8533-35 Forshey St · New Orleans, LA 70118

$229,000

8 bd · 4.0 ba · 3,018 sqft · SingleFamily · 139 Days on market

Good condition 5,227 sqft lot $76/sqft · 23% below area Est $298k · 23% 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 +20.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.6/10.0
• 1% rule +5.5/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +2.7/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Excellent investment opportunity in a high-demand New Orleans location, just four blocks from South Carrollton Avenue. This thoughtfully renovated duplex blends historic character with modern updates and features two classic shotgun-style units, each offering 2 bedrooms and 1 bathroom, updated kitchen and baths, central HVAC, and off-street parking. The property is fully leased, generating $2,200 in monthly rental income, with tenants responsible for their own utilities--minimizing operating expenses. Convenient access to I-10, public transportation, and nearby shopping enhances long-term rental appeal. Whether you're seeking a dependable income-producing property or looking to expand your portfolio, this duplex is available individually or as part of a seven-property package--all situated on the same square. 48 notice required for showings. Shown to pre-approved buyers.

Key facts

• Updated baths
• Modern updates
• Historic character

Tags

• HIGH-DEMAND LOCATION
• THOUGHTFULLY RENOVATED DUPLEX
• HISTORIC CHARACTER
• MODERN UPDATES
• UPDATED KITCHEN
• UPDATED BATHS

What this means for you Summary

Snapshot

• This is a 8-bed/4.0-bath single-family listed at $229k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $250 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $229k).
• Recommended offer: $202k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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 flat; 277 active listings in the ZIP; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,404/mo this rent would consume 45% of the median local household income ($64k/yr) (locally 2237% 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 $7k 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

• It's been on market 139 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 5 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 $201,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 139 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.05% ✓
• Cap rate: 7.95%
• Cash-on-cash: 5.92%
• DSCR: 1.26
• GRM: 7.9

CMA / ARV

• ARV (median comp): $297,905
• List price: $229,000
• Delta: -23.13%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.97% rent growth · sell at horizon

5-year hold

• IRR: -11.4%
• Equity multiple: 0.60×
• Total profit: $-25,920
• Equity at exit: $34,145

10-year hold

• IRR: -5.5%
• Equity multiple: 0.68×
• Total profit: $-20,713
• Equity at exit: $19,800

Cash invested: $64,120 (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 70118

• Rents YoY: 1.0%
• Active inventory: 277
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,404 medium
• Mortgage (P&I): −$1,201
• Tax est. 1.5%: −$286 /mo · $3,435/yr
• Insurance: −$95
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$505
• Net cashflow: $250

Break-even live

Break-even rent $2,087

Max offer price $229,000

Occupancy floor 85%

Sensitivity live

Price	-10% $408	-5% $329	+0% $250	+5% $171	+10% $92
Rent	-10% $60	-5% $155	+0% $250	+5% $345	+10% $440
Rate	-1.0pp $365	-0.5pp $308	base $250	+0.5pp $191	+1.0pp $130

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $229,000 Active 139 DOM
2. 2026-06-18
   days on market $229,000 Active 136 DOM
3. 2026-06-17
   days on market $229,000 Active 135 DOM
4. 2026-06-16
   days on market $229,000 Active 134 DOM
5. 2026-06-15
   days on market $229,000 Active 133 DOM
6. 2026-06-13
   days on market $229,000 Active 131 DOM
7. 2026-06-10
   days on market $229,000 Active 128 DOM
8. 2026-06-09
   days on market $229,000 Active 127 DOM
9. 2026-06-08
   days on market $229,000 Active 126 DOM
10. 2026-06-07
    days on market $229,000 Active 125 DOM
11. 2026-06-05
    days on market $229,000 Active 122 DOM
12. 2026-06-03
    days on market $229,000 Active 121 DOM
13. 2026-06-02
    days on market $229,000 Active 120 DOM
14. 2026-06-01
    days on market $229,000 Active 119 DOM
15. 2026-05-31
    days on market $229,000 Active 118 DOM
16. 2026-02-02
    listed $229,000 Active 883-char remark

    Show marketing remark (883 chars)

    Excellent investment opportunity in a high-demand New Orleans location, just four blocks from South Carrollton Avenue. This thoughtfully renovated duplex blends historic character with modern updates and features two classic shotgun-style units, each offering 2 bedrooms and 1 bathroom, updated kitchen and baths, central HVAC, and off-street parking. The property is fully leased, generating $2,200 in monthly rental income, with tenants responsible for their own utilities--minimizing operating expenses. Convenient access to I-10, public transportation, and nearby shopping enhances long-term rental appeal. Whether you're seeking a dependable income-producing property or looking to expand your portfolio, this duplex is available individually or as part of a seven-property package--all situated on the same square. 48 notice required for showings. Shown to pre-approved buyers.

17. 2025-06-02
    listed $229,000 Active
18. 2025-05-01
    listed $880,000 Active
19. 2025-03-14
    listed $229,000 Active
20. 2025-01-12
    historical $1,150
21. 2025-01-09
    listed $1,150
22. 2023-08-06
    historical

ⓘ 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 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: $28,846
• − Mortgage interest: −$12,828
• − Property taxes: −$3,435
• − Insurance: −$1,942
• − Repairs & maintenance: −$2,308
• − Management: −$2,308
• − Depreciation: −$6,662
• Taxable loss: −$636
• Est. tax savings @ 24.0%: +$153
• After-tax cash flow: $3,153/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 · 8 photos

Good 80/100 Cosmetic rehab

This thoughtfully renovated duplex in a high-demand location is in good condition with minimal repairs needed. Painting and landscaping improvements can further enhance its value for both resale and rental.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters.
• Both Landscaping improvements — Well-maintained landscaping can improve the curb appeal and add value to the property.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters. ↑
• Both Landscaping improvements — Well-maintained landscaping can improve the curb appeal and add value to the property. ↑

ⓘ 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): 36,072
• Household income: $63,750
• Rent vs Own: 51.5% rent · 48.5% own
• Severe rent burden: 2237.0

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 0.65)
• Race & ethnicity: White 47% Black 34% Hispanic / Latino 11% Two or more races 11% Asian 4%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Italian 2% Romanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 86% English-only · Spanish 7% French/Haitian/Cajun 2% Other Indo-European 2%

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: ▼ -210.46%
• Current HPI: 282.9629
• Rent YoY: ▲ 0.97%
• 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

+19813.0% since first listed

7 events — show timeline

• 2026-02-02 Listed $229,000 AcadianaMLS
• 2025-06-02 Listed $229,000 AcadianaMLS
• 2025-05-01 Listed $880,000 AcadianaMLS
• 2025-03-14 Listed $229,000 AcadianaMLS
• 2025-01-12 Rental Removed $1,150 BUILDIUM
• 2025-01-09 Listed for Rent $1,150 BUILDIUM
• 2023-08-06 Rental Removed — BUILDIUM