6000 02 Spain St · New Orleans, LA 70122

$245,000

4 bd · 2.0 ba · 2,900 sqft · MultiFamily · 73 Days on market

Built 1950 $84/sqft · 17% below area Est $296k · 17% 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
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• 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

Discover the perfect blend of classic New Orleans architecture and modern convenience at 6000-02 Spain St. This impressive two-story double is situated on a spacious corner lot in the heart of the sought-after Milneburg neighborhood. Whether you are looking for a savvy house-hack, a multi-generational home, or a high-performing addition to your rental portfolio, this property delivers. Key Property Features Prime Location: Just minutes from the University of New Orleans (UNO) and the scenic Lakefront, offering easy access to walking trails, sunset views, and local eateries. Dual-Level Living: Each unit provides ample space and privacy, featuring a layout that maximizes natural light and New Orleans character. Versatile Layout: The two-story configuration offers distinct living areas, making it ideal for attracting long-term tenants or student housing, given its proximity to campus. Outdoor Space: Situated in a quiet residential pocket of Gentilly, the property includes a manageable yard space ideal for weekend BBQs or gardening. New Roof

Key facts

• Garage
• Built 1950
• Listed 73 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $245k.

Deal economics

• At list price, monthly cash flow is $502 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $245k).
• Recommended offer: $230k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.8% 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 soft (-0.6%/yr); 332 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,319/mo this rent would consume 81% of the median local household income ($49k/yr) (locally 2150% 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 73 days — a 6% lower offer ($230k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 30y 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 $78k; list at $245k implies a 214% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• 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 $230,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
9. 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.
10. 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.
11. 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: 1.35% ✓
• Cap rate: 10.84%
• Cash-on-cash: 16.25%
• DSCR: 1.72
• GRM: 6.2

CMA / ARV

• ARV (median comp): $296,123
• List price: $245,000
• Delta: -17.26%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2137 39 Filmore Ave	0.57mi	5/3.5 (+1)	2,480 (-14%)	7mo	$268,500	$108	32

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: -7.0%
• Equity multiple: 0.75×
• Total profit: $-17,121
• Equity at exit: $36,530

10-year hold

• IRR: -2.6%
• Equity multiple: 0.85×
• Total profit: $-10,034
• Equity at exit: $21,183

Cash invested: $68,600 (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 70122

• Rents YoY: -0.6%
• Active inventory: 332
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $3,319 high
• Mortgage (P&I): −$1,285
• Tax est. 1.5%: −$306 /mo · $3,675/yr
• Insurance: −$102
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$697
• Net cashflow: $502

Break-even live

Break-even rent $2,683

Max offer price $245,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,318
Total (2 units)			$3,319

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6010 Pasteur Blvd New Orleans, LA	4.0	3.0	2010	$2,600	$1.29	16d	1	0.34mi
3570 Gentilly Blvd New Orleans, LA	3.0	2.0	2390	$2,900	$1.21	43d	1	1.24mi
5024 Paris Ave New Orleans, LA	4.0	3.0	2116	$3,000	$1.42	15d	1	1.27mi
1310 Allen Toussaint Blvd New Orleans, LA	5.0	3.0	2858	$3,150	$1.10	15d	1	1.41mi

Listing history 17 events

1. 2026-06-18
   days on market $245,000 Active 73 DOM
2. 2026-06-17
   days on market $245,000 Active 72 DOM
3. 2026-06-16
   days on market $245,000 Active 71 DOM
4. 2026-06-15
   days on market $245,000 Active 70 DOM
5. 2026-06-13
   days on market $245,000 Active 68 DOM
6. 2026-06-10
   days on market $245,000 Active 65 DOM
7. 2026-06-09
   days on market $245,000 Active 64 DOM
8. 2026-06-08
   days on market $245,000 Active 63 DOM
9. 2026-06-07
   days on market $245,000 Active 62 DOM
10. 2026-06-05
    days on market $245,000 Active 59 DOM
11. 2026-06-03
    days on market $245,000 Active 58 DOM
12. 2026-06-02
    days on market $245,000 Active 57 DOM
13. 2026-06-01
    days on market $245,000 Active 56 DOM
14. 2026-05-31
    days on market $245,000 Active 55 DOM
15. 2026-04-06
    listed $245,000 Active 1053-char remark

    Show marketing remark (1053 chars)

    Discover the perfect blend of classic New Orleans architecture and modern convenience at 6000-02 Spain St. This impressive two-story double is situated on a spacious corner lot in the heart of the sought-after Milneburg neighborhood. Whether you are looking for a savvy house-hack, a multi-generational home, or a high-performing addition to your rental portfolio, this property delivers. Key Property Features Prime Location: Just minutes from the University of New Orleans (UNO) and the scenic Lakefront, offering easy access to walking trails, sunset views, and local eateries. Dual-Level Living: Each unit provides ample space and privacy, featuring a layout that maximizes natural light and New Orleans character. Versatile Layout: The two-story configuration offers distinct living areas, making it ideal for attracting long-term tenants or student housing, given its proximity to campus. Outdoor Space: Situated in a quiet residential pocket of Gentilly, the property includes a manageable yard space ideal for weekend BBQs or gardening. New Roof

16. 1996-12-30
    soldstatus $78,000
17. 1996-06-22
    listed $84,600

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 77% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°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: $39,828
• − Mortgage interest: −$13,724
• − Property taxes: −$3,675
• − Insurance: −$6,344
• − Repairs & maintenance: −$3,186
• − Management: −$3,186
• − Depreciation: −$7,127
• Taxable income: $2,586
• Est. tax owed @ 24.0%: −$621
• After-tax cash flow: $5,407/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): 35,253
• Household income: $49,455
• Rent vs Own: 40.5% rent · 59.5% own
• Severe rent burden: 2150.0

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: Predominantly Black (69%)
• Race & ethnicity: Black 69% White 18% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Lithuanian 4% Italian 2% Slovak 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Chinese 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: ▼ -222.37%
• Current HPI: 231.9921
• Rent YoY: ▼ -0.61%
• 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

+189.6% since first listed

3 events — show timeline

• 2026-04-06 Listed $245,000 GSREIN
• 1996-12-30 Sold (MLS) $78,000 GSREIN
• 1996-06-22 Listed $84,600 GSREIN