2513-15 Eads St · New Orleans, LA 70117

$180,000

6 bd · 2.0 ba · 1,824 sqft · MultiFamily public records · 89 Days on market

Built 1950 4,926 sqft lot $99/sqft · 27% below area Est $252k · 28% 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

<br> <br> Excellent opportunity to add a 6-bedroom, 2-bath income-producing property to your portfolio. This setup could benefit you as an investor using a DSCR loan or an owner-occupant looking to live in one side and rent the other to help cover the mortgage. The left side, 2515, was just rented for $1,400 per month, and the tenants on the right side recently moved out after 3 years. To make showings more convenient for prospective buyers, the owner is leaving that side vacant temporarily. <br> <br> DON'T DELAY -- GO SEE TODAY!

Key facts

• 4,926 sq ft lot
• Built 1950
• Listed 89 days

🏷️ Possibly a rental listed for sale. The $180,000 price doesn't fit this home's estimated sale value (~$251,678) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $782 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Recommended offer: $169k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.4% 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 rising (+2.5%/yr); 581 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,071/mo this rent would consume 81% 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 $50k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y ago; this cycle's ask has dropped $19k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $180k implies a 260% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• 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 $169,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — 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: 1.71% ✓
• Cap rate: 14.35%
• Cash-on-cash: 28.78%
• DSCR: 2.28
• GRM: 4.9

CMA / ARV

• ARV (median comp): $251,678
• List price: $180,000
• Delta: -28.48%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2000 02 Painters St	0.41mi	6/2.5	1,794 (-2%)	5mo	$115,000	$64	72
3135-3137 N Prieur St	0.68mi	6/2.0	1,800 (-1%)	2mo	$319,000	$177	65
1914-1916 Feliciana St	0.58mi	6/2.0	1,896 (+4%)	3mo	$245,000	$129	64
3114-3116 Clouet St	0.71mi	5/3.0 (-1)	1,814 (-0%)	3mo	$320,000	$176	55
3133 31 Clouet St	0.60mi	5/3.0 (-1)	1,814 (-0%)	11mo	$313,000	$173	53
2855 57 Law St	0.10mi	6/4.0	2,050 (+12%)	21mo	$329,000	$160	49
2622 Frenchmen St	0.73mi	6/2.0	1,750 (-4%)	16mo	$122,150	$70	46
2556 58 N Tonti St	0.27mi	6/4.0	2,083 (+14%)	15mo	$270,000	$130	44
1734 Spain St	0.69mi	5/3.0 (-1)	1,985 (+9%)	1mo	$100,000	$50	43
1616 -1618 Painters St	0.65mi	6/4.0	1,976 (+8%)	15mo	$227,000	$115	35

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: 9.8%
• Equity multiple: 1.38×
• Total profit: $19,373
• Equity at exit: $26,839

10-year hold

• IRR: 18.5%
• Equity multiple: 2.50×
• Total profit: $75,835
• Equity at exit: $15,563

Cash invested: $50,400 (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: 9.8×

Monthly cashflow live

• Estimated rent: $3,071 high
• Mortgage (P&I): −$944
• Tax from tax record: −$198 /mo · $2,381/yr
• Insurance: −$75
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$645
• Net cashflow: $782

Break-even live

Break-even rent $2,081

Max offer price $180,000

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,072
Total (2 units)			$3,071

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3228 Pauger St New Orleans, LA	5.0	2.0	1600	$2,100	$1.31	24d	1	0.88mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$8,133	$5.14	3d	2	1.22mi

Listing history 24 events

1. 2026-06-18
   days on market $180,000 Active 89 DOM
2. 2026-06-17
   days on market $180,000 Active 88 DOM
3. 2026-06-16
   days on market $180,000 Active 87 DOM
4. 2026-06-15
   days on market $180,000 Active 86 DOM
5. 2026-06-13
   days on market $180,000 Active 84 DOM
6. 2026-06-10
   days on market $180,000 Active 81 DOM
7. 2026-06-09
   days on market $180,000 Active 80 DOM
8. 2026-06-08
   days on market $180,000 Active 79 DOM
9. 2026-06-07
   days on market $180,000 Active 78 DOM
10. 2026-06-05
    days on market $180,000 Active 75 DOM
11. 2026-06-03
    days on market $180,000 Active 74 DOM
12. 2026-06-02
    days on market $180,000 Active 73 DOM
13. 2026-06-01
    days on market $180,000 Active 72 DOM
14. 2026-05-31
    days on market $180,000 Active 71 DOM
15. 2026-04-27
    price $180,000 535-char remark

    Show marketing remark (579 chars)

    WANT TO MAKE MONEY IN RENT, COME BY THIS INVESTMENT! Excellent opportunity to add a 6-bedroom, 2-bath income-producing property to your portfolio. This setup could benefit you as an investor using a DSCR loan or an owner-occupant looking to live in one side and rent the other to help cover the mortgage. The left side, 2515, was just rented for $1,400 per month, and the tenants on the right side recently moved out after 3 years. To make showings more convenient for prospective buyers, the owner is leaving that side vacant temporarily. DON'T DELAY &mdash; GO SEE TODAY!

16. 2026-04-27
    price $180,000 579-char remark

    Show marketing remark (579 chars)

    WANT TO MAKE MONEY IN RENT, COME BY THIS INVESTMENT! Excellent opportunity to add a 6-bedroom, 2-bath income-producing property to your portfolio. This setup could benefit you as an investor using a DSCR loan or an owner-occupant looking to live in one side and rent the other to help cover the mortgage. The left side, 2515, was just rented for $1,400 per month, and the tenants on the right side recently moved out after 3 years. To make showings more convenient for prospective buyers, the owner is leaving that side vacant temporarily. DON'T DELAY &mdash; GO SEE TODAY!

17. 2026-03-21
    listed $199,000 Active 535-char remark

    Show marketing remark (579 chars)

    WANT TO MAKE MONEY IN RENT, COME BY THIS INVESTMENT! Excellent opportunity to add a 6-bedroom, 2-bath income-producing property to your portfolio. This setup could benefit you as an investor using a DSCR loan or an owner-occupant looking to live in one side and rent the other to help cover the mortgage. The left side, 2515, was just rented for $1,400 per month, and the tenants on the right side recently moved out after 3 years. To make showings more convenient for prospective buyers, the owner is leaving that side vacant temporarily. DON'T DELAY &mdash; GO SEE TODAY!

18. 2026-03-21
    listed $199,000 Active 579-char remark

    Show marketing remark (579 chars)

    WANT TO MAKE MONEY IN RENT, COME BY THIS INVESTMENT! Excellent opportunity to add a 6-bedroom, 2-bath income-producing property to your portfolio. This setup could benefit you as an investor using a DSCR loan or an owner-occupant looking to live in one side and rent the other to help cover the mortgage. The left side, 2515, was just rented for $1,400 per month, and the tenants on the right side recently moved out after 3 years. To make showings more convenient for prospective buyers, the owner is leaving that side vacant temporarily. DON'T DELAY &mdash; GO SEE TODAY!

19. 2013-03-12
    listed $54,500
20. 2006-10-19
    soldstatus $50,000
21. 2006-08-31
    soldstatus $29,300
22. 2006-07-11
    listed $29,900
23. 2006-07-11
    listed $29,900
24. 1986-02-28
    soldstatus $63,500

ⓘ 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: $2,381 · $198/mo
• Projected year-2 tax: $2,381 · $198/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 AE · 78% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°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: $36,852
• − Mortgage interest: −$10,083
• − Property taxes: −$2,381
• − Insurance: −$6,018
• − Repairs & maintenance: −$2,948
• − Management: −$2,948
• − Depreciation: −$5,236
• Taxable income: $7,237
• Est. tax owed @ 24.0%: −$1,737
• After-tax cash flow: $7,649/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

+183.5% since first listed

10 events — show timeline

• 2026-04-27 Price Changed $180,000 AcadianaMLS
• 2026-04-27 Price Changed $180,000 GSREIN
• 2026-03-21 Listed $199,000 GSREIN
• 2026-03-21 Listed $199,000 AcadianaMLS
• 2013-03-12 Listed $54,500 AcadianaMLS
• 2006-10-19 Sold (Public Records) $50,000 Public Records
• 2006-08-31 Sold (MLS) $29,300 GSREIN
• 2006-07-11 Listed $29,900 GSREIN
• 2006-07-11 Listed $29,900 AcadianaMLS
• 1986-02-28 Sold (Public Records) $63,500 Public Records

Property tax history

+6.5%/yr

Latest (2026): $2,381 · +1.1% YoY. Source: county tax records.