2620 22 Bienville St · New Orleans, LA 70119

$159,000

4 bd · 2.0 ba · 1,725 sqft · MultiFamily public records · 298 Days on market

Built 1940 $92/sqft · 47% below area Est $309k · 49% under ↓ 16% since listing

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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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Terrific Mid-City location across from the Whole Foods Store near City Park and the Canal Streetcar. It is also convenient to the Medical Center and Downtown New Orleans. This is a double that needs major renovation and repairs. It would also be a good conversion to a single. The roof needs to be replaced and there is termite damaged sills and elsewhere. One unit is owner-occupied. Floor Sketch is attached. It is now back on the market with the estate again settled.

Key facts

• Built 1940
• Listed 298 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $159k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $159k).
• Recommended offer: $140k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.8% 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.
• Zoned schools: Benjamin Franklin Elem. Math And Science (math 12% / reading 23%, grade F, #479 of 646 statewide, top 75%, 747 students, 98% FRL, charter) — zoned schools average 98% FRL vs 68% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.2%/yr); 381 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,977/mo this rent would consume 67% 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 $1k of loan paydown is wiped out by about $5k 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 $45k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 298 days — a 12% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $30k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1940 — 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→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $139,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 298 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.87% ✓
• Cap rate: 15.82%
• Cash-on-cash: 34.04%
• DSCR: 2.51
• GRM: 4.5

CMA / ARV

• ARV (median comp): $309,101
• List price: $159,000
• Delta: -48.56%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2216-18 Saint Louis St	0.32mi	4/2.0	1,689 (-2%)	1mo	$335,000	$198	81
2617 Toulouse St	0.23mi	4/4.0	1,750 (+1%)	1mo	$215,000	$123	78
917 N Prieur St	0.65mi	4/2.0	1,700 (-1%)	4mo	$315,000	$185	64
2013-15 Conti St	0.44mi	4/2.0	1,610 (-7%)	5mo	$65,000	$40	64
3150 52 Toulouse St	0.49mi	4/4.0	1,690 (-2%)	3mo	$382,000	$226	63
2912 14 St. Peter St	0.39mi	4/2.0	1,912 (+11%)	2mo	$290,000	$152	62
2615 26 Saint Ann St	0.39mi	4/2.0	1,900 (+10%)	6mo	$125,000	$66	60
2601 03 St Ann St	0.38mi	4/2.0	1,946 (+13%)	5mo	$220,000	$113	56
2612-2614 St. Philip St	0.51mi	4/2.0	1,517 (-12%)	3mo	$299,000	$197	53
2643 45 Dumaine St	0.46mi	4/2.0	1,479 (-14%)	3mo	$298,000	$201	52
2755 Banks St	0.37mi	4/4.0	1,920 (+11%)	6mo	$285,000	$148	51
2828 30 St Ann St	0.43mi	4/3.5	1,534 (-11%)	5mo	$265,000	$173	51

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: 23.8%
• Equity multiple: 1.94×
• Total profit: $41,797
• Equity at exit: $23,707

10-year hold

• IRR: 29.6%
• Equity multiple: 3.27×
• Total profit: $101,131
• Equity at exit: $13,747

Cash invested: $44,520 (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: 8.9×

Monthly cashflow live

• Estimated rent: $2,977 high
• Mortgage (P&I): −$834
• Tax from tax record: −$189 /mo · $2,266/yr
• Insurance: −$66
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$625
• Net cashflow: $1,197

Break-even live

Break-even rent $1,462

Max offer price $159,000

Occupancy floor 55%

Sensitivity live

Price	-10% $1,287	-5% $1,242	+0% $1,197	+5% $1,152	+10% $1,107
Rent	-10% $961	-5% $1,079	+0% $1,197	+5% $1,314	+10% $1,432
Rate	-1.0pp $1,277	-0.5pp $1,237	base $1,197	+0.5pp $1,155	+1.0pp $1,113

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,978
Total (2 units)			$2,977

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2738 Bienville St New Orleans, LA	4.0	3.0	1671	$2,200	$1.32	25d	1	0.17mi
2320 Conti St New Orleans, LA	3.0	2.0	1125	$2,500	$2.22	25d	1	0.22mi
315 N Miro St New Orleans, LA	3.0	3.0	1276	$2,300	$1.80	22d	1	0.23mi
315 N Miro St New Orleans, LA	3.0	3.0	1276	$2,500	$1.96	25d	1	0.23mi
2517 Palmyra St New Orleans, LA	3.0	2.0	1306	$2,100	$1.61	18d	1	0.26mi
326 S Dorgenois St Unit 326 New Orleans, LA	4.0	3.0	1510	$2,300	$1.52	3d	1	0.31mi
2615 Banks St New Orleans, LA	3.0	2.0	1200	$1,900	$1.58	4d	1	0.32mi
2105 Bienville St New Orleans, LA	3.0	3.0	1231	$2,350	$1.91	18d	1	0.35mi
2652 Banks St New Orleans, LA	3.0	3.5	1204	$2,100	$1.74	25d	1	0.37mi
2024 Bienville St New Orleans, LA	3.0	2.0	1314	$2,100	$1.60	25d	1	0.39mi
2912 Palmyra St Unit D New Orleans, LA	3.0	2.0	1257	$1,650	$1.31	25d	1	0.40mi
2033 Conti St New Orleans, LA	3.0	3.0	1249	$2,250	$1.80	16d	1	0.40mi
227 S Gayoso St Unit 2h New Orleans, LA	3.0	2.0	1800	$2,500	$1.39	45d	1	0.42mi
2539 Gravier St Unit 2541 New Orleans, LA	3.0	1.0	1115	$1,495	$1.34	17d	1	0.50mi
1908 Saint Louis St New Orleans, LA	3.0	3.0	1234	$2,300	$1.86	25d	1	0.50mi
824 N Dupre St New Orleans, LA	3.0	2.0	1315	$2,250	$1.71	18d	1	0.50mi
3232 Conti St New Orleans, LA	3.0	2.0	1140	$3,500	$3.07	45d	1	0.51mi
2645 Gravier St Unit 2645-A New Orleans, LA	3.0	1.0	1290	$1,595	$1.24	25d	1	0.51mi
324 N Roman St New Orleans, LA	3.0	3.0	2100	$2,500	$1.19	45d	1	0.51mi
2304 Gravier St Unit 2304 New Orleans, LA	3.0	2.0	1112	$1,800	$1.62	17d	1	0.54mi
2129 Dumaine St New Orleans, LA	3.0	2.0	1226	$1,850	$1.51	5d	1	0.56mi
2731 Saint Philip St Unit 2733 New Orleans, LA	4.0	2.0	2000	$2,600	$1.30	25d	1	0.57mi
426 S Lopez St New Orleans, LA	4.0	3.0	1400	$2,300	$1.64	25d	1	0.59mi
325 S Rendon St New Orleans, LA	3.0	2.0	1130	$2,000	$1.77	25d	1	0.60mi
2517 Ursulines Ave New Orleans, LA	3.0	2.0	1136	$1,950	$1.72	25d	1	0.63mi
2651 Poydras St New Orleans, LA	1.0–4.0	1.0–2.0	1095	$2,545	$2.32	3d	16	0.64mi
439 N Norman C Francis Pkwy Unit 1A New Orleans, LA	3.0	1.0	1200	$1,700	$1.42	23d	1	0.64mi
1929 Dumaine St New Orleans, LA	3.0	1.0	1293	$1,500	$1.16	5d	1	0.65mi
305 S Norman C Francis Pkwy New Orleans, LA	3.0	1.5	1730	$2,600	$1.50	18d	1	0.70mi
305 S Norman C Francis Pkwy New Orleans, LA	3.0	1.5	1730	$2,500	$1.45	16d	1	0.70mi
334 S Clark St New Orleans, LA	3.0	1.0	1065	$1,750	$1.64	23d	1	0.74mi
439 S Norman C. Francis Pkwy Unit 1A New Orleans, LA	3.0	1.0	1200	$1,700	$1.42	23d	1	0.75mi
1035 N Derbigny St New Orleans, LA	3.0	1.0	1075	$1,399	$1.30	25d	1	0.81mi
2664 Lepage St New Orleans, LA	3.0	2.0	1750	$2,725	$1.56	45d	1	0.89mi
3700 Orleans Ave New Orleans, LA	1.0–3.0	1.0–2.0	1081	$2,945	$2.72	4d	48	0.90mi
2331 Columbus St New Orleans, LA	3.0	1.0	1976	$1,850	$0.94	25d	1	0.95mi
3804 Banks St New Orleans, LA	3.0	2.0	1353	$2,250	$1.66	18d	1	0.95mi
1466 N White St New Orleans, LA	3.0	1.5	1500	$2,250	$1.50	5d	1	0.96mi
1525 N Broad St New Orleans, LA	3.0	1.0	1100	$1,600	$1.45	25d	1	0.99mi
3825 Baudin St New Orleans, LA	3.0	3.5	1680	$2,000	$1.19	25d	1	1.00mi

Listing history 15 events

1. 2026-06-13
   statusdays on market $159,000 Pending 298 DOM
2. 2026-06-10
   days on market $159,000 Active Under Contract 296 DOM
3. 2026-06-09
   days on market $159,000 Active Under Contract 295 DOM
4. 2026-06-08
   days on market $159,000 Active Under Contract 294 DOM
5. 2026-06-07
   days on market $159,000 Active Under Contract 293 DOM
6. 2026-06-05
   days on market $159,000 Active Under Contract 290 DOM
7. 2026-06-03
   days on market $159,000 Active Under Contract 289 DOM
8. 2026-06-02
   days on market $159,000 Active Under Contract 288 DOM
9. 2026-06-01
   days on market $159,000 Active Under Contract 287 DOM
10. 2026-05-31
    days on market $159,000 Active Under Contract 286 DOM
11. 2026-02-06
    price $159,000 470-char remark

    Show marketing remark (470 chars)

    Terrific Mid-City location across from the Whole Foods Store near City Park and the Canal Streetcar. It is also convenient to the Medical Center and Downtown New Orleans. This is a double that needs major renovation and repairs. It would also be a good conversion to a single. The roof needs to be replaced and there is termite damaged sills and elsewhere. One unit is owner-occupied. Floor Sketch is attached. It is now back on the market with the estate again settled.

12. 2026-02-06
    price $159,000 470-char remark

    Show marketing remark (470 chars)

    Terrific Mid-City location across from the Whole Foods Store near City Park and the Canal Streetcar. It is also convenient to the Medical Center and Downtown New Orleans. This is a double that needs major renovation and repairs. It would also be a good conversion to a single. The roof needs to be replaced and there is termite damaged sills and elsewhere. One unit is owner-occupied. Floor Sketch is attached. It is now back on the market with the estate again settled.

13. 2025-08-13
    listed $189,000 Active 470-char remark

    Show marketing remark (470 chars)

    Terrific Mid-City location across from the Whole Foods Store near City Park and the Canal Streetcar. It is also convenient to the Medical Center and Downtown New Orleans. This is a double that needs major renovation and repairs. It would also be a good conversion to a single. The roof needs to be replaced and there is termite damaged sills and elsewhere. One unit is owner-occupied. Floor Sketch is attached. It is now back on the market with the estate again settled.

14. 2025-08-13
    listed $189,000 Active 470-char remark

    Show marketing remark (470 chars)

    Terrific Mid-City location across from the Whole Foods Store near City Park and the Canal Streetcar. It is also convenient to the Medical Center and Downtown New Orleans. This is a double that needs major renovation and repairs. It would also be a good conversion to a single. The roof needs to be replaced and there is termite damaged sills and elsewhere. One unit is owner-occupied. Floor Sketch is attached. It is now back on the market with the estate again settled.

15. 2024-12-09
    listed $189,000 Active

ⓘ 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: $2,266 · $189/mo
• Projected year-2 tax: $2,266 · $189/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 · 20 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: $35,724
• − Mortgage interest: −$8,906
• − Property taxes: −$2,266
• − Insurance: −$1,592
• − Repairs & maintenance: −$2,858
• − Management: −$2,858
• − Depreciation: −$4,625
• Taxable income: $12,618
• Est. tax owed @ 24.0%: −$3,028
• After-tax cash flow: $11,330/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

-15.9% since first listed

5 events — show timeline

• 2026-02-06 Price Changed $159,000 AcadianaMLS
• 2026-02-06 Price Changed $159,000 GSREIN
• 2025-08-13 Listed $189,000 GSREIN
• 2025-08-13 Listed $189,000 AcadianaMLS
• 2024-12-09 Listed $189,000 AcadianaMLS

Property tax history

+40.5%/yr

Latest (2026): $2,266 · -1.8% YoY. Source: county tax records.