136 38 Cherokee St · New Orleans, LA 70118

$199,000

4 bd · 2.0 ba · 2,035 sqft · MultiFamily public records · 504 Days on market

Built 1985 $98/sqft · 53% 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 +2.7/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Location, Location! This property has so much potential * investor's dream!! 2 separate units...off-street parking!

Key facts

• Off-street parking
• 2 separate units
• 3 parking spots

Tags

• OFF-STREET PARKING
• 2 SEPARATE UNITS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $199k).
• Recommended offer: $175k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.8% 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 flat; 279 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).
• At $3,600/mo this rent would consume 68% 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 $1k of loan paydown is wiped out by about $6k 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 + 1.0% rent growth), your $56k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 504 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $51k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $77k; list at $199k implies a 158% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major 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 $175,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 504 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.81% ✓
• Cap rate: 14.78%
• Cash-on-cash: 30.32%
• DSCR: 2.35
• GRM: 4.6

CMA / ARV

• ARV (median comp): $602,515
• List price: $199,000
• Delta: -66.97%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
311 13 Millaudon St	0.14mi	4/2.0	1,965 (-3%)	5mo	$440,000	$224	83
901 03 Lowerline St	0.37mi	4/2.0	2,109 (+4%)	11mo	$525,000	$249	68
7321 23 Burthe St	0.57mi	4/2.0	2,109 (+4%)	11mo	$525,000	$249	58
225 Broadway St	0.39mi	4/3.0	1,887 (-7%)	15mo	$395,000	$209	53

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: 22.6%
• Equity multiple: 1.90×
• Total profit: $50,310
• Equity at exit: $29,672

10-year hold

• IRR: 29.2%
• Equity multiple: 3.36×
• Total profit: $131,255
• Equity at exit: $17,206

Cash invested: $55,720 (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: 9.2×

Monthly cashflow live

• Estimated rent: $3,600 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$310 /mo · $3,715/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$756
• Net cashflow: $1,408

Break-even live

Break-even rent $1,818

Max offer price $199,000

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,600
Total (2 units)			$3,600

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
427 Lowerline St Unit A New Orleans, LA	3.0	2.0	2364	$3,900	$1.65	23d	1	0.23mi
7824 Dominican St New Orleans, LA	3.0	3.0	1509	$4,000	$2.65	43d	1	0.26mi
544 Lowerline St New Orleans, LA	3.0	2.0	2500	$3,500	$1.40	23d	1	0.32mi
7800 Saint Charles Ave Unit B New Orleans, LA	3.0	2.0	2000	$2,700	$1.35	3d	1	0.37mi
7816 Saint Charles Ave New Orleans, LA	3.0	2.0	2000	$2,850	$1.43	17d	1	0.37mi
537 Broadway St New Orleans, LA	3.0	2.0	1950	$3,950	$2.03	43d	1	0.38mi
629 Lowerline St New Orleans, LA	3.0	2.0	1500	$3,500	$2.33	23d	1	0.43mi
7211 Saint Charles Ave New Orleans, LA	5.0	3.0	2800	$2,999	$1.07	43d	1	0.43mi
7729 Hampson ST	3.0	2.0	1800	$2,300	$1.28	3d	1	0.45mi
7733 Hampson St New Orleans, LA	3.0	2.5	1833	$2,600	$1.42	17d	1	0.45mi
528 Walnut St New Orleans, LA	3.0	3.0	2300	$3,950	$1.72	43d	1	0.45mi
624 Broadway St New Orleans, LA	3.0	2.0	2000	$1,800	$0.90	23d	1	0.46mi
808 Pine St New Orleans, LA	4.0	1.5	2000	$3,200	$1.60	43d	1	0.53mi
810 Pine St New Orleans, LA	4.0	1.5	2000	$3,200	$1.60	43d	1	0.53mi
938 Adams St New Orleans, LA	3.0	2.0	1600	$3,000	$1.88	17d	1	0.61mi
931 Pine St New Orleans, LA	4.0	2.0	1450	$6,600	$4.55	43d	1	0.63mi
1003 Pine St New Orleans, LA	4.0	2.0	1538	$3,500	$2.28	43d	1	0.66mi
939 Broadway St New Orleans, LA	5.0	3.0	1900	$4,000	$2.11	3d	1	0.67mi
1031 Broadway St New Orleans, LA	4.0	2.0	1750	$4,400	$2.51	17d	1	0.71mi
1030 Short St Unit D New Orleans, LA	3.0	1.0	2000	$3,000	$1.50	23d	1	0.71mi
1131 Fern St New Orleans, LA	4.0	2.0	2427	$3,600	$1.48	17d	1	0.75mi
7625 Oak St New Orleans, LA	3.0	1.0	1400	$1,900	$1.36	23d	1	0.75mi
1506 Calhoun St New Orleans, LA	3.0	3.0	1750	$5,800	$3.31	17d	1	0.80mi
1300 Broadway St New Orleans, LA	3.0	2.5	1747	$3,000	$1.72	43d	1	0.85mi
1453 Webster St New Orleans, LA	3.0	3.5	2181	$7,500	$3.44	43d	1	0.95mi
1438 Broadway St Unit B New Orleans, LA	3.0	1.0	1500	$1,800	$1.20	17d	1	0.96mi
1438 Broadway St Unit A New Orleans, LA	3.0	1.0	1739	$3,000	$1.73	17d	1	0.96mi
7015 Willow St New Orleans, LA	5.0	3.0	2000	$4,200	$2.10	43d	1	0.96mi
7701 Jeannette St Unit D New Orleans, LA	3.0	3.0	1710	$2,800	$1.64	43d	1	0.96mi
4 Cromwell Pl New Orleans, LA	5.0	2.0	2600	$7,000	$2.69	43d	1	0.98mi
7000 Jeannette St New Orleans, LA	3.0	3.0	2390	$3,250	$1.36	3d	1	1.00mi
1519 Pine St New Orleans, LA	5.0	3.0	3000	$4,000	$1.33	23d	1	1.00mi
7011 Jeannette St Unit A New Orleans, LA	5.0	3.0	2200	$5,000	$2.27	43d	1	1.02mi
1530 Broadway St New Orleans, LA	3.0	2.0	1475	$3,900	$2.64	10d	2	1.03mi
7329 Birch St New Orleans, LA	3.0	2.0	1538	$2,350	$1.53	21d	1	1.03mi
1609 Broadway St New Orleans, LA	5.0	2.0	1776	$5,000	$2.82	43d	1	1.07mi
2432 Calhoun St Unit A New Orleans, LA	3.0	2.0	1983	$4,400	$2.22	21d	1	1.07mi
1517 Dante St New Orleans, LA	3.0	1.0	1500	$1,700	$1.13	17d	1	1.09mi
2503 Calhoun St New Orleans, LA	3.0	2.0	1800	$3,000	$1.67	17d	1	1.11mi
1526 Dante St New Orleans, LA	3.0	3.0	1446	$3,000	$2.07	17d	1	1.11mi

Listing history 22 events

1. 2026-06-18
   days on market $199,000 Active 504 DOM
2. 2026-06-17
   days on market $199,000 Active 503 DOM
3. 2026-06-16
   days on market $199,000 Active 502 DOM
4. 2026-06-15
   days on market $199,000 Active 501 DOM
5. 2026-06-13
   days on market $199,000 Active 499 DOM
6. 2026-06-10
   days on market $199,000 Active 496 DOM
7. 2026-06-09
   days on market $199,000 Active 495 DOM
8. 2026-06-08
   days on market $199,000 Active 494 DOM
9. 2026-06-07
   days on market $199,000 Active 493 DOM
10. 2026-06-05
    days on market $199,000 Active 490 DOM
11. 2026-06-03
    days on market $199,000 Active 489 DOM
12. 2026-06-02
    days on market $199,000 Active 488 DOM
13. 2026-06-01
    days on market $199,000 Active 487 DOM
14. 2026-05-31
    days on market $199,000 Active 486 DOM
15. 2025-09-05
    price $199,000 115-char remark

    Show marketing remark (119 chars)

    Location, Location! This property has so much potential * investor's dream!! 2 separate units. .. off-street parking!

16. 2025-09-05
    price $199,000 119-char remark

    Show marketing remark (119 chars)

    Location, Location! This property has so much potential * investor's dream!! 2 separate units. .. off-street parking!

17. 2025-02-28
    price $239,900 115-char remark

    Show marketing remark (119 chars)

    Location, Location! This property has so much potential * investor's dream!! 2 separate units. .. off-street parking!

18. 2025-02-28
    price $239,900 119-char remark

    Show marketing remark (119 chars)

    Location, Location! This property has so much potential * investor's dream!! 2 separate units. .. off-street parking!

19. 2025-01-30
    listed $250,000 Active 115-char remark

    Show marketing remark (119 chars)

    Location, Location! This property has so much potential * investor's dream!! 2 separate units. .. off-street parking!

20. 2025-01-30
    listed $250,000 Active 119-char remark

    Show marketing remark (119 chars)

    Location, Location! This property has so much potential * investor's dream!! 2 separate units. .. off-street parking!

21. 1995-12-15
    soldstatus $77,000
22. 1992-01-03
    soldstatus $77,000

ⓘ 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: $3,715 · $310/mo
• Projected year-2 tax: $3,715 · $310/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 6/10 Major FEMA zone X · 56% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥109°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 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,200
• − Mortgage interest: −$11,147
• − Property taxes: −$3,715
• − Insurance: −$995
• − Repairs & maintenance: −$3,456
• − Management: −$3,456
• − Depreciation: −$5,789
• Taxable income: $14,642
• Est. tax owed @ 24.0%: −$3,514
• After-tax cash flow: $13,381/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

+158.4% since first listed

8 events — show timeline

• 2025-09-05 Price Changed $199,000 AcadianaMLS
• 2025-09-05 Price Changed $199,000 GSREIN
• 2025-02-28 Price Changed $239,900 AcadianaMLS
• 2025-02-28 Price Changed $239,900 GSREIN
• 2025-01-30 Listed $250,000 GSREIN
• 2025-01-30 Listed $250,000 AcadianaMLS
• 1995-12-15 Sold (Public Records) $77,000 Public Records
• 1992-01-03 Sold (Public Records) $77,000 Public Records

Property tax history

+34.3%/yr

Latest (2026): $3,715 · +1.1% YoY. Source: county tax records.