1934 36 Spain St · New Orleans, LA 70117

$188,000

4 bd · 2.0 ba · 1,458 sqft · MultiFamily public records · 28 Days on market

Built 1969 3,358 sqft lot $129/sqft · at area comps Est $199k · 5% 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
• DSCR +10.0/10.0
• ARV discount +9.9/15.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Great investment opportunity, ready for its next owner. One unit is vacant, while the other side has a long term tenant. The roof was replaced in 2019. Major appliances remain with the home. Refrigerator in 1934 was just purchased. The vacant unit has twice rented for $1,200/month on a one year lease. Exterior was recently painted in the past two years. 1936 interior was freshly painted before listing. Carpet in back bedroom of 1936 was just replaced. New window unit in rear bedroom of 1936. Come see everything this home offers!

Key facts

• Carpet replaced
• Roof replaced
• 3,358 sq ft lot

Tags

• INVESTMENT OPPORTUNITY
• ROOF REPLACED
• MAJOR APPLIANCES REMAIN
• EXTERIOR RECENTLY PAINTED
• INTERIOR FRESHLY PAINTED
• CARPET REPLACED

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $188k.

Deal economics

• At list price, monthly cash flow is $826 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $188k).
• Recommended offer: $185k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.0% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,670/mo this rent would consume 70% 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 $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 + 2.5% rent growth), your $53k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($185k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y ago; this cycle's ask has dropped $11k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $145k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $185,180 (1.5% below list)

Questions for the listing agent

1. Built in 1969 — 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: 1.42% ✓
• Cap rate: 11.99%
• Cash-on-cash: 20.34%
• DSCR: 1.91
• GRM: 5.9

CMA / ARV

• ARV (median comp): $198,739
• List price: $188,000
• Delta: -4.40%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1834 36 Marigny St	0.15mi	4/2.0	1,508 (+3%)	2mo	$215,000	$143	85
2467/2469 N Tonti St	0.27mi	4/2.0	1,475 (+1%)	2mo	$175,000	$119	84
2215 17 N Galvez St	0.18mi	4/2.0	1,300 (-11%)	5mo	$107,000	$82	69
2211 13 Mandeville St	0.18mi	4/2.0	1,644 (+13%)	2mo	$195,000	$119	68
2132 Touro St	0.39mi	4/2.0	1,550 (+6%)	6mo	$169,000	$109	66
2105 07 Arts St	0.25mi	4/3.0	1,598 (+10%)	3mo	$265,000	$166	66
2755 N Rocheblave St	0.50mi	4/2.0	1,408 (-3%)	8mo	$105,000	$75	64
1332 Port St	0.54mi	3/2.0 (-1)	1,475 (+1%)	6mo	$181,000	$123	62
1506 08 Spain St	0.32mi	4/2.0	1,612 (+11%)	13mo	$205,000	$127	56
1627 - 1629 Urquhart St	0.74mi	4/2.0	1,366 (-6%)	7mo	$192,500	$141	49
1353 - 55 Annette St	0.71mi	4/2.0	1,300 (-11%)	1mo	$151,000	$116	48
2421 Port St	0.67mi	4/4.0	1,344 (-8%)	7mo	$40,000	$30	42

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: 10.1%
• Equity multiple: 1.40×
• Total profit: $20,805
• Equity at exit: $28,031

10-year hold

• IRR: 18.8%
• Equity multiple: 2.53×
• Total profit: $80,437
• Equity at exit: $16,255

Cash invested: $52,640 (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: 11.7×

Monthly cashflow live

• Estimated rent: $2,670 high
• Mortgage (P&I): −$986
• Tax from tax record: −$153 /mo · $1,833/yr
• Insurance: −$78
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$561
• Net cashflow: $826

Break-even live

Break-even rent $1,625

Max offer price $188,000

Occupancy floor 64%

Sensitivity live

Price	-10% $932	-5% $879	+0% $826	+5% $773	+10% $719
Rent	-10% $615	-5% $720	+0% $826	+5% $931	+10% $1,037
Rate	-1.0pp $921	-0.5pp $874	base $826	+0.5pp $777	+1.0pp $728

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,670
Total (2 units)			$2,670

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: $47,000
• Closing costs: $5,640
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2115 Mandeville St New Orleans, LA	3.0	2.0	1400	$1,650	$1.18	24d	1	0.10mi
1809 Saint Roch Ave New Orleans, LA	3.0	1.0	949	$1,195	$1.26	17d	1	0.17mi
2222 Saint Roch Ave New Orleans, LA	3.0	1.0	900	$1,200	$1.33	24d	1	0.18mi
2220 N Prieur St New Orleans, LA	3.0	2.0	1334	$2,000	$1.50	24d	1	0.19mi
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	4d	1	0.20mi
2115 Elysian Fields Ave Unit 2115 New Orleans, LA	3.0	1.0	1100	$1,450	$1.32	24d	1	0.21mi
2515 N Galvez St New Orleans, LA	4.0	2.0	1200	$1,200	$1.00	11d	1	0.25mi
2515 N Galvez St Unit 2515 New Orleans, LA	4.0	2.0	1200	$1,900	$1.58	24d	1	0.25mi
1710 Marigny St New Orleans, LA	3.0	2.0	1120	$1,750	$1.56	24d	1	0.25mi
1910 Elysian Fields Ave New Orleans, LA	3.0	1.0	1000	$1,450	$1.45	24d	1	0.25mi
2522 N Galvez St New Orleans, LA	3.0	2.0	1105	$1,675	$1.52	24d	1	0.25mi
2524 N Galvez St New Orleans, LA	3.0	2.5	1102	$1,800	$1.63	17d	1	0.25mi
1922 Painters St New Orleans, LA	3.0	1.0	920	$1,700	$1.85	4d	1	0.26mi
1636 Music St New Orleans, LA	3.0	1.0	900	$1,185	$1.32	16d	1	0.26mi
1924 Painters St New Orleans, LA	3.0	1.0	920	$1,700	$1.85	4d	1	0.27mi
2556 N Tonti St New Orleans, LA	3.0	2.0	1100	$1,850	$1.68	16d	1	0.30mi
1601 Marigny St Unit 1603 New Orleans, LA	3.0	2.0	988	$1,099	$1.11	4d	1	0.31mi
1603 Marigny St New Orleans, LA	3.0	2.0	988	$1,099	$1.11	4d	1	0.31mi
2519 N Derbigny St New Orleans, LA	3.0	1.0	994	$1,300	$1.31	22d	1	0.31mi
2003 Almonaster Ave New Orleans, LA	3.0	2.0	988	$1,600	$1.62	24d	1	0.41mi
1938 N Johnson St Unit 38 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	24d	1	0.51mi
1936 N Johnson St Unit 36 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	24d	1	0.51mi
1923 N Robertson St New Orleans, LA	3.0	2.0	1051	$1,950	$1.86	4d	1	0.52mi
3228 Pauger St New Orleans, LA	5.0	2.0	1600	$2,100	$1.31	24d	1	0.59mi
1226 Port St New Orleans, LA	3.0	1.0	1023	$1,650	$1.61	24d	1	0.61mi
2338 Annette St Unit 1 New Orleans, LA	3.0	1.0	1150	$1,400	$1.22	20d	1	0.64mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$4,154	$2.63	4d	2	0.71mi
2114 Feliciana St Unit A New Orleans, LA	3.0	2.0	1134	$1,500	$1.32	16d	1	0.72mi
2114 Feliciana St Unit A New Orleans, LA	3.0	2.0	1134	$1,500	$1.32	24d	1	0.72mi
2152 Abundance St Unit 2152 New Orleans, LA	3.0	2.0	1100	$1,599	$1.45	4d	1	0.80mi
2322 Burgundy St Unit C New Orleans, LA	3.0	2.0	1250	$2,200	$1.76	24d	1	0.80mi
1996 Hope St New Orleans, LA	3.0	1.0	910	$1,550	$1.70	4d	1	0.80mi
2331 Feliciana St New Orleans, LA	3.0	2.0	1250	$1,850	$1.48	24d	1	0.81mi
2817 Annette St New Orleans, LA	3.0	1.0	1100	$1,350	$1.23	24d	1	0.81mi
1231 Feliciana St New Orleans, LA	3.0	2.5	1869	$2,750	$1.47	44d	1	0.83mi
1933 Industry St New Orleans, LA	3.0	2.0	1400	$1,595	$1.14	16d	1	0.86mi
1839 Louisa St New Orleans, LA	3.0	2.0	1500	$2,095	$1.40	16d	1	0.87mi
1835 Louisa St New Orleans, LA	3.0	2.5	1800	$2,350	$1.31	4d	1	0.87mi
1822 Piety St New Orleans, LA	3.0	1.5	1200	$1,500	$1.25	16d	1	0.90mi
1942 Piety St New Orleans, LA	3.0	1.0	1100	$1,500	$1.36	24d	1	0.91mi

Listing history 25 events

1. 2026-06-18
   days on market $188,000 Active 28 DOM
2. 2026-06-17
   days on market $188,000 Active 27 DOM
3. 2026-06-16
   days on market $188,000 Active 26 DOM
4. 2026-06-15
   days on market $188,000 Active 25 DOM
5. 2026-06-13
   days on market $188,000 Active 23 DOM
6. 2026-06-10
   days on market $188,000 Active 20 DOM
7. 2026-06-09
   days on market $188,000 Active 19 DOM
8. 2026-06-08
   days on market $188,000 Active 18 DOM
9. 2026-06-07
   days on market $188,000 Active 17 DOM
10. 2026-06-05
    days on market $188,000 Active 14 DOM
11. 2026-06-03
    days on market $188,000 Active 13 DOM
12. 2026-06-02
    days on market $188,000 Active 12 DOM
13. 2026-06-01
    days on market $188,000 Active 11 DOM
14. 2026-05-31
    days on market $188,000 Active 10 DOM
15. 2026-02-13
    price $190,000
16. 2026-02-13
    price $190,000
17. 2025-11-18
    listed $199,000 Active
18. 2019-10-21
    soldstatus $145,000
19. 2019-06-24
    listed $149,000
20. 2009-11-24
    listed $127,300
21. 2009-11-24
    listed $127,300
22. 2006-12-20
    soldstatus $40,000
23. 2006-12-12
    soldstatus $40,000
24. 2006-08-13
    listed $40,000
25. 2006-08-13
    listed $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: $1,833 · $153/mo
• Projected year-2 tax: $1,833 · $153/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 · 22 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: $32,040
• − Mortgage interest: −$10,531
• − Property taxes: −$1,833
• − Insurance: −$1,738
• − Repairs & maintenance: −$2,563
• − Management: −$2,563
• − Depreciation: −$5,469
• Taxable income: $7,343
• Est. tax owed @ 24.0%: −$1,762
• After-tax cash flow: $8,148/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

+375.0% since first listed

11 events — show timeline

• 2026-02-13 Price Changed $190,000 AcadianaMLS
• 2026-02-13 Price Changed $190,000 GSREIN
• 2025-11-18 Listed $199,000 AcadianaMLS
• 2019-10-21 Sold (Public Records) $145,000 Public Records
• 2019-06-24 Listed $149,000 AcadianaMLS
• 2009-11-24 Listed $127,300 GSREIN
• 2009-11-24 Listed $127,300 AcadianaMLS
• 2006-12-20 Sold (Public Records) $40,000 Public Records
• 2006-12-12 Sold (MLS) $40,000 GSREIN
• 2006-08-13 Listed $40,000 GSREIN
• 2006-08-13 Listed $40,000 AcadianaMLS

Property tax history

+1.0%/yr

Latest (2026): $1,833 · +1.1% YoY. Source: county tax records.