1501 Independence St · New Orleans, LA 70117

$60,000

2 bd · 1.0 ba · 840 sqft · SingleFamily public records · 34 Days on market

Built 1960 4,369 sqft lot $71/sqft · 59% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Listing remarks MLS

Single-family Creole cottage featuring a shotgun-style layout, ideally located in the desirable Musician's Village neighborhood. This 2-bedroom, 1-bath home offers soaring 10.5-foot ceilings, original hardwood flooring ,and oversized windows that provide abundant natural light. The spacious yard offers endless possibilities for customized landscaping, outdoor entertaining with future improvements. BONUS: Rear mother-in-law suite or utility unit with separate electrical meter, water meter, and address -- offering excellent potential for income generation or multi-generational living. Property requires full rehabilitation and is being sold as-is. Excellent opportunity for investors, renovators, or homeowners looking to personalize and restore a classic New Orleans property.

Key facts

• Spacious yard
• Shotgun-style layout
• Creole cottage

Tags

• CREOLE COTTAGE
• SHOTGUN-STYLE LAYOUT
• ORIGINAL HARDWOOD FLOORING
• OVERSIZED WINDOWS
• SPACIOUS YARD
• DOUBLE OPEN GATE

Property features AI

Finance

• HOA & community: Access to public transportation

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Single-story home; Raised foundation; Shingle roof; Concrete construction; Property reported in poor condition
• Construction: Concrete construction; Shingle roof; Raised foundation
• Exterior features: Fenced yard; Corner lot; City lot; Rectangular lot; Lot dimensions approximately 95 x 46

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Gas heating
• Interior features: Attic with pull-down attic stairs

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $671 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.0% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• This rent runs 37% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k 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 $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $9k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $58,200 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
6. 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.
7. 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: 2.37% ✓
• Cap rate: 21.04%
• Cash-on-cash: 52.68%
• DSCR: 3.34
• GRM: 3.5

CMA / ARV

• ARV (median comp): $184,397
• List price: $60,000
• Delta: -67.46%
• 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
1115 Congress St	0.26mi	2/1.0	840 (0%)	16mo	$225,000	$268	75
3918 N Robertson St	0.13mi	2/1.0	896 (+7%)	24mo	$167,500	$187	63
3618 N Rampart St	0.40mi	2/1.0	872 (+4%)	20mo	$299,000	$343	59
3039 N Galvez St	0.63mi	2/1.0	838 (-0%)	15mo	$112,000	$134	58
2442 Desire St	0.74mi	2/1.0	863 (+3%)	8mo	$109,000	$126	54
1322 Bartholomew St	0.18mi	2/1.0	952 (+13%)	18mo	$250,000	$263	54
1500 Lesseps St	0.32mi	2/1.0	926 (+10%)	17mo	$130,000	$140	54
2232 Desire St	0.58mi	2/2.0	821 (-2%)	15mo	$169,000	$206	52
3069 Royal St	0.70mi	2/1.0	792 (-6%)	13mo	$350,000	$442	47
724 Congress St	0.55mi	2/1.0	790 (-6%)	21mo	$299,000	$378	47
1736 Congress St	0.21mi	1/1.0 (-1)	952 (+13%)	23mo	$83,000	$87	44
2719 N Roman St	0.70mi	2/1.0	898 (+7%)	21mo	$110,210	$123	38

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: 44.8%
• Equity multiple: 2.92×
• Total profit: $32,338
• Equity at exit: $8,946

10-year hold

• IRR: 50.5%
• Equity multiple: 5.79×
• Total profit: $80,429
• Equity at exit: $5,188

Cash invested: $16,800 (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: 3.5×

Monthly cashflow live

• Estimated rent: $1,423 high
• Mortgage (P&I): −$315
• Tax from tax record: −$47 /mo · $561/yr
• Insurance: −$25
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$299
• Net cashflow: $671

Break-even live

Break-even rent $573

Max offer price $60,000

Occupancy floor 48%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1310 Bartholomew St Unit 1310 New Orleans, LA	1.0	1.0	637	$1,150	$1.81	23d	1	0.19mi
1211 Gallier St New Orleans, LA	2.0	1.0	900	$1,000	$1.11	23d	1	0.20mi
1713 Gallier St Unit B New Orleans, LA	2.0	1.0	1000	$1,099	$1.10	23d	1	0.21mi
1715 Gallier St Unit B New Orleans, LA	2.0	1.0	1000	$1,099	$1.10	23d	1	0.21mi
1628 Bartholomew St New Orleans, LA	3.0	2.0	1050	$1,600	$1.52	23d	1	0.21mi
1634 Bartholomew St New Orleans, LA	2.0	1.0	900	$1,300	$1.44	23d	1	0.22mi
1121 Bartholomew St Unit 1121 New Orleans, LA	2.0	1.0	893	$2,000	$2.24	23d	1	0.29mi
1319 France St New Orleans, LA	2.0	1.0	923	$975	$1.06	21d	1	0.30mi
1614 Louisa St New Orleans, LA	2.0	1.0	733	$1,100	$1.50	23d	1	0.31mi
3133 N Villere St New Orleans, LA	2.0	1.0	715	$1,250	$1.75	23d	1	0.33mi
2612 14 Urquhart St New Orleans, LA	1.0	1.0	900	$1,200	$1.33	20d	1	0.36mi
3912 N Rampart St Unit 3912 New Orleans, LA	2.0	1.0	800	$1,500	$1.88	23d	1	0.39mi
3125 Industrial Ct New Orleans, LA	2.0	2.5	1100	$1,450	$1.32	23d	1	0.40mi
1217 Clouet St New Orleans, LA	2.0	1.0	1000	$1,400	$1.40	23d	1	0.40mi
1225 Clouet St Unit 1225 New Orleans, LA	2.0	2.0	900	$1,600	$1.78	23d	1	0.40mi
1703 Clouet St New Orleans, LA	2.0	1.0	650	$1,200	$1.85	16d	1	0.41mi
1244 Clouet St New Orleans, LA	2.0	1.0	950	$1,500	$1.58	23d	1	0.41mi
3121 Saint Claude Ave Unit A New Orleans, LA	1.0	1.0	600	$900	$1.50	23d	1	0.42mi
3421 Burgundy St New Orleans, LA	2.0	2.0	1120	$3,000	$2.68	23d	1	0.43mi
1942 Piety St New Orleans, LA	3.0	1.0	1100	$1,500	$1.36	23d	1	0.44mi
935 Louisa St New Orleans, LA	1.0	1.0	810	$1,500	$1.85	23d	1	0.45mi
933 Louisa St New Orleans, LA	2.0	1.0	800	$1,700	$2.12	23d	1	0.45mi
4222 N Johnson St New Orleans, LA	3.0	2.0	1100	$1,895	$1.72	23d	1	0.49mi
3425 Dauphine St New Orleans, LA	2.0	1.5	840	$1,800	$2.14	20d	1	0.49mi
2019 Louisa St New Orleans, LA	3.0	1.0	750	$1,500	$2.00	17d	1	0.49mi
2017 Louisa St New Orleans, LA	3.0	1.0	750	$1,300	$1.73	17d	1	0.49mi
1019 Clouet St New Orleans, LA	2.0	1.0	880	$1,700	$1.93	23d	1	0.49mi
3027 Saint Claude Ave Unit B New Orleans, LA	1.0	1.0	784	$1,795	$2.29	23d	1	0.50mi
4217 N Johnson St New Orleans, LA	3.0	2.0	904	$1,650	$1.83	23d	1	0.51mi
734 Alvar St New Orleans, LA	2.0	1.0	925	$1,900	$2.05	23d	1	0.51mi
4318 N Rampart St New Orleans, LA	2.0	1.0	750	$1,100	$1.47	23d	1	0.53mi
4543 Urquhart St Unit B New Orleans, LA	2.0	1.0	700	$1,150	$1.64	11d	1	0.53mi
718 Congress St Unit 718 New Orleans, LA	2.0	1.0	1000	$1,490	$1.49	20d	1	0.53mi
4545 Urquhart St Unit B New Orleans, LA	2.0	1.0	700	$1,150	$1.64	23d	1	0.54mi
2129 Desire St Unit 1B New Orleans, LA	3.0	1.0	1105	$1,200	$1.09	2d	1	0.54mi
2129 Desire St Unit 1B New Orleans, LA	3.0	1.0	1105	$1,200	$1.09	3d	1	0.54mi
3201 N Galvez St Unit 2B New Orleans, LA	2.0	1.0	700	$1,250	$1.79	23d	1	0.54mi
1905 Montegut St New Orleans, LA	2.0	1.5	870	$1,275	$1.47	23d	1	0.58mi
3900 Royal St Unit 1B New Orleans, LA	1.0	1.0	690	$1,650	$2.39	23d	1	0.58mi
924 Kentucky St New Orleans, LA	2.0	1.0	1102	$1,700	$1.54	3d	1	0.59mi

Listing history 18 events

1. 2026-06-18
   days on market $60,000 Active 34 DOM
2. 2026-06-17
   days on market $60,000 Active 33 DOM
3. 2026-06-16
   days on market $60,000 Active 32 DOM
4. 2026-06-16
   price $60,000 Active 31 DOM
5. 2026-06-15
   days on market $69,000 Active 31 DOM

   Show marketing remark (782 chars)

   Single-family Creole cottage featuring a shotgun-style layout, ideally located in the desirable Musician's Village neighborhood. This 2-bedroom, 1-bath home offers soaring 10.5-foot ceilings, original hardwood flooring ,and oversized windows that provide abundant natural light. The spacious yard offers endless possibilities for customized landscaping, outdoor entertaining with future improvements. BONUS: Rear mother-in-law suite or utility unit with separate electrical meter, water meter, and address -- offering excellent potential for income generation or multi-generational living. Property requires full rehabilitation and is being sold as-is. Excellent opportunity for investors, renovators, or homeowners looking to personalize and restore a classic New Orleans property.

6. 2026-06-13
   days on market $69,000 Active 29 DOM
7. 2026-06-10
   days on market $69,000 Active 26 DOM
8. 2026-06-09
   days on market $69,000 Active 25 DOM
9. 2026-06-08
   days on market $69,000 Active 24 DOM
10. 2026-06-07
    days on market $69,000 Active 23 DOM
11. 2026-06-05
    days on market $69,000 Active 20 DOM
12. 2026-06-03
    days on market $69,000 Active 19 DOM
13. 2026-06-02
    days on market $69,000 Active 18 DOM
14. 2026-06-01
    days on market $69,000 Active 17 DOM
15. 2026-05-31
    days on market $69,000 Active 16 DOM
16. 2026-05-15
    listed $69,000 Active 794-char remark

    Show marketing remark (782 chars)

    Single-family Creole cottage featuring a shotgun-style layout, ideally located in the desirable Musician's Village neighborhood. This 2-bedroom, 1-bath home offers soaring 10.5-foot ceilings, original hardwood flooring ,and oversized windows that provide abundant natural light. The spacious yard offers endless possibilities for customized landscaping, outdoor entertaining with future improvements. BONUS: Rear mother-in-law suite or utility unit with separate electrical meter, water meter, and address -- offering excellent potential for income generation or multi-generational living. Property requires full rehabilitation and is being sold as-is. Excellent opportunity for investors, renovators, or homeowners looking to personalize and restore a classic New Orleans property.

17. 2026-05-15
    listed $69,000 Active 782-char remark

    Show marketing remark (782 chars)

    Single-family Creole cottage featuring a shotgun-style layout, ideally located in the desirable Musician's Village neighborhood. This 2-bedroom, 1-bath home offers soaring 10.5-foot ceilings, original hardwood flooring ,and oversized windows that provide abundant natural light. The spacious yard offers endless possibilities for customized landscaping, outdoor entertaining with future improvements. BONUS: Rear mother-in-law suite or utility unit with separate electrical meter, water meter, and address -- offering excellent potential for income generation or multi-generational living. Property requires full rehabilitation and is being sold as-is. Excellent opportunity for investors, renovators, or homeowners looking to personalize and restore a classic New Orleans property.

18. 1986-06-26
    soldstatus $50,000

ⓘ 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: $561 · $47/mo
• Projected year-2 tax: $561 · $47/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 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: $17,072
• − Mortgage interest: −$3,361
• − Property taxes: −$561
• − Insurance: −$1,098
• − Repairs & maintenance: −$1,366
• − Management: −$1,366
• − Depreciation: −$1,745
• Taxable income: $7,576
• Est. tax owed @ 24.0%: −$1,818
• After-tax cash flow: $6,235/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

+20.0% since first listed

5 events — show timeline

• 2026-06-15 Price Changed $60,000 AcadianaMLS
• 2026-06-15 Price Changed $60,000 GSREIN
• 2026-05-15 Listed $69,000 GSREIN
• 2026-05-15 Listed $69,000 AcadianaMLS
• 1986-06-26 Sold (Public Records) $50,000 Public Records

Property tax history

+10.4%/yr

Latest (2026): $561 · +1.1% YoY. Source: county tax records.