1008 10 Charbonnet St · New Orleans, LA 70117

$105,000

6 bd · 2.0 ba · 2,000 sqft · MultiFamily · 34 Days on market

Built 1961 $52/sqft · 47% below area Est $197k · 47% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Welcome to this unique opportunity to transform a property into the home of your dreams! This “diamond in the rough” is a classic double with immense character, waiting for the right visionary to restore it to its former glory. With the right care, this could be the perfect foundation for a stunning interior transformation. This property offers a blank slate to create a masterpiece with a little elbow grease and imagination. Whether you’re looking to build sweat equity or start a renovation project, this is your chance to craft a custom living space tailored to your vision. Located in a developing neighborhood, this house offers the possibility of becoming a standout home or a lucrative investment property. Don’t miss the opportunity to take on a rewarding challenge and bring this property back to life! Bring your contractor and creativity – the possibilities are endless!

Key facts

• New metal roof
• Fully gutted duplex
• High rental income

Tags

• INVESTMENT OPPORTUNITY
• HOLY CROSS NEIGHBORHOOD
• FULLY GUTTED DUPLEX
• NEW METAL ROOF
• HIGH RENTAL INCOME
• DEMO WORK ALREADY DONE

Property features AI

Finance

• Other: Property configured as 2 total units

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer; Windows with energy-efficient features
• Home design: Single-story; Frame construction with wood siding; Metal roof; Rectangular city lot (30 x 120)
• Construction: Built with frame and wood siding; Metal roof; Raised foundation
• Exterior features: Fenced yard; Covered porch

Interior

• Bathrooms: 2 full bathrooms
• Interior features: Average condition; Raised foundation

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $105k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $732/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $105k).
• Recommended offer: $102k (3.0% below list) — sets the bar for market timing.
• Cap rate 27.9% 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 rising (+2.5%/yr); 581 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,311/mo this rent would consume 87% 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 $726 of loan paydown is wiped out by about $3k 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 $29k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 33y 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 $46k; list at $105k implies a 128% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $101,850 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 3.15% ✓
• Cap rate: 27.89%
• Cash-on-cash: 77.15%
• DSCR: 4.43
• GRM: 2.6

CMA / ARV

• ARV (median comp): $197,012
• List price: $105,000
• Delta: -46.70%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1008 10 Charbonnet St	0.00mi	6/2.0	2,016 (+1%)	16mo	$46,000	$23	86
1028-30 Tricou St	0.30mi	7/3.0 (+1)	1,790 (-10%)	2mo	$260,000	$145	58
1135 37 Deslonde St	0.61mi	6/2.0	2,132 (+7%)	7mo	$215,000	$101	54
4820 22 Dauphine St	0.67mi	6/2.0	2,300 (+15%)	7mo	$205,000	$89	38
1205 07 Deslonde St	0.61mi	6/2.0	1,704 (-15%)	14mo	$125,000	$73	35

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: 57.9%
• Equity multiple: 3.54×
• Total profit: $74,819
• Equity at exit: $15,656

10-year hold

• IRR: 62.5%
• Equity multiple: 7.11×
• Total profit: $179,579
• Equity at exit: $9,078

Cash invested: $29,400 (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: 581
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $3,311 high
• Mortgage (P&I): −$551
• Tax est. 1.5%: −$131 /mo · $1,575/yr
• Insurance: −$44
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$695
• Net cashflow: $1,464

Break-even live

Break-even rent $1,458

Max offer price $105,000

Occupancy floor 51%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,310
Total (2 units)			$3,311

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1019 Center St Arabi, LA	5.0	3.0	1973	$5,888	$2.98	1d	1	0.94mi

Listing history 20 events

1. 2026-06-18
   days on market $105,000 Active 34 DOM
2. 2026-06-17
   days on market $105,000 Active 33 DOM
3. 2026-06-16
   days on market $105,000 Active 32 DOM
4. 2026-06-15
   days on market $105,000 Active 31 DOM
5. 2026-06-13
   days on market $105,000 Active 29 DOM
6. 2026-06-10
   days on market $105,000 Active 26 DOM
7. 2026-06-09
   days on market $105,000 Active 25 DOM
8. 2026-06-08
   days on market $105,000 Active 24 DOM
9. 2026-06-07
   days on market $105,000 Active 23 DOM
10. 2026-06-05
    days on market $105,000 Active 20 DOM
11. 2026-06-03
    days on market $105,000 Active 19 DOM
12. 2026-06-02
    days on market $105,000 Active 18 DOM
13. 2026-06-01
    days on market $105,000 Active 17 DOM
14. 2026-05-31
    days on market $105,000 Active 16 DOM
15. 2026-05-15
    listed $105,000 Active 766-char remark
16. 2025-02-26
    soldstatus $46,000 Closed 914-char remark

    Show marketing remark (914 chars)

    Welcome to this unique opportunity to transform a property into the home of your dreams! This “diamond in the rough” is a classic double with immense character, waiting for the right visionary to restore it to its former glory. With the right care, this could be the perfect foundation for a stunning interior transformation. This property offers a blank slate to create a masterpiece with a little elbow grease and imagination. Whether you’re looking to build sweat equity or start a renovation project, this is your chance to craft a custom living space tailored to your vision. Located in a developing neighborhood, this house offers the possibility of becoming a standout home or a lucrative investment property. Don’t miss the opportunity to take on a rewarding challenge and bring this property back to life! Bring your contractor and creativity – the possibilities are endless!

17. 2025-01-30
    historical Active Under Contract 914-char remark

    Show marketing remark (914 chars)

    Welcome to this unique opportunity to transform a property into the home of your dreams! This “diamond in the rough” is a classic double with immense character, waiting for the right visionary to restore it to its former glory. With the right care, this could be the perfect foundation for a stunning interior transformation. This property offers a blank slate to create a masterpiece with a little elbow grease and imagination. Whether you’re looking to build sweat equity or start a renovation project, this is your chance to craft a custom living space tailored to your vision. Located in a developing neighborhood, this house offers the possibility of becoming a standout home or a lucrative investment property. Don’t miss the opportunity to take on a rewarding challenge and bring this property back to life! Bring your contractor and creativity – the possibilities are endless!

18. 2025-01-07
    listed $45,000 Active 914-char remark

    Show marketing remark (914 chars)

    Welcome to this unique opportunity to transform a property into the home of your dreams! This “diamond in the rough” is a classic double with immense character, waiting for the right visionary to restore it to its former glory. With the right care, this could be the perfect foundation for a stunning interior transformation. This property offers a blank slate to create a masterpiece with a little elbow grease and imagination. Whether you’re looking to build sweat equity or start a renovation project, this is your chance to craft a custom living space tailored to your vision. Located in a developing neighborhood, this house offers the possibility of becoming a standout home or a lucrative investment property. Don’t miss the opportunity to take on a rewarding challenge and bring this property back to life! Bring your contractor and creativity – the possibilities are endless!

19. 1993-07-16
    soldstatus $40,000
20. 1993-01-13
    listed $43,900

ⓘ 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 AE · 76% 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 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,732
• − Mortgage interest: −$5,882
• − Property taxes: −$1,575
• − Insurance: −$5,644
• − Repairs & maintenance: −$3,179
• − Management: −$3,179
• − Depreciation: −$3,055
• Taxable income: $17,220
• Est. tax owed @ 24.0%: −$4,133
• After-tax cash flow: $13,429/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): 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

+139.2% since first listed

6 events — show timeline

• 2026-05-15 Listed $105,000 GSREIN
• 2025-02-26 Sold (MLS) $46,000 GSREIN
• 2025-01-30 Contingent — GSREIN
• 2025-01-07 Listed $45,000 GSREIN
• 1993-07-16 Sold (MLS) $40,000 GSREIN
• 1993-01-13 Listed $43,900 GSREIN