2113-15 Forstall St · New Orleans, LA 70117

$262,000

None bd · None ba · 2,120 sqft · MultiFamily · 314 Days on market

Fair condition 3,286 sqft lot $124/sqft · 17% above area Est $225k · 17% over

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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 +27.7/30.0
• DSCR +9.8/10.0
• 1% rule +7.6/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.2/5.0
• Schools +1.6/10.0
• ARV discount +0.1/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

SPACIOUS TOWNHOUSE STYLE DOUBLE IN THE LOWER 9TH WARD FOR SALE! 2 STORY DOUBLE WITH COMFORT, CONVENIENCE AND INVESTMENT POTENTIAL. BUILT IN 2011, EACH TOWNHOUSE STYLE UNIT HAS 3 BEDROOMS, 2.5 BATHS WITH AN OPEN FLOOR PLAN. THE PRIMARY BEDROOM WITH FULL BATH IS CONVIENTLY LOCATED ON THE 1ST FLOOR, WHILE 2 ADDITIONAL BEDROOMS AND ANOTHER FULL BATH ARE UPSTAIRS. A HALF BATH SERVES GUESTS ON THE 1ST FLOOR. NO CARPET, CENTRAL AIR AND HEAT AND IN UNIT WASHER AND DRYER HOOKUPS. THE KITCHENS COME WITH STOVE, DISHWASHER AND REFRIGERATOR IN EACH UNIT MAKING MOVE IN A BREEZE. BOTH UNITS ARE CURRENTLY OCCUPIED, OFFERING INSTANT RENTAL INCOME. LOCATED IN THE LOWER 9TH WARD, THIS PROPERTY IS A SOLID ADDITION TO YOUR INVESTMENT PORTFOLIO OR A GREAT OPPORTUNITY FOR OWNER-OCCUPANCY WITH RENTAL INCOME FROM THE OTHER SIDE. CALL FOR YOUR VIEWING TODAY.

Key facts

• Open floor plan
• Central air and heat
• Investment potential

Tags

• TOWNHOUSE STYLE
• OPEN FLOOR PLAN
• CENTRAL AIR AND HEAT
• INSTANT RENTAL INCOME
• INVESTMENT POTENTIAL

What this means for you Summary

Snapshot

• This is a multifamily listed at $262k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $725 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $262k).
• Recommended offer: $231k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,294/mo this rent would consume 86% 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 $2k of loan paydown is wiped out by about $8k 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 $73k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 314 days — a 12% lower offer ($231k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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 $230,560 (12.0% below list)

Questions for the listing agent

1. It's been on market 314 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 1.26% ✓
• Cap rate: 9.92%
• Cash-on-cash: 12.95%
• DSCR: 1.58
• GRM: 6.6

CMA / ARV

• ARV (median comp): $224,854
• List price: $262,000
• Delta: 16.52%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1135 37 Deslonde St	0.73mi	6/2.0	2,132 (+1%)	7mo	$215,000	$101	59
5401-03 N Robertson St	0.50mi	—/—	2,225 (+5%)	14mo	$149,999	$67	57
2418-20 Fats Domino Ave	0.39mi	6/4.0	2,332 (+10%)	13mo	$325,000	$139	54
1429 31 Benton St	0.72mi	4/2.0	2,265 (+7%)	13mo	$230,000	$102	45

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: 0.8%
• Equity multiple: 1.03×
• Total profit: $2,140
• Equity at exit: $39,065

10-year hold

• IRR: 9.9%
• Equity multiple: 1.75×
• Total profit: $54,874
• Equity at exit: $22,653

Cash invested: $73,360 (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: 13.3×

Monthly cashflow live

• Estimated rent: $3,294 high
• Mortgage (P&I): −$1,374
• Tax est. 1.5%: −$328 /mo · $3,930/yr
• Insurance: −$109
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$692
• Net cashflow: $725

Break-even live

Break-even rent $2,376

Max offer price $262,000

Occupancy floor 73%

Sensitivity live

Price	-10% $906	-5% $816	+0% $725	+5% $635	+10% $544
Rent	-10% $465	-5% $595	+0% $725	+5% $855	+10% $985
Rate	-1.0pp $857	-0.5pp $792	base $725	+0.5pp $657	+1.0pp $588

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

Units	Beds	Baths	Est. rent
1× unit	3	2.5	$1,647
1× unit	3	1	$1,647
Total (2 units)			$3,294

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: $65,500
• Closing costs: $7,860
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1901 Tupelo St New Orleans, LA	3.0	2.5	1568	$2,300	$1.47	4d	1	0.75mi
1403 Lesseps St New Orleans, LA	3.0	3.0	1700	$1,800	$1.06	12d	1	0.87mi
1411 France St New Orleans, LA	3.0	2.0	1525	$2,000	$1.31	24d	1	0.91mi
5450 Burgundy St New Orleans, LA	2.0	1.0	1474	$1,250	$0.85	24d	1	0.95mi
1119 Bartholomew St Unit 1119 New Orleans, LA	2.0	2.0	1410	$2,500	$1.77	44d	1	1.13mi
1323 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	4d	1	1.14mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	4d	1	1.14mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	1.14mi
2012 Esteban St Arabi, LA	3.0	2.0	1466	$2,500	$1.71	11d	1	1.18mi
1437 Gallier St New Orleans, LA	3.0	2.0	1451	$1,875	$1.29	22d	1	1.23mi
740 Mazant St New Orleans, LA	2.0	2.0	1750	$2,200	$1.26	24d	1	1.29mi
1835 Louisa St New Orleans, LA	3.0	2.5	1800	$2,350	$1.31	4d	1	1.32mi
1839 Louisa St New Orleans, LA	3.0	2.0	1500	$2,095	$1.40	17d	1	1.32mi
3221 Saint Claude Ave New Orleans, LA	3.0	1.0	1900	$1,650	$0.87	24d	1	1.48mi

Listing history 20 events

1. 2026-06-18
   days on market $262,000 Active 314 DOM
2. 2026-06-17
   days on market $262,000 Active 313 DOM
3. 2026-06-16
   days on market $262,000 Active 312 DOM
4. 2026-06-15
   days on market $262,000 Active 311 DOM
5. 2026-06-13
   days on market $262,000 Active 309 DOM
6. 2026-06-10
   days on market $262,000 Active 306 DOM
7. 2026-06-09
   days on market $262,000 Active 305 DOM
8. 2026-06-08
   days on market $262,000 Active 304 DOM
9. 2026-06-07
   days on market $262,000 Active 303 DOM
10. 2026-06-05
    days on market $262,000 Active 300 DOM
11. 2026-06-03
    days on market $262,000 Active 299 DOM
12. 2026-06-02
    days on market $262,000 Active 298 DOM
13. 2026-06-01
    days on market $262,000 Active 297 DOM
14. 2026-05-31
    days on market $262,000 Active 296 DOM
15. 2026-01-05
    price $262,000 844-char remark

    Show marketing remark (844 chars)

    SPACIOUS TOWNHOUSE STYLE DOUBLE IN THE LOWER 9TH WARD FOR SALE! 2 STORY DOUBLE WITH COMFORT, CONVENIENCE AND INVESTMENT POTENTIAL. BUILT IN 2011, EACH TOWNHOUSE STYLE UNIT HAS 3 BEDROOMS, 2.5 BATHS WITH AN OPEN FLOOR PLAN. THE PRIMARY BEDROOM WITH FULL BATH IS CONVIENTLY LOCATED ON THE 1ST FLOOR, WHILE 2 ADDITIONAL BEDROOMS AND ANOTHER FULL BATH ARE UPSTAIRS. A HALF BATH SERVES GUESTS ON THE 1ST FLOOR. NO CARPET, CENTRAL AIR AND HEAT AND IN UNIT WASHER AND DRYER HOOKUPS. THE KITCHENS COME WITH STOVE, DISHWASHER AND REFRIGERATOR IN EACH UNIT MAKING MOVE IN A BREEZE. BOTH UNITS ARE CURRENTLY OCCUPIED, OFFERING INSTANT RENTAL INCOME. LOCATED IN THE LOWER 9TH WARD, THIS PROPERTY IS A SOLID ADDITION TO YOUR INVESTMENT PORTFOLIO OR A GREAT OPPORTUNITY FOR OWNER-OCCUPANCY WITH RENTAL INCOME FROM THE OTHER SIDE. CALL FOR YOUR VIEWING TODAY.

16. 2025-08-08
    listed $275,000 Active 844-char remark

    Show marketing remark (844 chars)

    SPACIOUS TOWNHOUSE STYLE DOUBLE IN THE LOWER 9TH WARD FOR SALE! 2 STORY DOUBLE WITH COMFORT, CONVENIENCE AND INVESTMENT POTENTIAL. BUILT IN 2011, EACH TOWNHOUSE STYLE UNIT HAS 3 BEDROOMS, 2.5 BATHS WITH AN OPEN FLOOR PLAN. THE PRIMARY BEDROOM WITH FULL BATH IS CONVIENTLY LOCATED ON THE 1ST FLOOR, WHILE 2 ADDITIONAL BEDROOMS AND ANOTHER FULL BATH ARE UPSTAIRS. A HALF BATH SERVES GUESTS ON THE 1ST FLOOR. NO CARPET, CENTRAL AIR AND HEAT AND IN UNIT WASHER AND DRYER HOOKUPS. THE KITCHENS COME WITH STOVE, DISHWASHER AND REFRIGERATOR IN EACH UNIT MAKING MOVE IN A BREEZE. BOTH UNITS ARE CURRENTLY OCCUPIED, OFFERING INSTANT RENTAL INCOME. LOCATED IN THE LOWER 9TH WARD, THIS PROPERTY IS A SOLID ADDITION TO YOUR INVESTMENT PORTFOLIO OR A GREAT OPPORTUNITY FOR OWNER-OCCUPANCY WITH RENTAL INCOME FROM THE OTHER SIDE. CALL FOR YOUR VIEWING TODAY.

17. 2023-10-26
    historical $1,450
18. 2023-10-22
    listed $1,450
19. 2023-10-08
    historical $1,450
20. 2023-09-12
    listed $1,450

ⓘ 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 X (shaded) · 76% 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 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,528
• − Mortgage interest: −$14,676
• − Property taxes: −$3,930
• − Insurance: −$2,108
• − Repairs & maintenance: −$3,162
• − Management: −$3,162
• − Depreciation: −$7,622
• Taxable income: $4,868
• Est. tax owed @ 24.0%: −$1,168
• After-tax cash flow: $7,534/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 · 11 photos

Fair 45/100 Moderate rehab

The property is under construction with significant debris and dirt present. Immediate repairs and landscaping are needed to improve its condition and value.

Repairs flagged

• Major Construction debris — Significant construction debris and dirt present, indicating ongoing construction.

Value-add opportunities

• Both Completion of construction and debris removal — Completion of construction and debris removal would improve both the resale and rental value by making the property move-in ready.
• Both Landscaping and curb appeal improvements — Landscaping and curb appeal improvements would enhance the property's visual appeal and increase its value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Construction debris · Significant construction debris and dirt present, indicating ongoing construction.	Major	$15,000–50,000
Total estimated repair cost · 1 items		$15,000–50,000

Value-add ROI direction

• Both Completion of construction and debris removal — Completion of construction and debris removal would improve both the resale and rental value by making the property move-in ready. ↑
• Both Landscaping and curb appeal improvements — Landscaping and curb appeal improvements would enhance the property's visual appeal and increase its value. ↑

ⓘ 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): 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

+17969.0% since first listed

6 events — show timeline

• 2026-01-05 Price Changed $262,000 AcadianaMLS
• 2025-08-08 Listed $275,000 AcadianaMLS
• 2023-10-26 Rental Removed $1,450 LISTANZA
• 2023-10-22 Listed for Rent $1,450 LISTANZA
• 2023-10-08 Rental Removed $1,450 GSREIN
• 2023-09-12 Listed for Rent $1,450 GSREIN