438 S Murat St · New Orleans, LA 70119

$150,000

2 bd · 1.0 ba · 1,022 sqft · SingleFamily public records · 68 Days on market

Built 1920 1,515 sqft lot $147/sqft · 43% below area Est $257k · 42% under

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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 +20.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.4/10.0
• 1% rule +5.8/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Mid-City cottage with renovation potential. This two-bedroom property features a practical footprint and is ideally located near key New Orleans amenities, including parks, dining, and major thoroughfares. A strong opportunity for those looking to invest, renovate, or customize a property in a well-established neighborhood.

Key facts

• 1,515 sq ft lot
• Parking
• Built 1920

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $126 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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.
• Zoned schools: Benjamin Franklin Elem. Math And Science (math 12% / reading 23%, grade F, #479 of 646 statewide, top 75%, 747 students, 98% FRL, charter) — zoned schools average 98% FRL vs 68% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.2%/yr); 381 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• This rent runs 37% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 68 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 30y ago; this cycle's ask has dropped $15k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $150k implies a 200% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1920 — 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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $141,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 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 1920 — 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 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: 1.08% ✓
• Cap rate: 7.83%
• Cash-on-cash: 5.49%
• DSCR: 1.24
• GRM: 7.7

CMA / ARV

• ARV (median comp): $257,002
• List price: $150,000
• Delta: -41.63%
• 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
216 S Solomon St	0.28mi	1/1.0 (-1)	1,050 (+3%)	2mo	$265,000	$252	76
315 S Telemachus St	0.61mi	2/1.0	1,033 (+1%)	1mo	$260,221	$252	69
622 N Hennessey St	0.69mi	2/1.0	1,000 (-2%)	3mo	$335,000	$335	62
4237 General Ogden St	0.29mi	3/2.0 (+1)	1,104 (+8%)	3mo	$120,000	$109	62
519 S Telemachus St	0.60mi	2/1.0	1,000 (-2%)	11mo	$275,000	$275	59
4220 General Ogden St	0.33mi	3/2.0 (+1)	1,104 (+8%)	4mo	$118,560	$107	59
8715 Stroelitz St	0.56mi	3/1.0 (+1)	1,049 (+3%)	9mo	$62,000	$59	57
4722 Iberville St	0.41mi	2/2.0	1,150 (+12%)	7mo	$375,000	$326	50
4736 Bienville St	0.48mi	2/1.0	1,137 (+11%)	12mo	$329,500	$290	49
606 N Murat St	0.65mi	2/2.5	1,100 (+8%)	6mo	$310,000	$282	46
621 David St	0.72mi	2/2.0	954 (-7%)	11mo	$245,000	$257	42
8911 Edinburgh Dr	0.72mi	2/1.0	1,151 (+13%)	10mo	$160,000	$139	37

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: -14.4%
• Equity multiple: 0.50×
• Total profit: $-20,953
• Equity at exit: $22,365

10-year hold

• IRR: -12.2%
• Equity multiple: 0.38×
• Total profit: $-25,872
• Equity at exit: $12,969

Cash invested: $42,000 (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 70119

• Home prices YoY: -34.8%
• Rents YoY: -0.2%
• Active inventory: 381
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,617 high
• Mortgage (P&I): −$787
• Tax from tax record: −$236 /mo · $2,831/yr
• Insurance: −$62
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $126

Break-even live

Break-even rent $1,458

Max offer price $150,000

Occupancy floor 87%

Sensitivity live

Price	-10% $210	-5% $168	+0% $126	+5% $83	+10% $41
Rent	-10% $-2	-5% $62	+0% $126	+5% $189	+10% $253
Rate	-1.0pp $201	-0.5pp $164	base $126	+0.5pp $87	+1.0pp $47

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
419 S Murat St Unit 421 New Orleans, LA	2.0	1.0	800	$1,700	$2.12	25d	1	0.04mi
419 S Murat St New Orleans, LA	2.0	2.0	1200	$1,850	$1.54	23d	1	0.04mi
505 S Alexander St New Orleans, LA	2.0	1.0	910	$2,000	$2.20	5d	1	0.05mi
4506 Banks St New Orleans, LA	2.0	2.0	1350	$2,000	$1.48	25d	1	0.05mi
337 S Murat St Unit 4501 New Orleans, LA	3.0	2.0	1150	$2,000	$1.74	25d	1	0.09mi
526 S Saint Patrick St Unit B New Orleans, LA	2.0	1.0	790	$2,075	$2.63	25d	1	0.14mi
637 S Alexander St New Orleans, LA	3.0	2.0	1020	$1,700	$1.67	25d	1	0.15mi
234 S Olympia St New Orleans, LA	2.0	1.0	860	$1,500	$1.74	18d	1	0.17mi
4205 Dhemecourt St New Orleans, LA	2.0	1.0	900	$1,300	$1.44	25d	1	0.20mi
321 S St Patrick St Unit C New Orleans, LA	2.0	1.0	1200	$1,450	$1.21	25d	1	0.20mi
321 S St Patrick St Unit C New Orleans, LA	2.0	1.0	1200	$1,500	$1.25	13d	1	0.20mi
4150 D'Hemecourt St New Orleans, LA	2.0	1.0	900	$1,400	$1.56	5d	1	0.23mi
707 S Solomon St New Orleans, LA	2.0	1.0	1024	$1,200	$1.17	23d	1	0.25mi
4834 Banks St New Orleans, LA	2.0	1.0	1000	$1,500	$1.50	5d	1	0.28mi
4834 Banks St New Orleans, LA	2.0	1.0	1000	$1,500	$1.50	25d	1	0.28mi
4033 Eagle St New Orleans, LA	1.0	1.0	756	$900	$1.19	3d	1	0.34mi
4044 Banks St New Orleans, LA	2.0	2.0	1053	$1,600	$1.52	23d	1	0.35mi
123 N Alexander St New Orleans, LA	2.0	1.0	950	$1,500	$1.58	25d	1	0.35mi
4038 Banks St New Orleans, LA	2.0	1.0	1000	$1,500	$1.50	17d	1	0.36mi
4038 Banks St New Orleans, LA	2.0	1.0	950	$1,500	$1.58	5d	1	0.36mi
4600 S Carrollton Ave Unit 1B New Orleans, LA	2.0	2.0	1072	$1,500	$1.40	25d	1	0.37mi
4020 Baudin St New Orleans, LA	3.0	2.0	1100	$1,550	$1.41	5d	1	0.38mi
4149 Canal St Unit A New Orleans, LA	1.0	1.0	742	$1,300	$1.75	23d	1	0.41mi
613 S Pierce St New Orleans, LA	3.0	1.0	1200	$1,500	$1.25	18d	1	0.41mi
4211 Hamilton St New Orleans, LA	2.0	1.0	1400	$1,100	$0.79	16d	1	0.42mi
4211 Hamilton St Unit NA New Orleans, LA	2.0	1.0	1400	$1,100	$0.79	13d	1	0.42mi
615 S Pierce St New Orleans, LA	3.0	1.0	1200	$1,500	$1.25	18d	1	0.42mi
4008 General Ogden St Unit 4008 New Orleans, LA	2.0	2.0	1000	$1,475	$1.48	16d	1	0.42mi
600 S Pierce St New Orleans, LA	2.0	1.0	851	$1,550	$1.82	25d	1	0.43mi
4723 Iberville St New Orleans, LA	1.0	1.0	700	$1,500	$2.14	4d	1	0.44mi
4723 Iberville St New Orleans, LA	1.0	1.0	700	$1,500	$2.14	5d	1	0.44mi
4300 Bienville St New Orleans, LA	2.0	1.0	940	$1,650	$1.76	5d	1	0.45mi
217 N Bernadotte St New Orleans, LA	2.0	1.0	895	$1,450	$1.62	25d	1	0.48mi
319 S Scott St New Orleans, LA	1.0	1.0	900	$1,450	$1.61	25d	1	0.49mi
319 S Scott St Unit 2A New Orleans, LA	1.0	1.0	900	$1,500	$1.67	25d	1	0.49mi
3832 Banks St New Orleans, LA	2.0	1.0	1200	$1,850	$1.54	18d	1	0.50mi
3931 Hamilton St New Orleans, LA	2.0	1.5	870	$1,250	$1.44	17d	1	0.51mi
4136 Bienville St New Orleans, LA	2.0	1.0	875	$1,400	$1.60	25d	1	0.52mi
4616 Conti St Unit 4616-2A New Orleans, LA	2.0	1.0	813	$1,295	$1.59	5d	1	0.52mi
4624 Conti St New Orleans, LA	2.0	1.0	1200	$1,300	$1.08	25d	1	0.53mi

Listing history 25 events

1. 2026-06-21
   days on market $150,000 Active 68 DOM
2. 2026-06-18
   days on market $150,000 Active 65 DOM
3. 2026-06-17
   days on market $150,000 Active 64 DOM
4. 2026-06-16
   days on market $150,000 Active 63 DOM
5. 2026-06-15
   days on market $150,000 Active 62 DOM
6. 2026-06-13
   days on market $150,000 Active 60 DOM
7. 2026-06-10
   days on market $150,000 Active 57 DOM
8. 2026-06-09
   days on market $150,000 Active 56 DOM
9. 2026-06-08
   days on market $150,000 Active 55 DOM
10. 2026-06-07
    days on market $150,000 Active 54 DOM
11. 2026-06-05
    days on market $150,000 Active 51 DOM
12. 2026-06-03
    days on market $150,000 Active 50 DOM
13. 2026-06-02
    pricedays on market $150,000 Active 49 DOM
14. 2026-06-01
    days on market $165,000 Active 48 DOM
15. 2026-05-31
    days on market $165,000 Active 47 DOM
16. 2026-04-14
    listed $165,000 Active 325-char remark

    Show marketing remark (325 chars)

    Mid-City cottage with renovation potential. This two-bedroom property features a practical footprint and is ideally located near key New Orleans amenities, including parks, dining, and major thoroughfares. A strong opportunity for those looking to invest, renovate, or customize a property in a well-established neighborhood.

17. 2026-04-14
    listed $165,000 Active 325-char remark

    Show marketing remark (325 chars)

    Mid-City cottage with renovation potential. This two-bedroom property features a practical footprint and is ideally located near key New Orleans amenities, including parks, dining, and major thoroughfares. A strong opportunity for those looking to invest, renovate, or customize a property in a well-established neighborhood.

18. 1999-07-15
    soldstatus $50,000
19. 1999-07-15
    soldstatus $50,000
20. 1998-12-22
    listed $56,000
21. 1998-12-22
    listed $56,000
22. 1996-07-03
    soldstatus $58,800
23. 1996-07-03
    soldstatus $58,000
24. 1996-04-15
    listed $59,900
25. 1996-04-15
    listed $59,900

ⓘ 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: $2,831 · $236/mo
• Projected year-2 tax: $2,831 · $236/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) · 76% 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: $19,398
• − Mortgage interest: −$8,402
• − Property taxes: −$2,831
• − Insurance: −$1,547
• − Repairs & maintenance: −$1,552
• − Management: −$1,552
• − Depreciation: −$4,364
• Taxable loss: −$850
• Est. tax savings @ 24.0%: +$204
• After-tax cash flow: $1,711/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): 37,253
• Household income: $53,143
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 3381.0

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 0.64)
• Race & ethnicity: Black 44% White 40% Two or more races 10% Hispanic / Latino 9% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Slovak 2% Romanian 1%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 6% French/Haitian/Cajun 1% Other Indo-European 0%

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: ▼ -135.38%
• Current HPI: 253.1929
• Rent YoY: ▼ -0.20%
• 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

+175.5% since first listed

10 events — show timeline

• 2026-04-14 Listed $165,000 GSREIN
• 2026-04-14 Listed $165,000 AcadianaMLS
• 1999-07-15 Sold (Public Records) $50,000 Public Records
• 1999-07-15 Sold (MLS) $50,000 GSREIN
• 1998-12-22 Listed $56,000 GSREIN
• 1998-12-22 Listed $56,000 AcadianaMLS
• 1996-07-03 Sold (Public Records) $58,000 Public Records
• 1996-07-03 Sold (MLS) $58,800 GSREIN
• 1996-04-15 Listed $59,900 GSREIN
• 1996-04-15 Listed $59,900 AcadianaMLS

Property tax history

+8.5%/yr

Latest (2026): $2,831 · +181.5% YoY. Source: county tax records.