8533 35 Forshey St · New Orleans, LA 70118

$229,000

4 bd · 2.0 ba · 1,512 sqft · MultiFamily public records · 136 Days on market

Built 1930 5,266 sqft lot $151/sqft · 12% above area Est $204k · 12% over

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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 +27.6/30.0
• DSCR +9.7/10.0
• 1% rule +7.4/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• ARV discount +2.1/15.0
• 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

Excellent investment opportunity in a high-demand New Orleans location, just four blocks from South Carrollton Avenue. This thoughtfully renovated duplex blends historic character with modern updates and features two classic shotgun-style units, each offering 2 bedrooms and 1 bathroom, updated kitchen and baths, central HVAC, and off-street parking. The property is fully leased, generating $2,200 in monthly rental income, with tenants responsible for their own utilities—minimizing operating expenses. Convenient access to I-10, public transportation, and nearby shopping enhances long-term rental appeal. Whether you're seeking a dependable income-producing property or looking to expand your portfolio, this duplex is available individually or as part of a seven-property package—all situated on the same square. 48 notice required for showings. Shown to pre-approved buyers.

Key facts

• Central hvac
• Modern updates
• Historic character

Tags

• HIGH-DEMAND LOCATION
• THOUGHTFULLY RENOVATED DUPLEX
• HISTORIC CHARACTER
• MODERN UPDATES
• UPDATED KITCHEN
• CENTRAL HVAC

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $229k.

Deal economics

• At list price, monthly cash flow is $615 ($7k/yr) — positive. Per door: $308/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $229k).
• Recommended offer: $202k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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 21d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,840/mo this rent would consume 53% 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 $2k of loan paydown is wiped out by about $7k 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 136 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1930 — 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 $201,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 136 days. Have you received any prior offers? Is the seller open to a 12% 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 1930 — 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: 1.24% ✓
• Cap rate: 9.86%
• Cash-on-cash: 12.76%
• DSCR: 1.57
• GRM: 6.7

CMA / ARV

• ARV (median comp): $204,379
• List price: $229,000
• Delta: 12.05%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8517 19 Forshey St	0.02mi	4/2.0	1,512 (0%)	8mo	$219,000	$145	93
3316 18 Joliet St	0.05mi	4/2.0	1,512 (0%)	8mo	$220,000	$146	91
3315-17 Leonidas St	0.03mi	4/2.0	1,488 (-2%)	12mo	$249,000	$167	86
3322 24 Joliet St	0.05mi	4/2.0	1,488 (-2%)	12mo	$229,000	$154	86
3328-30 Joliet St	0.05mi	4/2.0	1,488 (-2%)	12mo	$249,000	$167	85
8839-37 Colapissa St	0.25mi	4/2.0	1,568 (+4%)	10mo	$120,000	$77	74
8628 30 Apple St	0.49mi	4/2.0	1,558 (+3%)	6mo	$205,000	$132	67
4101-03 Hamilton St	0.62mi	4/2.0	1,464 (-3%)	6mo	$209,000	$143	61
531-33 S Murat St	0.75mi	4/2.0	1,500 (-1%)	10mo	$335,000	$223	55
8316 18 S Claiborne Ave	0.66mi	4/2.0	1,610 (+6%)	10mo	$125,000	$78	50
2717 A Cherry St	0.61mi	4/2.0	1,704 (+13%)	2mo	$187,000	$110	49
9234 36 Apple St	0.68mi	4/4.0	1,512 (0%)	22mo	$150,500	$100	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 · 0.97% rent growth · sell at horizon

5-year hold

• IRR: -1.5%
• Equity multiple: 0.94×
• Total profit: $-3,547
• Equity at exit: $34,145

10-year hold

• IRR: 5.8%
• Equity multiple: 1.39×
• Total profit: $25,244
• Equity at exit: $19,800

Cash invested: $64,120 (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 70118

• Rents YoY: 1.0%
• Active inventory: 279
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $2,840 high
• Mortgage (P&I): −$1,201
• Tax from tax record: −$266 /mo · $3,189/yr
• Insurance: −$95
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$596
• Net cashflow: $615

Break-even live

Break-even rent $2,061

Max offer price $229,000

Occupancy floor 73%

Sensitivity live

Price	-10% $745	-5% $680	+0% $615	+5% $550	+10% $485
Rent	-10% $391	-5% $503	+0% $615	+5% $727	+10% $839
Rate	-1.0pp $730	-0.5pp $673	base $615	+0.5pp $556	+1.0pp $495

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,840
Total (2 units)			$2,840

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8502 Edinburgh St New Orleans, LA	3.0	2.0	1456	$1,800	$1.24	4d	1	0.14mi
8816 Olive St New Orleans, LA	3.0	2.0	1200	$1,800	$1.50	24d	1	0.16mi
8816 Olive St Unit A-B New Orleans, LA	3.0	2.0	1200	$1,800	$1.50	17d	1	0.16mi
8815 Palm St New Orleans, LA	3.0	2.0	1195	$2,100	$1.76	24d	1	0.25mi
8929 Colapissa St New Orleans, LA	3.0	1.0	1300	$1,400	$1.08	24d	1	0.26mi
8405 Apricot St New Orleans, LA	3.0	2.0	1058	$1,795	$1.70	4d	1	0.34mi
8405 Apricot St New Orleans, LA	3.0	2.0	1058	$1,795	$1.70	4d	1	0.34mi
9107 Fig St New Orleans, LA	3.0	3.0	1230	$2,000	$1.63	4d	1	0.39mi
2616 Cambronne St Unit 2618 New Orleans, LA	3.0	1.0	1200	$1,475	$1.23	24d	1	0.46mi
7922 Colapissa St New Orleans, LA	4.0	2.0	1848	$2,400	$1.30	11d	1	0.48mi
2527 Eagle St New Orleans, LA	3.0	2.0	1571	$2,200	$1.40	24d	1	0.50mi
8812 Apple St New Orleans, LA	3.0	2.0	1085	$1,650	$1.52	17d	1	0.51mi
9438 Forshey St New Orleans, LA	3.0	2.0	1274	$2,000	$1.57	24d	1	0.58mi
7933 Belfast St Unit Upper New Orleans, LA	3.0	2.0	1500	$2,400	$1.60	24d	1	0.59mi
9528 Stroelitz St New Orleans, LA	3.0	2.0	1174	$2,100	$1.79	12d	1	0.68mi
2305 Joliet St New Orleans, LA	3.0	2.0	1451	$2,500	$1.72	44d	1	0.69mi
2251 Cambronne St Unit A New Orleans, LA	3.0	1.5	1945	$2,495	$1.28	24d	1	0.70mi
2835 Pine St Unit 2835 New Orleans, LA	3.0	2.0	1219	$2,995	$2.46	44d	1	0.74mi
2833 Pine St Unit 2833 New Orleans, LA	3.0	2.0	1219	$3,200	$2.63	20d	1	0.74mi
2308 Short St New Orleans, LA	3.0	2.0	1600	$2,800	$1.75	4d	1	0.80mi
2231 S Carrollton Ave Unit D New Orleans, LA	3.0	2.0	1600	$2,495	$1.56	24d	1	0.81mi
647 S Pierce St New Orleans, LA	3.0	2.0	1550	$3,175	$2.05	15d	1	0.84mi
4814 Thalia St Unit B New Orleans, LA	3.0	2.0	1218	$1,850	$1.52	24d	1	0.88mi
4816 Thalia St New Orleans, LA	3.0	2.0	1218	$1,850	$1.52	24d	1	0.88mi
2741 Audubon St New Orleans, LA	3.0	2.0	1100	$1,800	$1.64	4d	1	0.88mi
7909 Sycamore St New Orleans, LA	3.0	2.0	2000	$2,400	$1.20	4d	1	0.88mi
2102 S Carrollton Ave New Orleans, LA	3.0	2.0	1800	$2,250	$1.25	12d	1	0.88mi
2102 S Carrollton Ave Unit NA New Orleans, LA	3.0	2.0	1800	$2,250	$1.25	11d	1	0.88mi
613 S Pierce St New Orleans, LA	3.0	1.0	1200	$1,500	$1.25	18d	1	0.88mi
615 S Pierce St New Orleans, LA	3.0	1.0	1200	$1,500	$1.25	18d	1	0.89mi
337 S Murat St Unit 4501 New Orleans, LA	3.0	2.0	1150	$2,000	$1.74	24d	1	0.90mi
2101 S Carrollton Ave New Orleans, LA	4.0	2.0	1800	$2,400	$1.33	24d	1	0.90mi
7902 Sycamore St New Orleans, LA	4.0	2.0	1991	$3,200	$1.61	44d	1	0.91mi
8426 Spruce St New Orleans, LA	3.0	2.0	1700	$3,000	$1.76	44d	1	0.91mi
4702 Euphrosine St New Orleans, LA	3.0	1.0	1100	$1,850	$1.68	4d	1	0.91mi
4020 Baudin St New Orleans, LA	3.0	2.0	1100	$1,550	$1.41	4d	1	0.94mi
109 Avenue E Metairie, LA	3.0	3.5	2068	$3,000	$1.45	45d	1	0.94mi
2201 Burdette St New Orleans, LA	3.0	1.5	1800	$2,695	$1.50	18d	1	0.94mi
912 Monticello Ave New Orleans, LA	3.0	2.0	1750	$2,500	$1.43	44d	1	0.95mi
2116 Burdette St New Orleans, LA	3.0	1.0	1700	$1,975	$1.16	4d	1	0.96mi

Listing history 15 events

1. 2026-06-18
   days on market $229,000 Active 136 DOM
2. 2026-06-17
   days on market $229,000 Active 135 DOM
3. 2026-06-16
   days on market $229,000 Active 134 DOM
4. 2026-06-15
   days on market $229,000 Active 133 DOM
5. 2026-06-13
   days on market $229,000 Active 131 DOM
6. 2026-06-10
   days on market $229,000 Active 128 DOM
7. 2026-06-09
   days on market $229,000 Active 127 DOM
8. 2026-06-08
   days on market $229,000 Active 126 DOM
9. 2026-06-07
   days on market $229,000 Active 125 DOM
10. 2026-06-05
    days on market $229,000 Active 122 DOM
11. 2026-06-03
    days on market $229,000 Active 121 DOM
12. 2026-06-02
    days on market $229,000 Active 120 DOM
13. 2026-06-01
    days on market $229,000 Active 119 DOM
14. 2026-05-31
    days on market $229,000 Active 118 DOM
15. 2026-02-02
    listed $229,000 Active 893-char remark

    Show marketing remark (893 chars)

    Excellent investment opportunity in a high-demand New Orleans location, just four blocks from South Carrollton Avenue. This thoughtfully renovated duplex blends historic character with modern updates and features two classic shotgun-style units, each offering 2 bedrooms and 1 bathroom, updated kitchen and baths, central HVAC, and off-street parking. The property is fully leased, generating $2,200 in monthly rental income, with tenants responsible for their own utilities—minimizing operating expenses. Convenient access to I-10, public transportation, and nearby shopping enhances long-term rental appeal. Whether you're seeking a dependable income-producing property or looking to expand your portfolio, this duplex is available individually or as part of a seven-property package—all situated on the same square. 48 notice required for showings. Shown to pre-approved buyers.

ⓘ 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: $3,189 · $266/mo
• Projected year-2 tax: $3,189 · $266/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: $34,080
• − Mortgage interest: −$12,828
• − Property taxes: −$3,189
• − Insurance: −$1,942
• − Repairs & maintenance: −$2,726
• − Management: −$2,726
• − Depreciation: −$6,662
• Taxable income: $4,006
• Est. tax owed @ 24.0%: −$962
• After-tax cash flow: $6,419/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

1 event — show timeline

• 2026-02-02 Listed $229,000 GSREIN

Property tax history

+9.8%/yr

Latest (2026): $3,189 · +1.1% YoY. Source: county tax records.