2237 39 Harmony St · New Orleans, LA 70115

$129,900

4 bd · 4.0 ba · 2,015 sqft · MultiFamily public records · 3 Days on market

Built 2008 1,738 sqft lot $64/sqft · 27% below area Est $117k · 11% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• ARV discount +2.5/15.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• 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

Increase your rental portfolio or owner occupy. Interior laundry hookups. Located in proximity to the CBD and French quarter. Short distance to public transportation. A little sweat equity and you will have a moneymaker. This area is beginning to see a lot of revitalization.

Key facts

• Proximity to the cbd
• 1,738 sq ft lot
• Built 2008

Tags

• INTERIOR LAUNDRY HOOKUPS
• PROXIMITY TO THE CBD

Property features AI

Finance

• Financial info: Two-unit multi-family property; tenants pay electricity, owner pays water

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-story building; Raised foundation
• Construction: Asphalt shingle roof
• Exterior features: City lot with irregular dimensions (28 x 62)

Interior

• Kitchen: Kitchens in each unit
• Bedrooms: Two 2-bedroom units (Unit 2237 and Unit 2239)
• Bathrooms: Two full bathrooms (one full bath in each unit)
• Interior features: Average condition
• Laundry & utility: Laundry located in kitchen

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $130k).
• Cap rate 22.6% 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 (-1.4%/yr); 280 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,494/mo this rent would consume 46% of the median local household income ($90k/yr) (locally 1756% 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 $898 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 12 sale attempts since 16y 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.

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 $129,900

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 2.69% ✓
• Cap rate: 22.64%
• Cash-on-cash: 58.38%
• DSCR: 3.60
• GRM: 3.1

CMA / ARV

• ARV (median comp): $116,908
• List price: $129,900
• Delta: 11.11%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2315 Peniston St	0.28mi	4/2.0	2,115 (+5%)	7mo	$275,000	$130	65
2521 23 Carondelet St	0.49mi	4/2.5	1,873 (-7%)	6mo	$490,000	$262	54
2217 Willow St	0.64mi	4/3.0	2,082 (+3%)	8mo	$189,000	$91	54
3505-07 07 Dryades St	0.45mi	5/3.5 (+1)	2,214 (+10%)	2mo	$220,000	$99	54
2031-33 General Taylor St	0.38mi	3/2.0 (-1)	2,236 (+11%)	1mo	$387,000	$173	50
2233-2235 Josephine St	0.62mi	4/2.0	1,938 (-4%)	8mo	$159,000	$82	50
1713 15 8th St	0.35mi	4/2.0	1,750 (-13%)	7mo	$280,000	$160	48
3112 14 General Taylor St	0.66mi	4/2.0	1,930 (-4%)	11mo	$265,000	$137	45
1917 Jena St	0.74mi	4/2.0	1,857 (-8%)	1mo	$215,000	$116	43
4522 S Liberty St	0.73mi	5/3.0 (+1)	1,831 (-9%)	8mo	$253,000	$138	35
2624-2626 Jackson Ave	0.60mi	4/2.0	1,713 (-15%)	6mo	$159,900	$93	34
3020 22 Gen Taylor St	0.62mi	4/2.0	1,717 (-15%)	7mo	$190,000	$111	33

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: 50.9%
• Equity multiple: 3.13×
• Total profit: $77,339
• Equity at exit: $19,369

10-year hold

• IRR: 55.1%
• Equity multiple: 5.62×
• Total profit: $168,067
• Equity at exit: $11,231

Cash invested: $36,372 (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 70115

• Rents YoY: -1.4%
• Active inventory: 280
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $3,494 high
• Mortgage (P&I): −$681
• Tax from tax record: −$255 /mo · $3,063/yr
• Insurance: −$54
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$734
• Net cashflow: $1,703

Break-even live

Break-even rent $1,338

Max offer price $129,900

Occupancy floor 46%

Sensitivity live

Price	-10% $1,777	-5% $1,740	+0% $1,703	+5% $1,666	+10% $1,630
Rent	-10% $1,427	-5% $1,565	+0% $1,703	+5% $1,841	+10% $1,979
Rate	-1.0pp $1,769	-0.5pp $1,736	base $1,703	+0.5pp $1,670	+1.0pp $1,635

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,494
Total (2 units)			$3,494

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3212 Danneel St New Orleans, LA	3.0	2.0	1945	$2,000	$1.03	24d	1	0.20mi
3429 Baronne St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	44d	1	0.34mi
2600 Peniston St New Orleans, LA	4.0	2.0	2342	$3,500	$1.49	44d	1	0.35mi
2713 Baronne St New Orleans, LA	3.0	2.5	1600	$2,300	$1.44	24d	1	0.38mi
3429 Clara St New Orleans, LA	3.0	2.0	1620	$2,350	$1.45	15d	1	0.40mi
2608 Magnolia St New Orleans, LA	4.0	2.5	1950	$3,200	$1.64	44d	1	0.40mi
2625 Baronne St Unit 1 New Orleans, LA	3.0	1.5	2100	$2,600	$1.24	44d	1	0.41mi
2403 S Saratoga St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	24d	1	0.44mi
2717 Milan St New Orleans, LA	3.0	1.5	1850	$1,650	$0.89	15d	1	0.49mi
4223 S Liberty St New Orleans, LA	3.0	1.5	1509	$2,400	$1.59	4d	1	0.50mi
2231 S Liberty St New Orleans, LA	3.0	3.5	1752	$2,000	$1.14	18d	1	0.51mi
1636 Peniston St Unit B New Orleans, LA	3.0	2.0	1950	$1,700	$0.87	21d	1	0.52mi
2301 Dryades St New Orleans, LA	3.0	3.0	2070	$3,000	$1.45	4d	1	0.53mi
4213 Dryades St New Orleans, LA	4.0	2.0	2000	$2,800	$1.40	24d	1	0.57mi
1944 Jackson Ave New Orleans, LA	3.0	2.5	1572	$2,500	$1.59	44d	1	0.57mi
3035 Delachaise St New Orleans, LA	3.0	1.0	1968	$1,750	$0.89	3d	1	0.58mi
3044 Louisiana Avenue Pkwy New Orleans, LA	3.0	2.0	1800	$1,900	$1.06	24d	1	0.58mi
2123 S Liberty St Unit 2125 New Orleans, LA	3.0	2.0	1500	$2,100	$1.40	4d	1	0.59mi
2833 S Derbigny St New Orleans, LA	3.0	2.0	1500	$1,795	$1.20	24d	1	0.60mi
4027 S Derbigny St New Orleans, LA	3.0	2.0	2950	$1,950	$0.66	24d	1	0.63mi
1410 6th St New Orleans, LA	3.0	2.0	1400	$5,000	$3.57	17d	1	0.64mi
1907 Napoleon Ave New Orleans, LA	4.0	2.0	2500	$2,800	$1.12	18d	1	0.65mi
3200 Washington Ave Unit NA New Orleans, LA	4.0	3.0	2490	$3,400	$1.37	4d	1	0.66mi
4435 Loyola Ave New Orleans, LA	3.0	2.0	1973	$2,900	$1.47	17d	1	0.67mi
2308 Jena St New Orleans, LA	3.0	2.5	2550	$3,300	$1.29	44d	1	0.69mi
2614 S Johnson St New Orleans, LA	3.0	2.0	1536	$2,079	$1.35	15d	1	0.79mi
2318 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1400	$1,700	$1.21	24d	1	0.81mi
1111 6th St New Orleans, LA	3.0	1.5	1425	$2,995	$2.10	44d	1	0.83mi
1407 Magnolia St New Orleans, LA	3.0	2.0	1824	$1,500	$0.82	24d	1	0.85mi
1118 Foucher St New Orleans, LA	3.0	2.5	1620	$2,490	$1.54	18d	1	0.86mi
4229 Coliseum St New Orleans, LA	3.0	1.0	2000	$1,950	$0.97	18d	1	0.88mi
2628 Magazine St New Orleans, LA	3.0	2.0	1400	$2,650	$1.89	18d	1	0.90mi
2606 S Miro St New Orleans, LA	3.0	2.0	1450	$2,016	$1.39	24d	1	0.91mi
2608 Magazine St New Orleans, LA	3.0	2.0	1844	$3,100	$1.68	44d	1	0.92mi
4442 S Johnson St Unit 4442 New Orleans, LA	4.0	4.5	3000	$4,500	$1.50	12d	1	0.93mi
929 Eighth St New Orleans, LA	3.0	1.5	1600	$2,250	$1.41	24d	1	0.94mi
3350 Jena St New Orleans, LA	3.0	2.5	2200	$2,500	$1.14	44d	1	0.95mi
2427 Soniat St New Orleans, LA	3.0	2.0	1500	$2,750	$1.83	18d	1	0.97mi
2425 Soniat St New Orleans, LA	3.0	2.5	1500	$2,850	$1.90	12d	1	0.97mi
3112 Upperline St New Orleans, LA	5.0	3.5	2800	$3,650	$1.30	24d	1	0.98mi

Listing history 25 events

1. 2026-06-21
   days on market $129,900 Active 3 DOM
2. 2026-06-19
   statusdays on marketlisting id $129,900 Active 1 DOM
3. 2026-04-08
   price $129,900
4. 2026-04-08
   price $129,900
5. 2026-01-15
   listed $139,900 Active
6. 2025-07-02
   listed $159,900 Active
7. 2025-01-31
   listed $174,900 Active
8. 2024-12-17
   price $174,900
9. 2024-11-13
   price $174,900
10. 2024-09-16
    price $184,900
11. 2024-08-01
    price $194,900
12. 2024-06-28
    price $204,900
13. 2024-05-09
    listed $184,900
14. 2023-11-28
    soldstatus $760,000
15. 2021-04-19
    soldstatus $255,000
16. 2020-11-03
    listed $130,000
17. 2020-03-13
    price $130,000
18. 2020-03-03
    price $132,500
19. 2020-02-20
    listed $130,000
20. 2020-02-04
    listed $135,000
21. 2017-05-30
    soldstatus $99,500
22. 2017-03-08
    listed $99,500
23. 2010-12-20
    listed $110,000
24. 2010-12-20
    listed $110,000
25. 1990-12-21
    soldstatus $4,400

ⓘ 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: $3,063 · $255/mo
• Projected year-2 tax: $3,063 · $255/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) · 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,928
• − Mortgage interest: −$7,276
• − Property taxes: −$3,063
• − Insurance: −$1,447
• − Repairs & maintenance: −$3,354
• − Management: −$3,354
• − Depreciation: −$3,779
• Taxable income: $19,654
• Est. tax owed @ 24.0%: −$4,717
• After-tax cash flow: $15,721/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): 31,183
• Household income: $90,182
• Rent vs Own: 45.7% rent · 54.3% own
• Severe rent burden: 1756.0

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 0.58)
• Race & ethnicity: White 59% Black 26% Two or more races 8% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Lithuanian 8% Italian 3% Slovak 3%
• Foreign-born: 5% · Canada, China
• Languages at home: 91% English-only · Spanish 4% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -272.08%
• Current HPI: 287.2138
• Rent YoY: ▼ -1.42%
• 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

+2852.3% since first listed

25 events — show timeline

• 2026-04-08 Price Changed $129,900 AcadianaMLS
• 2026-04-08 Price Changed $129,900 GSREIN
• 2026-02-15 Listed $129,900 GSREIN
• 2026-02-15 Listed $129,900 AcadianaMLS
• 2026-01-15 Listed $139,900 AcadianaMLS
• 2025-07-02 Listed $159,900 AcadianaMLS
• 2025-01-31 Listed $174,900 AcadianaMLS
• 2024-12-17 Price Changed $174,900 AcadianaMLS
• 2024-11-13 Price Changed $174,900 GSREIN
• 2024-09-16 Price Changed $184,900 GSREIN
• 2024-08-01 Price Changed $194,900 GSREIN
• 2024-06-28 Price Changed $204,900 GSREIN
• 2024-05-09 Listed $184,900 AcadianaMLS
• 2023-11-28 Sold (Public Records) $760,000 Public Records
• 2021-04-19 Sold (Public Records) $255,000 Public Records
• 2020-11-03 Listed $130,000 AcadianaMLS
• 2020-03-13 Price Changed $130,000 GSREIN
• 2020-03-03 Price Changed $132,500 GSREIN
• 2020-02-20 Listed $130,000 AcadianaMLS
• 2020-02-04 Listed $135,000 AcadianaMLS
• 2017-05-30 Sold (Public Records) $99,500 Public Records
• 2017-03-08 Listed $99,500 AcadianaMLS
• 2010-12-20 Listed $110,000 GSREIN
• 2010-12-20 Listed $110,000 AcadianaMLS
• 1990-12-21 Sold (Public Records) $4,400 Public Records

Property tax history

+6.2%/yr

Latest (2026): $3,063 · +1.1% YoY. Source: county tax records.