1932-34 Congress St · New Orleans, LA 70117

$175,000

4 bd · 2.0 ba · 1,464 sqft · MultiFamily public records · 141 Days on market

Built 1940 4,922 sqft lot $120/sqft · 27% below area Est $240k · 27% under

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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
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Investor opportunity to purchase this Income producing shotgun double in the Upper 9th Ward, Each side has 2 beds and 1 bath, Large kitchen and yard space, covered porch, separate electric meters, one water meter that owner pays, each side has own drive way X Flood Zone

Key facts

• Covered porch
• Large kitchen
• Own drive way

Tags

• LARGE KITCHEN
• COVERED PORCH
• SEPARATE ELECTRIC METERS
• OWN DRIVE WAY

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $868 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $154k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.7% 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 (+2.5%/yr); 581 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,648/mo this rent would consume 69% of the median local household income ($46k/yr) (locally 1988% 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 $1k of loan paydown is wiped out by about $5k 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 + 2.5% rent growth), your $49k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 141 days — a 12% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 17y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; 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 $154,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 141 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.51% ✓
• Cap rate: 12.70%
• Cash-on-cash: 22.89%
• DSCR: 2.02
• GRM: 5.5

CMA / ARV

• ARV (median comp): $239,954
• List price: $175,000
• Delta: -27.07%
• 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
2336 38 Louisa St	0.37mi	4/2.0	1,404 (-4%)	8mo	$214,900	$153	69
2326 28 Desire St	0.30mi	4/2.0	1,376 (-6%)	11mo	$130,000	$94	67
1428 30 Pauline St	0.39mi	4/2.0	1,488 (+2%)	15mo	$80,000	$54	67
3705-07 N Galvez St	0.13mi	5/2.0 (+1)	1,530 (+4%)	19mo	$238,000	$156	66
3601 N Claiborne St	0.26mi	4/3.0	1,547 (+6%)	11mo	$212,000	$137	65
4113 N Claiborne Ave	0.41mi	4/2.0	1,500 (+2%)	14mo	$70,000	$47	65
2421 Feliciana St	0.50mi	4/2.0	1,572 (+7%)	2mo	$113,900	$72	62
3400 02 N Rampart St	0.74mi	4/2.0	1,517 (+4%)	15mo	$425,000	$280	47
1420 22 Louisa St	0.45mi	4/2.0	1,650 (+13%)	18mo	$70,000	$42	43
1037 39 Mazant St	0.73mi	4/2.0	1,550 (+6%)	16mo	$260,000	$168	43
3025 27 Laussat Pl	0.66mi	3/2.0 (-1)	1,570 (+7%)	14mo	$137,500	$88	41
2421 Port St	0.71mi	4/4.0	1,344 (-8%)	7mo	$40,000	$30	40

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 · 2.49% rent growth · sell at horizon

5-year hold

• IRR: 13.2%
• Equity multiple: 1.52×
• Total profit: $25,628
• Equity at exit: $26,093

10-year hold

• IRR: 21.7%
• Equity multiple: 2.80×
• Total profit: $88,217
• Equity at exit: $15,131

Cash invested: $49,000 (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 70117

• Rents YoY: 2.5%
• Active inventory: 581
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $2,648 high
• Mortgage (P&I): −$918
• Tax from tax record: −$167 /mo · $2,001/yr
• Insurance: −$73
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$556
• Net cashflow: $868

Break-even live

Break-even rent $1,549

Max offer price $175,000

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,648
Total (2 units)			$2,648

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2019 Gallier St New Orleans, LA	4.0	2.0	1400	$2,200	$1.57	23d	1	0.09mi
1904 Desire St New Orleans, LA	3.0	1.0	1200	$1,400	$1.17	10d	1	0.14mi
2028 Desire St New Orleans, LA	3.0	1.0	1300	$1,300	$1.00	23d	1	0.16mi
1942 Piety St New Orleans, LA	3.0	1.0	1100	$1,500	$1.36	23d	1	0.20mi
2129 Desire St Unit 1B New Orleans, LA	3.0	1.0	1105	$1,200	$1.09	3d	1	0.20mi
2129 Desire St Unit 1B New Orleans, LA	3.0	1.0	1105	$1,200	$1.09	3d	1	0.20mi
1822 Piety St New Orleans, LA	3.0	1.5	1200	$1,500	$1.25	16d	1	0.21mi
1835 Louisa St New Orleans, LA	3.0	2.5	1800	$2,350	$1.31	3d	1	0.23mi
1839 Louisa St New Orleans, LA	3.0	2.0	1500	$2,095	$1.40	16d	1	0.23mi
1628 Bartholomew St New Orleans, LA	3.0	2.0	1050	$1,600	$1.52	23d	1	0.28mi
5624-5626 Saint Claude ST New Orleans, LA	4.0	3.0	1521	$2,300	$1.51	23d	1	0.34mi
1437 Gallier St New Orleans, LA	3.0	2.0	1451	$1,875	$1.29	21d	1	0.34mi
4217 N Johnson St New Orleans, LA	3.0	2.0	904	$1,650	$1.83	23d	1	0.35mi
4222 N Johnson St New Orleans, LA	3.0	2.0	1100	$1,895	$1.72	23d	1	0.35mi
2114 Feliciana St Unit A New Orleans, LA	3.0	2.0	1134	$1,500	$1.32	16d	1	0.44mi
2114 Feliciana St Unit A New Orleans, LA	3.0	2.0	1134	$1,500	$1.32	23d	1	0.44mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	0.44mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	0.44mi
1323 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	0.45mi
4230 N Claiborne Ave New Orleans, LA	3.0	2.5	1296	$1,750	$1.35	23d	1	0.45mi
2331 Feliciana St New Orleans, LA	3.0	2.0	1250	$1,850	$1.48	23d	1	0.50mi
1411 France St New Orleans, LA	3.0	2.0	1525	$2,000	$1.31	23d	1	0.50mi
4318 N Robertson St New Orleans, LA	3.0	1.0	1250	$1,150	$0.92	3d	1	0.53mi
4318 1/2 N Robertson St New Orleans, LA	3.0	1.0	1250	$1,150	$0.92	3d	1	0.54mi
1403 Lesseps St New Orleans, LA	3.0	3.0	1700	$1,800	$1.06	11d	1	0.55mi
4317 Urquhart St New Orleans, LA	3.0	2.0	1300	$1,650	$1.27	23d	1	0.61mi
4021 St Claude Ave New Orleans, LA	4.0	2.0	1016	$1,275	$1.25	3d	1	0.63mi
1231 Feliciana St New Orleans, LA	3.0	2.5	1869	$2,750	$1.47	43d	1	0.64mi
2003 Almonaster Ave New Orleans, LA	3.0	2.0	988	$1,600	$1.62	23d	1	0.71mi
1924 Painters St New Orleans, LA	3.0	1.0	920	$1,700	$1.85	3d	1	0.83mi
2519 N Derbigny St New Orleans, LA	3.0	1.0	994	$1,300	$1.31	21d	1	0.83mi
1226 Port St New Orleans, LA	3.0	1.0	1023	$1,650	$1.61	23d	1	0.84mi
1922 Painters St New Orleans, LA	3.0	1.0	920	$1,700	$1.85	3d	1	0.84mi
2524 N Galvez St New Orleans, LA	3.0	2.5	1102	$1,800	$1.63	17d	1	0.88mi
2522 N Galvez St New Orleans, LA	3.0	2.0	1105	$1,675	$1.52	23d	1	0.88mi
2515 N Galvez St Unit 2515 New Orleans, LA	4.0	2.0	1200	$1,900	$1.58	23d	1	0.90mi
2515 N Galvez St New Orleans, LA	4.0	2.0	1200	$1,200	$1.00	10d	1	0.90mi
882 Montegut St New Orleans, LA	1.0–3.0	1.0–2.0	826	$2,575	$3.12	43d	7	0.91mi
1636 Music St New Orleans, LA	3.0	1.0	900	$1,185	$1.32	16d	1	0.94mi
2556 N Tonti St New Orleans, LA	3.0	2.0	1100	$1,850	$1.68	16d	1	0.96mi

Listing history 26 events

1. 2026-06-18
   days on market $175,000 Active 141 DOM
2. 2026-06-17
   days on market $175,000 Active 140 DOM
3. 2026-06-16
   days on market $175,000 Active 139 DOM
4. 2026-06-15
   days on market $175,000 Active 138 DOM
5. 2026-06-13
   days on market $175,000 Active 136 DOM
6. 2026-06-10
   days on market $175,000 Active 133 DOM
7. 2026-06-09
   days on market $175,000 Active 132 DOM
8. 2026-06-08
   days on market $175,000 Active 131 DOM
9. 2026-06-07
   days on market $175,000 Active 130 DOM
10. 2026-06-05
    days on market $175,000 Active 127 DOM
11. 2026-06-03
    days on market $175,000 Active 126 DOM
12. 2026-06-02
    days on market $175,000 Active 125 DOM
13. 2026-06-01
    days on market $175,000 Active 124 DOM
14. 2026-05-31
    days on market $175,000 Active 123 DOM
15. 2026-05-20
    price $175,000 270-char remark

    Show marketing remark (272 chars)

    Investor opportunity to purchase this Income producing shotgun double in the Upper 9th Ward, Each side has 2 beds and 1 bath, Large kitchen and yard space, covered porch, separate electric meters, one water meter that owner pays, each side has own drive way X Flood Zone

16. 2026-05-20
    price $175,000 272-char remark

    Show marketing remark (272 chars)

    Investor opportunity to purchase this Income producing shotgun double in the Upper 9th Ward, Each side has 2 beds and 1 bath, Large kitchen and yard space, covered porch, separate electric meters, one water meter that owner pays, each side has own drive way X Flood Zone

17. 2026-02-25
    price $180,000 270-char remark

    Show marketing remark (272 chars)

    Investor opportunity to purchase this Income producing shotgun double in the Upper 9th Ward, Each side has 2 beds and 1 bath, Large kitchen and yard space, covered porch, separate electric meters, one water meter that owner pays, each side has own drive way X Flood Zone

18. 2026-02-25
    price $180,000 272-char remark

    Show marketing remark (272 chars)

    Investor opportunity to purchase this Income producing shotgun double in the Upper 9th Ward, Each side has 2 beds and 1 bath, Large kitchen and yard space, covered porch, separate electric meters, one water meter that owner pays, each side has own drive way X Flood Zone

19. 2026-01-28
    listed $185,000 Active 270-char remark

    Show marketing remark (272 chars)

    Investor opportunity to purchase this Income producing shotgun double in the Upper 9th Ward, Each side has 2 beds and 1 bath, Large kitchen and yard space, covered porch, separate electric meters, one water meter that owner pays, each side has own drive way X Flood Zone

20. 2026-01-28
    listed $185,000 Active 272-char remark

    Show marketing remark (272 chars)

    Investor opportunity to purchase this Income producing shotgun double in the Upper 9th Ward, Each side has 2 beds and 1 bath, Large kitchen and yard space, covered porch, separate electric meters, one water meter that owner pays, each side has own drive way X Flood Zone

21. 2024-09-26
    price $185,000
22. 2024-08-14
    listed $185,000 Active
23. 2022-12-12
    listed $225,000
24. 2012-08-14
    soldstatus $140,000
25. 2009-11-23
    listed $110,000
26. 2009-11-23
    listed $110,000

ⓘ 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: $2,001 · $167/mo
• Projected year-2 tax: $2,001 · $167/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 X (shaded) · 99% 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 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,776
• − Mortgage interest: −$9,803
• − Property taxes: −$2,001
• − Insurance: −$1,672
• − Repairs & maintenance: −$2,542
• − Management: −$2,542
• − Depreciation: −$5,091
• Taxable income: $8,125
• Est. tax owed @ 24.0%: −$1,950
• After-tax cash flow: $8,467/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): 25,652
• Household income: $45,764
• Rent vs Own: 47.8% rent · 52.2% own
• Severe rent burden: 1988.0

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: Majority Black (60%)
• Race & ethnicity: Black 60% White 30% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Lithuanian 5% Italian 1% Romanian 1%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 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: ▼ -177.22%
• Current HPI: 184.6061
• Rent YoY: ▲ 2.49%
• 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

+59.1% since first listed

12 events — show timeline

• 2026-05-20 Price Changed $175,000 AcadianaMLS
• 2026-05-20 Price Changed $175,000 GSREIN
• 2026-02-25 Price Changed $180,000 AcadianaMLS
• 2026-02-25 Price Changed $180,000 GSREIN
• 2026-01-28 Listed $185,000 GSREIN
• 2026-01-28 Listed $185,000 AcadianaMLS
• 2024-09-26 Price Changed $185,000 GSREIN
• 2024-08-14 Listed $185,000 AcadianaMLS
• 2022-12-12 Listed $225,000 AcadianaMLS
• 2012-08-14 Sold (Public Records) $140,000 Public Records
• 2009-11-23 Listed $110,000 GSREIN
• 2009-11-23 Listed $110,000 AcadianaMLS

Property tax history

+16.8%/yr

Latest (2026): $2,001 · +1.1% YoY. Source: county tax records.