2415 Memorial Park Dr · New Orleans, LA 70114

$304,000

4 bd · 2.0 ba · 2,116 sqft · SingleFamily public records · 63 Days on market

Built 2004 7,200 sqft lot $144/sqft · 16% below area Est $364k · 16% under

---

Why this score? — see what drove the D 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).

• ARV discount +14.9/15.0
• Cash flow +10.8/30.0
• Livability +4.0/5.0
• DSCR +3.1/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• 1% rule +2.0/10.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Completely turn-key, move-in ready property offers both convenience and comfort with easy access to the Crescent City Connection. This 4 bedroom, 2 full bath home features an open floor plan with a charming corner fireplace anchoring the great room, creating a warm and inviting space for everyday living and entertaining. Special ceiling treatments throughout add character and architectural interest. The enormous kitchen offers an abundance of counter space, making it ideal for cooking, gathering, and hosting. Durable vinyl plank flooring adds both style and easy maintenance throughout much of the home. The spacious primary suite features a relaxing bath with separate tub and shower, offering a true retreat at the end of the day. Step outside to a concrete rear patio, perfect for outdoor enjoyment and entertaining

Key facts

• Open floor plan
• Enormous kitchen
• Turn-key property

Tags

• TURN-KEY PROPERTY
• OPEN FLOOR PLAN
• CORNER FIREPLACE
• ENORMOUS KITCHEN
• ABUNDANCE OF COUNTER SPACE
• DURABLE VINYL PLANK FLOORING

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $304k.

Deal economics

• At list price, monthly cash flow is $-203 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $268k (11.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $214k (29.8% below list).
• Recommended offer: $214k (29.8% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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 soft (-0.7%/yr); 265 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,135/mo this rent would consume 59% of the median local household income ($43k/yr) (locally 2240% 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 $9k 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 63 days — a 6% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y 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 $200k; list at $304k implies a 52% gain — meaningful room to come down on a strong offer.

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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $213,537 (29.8% 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 63 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.70% ✗
• Cap rate: 5.75%
• Cash-on-cash: -1.93%
• DSCR: 0.91
• GRM: 11.9

CMA / ARV

• ARV (median comp): $363,537
• List price: $304,000
• Delta: -16.38%
• 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
3011 Memorial Park Dr	0.49mi	3/2.0 (-1)	2,025 (-4%)	8mo	$260,000	$128	59
2931 Behrman Hwy	0.39mi	4/3.0	2,380 (+12%)	6mo	$399,000	$168	52
3052 Behrman Hwy	0.54mi	4/2.0	1,902 (-10%)	9mo	$131,000	$69	50
3821 Indiana St	0.37mi	3/2.5 (-1)	2,327 (+10%)	12mo	$365,000	$157	49
105 Amapola Cir	0.72mi	4/2.0	2,107 (-0%)	20mo	$223,500	$106	49
208 Amapola Cir	0.73mi	3/2.0 (-1)	1,932 (-9%)	1mo	$279,000	$144	46
203 Holmes Blvd	0.70mi	4/2.0	1,819 (-14%)	0mo	$311,000	$171	44
201 Holmes Blvd	0.70mi	4/2.0	1,819 (-14%)	4mo	$304,900	$168	41
3153 Elmwood Park Dr	0.68mi	3/2.5 (-1)	1,979 (-6%)	14mo	$360,000	$182	38
239 Holmes Blvd	0.73mi	4/2.0	1,819 (-14%)	13mo	$310,900	$171	32
245 Holmes Blvd	0.73mi	4/2.0	1,819 (-14%)	14mo	$315,900	$174	31
243 Holmes Blvd	0.73mi	4/2.5	1,821 (-14%)	14mo	$319,785	$176	29

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -24.1%
• Equity multiple: 0.19×
• Total profit: $-68,550
• Equity at exit: $45,327

10-year hold

• IRR: -29.4%
• Equity multiple: -0.19×
• Total profit: $-100,927
• Equity at exit: $26,284

Cash invested: $85,120 (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 70114

• Rents YoY: -0.7%
• Active inventory: 265
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $2,135 high
• Mortgage (P&I): −$1,594
• Tax from tax record: −$103 /mo · $1,232/yr
• Insurance: −$127
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$448
• Net cashflow: $-203

Break-even live

Break-even rent $2,392

Max offer price $268,126

Occupancy floor —

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: $76,000
• Closing costs: $9,120
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2320 Mardi Gras Blvd New Orleans, LA	4.0	2.5	1600	$2,500	$1.56	1d	1	0.36mi
1774 Pace Blvd New Orleans, LA	4.0	2.5	1574	$2,000	$1.27	23d	1	0.63mi
1684 Lauradale Dr New Orleans, LA	4.0	2.0	1571	$2,000	$1.27	23d	1	0.67mi
21 Carriage Ln New Orleans, LA	3.0	2.5	1900	$2,000	$1.05	21d	1	0.69mi
1825 Murl St New Orleans, LA	3.0	2.0	2484	$1,750	$0.70	23d	1	0.82mi
300 Terry Pkwy Unit C Terrytown, LA	3.0	2.5	1532	$1,800	$1.17	23d	1	0.82mi
1414 Sumner St New Orleans, LA	3.0	2.0	1800	$1,450	$0.81	16d	1	0.95mi
3441 Catalina Dr New Orleans, LA	5.0	2.0	1610	$2,450	$1.52	11d	1	1.02mi
513 Park Blvd New Orleans, LA	3.0	2.0	1600	$2,300	$1.44	3d	1	1.28mi
517 Diplomat St Terrytown, LA	3.0	2.0	1850	$2,000	$1.08	4d	1	1.42mi
127 Willow Dr Gretna, LA	3.0	2.0	2250	$2,200	$0.98	43d	1	1.50mi
127 Willow Dr Gretna, LA	3.0	2.0	2250	$2,300	$1.02	23d	1	1.50mi

Listing history 25 events

1. 2026-06-18
   days on market $304,000 Active 63 DOM
2. 2026-06-17
   days on market $304,000 Active 62 DOM
3. 2026-06-16
   days on market $304,000 Active 61 DOM
4. 2026-06-15
   days on market $304,000 Active 60 DOM
5. 2026-06-13
   days on market $304,000 Active 58 DOM
6. 2026-06-10
   days on market $304,000 Active 55 DOM
7. 2026-06-09
   days on market $304,000 Active 54 DOM
8. 2026-06-08
   days on market $304,000 Active 53 DOM
9. 2026-06-07
   days on market $304,000 Active 52 DOM
10. 2026-06-05
    days on market $304,000 Active 49 DOM
11. 2026-06-03
    days on market $304,000 Active 48 DOM
12. 2026-06-02
    days on market $304,000 Active 47 DOM
13. 2026-06-01
    days on market $304,000 Active 46 DOM
14. 2026-05-31
    days on market $304,000 Active 45 DOM
15. 2026-05-01
    price $314,000 824-char remark

    Show marketing remark (824 chars)

    Completely turn-key, move-in ready property offers both convenience and comfort with easy access to the Crescent City Connection. This 4 bedroom, 2 full bath home features an open floor plan with a charming corner fireplace anchoring the great room, creating a warm and inviting space for everyday living and entertaining. Special ceiling treatments throughout add character and architectural interest. The enormous kitchen offers an abundance of counter space, making it ideal for cooking, gathering, and hosting. Durable vinyl plank flooring adds both style and easy maintenance throughout much of the home. The spacious primary suite features a relaxing bath with separate tub and shower, offering a true retreat at the end of the day. Step outside to a concrete rear patio, perfect for outdoor enjoyment and entertaining

16. 2026-05-01
    price $314,000 824-char remark

    Show marketing remark (824 chars)

    Completely turn-key, move-in ready property offers both convenience and comfort with easy access to the Crescent City Connection. This 4 bedroom, 2 full bath home features an open floor plan with a charming corner fireplace anchoring the great room, creating a warm and inviting space for everyday living and entertaining. Special ceiling treatments throughout add character and architectural interest. The enormous kitchen offers an abundance of counter space, making it ideal for cooking, gathering, and hosting. Durable vinyl plank flooring adds both style and easy maintenance throughout much of the home. The spacious primary suite features a relaxing bath with separate tub and shower, offering a true retreat at the end of the day. Step outside to a concrete rear patio, perfect for outdoor enjoyment and entertaining

17. 2026-04-16
    listed $315,000 Active 824-char remark

    Show marketing remark (824 chars)

    Completely turn-key, move-in ready property offers both convenience and comfort with easy access to the Crescent City Connection. This 4 bedroom, 2 full bath home features an open floor plan with a charming corner fireplace anchoring the great room, creating a warm and inviting space for everyday living and entertaining. Special ceiling treatments throughout add character and architectural interest. The enormous kitchen offers an abundance of counter space, making it ideal for cooking, gathering, and hosting. Durable vinyl plank flooring adds both style and easy maintenance throughout much of the home. The spacious primary suite features a relaxing bath with separate tub and shower, offering a true retreat at the end of the day. Step outside to a concrete rear patio, perfect for outdoor enjoyment and entertaining

18. 2026-04-16
    listed $315,000 Active 824-char remark

    Show marketing remark (824 chars)

    Completely turn-key, move-in ready property offers both convenience and comfort with easy access to the Crescent City Connection. This 4 bedroom, 2 full bath home features an open floor plan with a charming corner fireplace anchoring the great room, creating a warm and inviting space for everyday living and entertaining. Special ceiling treatments throughout add character and architectural interest. The enormous kitchen offers an abundance of counter space, making it ideal for cooking, gathering, and hosting. Durable vinyl plank flooring adds both style and easy maintenance throughout much of the home. The spacious primary suite features a relaxing bath with separate tub and shower, offering a true retreat at the end of the day. Step outside to a concrete rear patio, perfect for outdoor enjoyment and entertaining

19. 2006-12-18
    soldstatus $200,000
20. 2006-12-15
    soldstatus $200,000
21. 2006-05-16
    listed $199,900
22. 2005-03-04
    soldstatus $238,500
23. 2004-11-08
    listed $204,900
24. 2004-11-08
    listed $204,900
25. 1985-07-25
    soldstatus $18,000

ⓘ 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: $1,232 · $103/mo
• Projected year-2 tax: $1,672 · $139/mo
• Expected delta: +$440/yr (+$37/mo · 35.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (shaded) · 76% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 19 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,624
• − Mortgage interest: −$17,029
• − Property taxes: −$1,232
• − Insurance: −$2,318
• − Repairs & maintenance: −$2,050
• − Management: −$2,050
• − Depreciation: −$8,844
• Taxable loss: −$7,898
• Est. tax savings @ 24.0%: +$1,895
• After-tax cash flow: $-541/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): 22,659
• Household income: $43,493
• Rent vs Own: 58.8% rent · 41.2% own
• Severe rent burden: 2240.0

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: Predominantly Black (72%)
• Race & ethnicity: Black 72% White 16% Hispanic / Latino 8% Two or more races 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Lithuanian 3% Slovak 1% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 6% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -98.56%
• Current HPI: 149.0172
• Rent YoY: ▼ -0.72%
• 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

+1644.4% since first listed

11 events — show timeline

• 2026-05-01 Price Changed $314,000 AcadianaMLS
• 2026-05-01 Price Changed $314,000 GSREIN
• 2026-04-16 Listed $315,000 GSREIN
• 2026-04-16 Listed $315,000 AcadianaMLS
• 2006-12-18 Sold (Public Records) $200,000 Public Records
• 2006-12-15 Sold (MLS) $200,000 GSREIN
• 2006-05-16 Listed $199,900 GSREIN
• 2005-03-04 Sold (MLS) $238,500 GSREIN
• 2004-11-08 Listed $204,900 GSREIN
• 2004-11-08 Listed $204,900 AcadianaMLS
• 1985-07-25 Sold (Public Records) $18,000 Public Records

Property tax history

-2.6%/yr

Latest (2026): $1,232 · -6.7% YoY. Source: county tax records.