2920 Philip St · New Orleans, LA 70113

$199,500

4 bd · 2.0 ba · 1,514 sqft · SingleFamily public records · 67 Days on market

Built 1940 2,914 sqft lot $132/sqft · 19% below area Est $252k · 21% under ↓ 51% 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 +24.3/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +7.9/10.0
• 1% rule +5.6/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0

Listing remarks MLS

Step into this classic New Orleans double shotgun-style gem featuring a spacious layout and a large shed in the backyard. Currently, the property has been converted into a single residence, but it can be restored to a double. This home offers 4 bedrooms, 2 full baths, and two living areas with high ceilings throughout. The backyard unit includes a functional half bath, good for guests or storage flexibility. For investors, the property can be reconfigured into two 2BD/1BA units, good for rental income. Conveniently located to shopping, dining, and the Superdome. Easy access to I-10.

Key facts

• Two living areas
• Backyard unit
• Double shotgun style

Tags

• DOUBLE SHOTGUN STYLE
• LARGE SHED
• BACKYARD UNIT
• TWO LIVING AREAS
• HIGH CEILINGS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-24 ($-285/yr) — negative.
• To cash-flow at today's rent, offer at most $195k (2.1% below list).
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $188k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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 fast (+6.0%/yr); 137 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,117/mo this rent would consume 65% of the median local household income ($39k/yr) (locally 714% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Orleans County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 6.0% rent growth), your $56k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 32y 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 $427/mo; built in 1940 — 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→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $187,530 (6.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. Built in 1940 — 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 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: 1.06% ✓
• Cap rate: 8.72%
• Cash-on-cash: 8.65%
• DSCR: 1.39
• GRM: 7.9

CMA / ARV

• ARV (median comp): $252,047
• List price: $199,500
• Delta: -20.85%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2725 Philip St	0.12mi	3/2.0 (-1)	1,404 (-7%)	7mo	$199,000	$142	72
1301 S Saratoga St	0.64mi	3/2.0 (-1)	1,510 (-0%)	2mo	$250,000	$166	63
2014 Philip St	0.61mi	3/2.0 (-1)	1,476 (-2%)	3mo	$310,000	$210	60
3404 Delachaise St	0.58mi	3/2.0 (-1)	1,532 (+1%)	8mo	$294,000	$192	59
2321 Seventh St	0.57mi	3/2.0 (-1)	1,425 (-6%)	2mo	$325,000	$228	57
1323 S Rampart St	0.67mi	3/2.0 (-1)	1,477 (-2%)	10mo	$275,000	$186	52
2305 Washington Ave	0.49mi	3/2.0 (-1)	1,382 (-9%)	9mo	$337,000	$244	50
4119 Clara St	0.69mi	3/2.0 (-1)	1,404 (-7%)	2mo	$400,000	$285	49
2015 Martin Luther King Blvd	0.63mi	3/2.0 (-1)	1,332 (-12%)	3mo	$249,000	$187	43
2107 Harmony St	0.72mi	4/2.0	1,730 (+14%)	1mo	$322,000	$186	42
1819 Baronne St	0.74mi	3/2.0 (-1)	1,375 (-9%)	5mo	$315,000	$229	41
3205 S Saratoga St	0.73mi	3/2.5 (-1)	1,677 (+11%)	2mo	$425,000	$253	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 5.98% rent growth · sell at horizon

5-year hold

• IRR: 25.2%
• Equity multiple: 3.04×
• Total profit: $113,905
• Equity at exit: $179,725

10-year hold

• IRR: 23.2%
• Equity multiple: 7.30×
• Total profit: $352,026
• Equity at exit: $387,585

Cash invested: $55,860 (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 70113

• Rents YoY: 6.0%
• Active inventory: 137
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,117 high
• Mortgage (P&I): −$1,046
• Tax from tax record: −$140 /mo · $1,680/yr
• Insurance: −$83
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $-24

Break-even live

Break-even rent $2,147

Max offer price $195,310

Occupancy floor 96%

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: $49,875
• Closing costs: $5,985
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3108 Second St New Orleans, LA	3.0	3.0	1216	$2,100	$1.73	3d	1	0.20mi
2722 Martin L King Bl New Orleans, LA	3.0	2.5	1350	$1,800	$1.33	23d	1	0.21mi
3120 Second St New Orleans, LA	3.0	3.0	1256	$2,050	$1.63	23d	1	0.21mi
3122 2nd St New Orleans, LA	3.0	3.0	1206	$2,075	$1.72	23d	1	0.21mi
2608 Magnolia St New Orleans, LA	4.0	2.5	1950	$3,200	$1.64	43d	1	0.24mi
1407 Magnolia St New Orleans, LA	3.0	2.0	1824	$1,500	$0.82	23d	1	0.28mi
2526 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1200	$2,200	$1.83	3d	1	0.29mi
3218 Jackson Ave New Orleans, LA	3.0	2.0	1267	$1,750	$1.38	23d	1	0.30mi
2614 S Johnson St New Orleans, LA	3.0	2.0	1536	$2,079	$1.35	14d	1	0.37mi
2231 S Liberty St New Orleans, LA	3.0	3.5	1752	$2,000	$1.14	17d	1	0.37mi
2123 S Liberty St Unit 2125 New Orleans, LA	3.0	2.0	1500	$2,100	$1.40	3d	1	0.37mi
2833 S Derbigny St New Orleans, LA	3.0	2.0	1500	$1,795	$1.20	23d	1	0.38mi
2318 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1400	$1,700	$1.21	23d	1	0.41mi
2225 2nd St New Orleans, LA	3.0	2.0	1100	$1,800	$1.64	23d	1	0.45mi
2606 S Miro St New Orleans, LA	3.0	2.0	1450	$2,016	$1.39	23d	1	0.47mi
3044 Louisiana Avenue Pkwy New Orleans, LA	3.0	2.0	1800	$1,900	$1.06	23d	1	0.51mi
2102 Josephine St New Orleans, LA	4.0	2.0	1286	$2,100	$1.63	23d	1	0.52mi
3617 Fourth St Unit A New Orleans, LA	3.0	2.0	1225	$1,995	$1.63	17d	1	0.53mi
3208 Louisiana Avenue Pkwy New Orleans, LA	3.0	2.0	1391	$1,900	$1.37	17d	1	0.53mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1250	$2,300	$1.84	2d	1	0.54mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1232	$2,300	$1.87	23d	1	0.54mi
2403 S Saratoga St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	23d	1	0.54mi
3035 Delachaise St New Orleans, LA	3.0	1.0	1968	$1,750	$0.89	2d	1	0.55mi
1944 Jackson Ave New Orleans, LA	3.0	2.5	1572	$2,500	$1.59	43d	1	0.57mi
3429 Clara St New Orleans, LA	3.0	2.0	1620	$2,350	$1.45	14d	1	0.57mi
2107 Fourth St New Orleans, LA	3.0	1.0	1292	$1,775	$1.37	17d	1	0.58mi
3435 Magnolia St New Orleans, LA	3.0	1.0	1050	$1,500	$1.43	23d	1	0.60mi
1915 Philip St New Orleans, LA	3.0	1.5	1300	$2,450	$1.88	23d	1	0.62mi
3514 S Miro St New Orleans, LA	3.0	2.0	1230	$1,950	$1.59	17d	1	0.66mi
2301 Dryades St New Orleans, LA	3.0	3.0	2070	$3,000	$1.45	3d	1	0.66mi
2733 Danneel St New Orleans, LA	4.0	2.0	1350	$1,775	$1.31	23d	1	0.66mi
2539 Amelia St New Orleans, LA	3.0	2.0	1296	$2,200	$1.70	23d	1	0.66mi
4206 S Derbigny St New Orleans, LA	3.0	1.0	1300	$1,600	$1.23	23d	1	0.72mi
2625 Baronne St Unit 1 New Orleans, LA	3.0	1.5	2100	$2,600	$1.24	43d	1	0.76mi
2717 Milan St New Orleans, LA	3.0	1.5	1850	$1,650	$0.89	14d	1	0.76mi
2535 Marengo St New Orleans, LA	3.0	1.0	1300	$1,200	$0.92	14d	1	0.77mi
2713 Baronne St New Orleans, LA	3.0	2.5	1600	$2,300	$1.44	23d	1	0.77mi
4305 S Johnson St Unit 4305 New Orleans, LA	3.0	1.0	1175	$1,595	$1.36	11d	1	0.78mi
3212 Danneel St New Orleans, LA	3.0	2.0	1945	$2,000	$1.03	23d	1	0.81mi
1201 Baronne St #1 New Orleans, LA	3.0	2.5	1892	$2,700	$1.43	17d	1	0.82mi

Listing history 35 events

1. 2026-06-18
   days on market $199,500 Active 67 DOM
2. 2026-06-17
   days on market $199,500 Active 66 DOM
3. 2026-06-16
   days on market $199,500 Active 65 DOM
4. 2026-06-15
   days on market $199,500 Active 64 DOM
5. 2026-06-13
   days on market $199,500 Active 62 DOM
6. 2026-06-10
   days on market $199,500 Active 59 DOM
7. 2026-06-09
   days on market $199,500 Active 58 DOM
8. 2026-06-08
   days on market $199,500 Active 57 DOM
9. 2026-06-07
   days on market $199,500 Active 56 DOM
10. 2026-06-05
    days on market $199,500 Active 53 DOM
11. 2026-06-03
    days on market $199,500 Active 52 DOM
12. 2026-06-02
    days on market $199,500 Active 51 DOM
13. 2026-06-01
    days on market $199,500 Active 50 DOM
14. 2026-05-31
    days on market $199,500 Active 49 DOM
15. 2026-05-01
    price $199,500 589-char remark

    Show marketing remark (595 chars)

    Step into this classic New Orleans double shotgun–style gem featuring a spacious layout and a large shed in the backyard. Currently, the property has been converted into a single residence, but it can be restored to a double. This home offers 4 bedrooms, 2 full baths, and two living areas with high ceilings throughout. The backyard unit includes a functional half bath, good for guests or storage flexibility. For investors, the property can be reconfigured into two 2BD/1BA units, good for rental income. Conveniently located to shopping, dining, and the Superdome. Easy access to I-10.

16. 2026-05-01
    price $199,500 595-char remark

    Show marketing remark (595 chars)

    Step into this classic New Orleans double shotgun–style gem featuring a spacious layout and a large shed in the backyard. Currently, the property has been converted into a single residence, but it can be restored to a double. This home offers 4 bedrooms, 2 full baths, and two living areas with high ceilings throughout. The backyard unit includes a functional half bath, good for guests or storage flexibility. For investors, the property can be reconfigured into two 2BD/1BA units, good for rental income. Conveniently located to shopping, dining, and the Superdome. Easy access to I-10.

17. 2026-04-12
    listed $204,500 Active 589-char remark

    Show marketing remark (595 chars)

    Step into this classic New Orleans double shotgun–style gem featuring a spacious layout and a large shed in the backyard. Currently, the property has been converted into a single residence, but it can be restored to a double. This home offers 4 bedrooms, 2 full baths, and two living areas with high ceilings throughout. The backyard unit includes a functional half bath, good for guests or storage flexibility. For investors, the property can be reconfigured into two 2BD/1BA units, good for rental income. Conveniently located to shopping, dining, and the Superdome. Easy access to I-10.

18. 2026-04-12
    listed $204,500 Active 595-char remark

    Show marketing remark (595 chars)

    Step into this classic New Orleans double shotgun–style gem featuring a spacious layout and a large shed in the backyard. Currently, the property has been converted into a single residence, but it can be restored to a double. This home offers 4 bedrooms, 2 full baths, and two living areas with high ceilings throughout. The backyard unit includes a functional half bath, good for guests or storage flexibility. For investors, the property can be reconfigured into two 2BD/1BA units, good for rental income. Conveniently located to shopping, dining, and the Superdome. Easy access to I-10.

19. 2026-03-21
    price $204,500
20. 2026-03-21
    price $204,500
21. 2026-01-23
    listed $209,500 Active
22. 2025-11-03
    price $215,000
23. 2025-11-03
    price $215,000
24. 2025-10-08
    listed $225,000 Active
25. 2021-05-17
    soldstatus $225,000
26. 2021-05-14
    soldstatus $225,000 Closed
27. 2021-03-18
    status Pending
28. 2020-11-10
    price $225,000
29. 2020-10-12
    listed $225,000
30. 2020-10-12
    listed $235,000 Active
31. 1994-12-29
    soldstatus $4,500
32. 1994-12-23
    soldstatus $4,500
33. 1994-09-22
    listed $5,300
34. 1994-09-22
    listed $5,300
35. 1985-07-19
    soldstatus $407,310

ⓘ 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: $1,680 · $140/mo
• Projected year-2 tax: $1,680 · $140/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 · 20 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: $25,400
• − Mortgage interest: −$11,175
• − Property taxes: −$1,680
• − Insurance: −$6,116
• − Repairs & maintenance: −$2,032
• − Management: −$2,032
• − Depreciation: −$5,804
• Taxable loss: −$3,439
• Est. tax savings @ 24.0%: +$825
• After-tax cash flow: $541/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): 9,387
• Household income: $39,333
• Rent vs Own: 75.4% rent · 24.6% own
• Severe rent burden: 714.0

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 0.57)
• Race & ethnicity: Black 61% White 20% Hispanic / Latino 13% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 2% Portuguese 1% Slovak 1%
• Foreign-born: 13% · Canada, Vietnam, China
• Languages at home: 86% English-only · Spanish 11% Other Indo-European 1% Vietnamese 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: ▲ 65.92%
• Current HPI: 229.3968
• Rent YoY: ▲ 5.98%
• 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

-51.0% since first listed

21 events — show timeline

• 2026-05-01 Price Changed $199,500 AcadianaMLS
• 2026-05-01 Price Changed $199,500 GSREIN
• 2026-04-12 Listed $204,500 GSREIN
• 2026-04-12 Listed $204,500 AcadianaMLS
• 2026-03-21 Price Changed $204,500 AcadianaMLS
• 2026-03-21 Price Changed $204,500 GSREIN
• 2026-01-23 Listed $209,500 AcadianaMLS
• 2025-11-03 Price Changed $215,000 AcadianaMLS
• 2025-11-03 Price Changed $215,000 GSREIN
• 2025-10-08 Listed $225,000 AcadianaMLS
• 2021-05-17 Sold (Public Records) $225,000 Public Records
• 2021-05-14 Sold (MLS) $225,000 GSREIN
• 2021-03-18 Pending — GSREIN
• 2020-11-10 Price Changed $225,000 GSREIN
• 2020-10-12 Listed $235,000 GSREIN
• 2020-10-12 Listed $225,000 AcadianaMLS
• 1994-12-29 Sold (Public Records) $4,500 Public Records
• 1994-12-23 Sold (MLS) $4,500 GSREIN
• 1994-09-22 Listed $5,300 AcadianaMLS
• 1994-09-22 Listed $5,300 GSREIN
• 1985-07-19 Sold (Public Records) $407,310 Public Records

Property tax history

+12.1%/yr

Latest (2026): $1,680 · -5.0% YoY. Source: county tax records.