1726-28 Lesseps St · New Orleans, LA 70117

$182,000

4 bd · 2.0 ba · 1,776 sqft · MultiFamily public records · 64 Days on market

Built 1875 $102/sqft · 29% below area Est $258k · 29% 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 +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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

New HVAC! Prime Investment Opportunity This duplex offers a fantastic opportunity for investors looking for immediate cash flow. Each side features two bedrooms and two bathrooms, with off-street parking available for both units. Each unit is currently occupied; Great for expanding your portfolio or starting your investment journey. Also leaves opportunity for an owner occupancy for a person who is looking for duplex to live in one side while renting the other side.

Key facts

• 3 parking spots
• Built 1875
• Listed 64 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $182k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $512/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $182k).
• Recommended offer: $171k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.5% 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 rising (+2.5%/yr); 581 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,868/mo this rent would consume 75% 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 $1k of loan paydown is wiped out by about $5k 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 + 2.5% rent growth), your $51k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($171k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 19y 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 $25k; list at $182k implies a 628% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1875 — 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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $171,080 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% 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 1875 — 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: 1.58% ✓
• Cap rate: 13.49%
• Cash-on-cash: 25.69%
• DSCR: 2.14
• GRM: 5.3

CMA / ARV

• ARV (median comp): $257,987
• List price: $182,000
• Delta: -29.45%
• 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
1730-32 Lesseps St	0.01mi	4/4.0	1,776 (0%)	11mo	$188,000	$106	82
4323 25 N Derbigny St	0.05mi	4/2.0	1,925 (+8%)	5mo	$195,000	$101	80
1304-06 Independence St	0.48mi	4/2.0	1,768 (-0%)	11mo	$61,000	$35	68
1537-1539 Louisa St	0.61mi	4/2.0	1,778 (+0%)	6mo	$329,000	$185	66
3129 31 N Claiborne Ave	0.68mi	4/2.0	1,806 (+2%)	3mo	$267,150	$148	63
1408 10 Bartholomew St	0.31mi	4/2.0	1,925 (+8%)	12mo	$265,000	$138	62
1736 38 Louisa St	0.62mi	4/2.0	1,784 (+0%)	14mo	$340,000	$191	58
4205 07 Burgundy St	0.62mi	3/2.0 (-1)	1,812 (+2%)	7mo	$475,000	$262	57
3313 15 St Claude Ave	0.70mi	4/3.0	1,850 (+4%)	1mo	$320,000	$173	56
816-18 Alvar St	0.72mi	3/2.5 (-1)	1,814 (+2%)	5mo	$435,000	$240	52
3601 N Claiborne St	0.39mi	4/3.0	1,547 (-13%)	11mo	$212,000	$137	47
832 34 France St	0.66mi	3/3.0 (-1)	1,677 (-6%)	10mo	$485,000	$289	42

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: 16.8%
• Equity multiple: 1.67×
• Total profit: $34,321
• Equity at exit: $27,137

10-year hold

• IRR: 25.0%
• Equity multiple: 3.12×
• Total profit: $108,087
• Equity at exit: $15,736

Cash invested: $50,960 (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: 581
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,868 high
• Mortgage (P&I): −$954
• Tax from tax record: −$145 /mo · $1,735/yr
• Insurance: −$76
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$602
• Net cashflow: $1,024

Break-even live

Break-even rent $1,571

Max offer price $182,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$2,868
Total (2 units)			$2,868

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: $45,500
• Closing costs: $5,460
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4230 N Claiborne Ave New Orleans, LA	3.0	2.5	1296	$1,750	$1.35	23d	1	0.14mi
4318 N Robertson St New Orleans, LA	3.0	1.0	1250	$1,150	$0.92	3d	1	0.23mi
4318 1/2 N Robertson St New Orleans, LA	3.0	1.0	1250	$1,150	$0.92	3d	1	0.23mi
1411 France St New Orleans, LA	3.0	2.0	1525	$2,000	$1.31	23d	1	0.26mi
1403 Lesseps St New Orleans, LA	3.0	3.0	1700	$1,800	$1.06	11d	1	0.27mi
4317 Urquhart St New Orleans, LA	3.0	2.0	1300	$1,650	$1.27	23d	1	0.34mi
1323 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	0.40mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	0.40mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	0.40mi
2019 Gallier St New Orleans, LA	4.0	2.0	1400	$2,200	$1.57	23d	1	0.44mi
1437 Gallier St New Orleans, LA	3.0	2.0	1451	$1,875	$1.29	21d	1	0.45mi
5624-5626 Saint Claude ST New Orleans, LA	4.0	3.0	1521	$2,300	$1.51	23d	1	0.52mi
2028 Desire St New Orleans, LA	3.0	1.0	1300	$1,300	$1.00	23d	1	0.52mi
1835 Louisa St New Orleans, LA	3.0	2.5	1800	$2,350	$1.31	3d	1	0.57mi
1839 Louisa St New Orleans, LA	3.0	2.0	1500	$2,095	$1.40	16d	1	0.58mi
3221 Saint Claude Ave New Orleans, LA	3.0	1.0	1900	$1,650	$0.87	23d	1	0.72mi
1231 Feliciana St New Orleans, LA	3.0	2.5	1869	$2,750	$1.47	43d	1	0.82mi
2331 Feliciana St New Orleans, LA	3.0	2.0	1250	$1,850	$1.48	23d	1	0.85mi
3134 Burgundy St New Orleans, LA	3.0	2.0	1887	$2,900	$1.54	23d	1	0.92mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	43d	1	0.96mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	23d	1	0.96mi
619 Reynes St New Orleans, LA	3.0	2.0	1318	$2,100	$1.59	16d	1	1.06mi
5459 Saint Claude Ave Unit 5461 New Orleans, LA	4.0	2.0	1454	$2,350	$1.62	23d	1	1.09mi
5461 Saint Claude Ave New Orleans, LA	4.0	2.0	1250	$2,350	$1.88	23d	1	1.09mi
617 Forstall St New Orleans, LA	3.0	2.0	1262	$2,200	$1.74	3d	1	1.10mi
1314 Lamanche St New Orleans, LA	4.0	1.0	1300	$2,100	$1.62	16d	1	1.17mi
2228 Arts St New Orleans, LA	3.0	2.0	2270	$1,675	$0.74	3d	1	1.35mi
3302 Metropolitan St New Orleans, LA	4.0	2.5	1700	$2,200	$1.29	17d	1	1.37mi
1201 Gordon St New Orleans, LA	3.0	2.5	1367	$1,900	$1.39	17d	1	1.38mi
1901 Tupelo St New Orleans, LA	3.0	2.5	1568	$2,300	$1.47	3d	1	1.46mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$4,154	$2.63	3d	2	1.46mi
2320 N Rampart St New Orleans, LA	3.0	3.0	2317	$3,700	$1.60	43d	1	1.46mi
2322 Burgundy St Unit C New Orleans, LA	3.0	2.0	1250	$2,200	$1.76	23d	1	1.48mi
632 Mandeville St Unit 2B New Orleans, LA	4.0	4.5	1337	$4,500	$3.37	17d	1	1.49mi
1824 Saint Maurice Ave New Orleans, LA	4.0	2.0	1500	$1,500	$1.00	23d	1	1.49mi

Listing history 28 events

1. 2026-06-18
   days on market $182,000 Active 64 DOM
2. 2026-06-17
   days on market $182,000 Active 63 DOM
3. 2026-06-16
   days on market $182,000 Active 62 DOM
4. 2026-06-15
   days on market $182,000 Active 61 DOM
5. 2026-06-13
   days on market $182,000 Active 59 DOM
6. 2026-06-10
   days on market $182,000 Active 56 DOM
7. 2026-06-09
   days on market $182,000 Active 55 DOM
8. 2026-06-08
   days on market $182,000 Active 54 DOM
9. 2026-06-07
   days on market $182,000 Active 53 DOM
10. 2026-06-05
    days on market $182,000 Active 50 DOM
11. 2026-06-03
    days on market $182,000 Active 49 DOM
12. 2026-06-02
    days on market $182,000 Active 48 DOM
13. 2026-06-01
    days on market $182,000 Active 47 DOM
14. 2026-05-31
    days on market $182,000 Active 46 DOM
15. 2026-05-19
    price $182,000 470-char remark

    Show marketing remark (470 chars)

    New HVAC! Prime Investment Opportunity This duplex offers a fantastic opportunity for investors looking for immediate cash flow. Each side features two bedrooms and two bathrooms, with off-street parking available for both units. Each unit is currently occupied; Great for expanding your portfolio or starting your investment journey. Also leaves opportunity for an owner occupancy for a person who is looking for duplex to live in one side while renting the other side.

16. 2026-04-15
    listed $184,500 Active 470-char remark

    Show marketing remark (469 chars)

    New HVAC! Prime Investment Opportunity This duplex offers a fantastic opportunity for investors looking for immediate cash flow. Each side features two bedrooms and two bathrooms, with off-street parking available for both units. Each unit is currently occupied;Great for expanding your portfolio or starting your investment journey. Also leaves opportunity for an owner occupancy for a person who is looking for duplex to live in one side while renting the other side.

17. 2026-04-15
    listed $184,500 Active 469-char remark

    Show marketing remark (469 chars)

    New HVAC! Prime Investment Opportunity This duplex offers a fantastic opportunity for investors looking for immediate cash flow. Each side features two bedrooms and two bathrooms, with off-street parking available for both units. Each unit is currently occupied;Great for expanding your portfolio or starting your investment journey. Also leaves opportunity for an owner occupancy for a person who is looking for duplex to live in one side while renting the other side.

18. 2026-03-02
    listed $1,200
19. 2025-10-06
    listed $184,500 Active
20. 2025-03-04
    historical $1,200
21. 2025-02-25
    price $1,200
22. 2025-02-10
    price $1,250
23. 2025-01-25
    listed $1,300
24. 2023-06-25
    listed $285,000
25. 2021-05-28
    listed $315,000
26. 2020-01-23
    listed $95,900
27. 2007-07-10
    listed $177,000
28. 1984-04-03
    soldstatus $25,000

ⓘ 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: $1,735 · $145/mo
• Projected year-2 tax: $1,735 · $145/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 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 22 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: $34,416
• − Mortgage interest: −$10,195
• − Property taxes: −$1,735
• − Insurance: −$1,708
• − Repairs & maintenance: −$2,753
• − Management: −$2,753
• − Depreciation: −$5,295
• Taxable income: $9,977
• Est. tax owed @ 24.0%: −$2,395
• After-tax cash flow: $9,898/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

+628.0% since first listed

14 events — show timeline

• 2026-05-19 Price Changed $182,000 GSREIN
• 2026-04-15 Listed $184,500 AcadianaMLS
• 2026-04-15 Listed $184,500 GSREIN
• 2026-03-02 Listed for Rent $1,200 RAAMLS
• 2025-10-06 Listed $184,500 AcadianaMLS
• 2025-03-04 Rental Removed $1,200 GSREIN
• 2025-02-25 Price Changed $1,200 GSREIN
• 2025-02-10 Price Changed $1,250 GSREIN
• 2025-01-25 Listed for Rent $1,300 GSREIN
• 2023-06-25 Listed $285,000 AcadianaMLS
• 2021-05-28 Listed $315,000 AcadianaMLS
• 2020-01-23 Listed $95,900 AcadianaMLS
• 2007-07-10 Listed $177,000 AcadianaMLS
• 1984-04-03 Sold (Public Records) $25,000 Public Records

Property tax history

-1.3%/yr

Latest (2026): $1,735 · +1.1% YoY. Source: county tax records.