2407 S Miro St · New Orleans, LA 70125

$139,800

6 bd · 3.0 ba · 2,958 sqft · SingleFamily public records · 7 Days on market

Built 1942 3,929 sqft lot

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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

Listing remarks MLS

Fantastic opportunity to own this versatile double. The front unit is all on the 1st level and features the inviting front porch, a roomy living and dining room, 3 bedrooms and 2 full baths. The rear unit includes the 2nd floor camelback and can be accessed by exterior doors on either side of the building. The rear unit features a wide open living/den/kitchen area with the primary bedroom and full bathroom completing the 1st floor. The camelback 2nd floor encompasses 2 bedrooms and 1 full bath with a cozy flex area (great spot for a desk) at the stairs landing. The upstairs bedrooms both overlook the rear yard and 1 has a door to the exterior rear stairs. If you're thinking of possible shared living arrangements, there is currently a door between units which can easily be permanently closed or left open. All offers must be submitted by the Buyer's agent via the RES.NET Agent Portal.

Key facts

• Front porch
• Living dining room
• Primary bedroom

Tags

• FRONT PORCH
• LIVING DINING ROOM
• PRIMARY BEDROOM
• DOOR TO EXTERIOR REAR STAIRS

Property features AI

Finance

• Other: Information not provided
• Financial info: This is a 2-unit property
• HOA & community: Information not provided

Exterior

• Parking: Information not provided
• Security: Information not provided
• Utilities: Public water; Public sewer
• Home design: 2-story property; Entry level information not provided; Facing direction not provided
• Construction: Shingle roof; Raised foundation; Built year not provided; Construction materials not provided
• Exterior features: City lot; Rectangular lot; Lot dimensions approximately 33 x 119

Interior

• Kitchen: Information not provided
• Bedrooms: Information not provided
• Flooring: Information not provided
• Bathrooms: 4 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Average condition
• Laundry & utility: Information not provided

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $140k).
• Cap rate 27.0% 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 flat; 217 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $4,436/mo this rent would consume 87% of the median local household income ($61k/yr) (locally 1270% 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 $967 of loan paydown is wiped out by about $4k 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 + 0.7% rent growth), your $39k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 26y 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 $38k; list at $140k implies a 268% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; flood insurance adds $427/mo; built in 1942 — 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 $139,800

Questions for the listing agent

1. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 3.17% ✓
• Cap rate: 27.02%
• Cash-on-cash: 74.03%
• DSCR: 4.29
• GRM: 2.6

CMA / ARV

• ARV (on-the-fly): $298,758
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3415 Louisiana Ave Pkwy	0.34mi	6/3.5	2,568 (-13%)	8mo	$260,000	$101	54

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 · 0.73% rent growth · sell at horizon

5-year hold

• IRR: 56.8%
• Equity multiple: 3.41×
• Total profit: $94,477
• Equity at exit: $20,845

10-year hold

• IRR: 60.8%
• Equity multiple: 6.32×
• Total profit: $208,127
• Equity at exit: $12,087

Cash invested: $39,144 (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 70125

• Home prices YoY: -16.3%
• Rents YoY: 0.7%
• Active inventory: 217
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $4,436 high
• Mortgage (P&I): −$733
• Tax from tax record: −$299 /mo · $3,583/yr
• Insurance: −$58
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$932
• Net cashflow: $1,988

Break-even live

Break-even rent $1,920

Max offer price $139,800

Occupancy floor 50%

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: $34,950
• Closing costs: $4,194
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3112 Upperline St New Orleans, LA	5.0	3.5	2800	$3,650	$1.30	23d	1	0.87mi
6326 S Johnson St Unit 1 New Orleans, LA	5.0	2.0	2013	$3,950	$1.96	43d	1	1.22mi
2703 Palmer Ave New Orleans, LA	5.0	2.0	2349	$5,500	$2.34	43d	1	1.26mi
2715 Palmer Ave New Orleans, LA	5.0	2.0	2184	$4,900	$2.24	43d	1	1.26mi
822 Howard Ave Unit 1272354P New Orleans, LA	1.0–5.0	1.0–4.0	1749	$11,882	$6.79	1d	3	1.28mi
2808 Calhoun St New Orleans, LA	6.0	4.0	3037	$7,500	$2.47	21d	1	1.28mi
1927 Napoleon Ave New Orleans, LA	5.0	2.0	3350	$3,600	$1.07	43d	1	1.37mi
822 Perdido St Unit 1272370P New Orleans, LA	1.0–5.0	1.0–5.0	1447	$7,361	$5.09	3d	4	1.38mi

Listing history 6 events

1. 2026-06-18
   days on market $139,800 Active 7 DOM
2. 2026-06-17
   days on market $139,800 Active 6 DOM
3. 2026-06-16
   days on market $139,800 Active 5 DOM
4. 2026-06-15
   days on market $139,800 Active 4 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $139,800 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: $3,583 · $299/mo
• Projected year-2 tax: $3,583 · $299/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 · 78% 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $53,237
• − Mortgage interest: −$7,831
• − Property taxes: −$3,583
• − Insurance: −$5,818
• − Repairs & maintenance: −$4,259
• − Management: −$4,259
• − Depreciation: −$4,067
• Taxable income: $23,421
• Est. tax owed @ 24.0%: −$5,621
• After-tax cash flow: $18,238/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): 17,821
• Household income: $61,174
• Rent vs Own: 53.3% rent · 46.7% own
• Severe rent burden: 1270.0

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 0.63)
• Race & ethnicity: Black 51% White 32% Hispanic / Latino 9% Two or more races 9% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Romanian 1% Slovak 1%
• Foreign-born: 7% · Canada, China
• Languages at home: 90% English-only · Spanish 6% French/Haitian/Cajun 1% Chinese 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: ▼ -49.68%
• Current HPI: 255.5998
• Rent YoY: ▲ 0.73%
• 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

+194.3% since first listed

16 events — show timeline

• 2026-05-31 Listed $139,800 GSREIN
• 2026-05-31 Listed $139,800 AcadianaMLS
• 2025-02-03 Listed $116,850 AcadianaMLS
• 2024-11-27 Price Changed $116,850 AcadianaMLS
• 2024-11-27 Price Changed $116,850 GSREIN
• 2024-11-24 Price Changed $129,700 AcadianaMLS
• 2024-11-24 Price Changed $129,700 GSREIN
• 2024-11-03 Price Changed $138,700 AcadianaMLS
• 2024-11-03 Price Changed $138,700 GSREIN
• 2024-10-25 Listed $149,700 AcadianaMLS
• 2024-08-27 Price Changed $162,450 GSREIN
• 2024-07-11 Price Changed $171,000 GSREIN
• 2024-07-02 Listed $162,450 AcadianaMLS
• 2000-06-16 Sold (MLS) $38,000 GSREIN
• 2000-06-14 Listed $47,500 GSREIN
• 2000-06-14 Listed $47,500 AcadianaMLS

Property tax history

+13.9%/yr

Latest (2026): $3,583 · +1.1% YoY. Source: county tax records.