2016-18 Spain St · New Orleans, LA 70117

$195,000

4 bd · 2.0 ba · 1,625 sqft · MultiFamily · 93 Days on market

Built 1915 Fair condition 3,001 sqft lot $120/sqft · 9% below area Est $215k · 9% under ↓ 29% since listing

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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 +11.7/15.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.2/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Income-Producing Double in New Orleans! Both units rented--great for investors or owner-occupants. Features open living spaces with front kitchens & bar top, spacious bedrooms, large closets, indoor laundry, and central A/C. Separate electric meters, single water meter. Nice backyard for outdoor space. This one is definitely worth a look.

Key facts

• Open living spaces
• Bar top
• Front kitchens

Tags

• OPEN LIVING SPACES
• FRONT KITCHENS
• BAR TOP
• SPACIOUS BEDROOMS
• LARGE CLOSETS
• INDOOR LAUNDRY

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $195k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $866 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $195k).
• Recommended offer: $177k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.0% 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.
• Zoned schools: Benjamin Franklin Elem. Math And Science (math 12% / reading 23%, grade F, #479 of 646 statewide, top 75%, 747 students, 98% FRL, charter) — zoned schools average 98% FRL vs 68% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.5%/yr); 587 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,886/mo this rent would consume 76% of the median local household income ($46k/yr) (locally 1988% 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 + 2.5% rent growth), your $55k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• 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 $177,450 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1915 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.48% ✓
• Cap rate: 12.03%
• Cash-on-cash: 20.49%
• DSCR: 1.91
• GRM: 5.6

CMA / ARV

• ARV (median comp): $215,286
• List price: $195,000
• Delta: -9.42%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2211 13 Mandeville St	0.13mi	4/2.0	1,644 (+1%)	2mo	$195,000	$119	90
2105 07 Arts St	0.23mi	4/3.0	1,598 (-2%)	3mo	$265,000	$166	80
1727 29 Marigny St	0.23mi	4/2.0	1,716 (+6%)	1mo	$285,000	$166	79
1834 36 Marigny St	0.18mi	4/2.0	1,508 (-7%)	2mo	$215,000	$143	77
2467/2469 N Tonti St	0.23mi	4/2.0	1,475 (-9%)	2mo	$175,000	$119	72
2038 Elysian Fields Ave	0.24mi	4/3.0	1,704 (+5%)	7mo	$240,000	$141	71
2132 Touro St	0.38mi	4/2.0	1,550 (-5%)	6mo	$169,000	$109	70
2517 N Miro St	0.27mi	4/2.0	1,857 (+14%)	7mo	$50,000	$27	58
2755 N Rocheblave St	0.46mi	4/2.0	1,408 (-13%)	8mo	$105,000	$75	49
1332 Port St	0.58mi	3/2.0 (-1)	1,475 (-9%)	7mo	$181,000	$123	47
2134 Annette St	0.59mi	4/4.0	1,816 (+12%)	3mo	$210,000	$116	43
1345 Saint Anthony St	0.71mi	5/2.5 (+1)	1,776 (+9%)	7mo	$60,000	$34	39

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: 10.3%
• Equity multiple: 1.41×
• Total profit: $22,161
• Equity at exit: $29,075

10-year hold

• IRR: 19.0%
• Equity multiple: 2.55×
• Total profit: $84,668
• Equity at exit: $16,860

Cash invested: $54,600 (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 70117

• Rents YoY: 2.5%
• Active inventory: 587
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $2,886 high
• Mortgage (P&I): −$1,023
• Tax est. 1.5%: −$244 /mo · $2,925/yr
• Insurance: −$81
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$606
• Net cashflow: $866

Break-even live

Break-even rent $1,790

Max offer price $195,000

Occupancy floor 65%

Sensitivity live

Price	-10% $1,001	-5% $933	+0% $866	+5% $799	+10% $731
Rent	-10% $638	-5% $752	+0% $866	+5% $980	+10% $1,094
Rate	-1.0pp $964	-0.5pp $915	base $866	+0.5pp $815	+1.0pp $764

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,886
Total (2 units)			$2,886

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2115 Mandeville St New Orleans, LA	3.0	2.0	1400	$1,650	$1.18	25d	1	0.10mi
2220 N Prieur St New Orleans, LA	3.0	2.0	1334	$2,000	$1.50	25d	1	0.19mi
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	5d	1	0.20mi
2115 Elysian Fields Ave Unit 2115 New Orleans, LA	3.0	1.0	1100	$1,450	$1.32	25d	1	0.21mi
2515 N Galvez St Unit 2515 New Orleans, LA	4.0	2.0	1200	$1,900	$1.58	25d	1	0.25mi
2515 N Galvez St New Orleans, LA	4.0	2.0	1200	$1,200	$1.00	12d	1	0.25mi
1710 Marigny St New Orleans, LA	3.0	2.0	1120	$1,750	$1.56	25d	1	0.25mi
2522 N Galvez St New Orleans, LA	3.0	2.0	1105	$1,675	$1.52	25d	1	0.25mi
2524 N Galvez St New Orleans, LA	3.0	2.5	1102	$1,800	$1.63	18d	1	0.25mi
2556 N Tonti St New Orleans, LA	3.0	2.0	1100	$1,850	$1.68	17d	1	0.30mi
1837 Touro St New Orleans, LA	3.0	1.0	1994	$2,000	$1.00	25d	1	0.36mi
2920 Pauger St New Orleans, LA	4.0	2.0	1882	$1,995	$1.06	25d	1	0.48mi
1938 N Johnson St Unit 38 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	25d	1	0.51mi
1936 N Johnson St Unit 36 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	25d	1	0.51mi
1923 N Robertson St New Orleans, LA	3.0	2.0	1051	$1,950	$1.86	5d	1	0.52mi
3228 Pauger St New Orleans, LA	5.0	2.0	1600	$2,100	$1.31	25d	1	0.59mi
2338 Annette St Unit 1 New Orleans, LA	3.0	1.0	1150	$1,400	$1.22	21d	1	0.64mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$4,154	$2.63	5d	2	0.71mi
2114 Feliciana St Unit A New Orleans, LA	3.0	2.0	1134	$1,500	$1.32	25d	1	0.72mi
2114 Feliciana St Unit A New Orleans, LA	3.0	2.0	1134	$1,500	$1.32	17d	1	0.72mi
1831 N Miro St New Orleans, LA	3.0	2.0	1882	$2,500	$1.33	45d	1	0.74mi
2152 Abundance St Unit 2152 New Orleans, LA	3.0	2.0	1100	$1,599	$1.45	5d	1	0.80mi
2322 Burgundy St Unit C New Orleans, LA	3.0	2.0	1250	$2,200	$1.76	25d	1	0.80mi
2331 Feliciana St New Orleans, LA	3.0	2.0	1250	$1,850	$1.48	25d	1	0.81mi
2817 Annette St New Orleans, LA	3.0	1.0	1100	$1,350	$1.23	25d	1	0.81mi
1231 Feliciana St New Orleans, LA	3.0	2.5	1869	$2,750	$1.47	45d	1	0.83mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	25d	1	0.85mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	45d	1	0.85mi
1933 Industry St New Orleans, LA	3.0	2.0	1400	$1,595	$1.14	17d	1	0.86mi
1839 Louisa St New Orleans, LA	3.0	2.0	1500	$2,095	$1.40	17d	1	0.87mi
1835 Louisa St New Orleans, LA	3.0	2.5	1800	$2,350	$1.31	5d	1	0.87mi
1822 Piety St New Orleans, LA	3.0	1.5	1200	$1,500	$1.25	17d	1	0.90mi
1942 Piety St New Orleans, LA	3.0	1.0	1100	$1,500	$1.36	25d	1	0.91mi
2338 40 Annette St New Orleans, LA	3.0	1.0	1150	$1,385	$1.20	22d	1	0.92mi
1245 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	45d	1	0.93mi
632 Mandeville St Unit 2B New Orleans, LA	4.0	4.5	1337	$4,500	$3.37	18d	1	0.93mi
1247 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	45d	1	0.93mi
1217 Kerlerec St Unit B New Orleans, LA	3.0	1.0	1300	$2,100	$1.62	5d	1	0.93mi
1472 N Claiborne Ave New Orleans, LA	3.0	1.0	1312	$1,900	$1.45	17d	1	0.93mi
882 Montegut St New Orleans, LA	1.0–3.0	1.0–2.0	826	$2,575	$3.12	45d	7	0.96mi

Listing history 23 events

1. 2026-06-21
   days on market $195,000 Active 93 DOM
2. 2026-06-18
   days on market $195,000 Active 90 DOM
3. 2026-06-17
   days on market $195,000 Active 89 DOM
4. 2026-06-16
   days on market $195,000 Active 88 DOM
5. 2026-06-15
   days on market $195,000 Active 87 DOM
6. 2026-06-13
   days on market $195,000 Active 85 DOM
7. 2026-06-10
   days on market $195,000 Active 82 DOM
8. 2026-06-09
   days on market $195,000 Active 81 DOM
9. 2026-06-08
   days on market $195,000 Active 80 DOM
10. 2026-06-07
    days on market $195,000 Active 79 DOM
11. 2026-06-05
    days on market $195,000 Active 76 DOM
12. 2026-06-03
    days on market $195,000 Active 75 DOM
13. 2026-06-02
    days on market $195,000 Active 74 DOM
14. 2026-06-01
    days on market $195,000 Active 73 DOM
15. 2026-05-31
    days on market $195,000 Active 72 DOM
16. 2026-03-20
    listed $195,000 Active 344-char remark

    Show marketing remark (351 chars)

    Income-Producing Double in New Orleans! Both units rented—great for investors or owner-occupants. Features open living spaces with front kitchens & bar top, spacious bedrooms, large closets, indoor laundry, and central A/C. Separate electric meters, single water meter. Nice backyard for outdoor space. This one is definitely worth a look.

17. 2026-03-20
    listed $195,000 Active 351-char remark

    Show marketing remark (351 chars)

    Income-Producing Double in New Orleans! Both units rented—great for investors or owner-occupants. Features open living spaces with front kitchens & bar top, spacious bedrooms, large closets, indoor laundry, and central A/C. Separate electric meters, single water meter. Nice backyard for outdoor space. This one is definitely worth a look.

18. 2025-11-26
    price $195,000
19. 2025-11-26
    price $195,000
20. 2025-10-23
    price $200,000
21. 2025-10-23
    price $200,000
22. 2025-09-04
    listed $210,000 Active
23. 2022-05-23
    listed $275,000

ⓘ 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 8/10 Severe FEMA zone X (shaded) · 60% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,632
• − Mortgage interest: −$10,923
• − Property taxes: −$2,925
• − Insurance: −$1,772
• − Repairs & maintenance: −$2,771
• − Management: −$2,771
• − Depreciation: −$5,673
• Taxable income: $7,798
• Est. tax owed @ 24.0%: −$1,871
• After-tax cash flow: $8,519/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.

Condition & rehab AI · 7 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations to improve its condition and increase its value. Key areas for improvement include the kitchen, bathrooms, and landscaping.

Repairs flagged

• Moderate kitchen cabinets — dated and worn
• Moderate bathroom fixtures — dated and worn
• Major landscaping — overgrown and unkempt

Value-add opportunities

• Both paint interior walls — Fresh paint can improve the home's appearance and value
• Both replace kitchen cabinets — New cabinets can enhance the kitchen's functionality and appeal
• Both repair/replace bathroom fixtures — Upgraded fixtures can make the bathrooms more functional and attractive
• Both landscaping — A well-maintained yard can improve curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and worn	Moderate	$3,000–15,000
bathroom fixtures · dated and worn	Moderate	$3,000–15,000
landscaping · overgrown and unkempt	Major	$15,000–50,000
Total estimated repair cost · 3 items		$21,000–80,000

Value-add ROI direction

• Both paint interior walls — Fresh paint can improve the home's appearance and value ↑
• Both replace kitchen cabinets — New cabinets can enhance the kitchen's functionality and appeal ↑
• Both repair/replace bathroom fixtures — Upgraded fixtures can make the bathrooms more functional and attractive ↑
• Both landscaping — A well-maintained yard can improve curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-29.1% since first listed

8 events — show timeline

• 2026-03-20 Listed $195,000 GSREIN
• 2026-03-20 Listed $195,000 AcadianaMLS
• 2025-11-26 Price Changed $195,000 AcadianaMLS
• 2025-11-26 Price Changed $195,000 GSREIN
• 2025-10-23 Price Changed $200,000 AcadianaMLS
• 2025-10-23 Price Changed $200,000 GSREIN
• 2025-09-04 Listed $210,000 AcadianaMLS
• 2022-05-23 Listed $275,000 AcadianaMLS