4440 Banks St · New Orleans, LA 70119

$475,000

4 bd · 4.0 ba · 4,916 sqft · MultiFamily · 83 Days on market

Built 1955 Poor condition $97/sqft · 16% below area Est $566k · 16% under ↓ 17% since listing

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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 +20.2/30.0
• ARV discount +14.7/15.0
• DSCR +6.4/10.0
• 1% rule +5.4/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Schools +1.6/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

"Discover a rare piece of neighborhood history in this versatile CORNER-LOT duplex. The ground floor carries the legacy of "Raphael's Supermarket," a beloved local staple that once housed both a convenience store and a restaurant. This expansive lower level features six large rooms, a private office, two restrooms, a shower, and a kitchen. Facebook discussion: https://www.facebook.com/groups/ADNMNOLA/posts/10160144832080638/ Memorabilia on Ebay: https://www.ebay.com/itm/388939738016 Above is a charming 2-bedroom, 1-bathroom living quarter which provides a peaceful retreat or rental income. Situated in an HU-RD2 historic district, the zoning invites creative uses such as a historic neighborhood commercial establishment, a place of worship, or a community recreational facility. This dual-address property is offered by an out-of-state heir and is priced to account for needed roof repairs on the single-story area. Come see this duplex today to explore the potential of this unique dual-use property. Make sure to check on different grant programs reserved for historic preservation and/or Revival Grants.

Key facts

• Corner lot duplex
• Large rooms
• Kitchen

Tags

• CORNER LOT DUPLEX
• HISTORIC DISTRICT
• LARGE ROOMS
• SMALL ROOM FOR OFFICE USE
• KITCHEN

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×2bd/2.0ba units multifamily listed at $475k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $177 ($2k/yr) — positive. Per door: $88/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $475k).
• Recommended offer: $446k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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.
• Market conditions: Rents soft (-0.2%/yr); 381 active listings in the ZIP; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $4,919/mo this rent would consume 111% 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 $3k of loan paydown is wiped out by about $14k 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.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($446k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $100k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $446,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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.
10. 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.
11. 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: 1.04% ✓
• Cap rate: 7.82%
• Cash-on-cash: 5.44%
• DSCR: 1.24
• GRM: 8.0

CMA / ARV

• ARV (median comp): $566,066
• List price: $475,000
• Delta: -16.09%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -17.5%
• Equity multiple: 0.40×
• Total profit: $-79,786
• Equity at exit: $70,824

10-year hold

• IRR: -17.8%
• Equity multiple: 0.18×
• Total profit: $-109,317
• Equity at exit: $41,069

Cash invested: $133,000 (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 70119

• Home prices YoY: -34.8%
• Rents YoY: -0.2%
• Active inventory: 381
• Price-to-rent: 16.1×

Monthly cashflow live

• Estimated rent: $4,919 high
• Mortgage (P&I): −$2,491
• Tax est. 1.5%: −$594 /mo · $7,125/yr
• Insurance: −$198
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,033
• Net cashflow: $177

Break-even live

Break-even rent $4,695

Max offer price $475,000

Occupancy floor 91%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$2,459
1× unit	2	2	$2,459
Total (2 units)			$4,919

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $475,000 Active 83 DOM
2. 2026-06-17
   days on market $475,000 Active 82 DOM
3. 2026-06-16
   days on market $475,000 Active 81 DOM
4. 2026-06-15
   days on market $475,000 Active 80 DOM
5. 2026-06-13
   days on market $475,000 Active 78 DOM
6. 2026-06-10
   days on market $475,000 Active 75 DOM
7. 2026-06-09
   days on market $475,000 Active 74 DOM
8. 2026-06-08
   days on market $475,000 Active 73 DOM
9. 2026-06-07
   days on market $475,000 Active 72 DOM
10. 2026-06-05
    days on market $475,000 Active 69 DOM
11. 2026-06-03
    days on market $475,000 Active 68 DOM
12. 2026-06-02
    days on market $475,000 Active 67 DOM
13. 2026-06-01
    days on market $475,000 Active 66 DOM
14. 2026-05-31
    days on market $475,000 Active 65 DOM
15. 2026-04-18
    price $475,000 1129-char remark

    Show marketing remark (1140 chars)

    "Discover a rare piece of neighborhood history in this versatile CORNER-LOT duplex. The ground floor carries the legacy of "Raphael's Supermarket, " a beloved local staple that once housed both a convenience store and a restaurant. This expansive lower level features six large rooms, a private office, two restrooms, a shower, and a kitchen. Facebook discussion: https://www. facebook.com/groups/ADNMNOLA/posts/10160144832080638/ Memorabilia on Ebay: https://www. ebay.com/itm/388939738016 Above is a charming 2-bedroom, 1-bathroom living quarter which provides a peaceful retreat or rental income. Situated in an HU-RD2 historic district, the zoning invites creative uses such as a historic neighborhood commercial establishment, a place of worship, or a community recreational facility. This dual-address property is offered by an out-of-state heir and is priced to account for needed roof repairs on the single-story area. Come see this duplex today to explore the potential of this unique dual-use property. Make sure to check on different grant programs reserved for historic preservation and/or Revival Grants.

16. 2026-04-18
    price $475,000 1140-char remark

    Show marketing remark (1140 chars)

    "Discover a rare piece of neighborhood history in this versatile CORNER-LOT duplex. The ground floor carries the legacy of "Raphael's Supermarket, " a beloved local staple that once housed both a convenience store and a restaurant. This expansive lower level features six large rooms, a private office, two restrooms, a shower, and a kitchen. Facebook discussion: https://www. facebook.com/groups/ADNMNOLA/posts/10160144832080638/ Memorabilia on Ebay: https://www. ebay.com/itm/388939738016 Above is a charming 2-bedroom, 1-bathroom living quarter which provides a peaceful retreat or rental income. Situated in an HU-RD2 historic district, the zoning invites creative uses such as a historic neighborhood commercial establishment, a place of worship, or a community recreational facility. This dual-address property is offered by an out-of-state heir and is priced to account for needed roof repairs on the single-story area. Come see this duplex today to explore the potential of this unique dual-use property. Make sure to check on different grant programs reserved for historic preservation and/or Revival Grants.

17. 2026-03-27
    listed $575,000 Active 1129-char remark

    Show marketing remark (1140 chars)

    "Discover a rare piece of neighborhood history in this versatile CORNER-LOT duplex. The ground floor carries the legacy of "Raphael's Supermarket, " a beloved local staple that once housed both a convenience store and a restaurant. This expansive lower level features six large rooms, a private office, two restrooms, a shower, and a kitchen. Facebook discussion: https://www. facebook.com/groups/ADNMNOLA/posts/10160144832080638/ Memorabilia on Ebay: https://www. ebay.com/itm/388939738016 Above is a charming 2-bedroom, 1-bathroom living quarter which provides a peaceful retreat or rental income. Situated in an HU-RD2 historic district, the zoning invites creative uses such as a historic neighborhood commercial establishment, a place of worship, or a community recreational facility. This dual-address property is offered by an out-of-state heir and is priced to account for needed roof repairs on the single-story area. Come see this duplex today to explore the potential of this unique dual-use property. Make sure to check on different grant programs reserved for historic preservation and/or Revival Grants.

18. 2026-03-27
    listed $575,000 Active 1140-char remark

    Show marketing remark (1140 chars)

    "Discover a rare piece of neighborhood history in this versatile CORNER-LOT duplex. The ground floor carries the legacy of "Raphael's Supermarket, " a beloved local staple that once housed both a convenience store and a restaurant. This expansive lower level features six large rooms, a private office, two restrooms, a shower, and a kitchen. Facebook discussion: https://www. facebook.com/groups/ADNMNOLA/posts/10160144832080638/ Memorabilia on Ebay: https://www. ebay.com/itm/388939738016 Above is a charming 2-bedroom, 1-bathroom living quarter which provides a peaceful retreat or rental income. Situated in an HU-RD2 historic district, the zoning invites creative uses such as a historic neighborhood commercial establishment, a place of worship, or a community recreational facility. This dual-address property is offered by an out-of-state heir and is priced to account for needed roof repairs on the single-story area. Come see this duplex today to explore the potential of this unique dual-use property. Make sure to check on different grant programs reserved for historic preservation and/or Revival Grants.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 78% 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: $59,028
• − Mortgage interest: −$26,607
• − Property taxes: −$7,125
• − Insurance: −$7,494
• − Repairs & maintenance: −$4,722
• − Management: −$4,722
• − Depreciation: −$13,818
• Taxable loss: −$5,461
• Est. tax savings @ 24.0%: +$1,311
• After-tax cash flow: $3,433/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.

Condition & rehab AI · 12 photos

Poor 20/100 Extensive rehab

This property requires extensive renovations, including kitchen and bathroom updates, HVAC system replacement, and exterior repairs. The property has significant structural damage and is in poor condition.

Repairs flagged

• Major Kitchen cabinets — Structural damage
• Major Bathtub and fixtures — Structural damage
• Major Air conditioning units — Structural damage
• Major Flooring — Structural damage
• Major Paint — Structural damage

Value-add opportunities

• Both Kitchen renovation — Modern kitchen design attracts buyers and renters
• Both Bathroom renovation — Modern bathroom design attracts buyers and renters
• Both HVAC system replacement — Modern HVAC system improves comfort and energy efficiency
• Both Exterior painting and siding repair — Modern exterior appearance attracts buyers and renters
• Both Landscaping and curb appeal — Modern landscaping and curb appeal attract buyers and renters

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Structural damage	Major	$15,000–50,000
Bathtub and fixtures · Structural damage	Major	$15,000–50,000
Air conditioning units · Structural damage	Major	$15,000–50,000
Flooring · Structural damage	Major	$15,000–50,000
Paint · Structural damage	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Kitchen renovation — Modern kitchen design attracts buyers and renters ↑
• Both Bathroom renovation — Modern bathroom design attracts buyers and renters ↑
• Both HVAC system replacement — Modern HVAC system improves comfort and energy efficiency ↑
• Both Exterior painting and siding repair — Modern exterior appearance attracts buyers and renters ↑
• Both Landscaping and curb appeal — Modern landscaping and curb appeal attract buyers and renters ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-17.4% since first listed

4 events — show timeline

• 2026-04-18 Price Changed $475,000 AcadianaMLS
• 2026-04-18 Price Changed $475,000 GSREIN
• 2026-03-27 Listed $575,000 GSREIN
• 2026-03-27 Listed $575,000 AcadianaMLS