4320 Banks St · New Orleans, LA 70119

$399,900

4 bd · 2.0 ba · 3,850 sqft · MultiFamily public records · 13 Days on market

Built 1920 Est $500k · 20% 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 +28.8/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• 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: 3 units. confirmed

Listing remarks

This home is centrally located in Mid-City, known as the heart of New Orleans for its convenient location to entertainment, work, and school. The perfect place to experience it all. This double unit has five bedrooms and two bathrooms on each side.

Key facts

• Built 1920
• Listed 13 days

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $919 ($11k/yr) — positive. Per door: $306/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $400k).
• Cap rate 10.3% 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 (-0.2%/yr); 381 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $5,260/mo this rent would consume 119% of the median local household income ($53k/yr) (locally 3381% 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 $3k of loan paydown is wiped out by about $12k 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

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 11 sale attempts since 18y 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 $225k; list at $400k implies a 78% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1920 — 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 $399,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.32% ✓
• Cap rate: 10.33%
• Cash-on-cash: 14.42%
• DSCR: 1.64
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $500,500
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4130 Cleveland Ave	0.23mi	4/4.0	3,725 (-3%)	15mo	$250,000	$67	63
124 N Solomon St	0.32mi	5/5.0 (+1)	3,796 (-1%)	12mo	$494,000	$130	56

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: -5.3%
• Equity multiple: 0.81×
• Total profit: $-21,290
• Equity at exit: $59,626

10-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-1,209
• Equity at exit: $34,576

Cash invested: $111,972 (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 70119

• Home prices YoY: -34.8%
• Rents YoY: -0.2%
• Active inventory: 381
• Price-to-rent: 19.0×

Monthly cashflow live

• Estimated rent: $5,260 high
• Mortgage (P&I): −$2,097
• Tax from tax record: −$546 /mo · $6,549/yr
• Insurance: −$167
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,105
• Net cashflow: $919

Break-even live

Break-even rent $4,096

Max offer price $399,900

Occupancy floor 78%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.3	$5,259
Total (3 units)			$5,260

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6465 Oakland Dr New Orleans, LA	3.0	2.5	2864	$4,000	$1.40	3d	1	0.62mi
3232 Grand Rte Saint John St New Orleans, LA	3.0	3.0	2800	$5,000	$1.79	24d	1	1.29mi

Listing history 10 events

1. 2026-06-18
   days on market $399,900 Active 13 DOM
2. 2026-06-17
   days on market $399,900 Active 12 DOM
3. 2026-06-16
   days on market $399,900 Active 11 DOM
4. 2026-06-15
   days on market $399,900 Active 10 DOM
5. 2026-06-13
   days on market $399,900 Active 8 DOM
6. 2026-06-10
   days on market $399,900 Active 5 DOM
7. 2026-06-09
   days on market $399,900 Active 4 DOM
8. 2026-06-08
   days on market $399,900 Active 3 DOM
9. 2026-06-07
   remarks 248-char remark
10. 2026-06-07
    listed $399,900 Active 2 DOM

ⓘ 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: $6,549 · $546/mo
• Projected year-2 tax: $6,549 · $546/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 AE · 77% 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: $63,120
• − Mortgage interest: −$22,401
• − Property taxes: −$6,549
• − Insurance: −$7,118
• − Repairs & maintenance: −$5,050
• − Management: −$5,050
• − Depreciation: −$11,633
• Taxable income: $5,320
• Est. tax owed @ 24.0%: −$1,277
• After-tax cash flow: $9,756/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): 37,253
• Household income: $53,143
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 3381.0

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 0.64)
• Race & ethnicity: Black 44% White 40% Two or more races 10% Hispanic / Latino 9% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Slovak 2% Romanian 1%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 6% French/Haitian/Cajun 1% Other Indo-European 0%

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: ▼ -135.38%
• Current HPI: 253.1929
• Rent YoY: ▼ -0.20%
• 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

-92.5% since first listed

17 events — show timeline

• 2026-06-05 Listed $399,900 FSBO.com
• 2024-09-01 Rental Removed $2,300 APPFOLIO
• 2024-07-23 Price Changed $2,300 APPFOLIO
• 2024-07-18 Listed for Rent $2,850 APPFOLIO
• 2024-05-16 Rental Removed $2,850 APPFOLIO
• 2024-05-14 Listed for Rent $2,850 APPFOLIO
• 2024-05-06 Rental Removed $2,850 APPFOLIO
• 2024-04-24 Listed for Rent $2,850 APPFOLIO
• 2022-06-25 Price Changed $2,000 RENT.
• 2022-04-05 Listed $699,999 AcadianaMLS
• 2015-10-02 Sold (Public Records) $225,000 Public Records
• 2010-04-06 Listed $325,000 GSREIN
• 2010-04-06 Listed $325,000 AcadianaMLS
• 2008-03-31 Listed $5,300,000 GSREIN
• 2008-03-31 Listed $5,300,000 AcadianaMLS
• 2008-03-20 Listed $5,300,000 GSREIN
• 2008-03-20 Listed $5,300,000 AcadianaMLS

Property tax history

+4.9%/yr

Latest (2026): $6,549 · +1.1% YoY. Source: county tax records.