8626 Belfast St · New Orleans, LA 70118

$199,000

4 bd · 2.0 ba · 1,440 sqft · MultiFamily public records · 7 Days on market

Built 1979 3,484 sqft lot Est $206k · at est.

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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
• DSCR +10.0/10.0
• ARV discount +9.0/15.0
• 1% rule +8.7/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• 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

Great investment with 2200/mo earnings. Each side has two bedrooms one and a half bathroom and is a shotgun style double featuring wood floors, 11-foot ceilings, lots of storage space, a large kitchen, big yard. Property is an X flood zone and under 5 yr termite contract.

Key facts

• 11-foot ceilings
• Big yard
• Wood floors

Tags

• WOOD FLOORS
• 11-FOOT CEILINGS
• LOTS OF STORAGE SPACE
• LARGE KITCHEN
• BIG YARD
• X FLOOD ZONE

Property features AI

Finance

• Other: Total of 2 units
• Financial info: Two-unit property with both units currently listing rent at $1,200 each; Tenant pays electricity; owner pays water
• HOA & community: Building has an elevator

Exterior

• Parking:
• Security:
• Utilities: Public water; Public sewer
• Home design: Single-story building
• Construction: Wood siding exterior; Raised foundation; Shingle roof; Built/maintained in very good condition
• Exterior features: Fenced yard; City lot with rectangular shape (30 x 120)

Interior

• Kitchen:
• Bedrooms: One unit with 2 bedrooms; One unit with 1 bedroom
• Flooring:
• Bathrooms: Two full bathrooms (total for property); Each unit has 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Very good condition
• Laundry & utility:

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $794 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Cap rate 11.5% 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 flat; 279 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,735/mo this rent would consume 51% of the median local household income ($64k/yr) (locally 2237% 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 $6k 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 + 1.0% rent growth), your $56k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 12 sale attempts since 8y 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 $199,000

Questions for the listing agent

1. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.37% ✓
• Cap rate: 11.48%
• Cash-on-cash: 18.53%
• DSCR: 1.82
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $205,920
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8628 30 Apple St	0.06mi	4/2.0	1,558 (+8%)	6mo	$205,000	$132	79
8517 19 Forshey St	0.44mi	4/2.0	1,512 (+5%)	8mo	$219,000	$145	65
3316 18 Joliet St	0.45mi	4/2.0	1,512 (+5%)	8mo	$220,000	$146	64
3315-17 Leonidas St	0.45mi	4/2.0	1,488 (+3%)	12mo	$249,000	$167	64
3322 24 Joliet St	0.46mi	4/2.0	1,488 (+3%)	12mo	$229,000	$154	63
3328-30 Joliet St	0.47mi	4/2.0	1,488 (+3%)	12mo	$249,000	$167	63
8839-37 Colapissa St	0.33mi	4/2.0	1,568 (+9%)	10mo	$120,000	$77	61
8316 18 S Claiborne Ave	0.30mi	4/2.0	1,610 (+12%)	10mo	$125,000	$78	58
1832 Eagle St	0.56mi	3/3.0 (-1)	1,512 (+5%)	0mo	$90,000	$60	56
1826 28 General Ogden St	0.58mi	4/2.0	1,333 (-7%)	5mo	$158,000	$119	56
9234 36 Apple St	0.42mi	4/4.0	1,512 (+5%)	22mo	$150,500	$100	46
8605 07 Hickory St	0.60mi	4/2.0	1,265 (-12%)	16mo	$180,550	$143	39

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 · 0.97% rent growth · sell at horizon

5-year hold

• IRR: 6.1%
• Equity multiple: 1.23×
• Total profit: $12,881
• Equity at exit: $29,672

10-year hold

• IRR: 13.6%
• Equity multiple: 1.99×
• Total profit: $54,904
• Equity at exit: $17,206

Cash invested: $55,720 (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 70118

• Rents YoY: 1.0%
• Active inventory: 279
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $2,735 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$174 /mo · $2,085/yr
• Insurance: −$83
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$574
• Net cashflow: $794

Break-even live

Break-even rent $1,730

Max offer price $199,000

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,736
Total (2 units)			$2,735

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8610 Apricot St New Orleans, LA	3.0	2.0	1000	$2,200	$2.20	10d	1	0.06mi
2527 Eagle St New Orleans, LA	3.0	2.0	1571	$2,200	$1.40	23d	1	0.11mi
8812 Apple St New Orleans, LA	3.0	2.0	1085	$1,650	$1.52	16d	1	0.14mi
8709 Pritchard Pl New Orleans, LA	3.0	2.0	1000	$1,500	$1.50	21d	1	0.16mi
2616 Cambronne St New Orleans, LA	4.0	1.0	996	$1,350	$1.36	23d	1	0.17mi
2616 Cambronne St Unit 2618 New Orleans, LA	3.0	1.0	1200	$1,475	$1.23	23d	1	0.17mi
8405 Apricot St New Orleans, LA	3.0	2.0	1058	$1,795	$1.70	3d	1	0.19mi
8405 Apricot St New Orleans, LA	3.0	2.0	1058	$1,795	$1.70	3d	1	0.19mi
2305 Joliet St New Orleans, LA	3.0	2.0	1451	$2,500	$1.72	43d	1	0.31mi
8929 Colapissa St New Orleans, LA	3.0	1.0	1300	$1,400	$1.08	23d	1	0.35mi
9107 Fig St New Orleans, LA	3.0	3.0	1230	$2,000	$1.63	3d	1	0.38mi
8514 Forshey St New Orleans, LA	3.0	1.0	1030	$1,600	$1.55	23d	1	0.40mi
8816 Olive St Unit A-B New Orleans, LA	3.0	2.0	1200	$1,800	$1.50	16d	1	0.47mi
8816 Olive St New Orleans, LA	3.0	2.0	1200	$1,800	$1.50	23d	1	0.47mi
7933 Belfast St Unit Upper New Orleans, LA	3.0	2.0	1500	$2,400	$1.60	23d	1	0.48mi
2231 S Carrollton Ave Unit D New Orleans, LA	3.0	2.0	1600	$2,495	$1.56	23d	1	0.52mi
8426 Spruce St New Orleans, LA	3.0	2.0	1700	$3,000	$1.76	43d	1	0.52mi
1916 Eagle St New Orleans, LA	3.0	2.0	1000	$1,250	$1.25	3d	1	0.53mi
1916 Eagle St New Orleans, LA	3.0	2.0	1000	$1,250	$1.25	23d	1	0.53mi
8502 Edinburgh St New Orleans, LA	3.0	2.0	1456	$1,800	$1.24	3d	1	0.53mi
2308 Short St New Orleans, LA	3.0	2.0	1600	$2,800	$1.75	3d	1	0.53mi
2102 S Carrollton Ave Unit NA New Orleans, LA	3.0	2.0	1800	$2,250	$1.25	10d	1	0.55mi
2102 S Carrollton Ave New Orleans, LA	3.0	2.0	1800	$2,250	$1.25	11d	1	0.55mi
7922 Colapissa St New Orleans, LA	4.0	2.0	1848	$2,400	$1.30	10d	1	0.55mi
1836 General Ogden St New Orleans, LA	3.0	2.0	1368	$1,675	$1.22	23d	1	0.58mi
912 Monticello Ave New Orleans, LA	3.0	2.0	1750	$2,500	$1.43	43d	1	0.59mi
2101 S Carrollton Ave New Orleans, LA	4.0	2.0	1800	$2,400	$1.33	23d	1	0.59mi
8815 Palm St New Orleans, LA	3.0	2.0	1195	$2,100	$1.76	23d	1	0.63mi
3317 Short St New Orleans, LA	3.0	2.0	900	$1,600	$1.78	23d	1	0.65mi
9438 Forshey St New Orleans, LA	3.0	2.0	1274	$2,000	$1.57	23d	1	0.67mi
8635 Green St New Orleans, LA	3.0	1.0	950	$950	$1.00	14d	1	0.67mi
8609 Green St New Orleans, LA	3.0	2.0	1009	$1,800	$1.78	17d	1	0.68mi
8626 Green St New Orleans, LA	3.0	1.5	1450	$1,500	$1.03	17d	1	0.69mi
2116 Burdette St New Orleans, LA	3.0	1.0	1700	$1,975	$1.16	3d	1	0.70mi
2201 Burdette St New Orleans, LA	3.0	1.5	1800	$2,695	$1.50	17d	1	0.70mi
2835 Pine St Unit 2835 New Orleans, LA	3.0	2.0	1219	$2,995	$2.46	43d	1	0.72mi
2833 Pine St Unit 2833 New Orleans, LA	3.0	2.0	1219	$3,200	$2.63	20d	1	0.72mi
1526 Dante St New Orleans, LA	3.0	3.0	1446	$3,000	$2.07	17d	1	0.81mi
1517 Dante St New Orleans, LA	3.0	1.0	1500	$1,700	$1.13	17d	1	0.83mi
2741 Audubon St New Orleans, LA	3.0	2.0	1100	$1,800	$1.64	3d	1	0.83mi

Listing history 6 events

1. 2026-06-18
   days on market $199,000 Active 7 DOM
2. 2026-06-17
   days on market $199,000 Active 6 DOM
3. 2026-06-16
   days on market $199,000 Active 5 DOM
4. 2026-06-15
   days on market $199,000 Active 4 DOM
5. 2026-06-13
   remarks 272-char remark
6. 2026-06-13
   listed $199,000 Active 2 DOM

ⓘ 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: $2,085 · $174/mo
• Projected year-2 tax: $2,085 · $174/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) · 75% 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: $32,820
• − Mortgage interest: −$11,147
• − Property taxes: −$2,085
• − Insurance: −$1,792
• − Repairs & maintenance: −$2,626
• − Management: −$2,626
• − Depreciation: −$5,789
• Taxable income: $6,755
• Est. tax owed @ 24.0%: −$1,621
• After-tax cash flow: $7,906/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): 36,072
• Household income: $63,750
• Rent vs Own: 51.5% rent · 48.5% own
• Severe rent burden: 2237.0

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 0.65)
• Race & ethnicity: White 47% Black 34% Hispanic / Latino 11% Two or more races 11% Asian 4%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Italian 2% Romanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 86% English-only · Spanish 7% French/Haitian/Cajun 2% Other Indo-European 2%

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: ▼ -210.46%
• Current HPI: 282.9629
• Rent YoY: ▲ 0.97%
• 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

+282.7% since first listed

20 events — show timeline

• 2026-06-10 Listed $199,000 AcadianaMLS
• 2026-06-10 Listed $199,000 GSREIN
• 2026-06-05 Listed $675,000 GSREIN
• 2026-06-05 Listed $675,000 AcadianaMLS
• 2024-02-01 Listed $225,000 AcadianaMLS
• 2023-08-21 Price Changed $225,000 GSREIN
• 2023-04-26 Listed $225,000 AcadianaMLS
• 2021-05-19 Sold (Public Records) $173,600 Public Records
• 2021-05-11 Sold (MLS) $173,600 GSREIN
• 2021-04-03 Pending — GSREIN
• 2021-03-30 Listed $189,000 AcadianaMLS
• 2021-03-30 Listed $189,000 GSREIN
• 2020-05-21 Price Changed $185,000 GSREIN
• 2020-03-20 Price Changed $194,000 GSREIN
• 2020-02-18 Listed $185,000 AcadianaMLS
• 2019-07-03 Listed $58,000 AcadianaMLS
• 2018-08-17 Listing Removed — GSREIN
• 2018-06-15 Listed $114,000 GSREIN
• 2018-06-15 Listed $114,000 AcadianaMLS
• 1980-08-21 Sold (Public Records) $52,000 Public Records

Property tax history

+4.7%/yr

Latest (2026): $2,085 · +1.1% YoY. Source: county tax records.