922 N Tonti St · New Orleans, LA 70119

$230,000

6 bd · 2.0 ba · 2,028 sqft · MultiFamily public records · 80 Days on market

Built 1954 $113/sqft · 49% below area Est $401k · 43% 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 +26.3/30.0
• ARV discount +15.0/15.0
• DSCR +8.9/10.0
• 1% rule +6.7/10.0
• 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

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

Charming 2-unit duplex in New Orleans! The roof was fully replaced just 1 year ago. Both units are currently vacant, allowing for immediate move-in or easy tenant placement. The property is located in a low-flood-risk X zone. Sold as-is, great for investors or owner-occupants.

Key facts

• Parking
• Built 1954
• Listed 79 days

🏷️ Possibly a rental listed for sale. The $230,000 price doesn't fit this home's estimated sale value (~$400,635) 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 $230k.

Deal economics

• At list price, monthly cash flow is $596 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Recommended offer: $216k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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 soft (-0.2%/yr); 381 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,691/mo this rent would consume 61% of the median local household income ($53k/yr) (locally 3381% 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 80 days — a 6% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 23y ago 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.
• Current owner paid $40k; list at $230k implies a 475% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $216,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 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 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.17% ✓
• Cap rate: 9.40%
• Cash-on-cash: 11.10%
• DSCR: 1.49
• GRM: 7.1

CMA / ARV

• ARV (median comp): $400,635
• List price: $230,000
• Delta: -42.59%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2613 15 St Philip St	0.20mi	6/2.0	1,810 (-11%)	2mo	$239,000	$132	72
2328 30 Bienville St	0.48mi	5/3.5 (-1)	2,115 (+4%)	2mo	$400,000	$189	58
2304 06 Laharpe St	0.49mi	6/3.5	2,132 (+5%)	6mo	$275,000	$129	57
1571-1573 N Dorgenois St	0.59mi	6/2.0	2,000 (-1%)	20mo	$295,000	$148	54
1618 20 N Johnson St	0.65mi	5/2.0 (-1)	1,998 (-2%)	19mo	$320,500	$160	46
2310 12 Barracks St	0.23mi	6/4.0	2,330 (+15%)	14mo	$585,000	$251	45
1528 30 N Miro St	0.49mi	6/2.0	2,186 (+8%)	23mo	$185,000	$85	44

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: -3.1%
• Equity multiple: 0.89×
• Total profit: $-7,200
• Equity at exit: $34,294

10-year hold

• IRR: 3.0%
• Equity multiple: 1.19×
• Total profit: $12,138
• Equity at exit: $19,886

Cash invested: $64,400 (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 70119

• Home prices YoY: -34.8%
• Rents YoY: -0.2%
• Active inventory: 381
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $2,691 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$228 /mo · $2,736/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$565
• Net cashflow: $596

Break-even live

Break-even rent $1,937

Max offer price $230,000

Occupancy floor 73%

Sensitivity live

Price	-10% $726	-5% $661	+0% $596	+5% $531	+10% $466
Rent	-10% $383	-5% $490	+0% $596	+5% $702	+10% $808
Rate	-1.0pp $712	-0.5pp $654	base $596	+0.5pp $536	+1.0pp $476

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	25d	1	1.33mi
822 Perdido St Unit 1272370P New Orleans, LA	1.0–5.0	1.0–5.0	1447	$7,361	$5.09	4d	4	1.38mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$8,133	$5.14	4d	2	1.40mi

Listing history 30 events

1. 2026-06-21
   days on market $230,000 Active 80 DOM
2. 2026-06-18
   days on market $230,000 Active 77 DOM
3. 2026-06-17
   days on market $230,000 Active 76 DOM
4. 2026-06-16
   days on market $230,000 Active 75 DOM
5. 2026-06-15
   days on market $230,000 Active 74 DOM
6. 2026-06-13
   days on market $230,000 Active 72 DOM
7. 2026-06-10
   days on market $230,000 Active 69 DOM
8. 2026-06-09
   days on market $230,000 Active 68 DOM
9. 2026-06-08
   days on market $230,000 Active 67 DOM
10. 2026-06-07
    days on market $230,000 Active 66 DOM
11. 2026-06-05
    days on market $230,000 Active 63 DOM
12. 2026-06-03
    days on market $230,000 Active 62 DOM
13. 2026-06-02
    days on market $230,000 Active 61 DOM
14. 2026-06-01
    days on market $230,000 Active 60 DOM
15. 2026-05-31
    days on market $230,000 Active 59 DOM
16. 2026-03-30
    listed $230,000 Active 277-char remark

    Show marketing remark (277 chars)

    Charming 2-unit duplex in New Orleans! The roof was fully replaced just 1 year ago. Both units are currently vacant, allowing for immediate move-in or easy tenant placement. The property is located in a low-flood-risk X zone. Sold as-is, great for investors or owner-occupants.

17. 2026-03-30
    listed $230,000 Active 277-char remark

    Show marketing remark (277 chars)

    Charming 2-unit duplex in New Orleans! The roof was fully replaced just 1 year ago. Both units are currently vacant, allowing for immediate move-in or easy tenant placement. The property is located in a low-flood-risk X zone. Sold as-is, great for investors or owner-occupants.

18. 2015-02-24
    soldstatus $40,000
19. 2014-07-14
    listed $129,900
20. 2014-07-14
    listed $129,900
21. 2007-03-02
    soldstatus $50,000
22. 2006-06-19
    listed $59,900
23. 2006-06-19
    listed $59,900
24. 2005-05-10
    soldstatus $113,500
25. 2005-03-18
    listed $113,000
26. 2005-03-18
    listed $113,000
27. 2004-04-06
    soldstatus $73,000
28. 2003-11-14
    listed $77,000
29. 2003-11-14
    listed $77,000
30. 1985-06-05
    soldstatus $40,000

ⓘ 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: $2,736 · $228/mo
• Projected year-2 tax: $2,736 · $228/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $32,292
• − Mortgage interest: −$12,884
• − Property taxes: −$2,736
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,583
• − Management: −$2,583
• − Depreciation: −$6,691
• Taxable income: $3,664
• Est. tax owed @ 24.0%: −$879
• After-tax cash flow: $6,271/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

+475.0% since first listed

15 events — show timeline

• 2026-03-30 Listed $230,000 GSREIN
• 2026-03-30 Listed $230,000 AcadianaMLS
• 2015-02-24 Sold (Public Records) $40,000 Public Records
• 2014-07-14 Listed $129,900 GSREIN
• 2014-07-14 Listed $129,900 AcadianaMLS
• 2007-03-02 Sold (MLS) $50,000 GSREIN
• 2006-06-19 Listed $59,900 GSREIN
• 2006-06-19 Listed $59,900 AcadianaMLS
• 2005-05-10 Sold (MLS) $113,500 GSREIN
• 2005-03-18 Listed $113,000 AcadianaMLS
• 2005-03-18 Listed $113,000 GSREIN
• 2004-04-06 Sold (MLS) $73,000 GSREIN
• 2003-11-14 Listed $77,000 AcadianaMLS
• 2003-11-14 Listed $77,000 GSREIN
• 1985-06-05 Sold (Public Records) $40,000 Public Records

Property tax history

+5.7%/yr

Latest (2026): $2,736 · +1.1% YoY. Source: county tax records.