3605-07 Calhoun St · New Orleans, LA 70125

$325,000

None bd · None ba · 2,200 sqft · MultiFamily · 38 Days on market

Good condition $148/sqft · 17% below area Est $394k · 17% under

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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 +21.4/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +5.6/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +2.7/5.0
• 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: 1 unit. 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

Great university double in prime location. Great for families or student. 2 independent BR/ 1 BA each side. Rent it as is, or update and increase the rent. Current tenant has been there for 7 years, so rent is low.

Key facts

• Structural upgrades
• Historic character
• Uptown location

Tags

• UPTOWN LOCATION
• HISTORIC CHARACTER
• STRUCTURAL UPGRADES
• SHOTGUN WITH HALLWAY LAYOUT
• OPEN-CONCEPT LIVING
• DIRECT ACCESS TO BACK PORCHES

Property features AI

Exterior

• Parking: No designated parking
• Home design: Duplex; 2 total units
• Construction: Aluminum siding; Composition roof
• Exterior features: Porch; Fencing (other)

Interior

• Interior features: Central heating; Central air conditioning

What this means for you Summary

Snapshot

• This is a multifamily listed at $325k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $418 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $325k).
• Recommended offer: $315k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.1% 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; 217 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 $3,456/mo this rent would consume 68% of the median local household income ($61k/yr) (locally 1270% 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 38 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• 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 $315,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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: 1.06% ✓
• Cap rate: 8.08%
• Cash-on-cash: 6.39%
• DSCR: 1.28
• GRM: 7.8

CMA / ARV

• ARV (median comp): $393,935
• List price: $325,000
• Delta: -17.50%
• 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
3235 37 Vincennes Pl	0.08mi	4/2.0	2,072 (-6%)	1mo	$150,000	$72	86
4325 27 Jena St	0.25mi	4/2.0	2,149 (-2%)	3mo	$307,500	$143	82
2232-34 S Salcedo St	0.30mi	4/2.0	2,108 (-4%)	1mo	$391,237	$186	78
3235-37 Vincennes Pl	0.31mi	—/—	2,072 (-6%)	1mo	$150,000	$72	75
6208 S Rocheblave St	0.22mi	4/4.0	2,000 (-9%)	0mo	$402,500	$201	74
6204 S Rocheblave St	0.22mi	4/4.0	2,000 (-9%)	0mo	$402,500	$201	74
2210 12 Pine St	0.39mi	6/2.0	2,347 (+7%)	1mo	$415,000	$177	70
1704-06 S Dupre St	0.54mi	—/—	2,332 (+6%)	1mo	$359,000	$154	64
1704 06 S Dupre St	0.54mi	6/4.0	2,332 (+6%)	1mo	$359,000	$154	64
1729 31 Burdette St	0.72mi	4/2.0	2,217 (+1%)	2mo	$310,000	$140	63
3964-66 Louisiana Ave Pkwy	0.57mi	6/2.0	2,372 (+8%)	0mo	$162,500	$69	60
2625 27 Calhoun St	0.67mi	4/2.0	1,996 (-9%)	1mo	$372,500	$187	53

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 · 0.73% rent growth · sell at horizon

5-year hold

• IRR: -10.4%
• Equity multiple: 0.63×
• Total profit: $-33,681
• Equity at exit: $48,459

10-year hold

• IRR: -4.7%
• Equity multiple: 0.73×
• Total profit: $-24,953
• Equity at exit: $28,100

Cash invested: $91,000 (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 70125

• Home prices YoY: -16.3%
• Rents YoY: 0.7%
• Active inventory: 217
• Price-to-rent: 15.7×

Monthly cashflow live

• Estimated rent: $3,456 high
• Mortgage (P&I): −$1,704
• Tax est. 1.5%: −$406 /mo · $4,875/yr
• Insurance: −$135
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$726
• Net cashflow: $418

Break-even live

Break-even rent $2,927

Max offer price $325,000

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,456
Total (2 units)			$3,456

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3816 State Street Dr New Orleans, LA	2.0	2.0	2828	$2,250	$0.80	16d	1	0.03mi
4117 State Street Dr New Orleans, LA	3.0	1.0	1678	$1,550	$0.92	11d	1	0.19mi
2338 Audubon St New Orleans, LA	3.0	2.0	1935	$2,000	$1.03	3d	1	0.22mi
3180 State Street Dr New Orleans, LA	3.0	2.0	1600	$1,900	$1.19	10d	1	0.29mi
2211 Broadway St New Orleans, LA	1.0	1.0	1764	$1,000	$0.57	17d	1	0.31mi
2203 Broadway St New Orleans, LA	3.0	2.0	1491	$3,000	$2.01	21d	1	0.32mi
2921 Audubon St New Orleans, LA	2.0	1.0	1500	$1,550	$1.03	17d	1	0.33mi
3636 Upperline St New Orleans, LA	3.0	1.0	1600	$1,975	$1.23	23d	1	0.36mi
4400 Elba St New Orleans, LA	3.0	2.0	1600	$1,875	$1.17	23d	1	0.36mi
4403 Elba St New Orleans, LA	3.0	2.0	1400	$1,800	$1.29	3d	1	0.38mi
4401 Elba St New Orleans, LA	3.0	2.0	1400	$1,850	$1.32	23d	1	0.39mi
4603 S Miro St New Orleans, LA	3.0	2.0	1650	$1,650	$1.00	23d	1	0.45mi
2014 Lowerline St New Orleans, LA	3.0	1.5	1600	$2,850	$1.78	14d	1	0.51mi
4500 S Miro St Unit B New Orleans, LA	2.0	1.0	1500	$2,000	$1.33	23d	1	0.51mi
2201 Burdette St New Orleans, LA	3.0	1.5	1800	$2,695	$1.50	17d	1	0.51mi
5417 S Johnson St New Orleans, LA	3.0	3.0	1739	$2,900	$1.67	17d	1	0.52mi
2838 Palmer Ave New Orleans, LA	3.0	1.5	1500	$2,000	$1.33	17d	1	0.53mi
2834 Palmer Ave New Orleans, LA	3.0	2.0	1533	$2,800	$1.83	17d	1	0.54mi
1827 Pine St New Orleans, LA	2.0	1.0	1436	$2,400	$1.67	23d	1	0.54mi
2824 Calhoun St Unit A New Orleans, LA	3.0	2.0	1828	$3,900	$2.13	43d	1	0.55mi
2116 Burdette St New Orleans, LA	3.0	1.0	1700	$1,975	$1.16	3d	1	0.56mi
2814 Palmer Ave New Orleans, LA	3.0	2.0	1500	$2,400	$1.60	17d	1	0.56mi
7933 Belfast St Unit Upper New Orleans, LA	3.0	2.0	1500	$2,400	$1.60	23d	1	0.57mi
7909 Sycamore St New Orleans, LA	3.0	2.0	2000	$2,400	$1.20	2d	1	0.60mi
7616 Cohn St Unit A New Orleans, LA	3.0	2.5	1492	$3,300	$2.21	17d	1	0.61mi
3350 Jena St New Orleans, LA	3.0	2.5	2200	$2,500	$1.14	43d	1	0.61mi
2308 Short St New Orleans, LA	3.0	2.0	1600	$2,800	$1.75	3d	1	0.62mi
2231 S Carrollton Ave Unit D New Orleans, LA	3.0	2.0	1600	$2,495	$1.56	23d	1	0.67mi
4120 Erato St New Orleans, LA	3.0	2.0	2250	$1,750	$0.78	23d	1	0.68mi
1530 Broadway St New Orleans, LA	3.0	2.0	1475	$3,900	$2.64	10d	2	0.70mi
3114 Cadiz St New Orleans, LA	2.0	2.0	1500	$2,500	$1.67	23d	1	0.71mi
7329 Birch St New Orleans, LA	3.0	2.0	1538	$2,350	$1.53	21d	1	0.72mi
7000 Jeannette St New Orleans, LA	3.0	3.0	2390	$3,250	$1.36	3d	1	0.73mi
2102 S Carrollton Ave Unit NA New Orleans, LA	3.0	2.0	1800	$2,250	$1.25	10d	1	0.75mi
2102 S Carrollton Ave New Orleans, LA	3.0	2.0	1800	$2,250	$1.25	11d	1	0.75mi
2508 Palmer Ave New Orleans, LA	3.0	2.0	1565	$2,900	$1.85	16d	1	0.76mi
1438 Broadway St Unit B New Orleans, LA	3.0	1.0	1500	$1,800	$1.20	17d	1	0.76mi
1438 Broadway St Unit A New Orleans, LA	3.0	1.0	1739	$3,000	$1.73	17d	1	0.76mi
2503 Calhoun St New Orleans, LA	3.0	2.0	1800	$3,000	$1.67	17d	1	0.77mi
2432 Calhoun St Unit A New Orleans, LA	3.0	2.0	1983	$4,400	$2.22	21d	1	0.80mi

Listing history 22 events

1. 2026-06-18
   days on market $325,000 Active 38 DOM
2. 2026-06-17
   days on market $325,000 Active 37 DOM
3. 2026-06-16
   days on market $325,000 Active 36 DOM
4. 2026-06-15
   days on market $325,000 Active 35 DOM
5. 2026-06-13
   days on market $325,000 Active 33 DOM
6. 2026-06-10
   days on market $325,000 Active 30 DOM
7. 2026-06-09
   days on market $325,000 Active 29 DOM
8. 2026-06-08
   days on market $325,000 Active 28 DOM
9. 2026-06-07
   days on market $325,000 Active 27 DOM
10. 2026-06-05
    days on market $325,000 Active 24 DOM
11. 2026-06-03
    days on market $325,000 Active 23 DOM
12. 2026-06-02
    pricedays on market $325,000 Active 22 DOM
13. 2026-06-01
    days on market $340,000 Active 21 DOM
14. 2026-05-31
    days on market $340,000 Active 20 DOM
15. 2026-05-11
    listed $340,000 Active 1995-char remark
16. 2025-06-12
    historical $1,500
17. 2025-06-01
    listed $1,500
18. 2023-12-28
    historical $1,500
19. 2023-12-08
    price $1,500
20. 2023-10-04
    price $1,600
21. 2023-09-25
    listed $1,700
22. 2013-09-06
    listed $239,900 214-char remark

    Show marketing remark (214 chars)

    Great university double in prime location. Great for families or student. 2 independent BR/ 1 BA each side. Rent it as is, or update and increase the rent. Current tenant has been there for 7 years, so rent is low.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $41,472
• − Mortgage interest: −$18,205
• − Property taxes: −$4,875
• − Insurance: −$2,422
• − Repairs & maintenance: −$3,318
• − Management: −$3,318
• − Depreciation: −$9,455
• Taxable loss: −$121
• Est. tax savings @ 24.0%: +$29
• After-tax cash flow: $5,042/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This property is in good condition with modern updates and a well-maintained exterior. It's an excellent investment opportunity with minimal work needed.

Value-add opportunities

• Both paint exterior — enhances curb appeal and value
• Both replace ceiling fans — improves air circulation and reduces energy costs

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and value ↑
• Both replace ceiling fans — improves air circulation and reduces energy costs ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 17,821
• Household income: $61,174
• Rent vs Own: 53.3% rent · 46.7% own
• Severe rent burden: 1270.0

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 0.63)
• Race & ethnicity: Black 51% White 32% Hispanic / Latino 9% Two or more races 9% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Romanian 1% Slovak 1%
• Foreign-born: 7% · Canada, China
• Languages at home: 90% English-only · Spanish 6% French/Haitian/Cajun 1% Chinese 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: ▼ -49.68%
• Current HPI: 255.5998
• Rent YoY: ▲ 0.73%
• 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

+35.5% since first listed

9 events — show timeline

• 2026-06-02 Price Changed $325,000 AcadianaMLS
• 2026-05-11 Listed $340,000 AcadianaMLS
• 2025-06-12 Rental Removed $1,500 GSREIN
• 2025-06-01 Listed for Rent $1,500 GSREIN
• 2023-12-28 Rental Removed $1,500 GSREIN
• 2023-12-08 Price Changed $1,500 GSREIN
• 2023-10-04 Price Changed $1,600 GSREIN
• 2023-09-25 Listed for Rent $1,700 GSREIN
• 2013-09-06 Listed $239,900 AcadianaMLS