2129 Pasadena Ave · Metairie, LA 70001

$500,000

8 bd · 4.0 ba · 4,340 sqft · MultiFamily · 1 Days on market

Built 1984 Est $551k · 9% 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 +28.7/30.0
• ARV discount +11.7/15.0
• DSCR +10.0/10.0
• 1% rule +6.9/10.0
• Livability +4.4/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Wonderful 4-Plex, monthly currently under-rented. Well maintained by owner for 25 years. New roof as of 2023. Completely updated kitchens with nice cabinets and granite counter tops and stainless steel appliances including refrigerators. Washer/dryer hook-ups in each apartment. Updated electrical panel in apt D. Various updates such as bathrooms too. Flood is around $1300.00 per year assumable. Two very long term tenants 6-10 years.

Key facts

• Updated kitchens
• Granite counter tops
• New roof

Tags

• NEW ROOF
• UPDATED KITCHENS
• GRANITE COUNTER TOPS
• STAINLESS STEEL APPLIANCES
• WASHER DRYER HOOK UPS
• UPDATED ELECTRICAL PANEL

Property features AI

Finance

• Other: Water heater noted as a green/energy-efficient feature
• Financial info: Tenants pay electricity; Tenants pay water

Exterior

• Parking: Assigned parking; Off-street parking; Driveway; Three or more parking spaces
• Utilities: Public water; Public sewer
• Home design: Two-story building; Slab foundation
• Construction: Brick construction; Shingle roof; Built with a slab foundation
• Exterior features: Fenced yard; Porch; Permeable paving; Rectangular city lot (110 x 40 x 61 x 112)

Interior

• Bathrooms: Four full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Excellent condition

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $500k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $309/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $500k).
• Cap rate 10.3% vs local median 3.6% in Metairie — 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 87/100 on livability (#1 in LA, #261 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+.
• Jefferson Parish (suburban): math 24% / reading 34% proficiency, ranked #44 of 98 in LA (top 45%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.0%/yr); 208 active listings in the ZIP; 518 units permitted in Jefferson Parish in 2024 (43 in 5+ unit buildings).
• At $5,969/mo this rent would consume 105% of the median local household income ($68k/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 $15k of value loss. Plan a longer hold.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $145k; list at $500k implies a 245% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $500,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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.
7. 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.
8. 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: 1.19% ✓
• Cap rate: 10.28%
• Cash-on-cash: 14.24%
• DSCR: 1.63
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $551,180
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2328 Giuffrias Ave	0.16mi	8/4.0	3,900 (-10%)	8mo	$340,000	$87	69
2812 Houma Blvd	0.51mi	8/4.0	3,900 (-10%)	2mo	$500,000	$128	57
2912 Houma Blvd	0.58mi	8/4.0	3,900 (-10%)	0mo	$485,000	$124	56
2805 Kingman St	0.50mi	8/4.0	3,785 (-13%)	8mo	$480,000	$127	48

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: -3.9%
• Equity multiple: 0.86×
• Total profit: $-19,779
• Equity at exit: $74,552

10-year hold

• IRR: 2.0%
• Equity multiple: 1.12×
• Total profit: $16,852
• Equity at exit: $43,231

Cash invested: $140,000 (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 70001

• Rents YoY: -0.0%
• Active inventory: 208
• Price-to-rent: 27.9×

Monthly cashflow live

• Estimated rent: $5,969 high
• Mortgage (P&I): −$2,622
• Tax from tax record: −$224 /mo · $2,688/yr
• Insurance: −$208
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,253
• Net cashflow: $1,235

Break-even live

Break-even rent $4,406

Max offer price $500,000

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,968
Total (4 units)			$5,969

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: $125,000
• Closing costs: $15,000
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-10
   status $500,000 Pending 1 DOM
2. 2026-06-08
   remarks 437-char remark

   Show marketing remark (436 chars)

   Wonderful 4-Plex, monthly currently under-rented. Well maintained by owner for 25 years. New roof as of 2023. Completely updated kitchens with nice cabinets and granite counter tops and stainless steel appliances including refrigerators. Washer/dryer hook-ups in each apartment. Updated electrical panel in apt D. Various updates such as bathrooms too. Flood is around $1300.00 per year assumable. Two very long term tenants 6-10 years.

3. 2026-06-08
   listed $500,000 Active 1 DOM

   Show marketing remark (436 chars)

   Wonderful 4-Plex, monthly currently under-rented. Well maintained by owner for 25 years. New roof as of 2023. Completely updated kitchens with nice cabinets and granite counter tops and stainless steel appliances including refrigerators. Washer/dryer hook-ups in each apartment. Updated electrical panel in apt D. Various updates such as bathrooms too. Flood is around $1300.00 per year assumable. Two very long term tenants 6-10 years.

ⓘ 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: $2,688 · $224/mo
• Projected year-2 tax: $2,750 · $229/mo
• Expected delta: +$62/yr (+$5/mo · 2.3%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 75% 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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $71,628
• − Mortgage interest: −$28,008
• − Property taxes: −$2,688
• − Insurance: −$7,618
• − Repairs & maintenance: −$5,730
• − Management: −$5,730
• − Depreciation: −$14,545
• Taxable income: $7,308
• Est. tax owed @ 24.0%: −$1,754
• After-tax cash flow: $13,061/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: Jefferson Parish
• NCES district ID: 2200840
• Math proficiency: 24% ▼ -36.00%
• Reading proficiency: 34% ▼ -30.00%
• Median HH income: $48,421
• Composite: 25.19/100
• National rank: #7511
• State rank: #44 of 98 in LA

Livability — Metairie

• Score: 87/100
• State rank: #1
• US rank: #261

Category grades

Amenities A- Commute A+ Cost of living B+ Crime B Employment B- Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Metairie, LA
• County: Jefferson Parish · 426,999 people
• City population: 137,978
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 38,950
• Household income: $67,923
• Rent vs Own: 48.6% rent · 51.4% own
• Severe rent burden: 1988.0

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 451,696 people
• By 2030: 455,451 · +0.8%
• By 2040: 458,308 · +1.5%
• By 2050: 461,031 · +2.1%
• By 2075: 476,351 · +5.5%
• By 2100: 499,377 · +10.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 62% Hispanic / Latino 17% Black 15% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 1% Cuban 2%
• Common ancestry: Lithuanian 13% Italian 1% Hispanic 1%
• Foreign-born: 12% · Canada, China, Philippines
• Languages at home: 84% English-only · Spanish 12% Arabic 1% Other Indo-European 1%

Political lean MEDSL · Jefferson

• 2024 margin: R (+12.9) · D 42.5% · R 55.5% · Other 2.1%
• 2008→2024 swing: +13.6pp toward D · 2008: -26.6pp · 2024: -12.9pp
• All cycles: 2024: R+12.9 2020: R+11.1 2016: R+14.8 2012: R+18.4 2008: R+26.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -296.45%
• Current HPI: 151.4615
• Rent YoY: ▬ -0.04%
• 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

+244.8% since first listed

3 events — show timeline

• 2026-06-08 Listed $500,000 AcadianaMLS
• 2026-06-08 Listed $500,000 GSREIN
• 2001-12-01 Sold (Public Records) $145,000 Public Records

Property tax history

+3.5%/yr

Latest (2025): $2,688 · +0.2% YoY. Source: county tax records.