6001 07 Tullis Dr · New Orleans, LA 70131

$429,900

8 bd · 4.0 ba · 4,912 sqft · MultiFamily public records · 1 Days on market

Built 1970 7,801 sqft lot $88/sqft · 9% above area Est $403k · 7% over

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Why this score? — see what drove the C+ 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
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +4.5/15.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Rent growth +0.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Calling all Investors!!! 4-Plex located in Algiers, the Westbank of New Orleans! Each unit is 3 bedroom, 2 full bathrooms, and two stories. Currently 3 of 4 units are leased and collecting $4,456 in total rents. Each unit includes Range/Oven and Refrigerator, and Washer/Dryer Hookups. Each unit is separately metered for Electric and water utilities. Great investment opportunity or chance to live in one unit, and rent the other 3! Great location for commuting, quick access to the GNO or Belle Chasse.

Key facts

• 4-plex
• Washer/dryer hookups
• Leased units

Tags

• 4-PLEX
• LEASED UNITS
• RANGE/OVEN
• REFRIGERATOR
• WASHER/DRYER HOOKUPS
• SEPARATELY METERED

Property features AI

Finance

• Other: Tenants pay electricity and water
• Financial info: Four-unit investment property; Reported rents for units include $1,500, $1,606, and $1,350 (other unit rent shown in data as actual/total where provided)

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Two-story multifamily building
• Construction: Brick and wood siding exterior; Shingle roof; Slab foundation; Built with average condition
• Exterior features: City lot with rectangular dimensions (approximately 60 x 132); Balcony

Interior

• Bedrooms: Four 3-bedroom units (unit numbers 6001, 6003, 6005, 6007)
• Bathrooms: Eight full bathrooms (each unit has 2 full bathrooms)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Balcony

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/2.0-bath units multifamily listed at $430k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $355/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $430k).
• Cap rate 11.4% 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 falling (-9.2%/yr); 274 active listings in the ZIP; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $5,708/mo this rent would consume 110% of the median local household income ($62k/yr) (locally 707% 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 $13k 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 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 8y 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 $262k; list at $430k implies a 64% 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 $429,900

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 1970 — 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: 1.33% ✓
• Cap rate: 11.44%
• Cash-on-cash: 18.40%
• DSCR: 1.82
• GRM: 6.3

CMA / ARV

• ARV (median comp): $403,130
• List price: $429,900
• Delta: 6.64%
• Verdict: FAIR
• Comps: 11 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 0.9%
• Equity multiple: 1.03×
• Total profit: $4,130
• Equity at exit: $64,099

10-year hold

• IRR: 7.2%
• Equity multiple: 1.46×
• Total profit: $55,952
• Equity at exit: $37,170

Cash invested: $120,372 (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 70131

• Home prices YoY: -12.0%
• Rents YoY: -9.2%
• Active inventory: 274
• Price-to-rent: 25.1×

Monthly cashflow live

• Estimated rent: $5,708 high
• Mortgage (P&I): −$2,254
• Tax from tax record: −$230 /mo · $2,766/yr
• Insurance: −$179
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,199
• Net cashflow: $1,419

Break-even live

Break-even rent $3,912

Max offer price $429,900

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	2	$5,708
Total (4 units)			$5,708

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: $107,475
• Closing costs: $12,897
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-17
   days on marketlisting id $429,900 Active 1 DOM

   Show marketing remark (504 chars)

   Calling all Investors!!! 4-Plex located in Algiers, the Westbank of New Orleans! Each unit is 3 bedroom, 2 full bathrooms, and two stories. Currently 3 of 4 units are leased and collecting $4,456 in total rents. Each unit includes Range/Oven and Refrigerator, and Washer/Dryer Hookups. Each unit is separately metered for Electric and water utilities. Great investment opportunity or chance to live in one unit, and rent the other 3! Great location for commuting, quick access to the GNO or Belle Chasse.

2. 2026-06-16
   days on market $429,900 Active 61 DOM
3. 2026-06-15
   days on market $429,900 Active 60 DOM
4. 2026-06-13
   days on market $429,900 Active 58 DOM
5. 2026-06-10
   days on market $429,900 Active 55 DOM
6. 2026-06-09
   days on market $429,900 Active 54 DOM
7. 2026-06-08
   days on market $429,900 Active 53 DOM
8. 2026-06-07
   days on market $429,900 Active 52 DOM
9. 2026-06-05
   days on market $429,900 Active 49 DOM
10. 2026-06-03
    days on market $429,900 Active 48 DOM
11. 2026-06-02
    days on market $429,900 Active 47 DOM
12. 2026-06-01
    days on market $429,900 Active 46 DOM
13. 2026-05-31
    days on market $429,900 Active 45 DOM
14. 2026-04-16
    listed $429,900 Active 504-char remark
15. 2026-04-16
    listed $429,900 Active 505-char remark
16. 2026-03-24
    price $429,900
17. 2026-03-24
    price $429,900
18. 2025-12-03
    price $440,000
19. 2025-12-03
    price $440,000
20. 2025-10-15
    listed $450,000 Active
21. 2019-08-30
    soldstatus $261,750
22. 2019-08-29
    soldstatus $164,000 Closed
23. 2019-07-31
    status Pending
24. 2019-07-17
    listed $179,000 Active
25. 2019-07-17
    listed $179,000
26. 2019-02-28
    price $184,000
27. 2018-11-15
    listed $184,000
28. 2018-10-05
    historical
29. 2018-08-30
    listed $197,000 Active
30. 2018-08-30
    listed $197,000
31. 1996-10-21
    soldstatus $65,250
32. 1995-05-19
    soldstatus $115,000

ⓘ 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: $2,766 · $230/mo
• Projected year-2 tax: $2,766 · $230/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 9/10 Extreme FEMA zone AE · 76% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $68,496
• − Mortgage interest: −$24,081
• − Property taxes: −$2,766
• − Insurance: −$7,268
• − Repairs & maintenance: −$5,480
• − Management: −$5,480
• − Depreciation: −$12,506
• Taxable income: $10,916
• Est. tax owed @ 24.0%: −$2,620
• After-tax cash flow: $14,405/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): 25,151
• Household income: $62,389
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 707.0

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 62% White 20% Hispanic / Latino 11% Two or more races 6% Asian 4%
• Hispanic origin (detail): Mexican 2% Dominican 2%
• Common ancestry: Lithuanian 4% Hispanic 1%
• Foreign-born: 8% · Canada, Vietnam, China
• Languages at home: 86% English-only · Spanish 9% Vietnamese 2% 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: ▼ -28.08%
• Current HPI: 206.7552
• Rent YoY: ▼ -9.23%
• 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

+273.8% since first listed

20 events — show timeline

• 2026-06-17 Listed $429,900 GSREIN
• 2026-06-17 Listed $429,900 AcadianaMLS
• 2026-04-16 Listed $429,900 AcadianaMLS
• 2026-03-24 Price Changed $429,900 AcadianaMLS
• 2026-03-24 Price Changed $429,900 GSREIN
• 2025-12-03 Price Changed $440,000 AcadianaMLS
• 2025-12-03 Price Changed $440,000 GSREIN
• 2025-10-15 Listed $450,000 AcadianaMLS
• 2019-08-30 Sold (Public Records) $261,750 Public Records
• 2019-08-29 Sold (MLS) $164,000 GSREIN
• 2019-07-31 Pending — GSREIN
• 2019-07-17 Listed $179,000 AcadianaMLS
• 2019-07-17 Listed $179,000 GSREIN
• 2019-02-28 Price Changed $184,000 GSREIN
• 2018-11-15 Listed $184,000 AcadianaMLS
• 2018-10-05 Listing Removed — GSREIN
• 2018-08-30 Listed $197,000 AcadianaMLS
• 2018-08-30 Listed $197,000 GSREIN
• 1996-10-21 Sold (Public Records) $65,250 Public Records
• 1995-05-19 Sold (Public Records) $115,000 Public Records

Property tax history

+0.9%/yr

Latest (2026): $2,766 · +0.0% YoY. Source: county tax records.