1415-17 Alvar St · New Orleans, LA 70117

$375,000

4 bd · 4.0 ba · 2,520 sqft · MultiFamily public records · 276 Days on market

Built 1942 4,761 sqft lot $149/sqft · 88% above area Est $400k · 6% 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 +10.3/15.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• 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: 4 units. confirmed

Listing remarks MLS

Large 5040 sq ft MOVE IN READY raised duplex with each side boasting 2520 sq ft. Keep the space as is, or convert the downstairs into two more apartments with ease, to which you'd have 4 apartments each at 1260 sq ft. Lots of possibilities. All separate utility meters, 3 year old roof, preferred flood zone X. Garage parking and driveways. Property has gorgeous hardwood floors, fine craftsmanship, and has been lovingly cared for.

Key facts

• Fine craftsmanship
• 3 year old roof
• Hardwood floors

Tags

• HARDWOOD FLOORS
• FINE CRAFTSMANSHIP
• DEVELOPMENT OPPORTUNITY
• MULTIPLE POINTS OF ENTRY
• 3 YEAR OLD ROOF
• PREFERRED FLOOD ZONE X

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $375k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $459/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $375k).
• Recommended offer: $330k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.4% 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; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $5,314/mo this rent would consume 139% 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 $3k of loan paydown is wiped out by about $11k 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 $105k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 276 days — a 12% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 3y ago; this cycle's ask is 31150% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $66k; list at $375k implies a 468% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1942 — 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 $330,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 276 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. 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: 1.42% ✓
• Cap rate: 12.39%
• Cash-on-cash: 21.76%
• DSCR: 1.97
• GRM: 5.9

CMA / ARV

• ARV (median comp): $399,899
• List price: $375,000
• Delta: -6.23%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1740 Louisa St	0.48mi	5/5.0 (+1)	2,500 (-1%)	2mo	$340,000	$136	66
3913 15 N Rampart St	0.31mi	5/2.0 (+1)	2,530 (+0%)	8mo	$350,000	$138	65
3900 Royal St	0.54mi	4/4.0	2,600 (+3%)	12mo	$170,000	$65	60
1220 22 Mazant St	0.17mi	3/2.0 (-1)	2,184 (-13%)	5mo	$325,000	$149	53
3117 19 N Villere St	0.47mi	3/3.0 (-1)	2,448 (-3%)	24mo	$435,000	$178	44
4023 25 Dauphine St	0.46mi	4/3.5	2,168 (-14%)	11mo	$489,000	$226	44
923 25 Clouet St	0.62mi	4/2.0	2,345 (-7%)	15mo	$550,000	$235	39
705 07 Alvar St	0.52mi	5/4.0 (+1)	2,219 (-12%)	20mo	$275,000	$124	34
819 21 Mazant St	0.45mi	3/2.0 (-1)	2,176 (-14%)	18mo	$395,000	$182	28

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: 12.9%
• Equity multiple: 1.51×
• Total profit: $53,493
• Equity at exit: $55,914

10-year hold

• IRR: 21.4%
• Equity multiple: 2.77×
• Total profit: $186,011
• Equity at exit: $32,423

Cash invested: $105,000 (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: 23.5×

Monthly cashflow live

• Estimated rent: $5,314 high
• Mortgage (P&I): −$1,967
• Tax from tax record: −$171 /mo · $2,055/yr
• Insurance: −$156
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,116
• Net cashflow: $1,838

Break-even live

Break-even rent $2,988

Max offer price $375,000

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,312
Total (4 units)			$5,314

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1323 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	0.08mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	2d	1	0.09mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	0.09mi
3221 Saint Claude Ave New Orleans, LA	3.0	1.0	1900	$1,650	$0.87	23d	1	0.42mi
1835 Louisa St New Orleans, LA	3.0	2.5	1800	$2,350	$1.31	3d	1	0.52mi
1231 Feliciana St New Orleans, LA	3.0	2.5	1869	$2,750	$1.47	43d	1	0.57mi
3400 Royal St New Orleans, LA	4.0	3.5	3300	$6,900	$2.09	43d	1	0.60mi
3134 Burgundy St New Orleans, LA	3.0	2.0	1887	$2,900	$1.54	23d	1	0.61mi
639 Desire St New Orleans, LA	3.0	2.5	2687	$5,500	$2.05	19d	1	0.61mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	43d	1	0.68mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	23d	1	0.68mi
2320 N Rampart St New Orleans, LA	3.0	3.0	2317	$3,700	$1.60	43d	1	1.19mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$4,154	$2.63	3d	2	1.20mi
2228 Arts St New Orleans, LA	3.0	2.0	2270	$1,675	$0.74	3d	1	1.26mi
527 Atlantic Ave New Orleans, LA	3.0	2.0	1800	$2,050	$1.14	23d	1	1.44mi
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	3d	1	1.50mi

Listing history 38 events

1. 2026-06-18
   days on market $375,000 Active 276 DOM
2. 2026-06-17
   days on market $375,000 Active 275 DOM
3. 2026-06-16
   days on market $375,000 Active 274 DOM
4. 2026-06-15
   days on market $375,000 Active 273 DOM
5. 2026-06-13
   days on market $375,000 Active 271 DOM
6. 2026-06-10
   days on market $375,000 Active 268 DOM
7. 2026-06-09
   days on market $375,000 Active 267 DOM
8. 2026-06-08
   days on market $375,000 Active 266 DOM
9. 2026-06-07
   days on market $375,000 Active 265 DOM
10. 2026-06-05
    days on market $375,000 Active 262 DOM
11. 2026-06-03
    days on market $375,000 Active 261 DOM
12. 2026-06-02
    days on market $375,000 Active 260 DOM
13. 2026-06-01
    days on market $375,000 Active 259 DOM
14. 2026-05-31
    days on market $375,000 Active 258 DOM
15. 2026-01-25
    historical $1,200
16. 2026-01-22
    listed $1,200
17. 2026-01-20
    price $375,000 432-char remark

    Show marketing remark (432 chars)

    Large 5040 sq ft MOVE IN READY raised duplex with each side boasting 2520 sq ft. Keep the space as is, or convert the downstairs into two more apartments with ease, to which you'd have 4 apartments each at 1260 sq ft. Lots of possibilities. All separate utility meters, 3 year old roof, preferred flood zone X. Garage parking and driveways. Property has gorgeous hardwood floors, fine craftsmanship, and has been lovingly cared for.

18. 2026-01-20
    price $375,000 432-char remark

    Show marketing remark (432 chars)

    Large 5040 sq ft MOVE IN READY raised duplex with each side boasting 2520 sq ft. Keep the space as is, or convert the downstairs into two more apartments with ease, to which you'd have 4 apartments each at 1260 sq ft. Lots of possibilities. All separate utility meters, 3 year old roof, preferred flood zone X. Garage parking and driveways. Property has gorgeous hardwood floors, fine craftsmanship, and has been lovingly cared for.

19. 2026-01-15
    price $375,000
20. 2026-01-15
    price $375,000
21. 2025-09-15
    listed $380,000 Active
22. 2025-09-15
    listed $380,000 Active
23. 2025-08-22
    listed $380,000 Active 432-char remark

    Show marketing remark (432 chars)

    Large 5040 sq ft MOVE IN READY raised duplex with each side boasting 2520 sq ft. Keep the space as is, or convert the downstairs into two more apartments with ease, to which you'd have 4 apartments each at 1260 sq ft. Lots of possibilities. All separate utility meters, 3 year old roof, preferred flood zone X. Garage parking and driveways. Property has gorgeous hardwood floors, fine craftsmanship, and has been lovingly cared for.

24. 2025-08-22
    listed $380,000 Active 432-char remark

    Show marketing remark (432 chars)

    Large 5040 sq ft MOVE IN READY raised duplex with each side boasting 2520 sq ft. Keep the space as is, or convert the downstairs into two more apartments with ease, to which you'd have 4 apartments each at 1260 sq ft. Lots of possibilities. All separate utility meters, 3 year old roof, preferred flood zone X. Garage parking and driveways. Property has gorgeous hardwood floors, fine craftsmanship, and has been lovingly cared for.

25. 2025-05-22
    price $400,000
26. 2025-05-22
    price $400,000
27. 2025-05-22
    price $400,000
28. 2025-05-22
    price $400,000
29. 2025-02-27
    price $408,000
30. 2025-02-27
    price $408,000
31. 2025-02-19
    price $408,000
32. 2025-02-19
    price $408,000
33. 2024-08-16
    listed $415,000
34. 2024-06-27
    price $415,000
35. 2024-06-05
    listed $415,000
36. 2023-08-03
    price $435,000
37. 2023-04-08
    listed $435,000
38. 1987-10-29
    soldstatus $66,000

ⓘ 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: $2,055 · $171/mo
• Projected year-2 tax: $2,062 · $172/mo
• Expected delta: +$7/yr (+$1/mo · 0.4%)

ⓘ 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: $63,768
• − Mortgage interest: −$21,006
• − Property taxes: −$2,055
• − Insurance: −$2,672
• − Repairs & maintenance: −$5,101
• − Management: −$5,101
• − Depreciation: −$10,909
• Taxable income: $16,923
• Est. tax owed @ 24.0%: −$4,061
• After-tax cash flow: $17,989/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

-98.2% since first listed

24 events — show timeline

• 2026-01-25 Rental Removed $1,200 GSREIN
• 2026-01-22 Listed for Rent $1,200 GSREIN
• 2026-01-20 Price Changed $375,000 AcadianaMLS
• 2026-01-20 Price Changed $375,000 GSREIN
• 2026-01-15 Price Changed $375,000 AcadianaMLS
• 2026-01-15 Price Changed $375,000 GSREIN
• 2025-09-15 Listed $380,000 GSREIN
• 2025-09-15 Listed $380,000 AcadianaMLS
• 2025-08-22 Listed $380,000 GSREIN
• 2025-08-22 Listed $380,000 AcadianaMLS
• 2025-05-22 Price Changed $400,000 AcadianaMLS
• 2025-05-22 Price Changed $400,000 AcadianaMLS
• 2025-05-22 Price Changed $400,000 GSREIN
• 2025-05-22 Price Changed $400,000 GSREIN
• 2025-02-27 Price Changed $408,000 AcadianaMLS
• 2025-02-27 Price Changed $408,000 AcadianaMLS
• 2025-02-19 Price Changed $408,000 GSREIN
• 2025-02-19 Price Changed $408,000 GSREIN
• 2024-08-16 Listed $415,000 AcadianaMLS
• 2024-06-27 Price Changed $415,000 GSREIN
• 2024-06-05 Listed $415,000 AcadianaMLS
• 2023-08-03 Price Changed $435,000 GSREIN
• 2023-04-08 Listed $435,000 AcadianaMLS
• 1987-10-29 Sold (Public Records) $66,000 Public Records

Property tax history

+16.9%/yr

Latest (2026): $2,055 · +25.0% YoY. Source: county tax records.