4635 Allen St · New Orleans, LA 70122

$279,000

7 bd · 4.5 ba · 3,707 sqft · MultiFamily public records · 52 Days on market

Built 1965 $75/sqft · 27% below area Est $380k · 27% under ↓ 14% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• 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: 4 units. confirmed

Listing remarks MLS

"We're moving forward. If you want it, act now." Looking for a home that helps pay for itself? This 4-unit property is exactly that. The main house is a large 3-bedroom, 2.5-bath residence an owner-occupant can use the three additional rental units generate steady monthly income. Two units are already rented, and the third just needs a little attention before it's ready to produce income as well. With the main house and Unit "C" currently vacant, you can move right in and start collecting rent immediately. The home sits on a great corner lot at Allen and Carnot, with brick veneer construction and a newer roof installed within the last five years. Yes, the property needs some TLC, but the upside is tremendous. Live comfortably in the main home while your tenants help cover the mortgage or lease all four units and enjoy a strong investment property with long-term earning power.

Key facts

• Newer roof
• 4 unit property
• Corner lot

Tags

• 4 UNIT PROPERTY
• CORNER LOT
• BRICK VENEER CONSTRUCTION
• NEWER ROOF

Property features AI

Finance

• Financial info: Includes four rental units; reported rents for Unit A $600 and Unit C $1,000

Exterior

• Parking: Garage; Off-street parking; Driveway; One designated parking space
• Utilities: Public water; Public sewer
• Home design: Multi-unit property with 4 total units
• Construction: Brick and HardiPlank-type exterior; Asphalt shingle roof; Slab foundation
• Exterior features: Fenced yard; Permeable paving; Corner city lot with rectangular shape (67' x 120')

Interior

• Bedrooms: One 3-bedroom unit (Unit 4635); Three 1-bedroom units (Units A, B, C)
• Bathrooms: Four full bathrooms across the property; One half bathroom across the property; Unit 4635 has 2 full baths and 1 half bath; Units A, B and C each have 1 full bath
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Very good condition
• Laundry & utility: Laundry located inside; Tenants pay electricity and gas; owner pays water

What this means for you Summary

Snapshot

• This is a 3×6bd/4.5ba + 1×3bd/2.5ba units multifamily listed at $279k.

Deal economics

• At list price, monthly cash flow is $4k ($46k/yr) — positive. Per door: $950/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $279k).
• Recommended offer: $271k (3.0% below list) — sets the bar for market timing.
• Cap rate 22.9% 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 soft (-0.6%/yr); 332 active listings in the ZIP; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $7,329/mo this rent would consume 178% of the median local household income ($49k/yr) (locally 2150% 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 $2k of loan paydown is wiped out by about $8k 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 + 0.0% rent growth), your $78k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.
• Climate carrying-cost: severe flood risk; 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 $270,630 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 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 1965 — 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: 2.63% ✓
• Cap rate: 22.93%
• Cash-on-cash: 59.41%
• DSCR: 3.64
• GRM: 3.2

CMA / ARV

• ARV (median comp): $380,145
• List price: $279,000
• Delta: -26.61%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2121 Timoleon St	0.38mi	8/3.5 (+1)	3,628 (-2%)	12mo	$304,420	$84	59

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 53.5%
• Equity multiple: 3.25×
• Total profit: $175,536
• Equity at exit: $41,600

10-year hold

• IRR: 57.5%
• Equity multiple: 5.89×
• Total profit: $382,162
• Equity at exit: $24,123

Cash invested: $78,120 (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 70122

• Rents YoY: -0.6%
• Active inventory: 332
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $7,329 medium
• Mortgage (P&I): −$1,463
• Tax from tax record: −$343 /mo · $4,119/yr
• Insurance: −$116
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,539
• Net cashflow: $3,801

Break-even live

Break-even rent $2,518

Max offer price $279,000

Occupancy floor 43%

Sensitivity live

Price	-10% $3,959	-5% $3,880	+0% $3,801	+5% $3,722	+10% $3,643
Rent	-10% $3,222	-5% $3,511	+0% $3,801	+5% $4,090	+10% $4,380
Rate	-1.0pp $3,941	-0.5pp $3,872	base $3,801	+0.5pp $3,729	+1.0pp $3,655

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

Units	Beds	Baths	Est. rent
▸ 3× units	6	4.5	$5,733
1× unit	3	2.5	$1,597
Total (4 units)			$7,329

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $279,000 Active 52 DOM
2. 2026-06-17
   days on market $279,000 Active 51 DOM
3. 2026-06-16
   days on market $279,000 Active 50 DOM
4. 2026-06-15
   days on market $279,000 Active 49 DOM
5. 2026-06-13
   days on market $279,000 Active 47 DOM
6. 2026-06-10
   days on market $279,000 Active 44 DOM
7. 2026-06-09
   days on market $279,000 Active 43 DOM
8. 2026-06-08
   days on market $279,000 Active 42 DOM
9. 2026-06-07
   days on market $279,000 Active 41 DOM
10. 2026-06-05
    days on market $279,000 Active 38 DOM
11. 2026-06-03
    days on market $279,000 Active 37 DOM
12. 2026-06-02
    days on market $279,000 Active 36 DOM
13. 2026-06-01
    days on market $279,000 Active 35 DOM
14. 2026-05-31
    days on market $279,000 Active 34 DOM
15. 2026-04-22
    listed $279,000 Active 908-char remark

    Show marketing remark (908 chars)

    "We're moving forward. If you want it, act now." Looking for a home that helps pay for itself? This 4-unit property is exactly that. The main house is a large 3-bedroom, 2.5-bath residence an owner-occupant can use the three additional rental units generate steady monthly income. Two units are already rented, and the third just needs a little attention before it's ready to produce income as well. With the main house and Unit "C" currently vacant, you can move right in and start collecting rent immediately. The home sits on a great corner lot at Allen and Carnot, with brick veneer construction and a newer roof installed within the last five years. Yes, the property needs some TLC, but the upside is tremendous. Live comfortably in the main home while your tenants help cover the mortgage or lease all four units and enjoy a strong investment property with long-term earning power.

16. 2026-04-22
    listed $279,000 Active 925-char remark

    Show marketing remark (908 chars)

    "We're moving forward. If you want it, act now." Looking for a home that helps pay for itself? This 4-unit property is exactly that. The main house is a large 3-bedroom, 2.5-bath residence an owner-occupant can use the three additional rental units generate steady monthly income. Two units are already rented, and the third just needs a little attention before it's ready to produce income as well. With the main house and Unit "C" currently vacant, you can move right in and start collecting rent immediately. The home sits on a great corner lot at Allen and Carnot, with brick veneer construction and a newer roof installed within the last five years. Yes, the property needs some TLC, but the upside is tremendous. Live comfortably in the main home while your tenants help cover the mortgage or lease all four units and enjoy a strong investment property with long-term earning power.

17. 2025-10-06
    price $279,000
18. 2025-10-06
    price $279,000
19. 2025-08-02
    listed $325,000 Active

ⓘ 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: $4,119 · $343/mo
• Projected year-2 tax: $4,119 · $343/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 X (shaded) · 60% 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 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $87,948
• − Mortgage interest: −$15,628
• − Property taxes: −$4,119
• − Insurance: −$2,192
• − Repairs & maintenance: −$7,036
• − Management: −$7,036
• − Depreciation: −$8,116
• Taxable income: $43,820
• Est. tax owed @ 24.0%: −$10,517
• After-tax cash flow: $35,093/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): 35,253
• Household income: $49,455
• Rent vs Own: 40.5% rent · 59.5% own
• Severe rent burden: 2150.0

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: Predominantly Black (69%)
• Race & ethnicity: Black 69% White 18% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Lithuanian 4% Italian 2% Slovak 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Chinese 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: ▼ -222.37%
• Current HPI: 231.9921
• Rent YoY: ▼ -0.61%
• 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

-14.2% since first listed

5 events — show timeline

• 2026-04-22 Listed $279,000 GSREIN
• 2026-04-22 Listed $279,000 AcadianaMLS
• 2025-10-06 Price Changed $279,000 AcadianaMLS
• 2025-10-06 Price Changed $279,000 GSREIN
• 2025-08-02 Listed $325,000 AcadianaMLS

Property tax history

+40.2%/yr

Latest (2026): $4,119 · +1.1% YoY. Source: county tax records.