or add it to your investment portfolio as an income-producing asset. The property features a charming front porch and sits on a spacious L-shaped lot with plenty of potential for future use or expansion. Strong income potential and the versatility to fit a variety of needs make this a property worth a serious look. Buyer to verify all zoning regulations and building possibilities.

3. 2026-04-07
   listed $150,000 Active 789-char remark

   Show marketing remark (789 chars)

   A classic New Orleans double on a corner lot in Holly Grove, offered at an introductory price. This property presents an opportunity to subdivide the key lot for future development, making it an attractive prospect for investors and developers alike. Flood Zone X. Whether you're a homeowner or investor, this duplex offers real flexibility. Live in one unit while generating rental income from the other, or add it to your investment portfolio as an income-producing asset. The property features a charming front porch and sits on a spacious L-shaped lot with plenty of potential for future use or expansion. Strong income potential and the versatility to fit a variety of needs make this a property worth a serious look. Buyer to verify all zoning regulations and building possibilities.

4. 2026-04-07
   listed $150,000 Active 789-char remark

   Show marketing remark (789 chars)

   A classic New Orleans double on a corner lot in Holly Grove, offered at an introductory price. This property presents an opportunity to subdivide the key lot for future development, making it an attractive prospect for investors and developers alike. Flood Zone X. Whether you're a homeowner or investor, this duplex offers real flexibility. Live in one unit while generating rental income from the other, or add it to your investment portfolio as an income-producing asset. The property features a charming front porch and sits on a spacious L-shaped lot with plenty of potential for future use or expansion. Strong income potential and the versatility to fit a variety of needs make this a property worth a serious look. Buyer to verify all zoning regulations and building possibilities.

5. 2005-04-28
   soldstatus $81,500
6. 2005-02-22
   listed $86,500
7. 2005-02-22
   listed $86,500
8. 1985-06-03
   soldstatus $37,000

ⓘ 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: $1,949 · $162/mo
• Projected year-2 tax: $1,949 · $162/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 (shaded) · 60% 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 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,508
• − Mortgage interest: −$8,402
• − Property taxes: −$1,949
• − Insurance: −$1,547
• − Repairs & maintenance: −$2,601
• − Management: −$2,601
• − Depreciation: −$4,364
• Taxable income: $11,044
• Est. tax owed @ 24.0%: −$2,651
• After-tax cash flow: $10,095/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): 36,072
• Household income: $63,750
• Rent vs Own: 51.5% rent · 48.5% own
• Severe rent burden: 2237.0

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: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 47% Black 34% Hispanic / Latino 11% Two or more races 11% Asian 4%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Italian 2% Romanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 86% English-only · Spanish 7% French/Haitian/Cajun 2% Other Indo-European 2%

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: ▼ -210.46%
• Current HPI: 282.9629
• Rent YoY: ▲ 0.97%
• 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

+305.4% since first listed

8 events — show timeline

• 2026-05-13 Pending — AcadianaMLS
• 2026-05-13 Pending — GSREIN
• 2026-04-07 Listed $150,000 GSREIN
• 2026-04-07 Listed $150,000 AcadianaMLS
• 2005-04-28 Sold (MLS) $81,500 GSREIN
• 2005-02-22 Listed $86,500 AcadianaMLS
• 2005-02-22 Listed $86,500 GSREIN
• 1985-06-03 Sold (Public Records) $37,000 Public Records

Property tax history

+4.2%/yr

Latest (2026): $1,949 · +1.1% YoY. Source: county tax records.