2520 22 2nd St · New Orleans, LA 70113

$299,900

16 bd · 16.0 ba · 2,369 sqft · MultiFamily · 21 Days on market

Built 1946 Poor condition $127/sqft · 24% below area Est $392k · 24% under

---

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 +15.0/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Schools +1.6/10.0
• Condition / age +1.0/5.0

Multi-family units

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

Listing remarks MLS

This AMAZING fourplex Central City area- a true New Orleans GEM. Comprising four spacious units, Totaling 4 bedrooms and 4 bathrooms this property offers tenants comfortable and roomy living spaces, off street parking and more! Can collect up to $4400 a month in rent, great first time investing! Bring all offers

Key facts

• Built 1946
• Listed 21 days

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $300k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $11k ($132k/yr) — positive. Per door: $3k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $300k).
• Recommended offer: $295k (1.5% below list) — sets the bar for market timing.
• Cap rate 50.2% 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; lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $16,523/mo this rent would consume 504% 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 $32k of equity ($2k loan paydown + $30k 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 $84k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 13y ago; this cycle's ask has dropped $25k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $10k; list at $300k implies a 2899% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $295,401 (1.5% below list)

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 5.51% ✓
• Cap rate: 50.23%
• Cash-on-cash: 156.92%
• DSCR: 7.98
• GRM: 1.5

CMA / ARV

• ARV (median comp): $392,316
• List price: $299,900
• Delta: -23.56%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 11.88×
• Total profit: $913,963
• Equity at exit: $270,174

10-year hold

• IRR: —
• Equity multiple: 27.90×
• Total profit: $2,258,749
• Equity at exit: $582,640

Cash invested: $83,972 (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: 6.1×

Monthly cashflow live

• Estimated rent: $16,523 medium
• Mortgage (P&I): −$1,573
• Tax est. 1.5%: −$375 /mo · $4,498/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,470
• Net cashflow: $10,981

Break-even live

Break-even rent $2,623

Max offer price $299,900

Occupancy floor 29%

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$16,524
Total (4 units)			$16,523

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $299,900 Active 21 DOM
2. 2026-06-17
   days on market $299,900 Active 20 DOM
3. 2026-06-16
   days on market $299,900 Active 19 DOM
4. 2026-06-15
   days on market $299,900 Active 18 DOM
5. 2026-06-13
   days on market $299,900 Active 16 DOM
6. 2026-06-10
   days on market $299,900 Active 13 DOM
7. 2026-06-09
   days on market $299,900 Active 12 DOM
8. 2026-06-08
   days on market $299,900 Active 11 DOM
9. 2026-06-07
   days on market $299,900 Active 10 DOM
10. 2026-06-05
    days on market $299,900 Active 7 DOM
11. 2026-06-03
    days on market $299,900 Active 6 DOM
12. 2026-06-02
    days on market $299,900 Active 5 DOM
13. 2026-06-01
    days on market $299,900 Active 4 DOM
14. 2026-05-31
    days on market $299,900 Active 3 DOM
15. 2026-04-08
    price $299,900 314-char remark

    Show marketing remark (314 chars)

    This AMAZING fourplex Central City area- a true New Orleans GEM. Comprising four spacious units, Totaling 4 bedrooms and 4 bathrooms this property offers tenants comfortable and roomy living spaces, off street parking and more! Can collect up to $4400 a month in rent, great first time investing! Bring all offers

16. 2026-01-02
    price $320,000 314-char remark

    Show marketing remark (314 chars)

    This AMAZING fourplex Central City area- a true New Orleans GEM. Comprising four spacious units, Totaling 4 bedrooms and 4 bathrooms this property offers tenants comfortable and roomy living spaces, off street parking and more! Can collect up to $4400 a month in rent, great first time investing! Bring all offers

17. 2025-11-25
    listed $325,000 Active 314-char remark

    Show marketing remark (314 chars)

    This AMAZING fourplex Central City area- a true New Orleans GEM. Comprising four spacious units, Totaling 4 bedrooms and 4 bathrooms this property offers tenants comfortable and roomy living spaces, off street parking and more! Can collect up to $4400 a month in rent, great first time investing! Bring all offers

18. 2014-01-13
    soldstatus $10,000 252-char remark

    Show marketing remark (252 chars)

    Traditional style double; potential to be owner occupant or investment property. Lots of activity in the neighborhood; No interior access will be given- property is unsafe to enter. No utilities will be provided. This is a Fannie Mae HomePath property.

19. 2013-09-10
    listed $14,900 252-char remark

    Show marketing remark (252 chars)

    Traditional style double; potential to be owner occupant or investment property. Lots of activity in the neighborhood; No interior access will be given- property is unsafe to enter. No utilities will be provided. This is a Fannie Mae HomePath property.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $198,276
• − Mortgage interest: −$16,799
• − Property taxes: −$4,498
• − Insurance: −$1,500
• − Repairs & maintenance: −$15,862
• − Management: −$15,862
• − Depreciation: −$8,724
• Taxable income: $135,030
• Est. tax owed @ 24.0%: −$32,407
• After-tax cash flow: $99,360/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 · 12 photos

Poor 20/100 Extensive rehab

This fourplex in the Central City area is in poor condition and requires extensive renovations to become move-in ready.

Repairs flagged

• Major kitchen appliances — need replacement
• Major bathroom fixtures — need replacement
• Major roof — visible wear
• Major exterior siding — overgrown and worn
• Major flooring — worn and in need of replacement
• Major interior walls/paint — dated and in need of fresh paint

Value-add opportunities

• Both kitchen renovation — modernizing the kitchen would increase both resale and rental value
• Both bathroom renovation — modernizing the bathrooms would increase both resale and rental value
• Both exterior landscaping — improving the landscaping would increase both resale and rental value
• Both paint job — fresh paint would improve the home's curb appeal and increase both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen appliances · need replacement	Major	$15,000–50,000
bathroom fixtures · need replacement	Major	$15,000–50,000
roof · visible wear	Major	$15,000–50,000
exterior siding · overgrown and worn	Major	$15,000–50,000
flooring · worn and in need of replacement	Major	$15,000–50,000
interior walls/paint · dated and in need of fresh paint	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both kitchen renovation — modernizing the kitchen would increase both resale and rental value ↑
• Both bathroom renovation — modernizing the bathrooms would increase both resale and rental value ↑
• Both exterior landscaping — improving the landscaping would increase both resale and rental value ↑
• Both paint job — fresh paint would improve the home's curb appeal and increase both resale and rental 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): 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

+1912.8% since first listed

5 events — show timeline

• 2026-04-08 Price Changed $299,900 GSREIN
• 2026-01-02 Price Changed $320,000 GSREIN
• 2025-11-25 Listed $325,000 GSREIN
• 2014-01-13 Sold (MLS) $10,000 GSREIN
• 2013-09-10 Listed $14,900 GSREIN