2338-40 Annette St · New Orleans, LA 70119

$203,000

4 bd · 2.0 ba · 1,680 sqft · MultiFamily public records · 52 Days on market

Built 1974 $121/sqft · 20% above area Est $212k · 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +9.4/15.0
• 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: 2 units. confirmed

Listing remarks MLS

Turnkey Investment in the Historic 7th Ward - Cash Flowing Day One! Don't let this income-producing double pass you by! Nestled in one of New Orleans' most culturally vibrant and rapidly appreciating neighborhoods, this duplex is the kind of steady, reliable investment savvy buyers dream about. Both units are currently tenant occupied, meaning you start collecting rent from the moment you close. Each unit has 3 bedrooms and 1 full bath. This property was renovated in 2011 with updated electrical, plumbing, updated bathroom and kitchen. Whether you're a seasoned investor growing your portfolio or a first-time buyer ready to house-hack in one of NOLA's most storied neighborhoods, the bones are here and the numbers work. Located just minutes from the Treme, the French Quarter, and the Marigny, the 7th Ward continues to attract strong tenant demand and long-term neighborhood investment. Historic charm, outdoor space, and immediate cash flow -- this one checks all the boxes. Opportunities like this don't stay on the market long. Schedule your showing today!

Key facts

• Built 1974
• Listed 52 days

Property features AI

Finance

• Other:
• Financial info: Two-unit multifamily property; Each unit currently renting for $1,350 (actual/total rent); Tenant pays electricity, gas, and water
• HOA & community:

Exterior

• Parking:
• Security:
• Utilities: Public water; Public sewer
• Home design: Single-story building; Raised foundation
• Construction: Vinyl siding exterior; Shingle roof
• Exterior features: City lot with rectangular shape (40 x 80)

Interior

• Kitchen:
• Bedrooms: Two units each with 3 bedrooms (Units 2338 and 2340)
• Flooring:
• Bathrooms: Two full bathrooms total (one full bath in each unit)
• Heating & cooling: Window heating in each unit; Window cooling units
• Interior features: Average condition
• Laundry & utility:

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $203k.

Deal economics

• At list price, monthly cash flow is $722 ($9k/yr) — positive. Per door: $361/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $203k).
• Recommended offer: $197k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.1% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,103/mo this rent would consume 70% 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 $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.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y 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.
• Current owner paid $150k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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 $196,910 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% 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. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.53% ✓
• Cap rate: 13.08%
• Cash-on-cash: 24.25%
• DSCR: 2.08
• GRM: 5.5

CMA / ARV

• ARV (median comp): $212,068
• List price: $203,000
• Delta: -4.28%
• 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
1737 39 Duels St	0.42mi	4/2.0	1,692 (+1%)	2mo	$200,000	$118	77
2714 16 New Orleans St	0.35mi	4/2.0	1,623 (-3%)	4mo	$230,000	$142	75
2211 13 Mandeville St	0.53mi	4/2.0	1,644 (-2%)	2mo	$195,000	$119	70
2134 Annette St	0.15mi	4/4.0	1,816 (+8%)	3mo	$210,000	$116	69
1727 29 Marigny St	0.63mi	4/2.0	1,716 (+2%)	1mo	$285,000	$166	66
2520 22 D'abadie St	0.60mi	4/2.0	1,632 (-3%)	3mo	$278,600	$171	65
1552 54 N Derbigny St	0.62mi	4/3.0	1,681 (+0%)	5mo	$330,000	$196	63
2118 20 Onzaga St	0.48mi	4/2.0	1,526 (-9%)	1mo	$182,000	$119	61
1834 36 Marigny St	0.56mi	4/2.0	1,508 (-10%)	2mo	$215,000	$143	55
2104 06 Benefit St	0.66mi	4/2.0	1,824 (+9%)	1mo	$109,000	$60	54
2649 51 Bruxelles St	0.49mi	4/2.0	1,881 (+12%)	6mo	$142,000	$75	52
2467/2469 N Tonti St	0.70mi	4/2.0	1,475 (-12%)	2mo	$175,000	$119	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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 2.0%
• Equity multiple: 1.07×
• Total profit: $4,242
• Equity at exit: $30,268

10-year hold

• IRR: 7.9%
• Equity multiple: 1.51×
• Total profit: $28,765
• Equity at exit: $17,552

Cash invested: $56,840 (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: 10.9×

Monthly cashflow live

• Estimated rent: $3,103 high
• Mortgage (P&I): −$1,065
• Tax from tax record: −$154 /mo · $1,845/yr
• Insurance: −$85
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$652
• Net cashflow: $722

Break-even live

Break-even rent $2,189

Max offer price $203,000

Occupancy floor 72%

Sensitivity live

Price	-10% $837	-5% $779	+0% $722	+5% $665	+10% $607
Rent	-10% $477	-5% $599	+0% $722	+5% $845	+10% $967
Rate	-1.0pp $824	-0.5pp $774	base $722	+0.5pp $669	+1.0pp $616

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,104
Total (2 units)			$3,103

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: $50,750
• Closing costs: $6,090
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2338 Annette St Unit 1 New Orleans, LA	3.0	1.0	1150	$1,400	$1.22	20d	1	0.02mi
2920 Pauger St New Orleans, LA	4.0	2.0	1882	$1,995	$1.06	24d	1	0.16mi
1831 N Miro St New Orleans, LA	3.0	2.0	1882	$2,500	$1.33	44d	1	0.17mi
3228 Pauger St New Orleans, LA	5.0	2.0	1600	$2,100	$1.31	24d	1	0.20mi
1938 N Johnson St Unit 38 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	24d	1	0.28mi
1936 N Johnson St Unit 36 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	24d	1	0.28mi
2817 Annette St New Orleans, LA	3.0	1.0	1100	$1,350	$1.23	24d	1	0.35mi
2310 George Nick Connor Dr New Orleans, LA	3.0	2.0	1050	$1,600	$1.52	24d	1	0.36mi
1735 N Tonti St New Orleans, LA	3.0	1.0	1197	$1,650	$1.38	24d	1	0.38mi
1933 Industry St New Orleans, LA	3.0	2.0	1400	$1,595	$1.14	17d	1	0.38mi
1837 Touro St New Orleans, LA	3.0	1.0	1994	$2,000	$1.00	24d	1	0.41mi
2115 Elysian Fields Ave Unit 2115 New Orleans, LA	3.0	1.0	1100	$1,450	$1.32	24d	1	0.42mi
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	4d	1	0.43mi
2338 40 Annette St New Orleans, LA	3.0	1.0	1150	$1,385	$1.20	21d	1	0.47mi
2220 N Prieur St New Orleans, LA	3.0	2.0	1334	$2,000	$1.50	24d	1	0.54mi
2115 Mandeville St New Orleans, LA	3.0	2.0	1400	$1,650	$1.18	24d	1	0.56mi
1818 Paul Morphy St Unit B New Orleans, LA	3.0	2.0	1065	$1,800	$1.69	24d	1	0.56mi
2152 Abundance St Unit 2152 New Orleans, LA	3.0	2.0	1100	$1,599	$1.45	4d	1	0.59mi
1710 Marigny St New Orleans, LA	3.0	2.0	1120	$1,750	$1.56	24d	1	0.62mi
2329 Laharpe St New Orleans, LA	3.0	1.0	1250	$1,000	$0.80	20d	1	0.62mi
1923 N Robertson St New Orleans, LA	3.0	2.0	1051	$1,950	$1.86	4d	1	0.62mi
2910 Bruxelles St New Orleans, LA	3.0	2.0	1074	$1,600	$1.49	4d	1	0.64mi
3021 Republic St New Orleans, LA	4.0	2.0	1125	$2,200	$1.96	24d	1	0.65mi
2331 Columbus St New Orleans, LA	3.0	1.0	1976	$1,850	$0.94	24d	1	0.69mi
1472 N Claiborne Ave New Orleans, LA	3.0	1.0	1312	$1,900	$1.45	17d	1	0.74mi
1525 N Broad St New Orleans, LA	3.0	1.0	1100	$1,600	$1.45	24d	1	0.78mi
2556 N Tonti St New Orleans, LA	3.0	2.0	1100	$1,850	$1.68	17d	1	0.82mi
2515 N Galvez St New Orleans, LA	4.0	2.0	1200	$1,200	$1.00	11d	1	0.83mi
2515 N Galvez St Unit 2515 New Orleans, LA	4.0	2.0	1200	$1,900	$1.58	24d	1	0.83mi
1901 Gentilly Blvd New Orleans, LA	3.0	2.5	2205	$4,000	$1.81	44d	1	0.84mi
2522 N Galvez St New Orleans, LA	3.0	2.0	1105	$1,675	$1.52	24d	1	0.85mi
2524 N Galvez St New Orleans, LA	3.0	2.5	1102	$1,800	$1.63	18d	1	0.85mi
3327 Elysian Fields Ave New Orleans, LA	3.0	1.0	1200	$1,300	$1.08	24d	1	0.87mi
1245 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	44d	1	0.89mi
1247 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	44d	1	0.89mi
3515 Saint Anthony Ave New Orleans, LA	3.0	2.0	1366	$2,500	$1.83	24d	1	0.90mi
2664 Lepage St New Orleans, LA	3.0	2.0	1750	$2,725	$1.56	44d	1	0.91mi
1217 Kerlerec St Unit B New Orleans, LA	3.0	1.0	1300	$2,100	$1.62	4d	1	0.92mi
1466 N White St New Orleans, LA	3.0	1.5	1500	$2,250	$1.50	4d	1	0.95mi
3607 Havana St New Orleans, LA	3.0	2.0	1693	$1,488	$0.88	18d	1	0.99mi

Listing history 19 events

1. 2026-06-18
   days on market $203,000 Active 52 DOM
2. 2026-06-17
   days on market $203,000 Active 51 DOM
3. 2026-06-16
   days on market $203,000 Active 50 DOM
4. 2026-06-15
   days on market $203,000 Active 49 DOM
5. 2026-06-13
   days on market $203,000 Active 47 DOM
6. 2026-06-10
   days on market $203,000 Active 44 DOM
7. 2026-06-09
   days on market $203,000 Active 43 DOM
8. 2026-06-08
   days on market $203,000 Active 42 DOM
9. 2026-06-07
   days on market $203,000 Active 41 DOM
10. 2026-06-05
    days on market $203,000 Active 38 DOM
11. 2026-06-03
    days on market $203,000 Active 37 DOM
12. 2026-06-02
    days on market $203,000 Active 36 DOM
13. 2026-06-01
    days on market $203,000 Active 35 DOM
14. 2026-05-31
    days on market $203,000 Active 34 DOM
15. 2026-04-15
    listed $203,000 Active 1068-char remark

    Show marketing remark (1068 chars)

    Turnkey Investment in the Historic 7th Ward - Cash Flowing Day One! Don't let this income-producing double pass you by! Nestled in one of New Orleans' most culturally vibrant and rapidly appreciating neighborhoods, this duplex is the kind of steady, reliable investment savvy buyers dream about. Both units are currently tenant occupied, meaning you start collecting rent from the moment you close. Each unit has 3 bedrooms and 1 full bath. This property was renovated in 2011 with updated electrical, plumbing, updated bathroom and kitchen. Whether you're a seasoned investor growing your portfolio or a first-time buyer ready to house-hack in one of NOLA's most storied neighborhoods, the bones are here and the numbers work. Located just minutes from the Treme, the French Quarter, and the Marigny, the 7th Ward continues to attract strong tenant demand and long-term neighborhood investment. Historic charm, outdoor space, and immediate cash flow -- this one checks all the boxes. Opportunities like this don't stay on the market long. Schedule your showing today!

16. 2026-04-15
    listed $203,000 Active 1086-char remark

    Show marketing remark (1068 chars)

    Turnkey Investment in the Historic 7th Ward - Cash Flowing Day One! Don't let this income-producing double pass you by! Nestled in one of New Orleans' most culturally vibrant and rapidly appreciating neighborhoods, this duplex is the kind of steady, reliable investment savvy buyers dream about. Both units are currently tenant occupied, meaning you start collecting rent from the moment you close. Each unit has 3 bedrooms and 1 full bath. This property was renovated in 2011 with updated electrical, plumbing, updated bathroom and kitchen. Whether you're a seasoned investor growing your portfolio or a first-time buyer ready to house-hack in one of NOLA's most storied neighborhoods, the bones are here and the numbers work. Located just minutes from the Treme, the French Quarter, and the Marigny, the 7th Ward continues to attract strong tenant demand and long-term neighborhood investment. Historic charm, outdoor space, and immediate cash flow -- this one checks all the boxes. Opportunities like this don't stay on the market long. Schedule your showing today!

17. 2024-02-07
    listed $185,000
18. 2023-08-25
    soldstatus $150,000
19. 2016-03-09
    listed $110,000

ⓘ 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: $1,845 · $154/mo
• Projected year-2 tax: $1,845 · $154/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 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: $37,236
• − Mortgage interest: −$11,371
• − Property taxes: −$1,845
• − Insurance: −$6,134
• − Repairs & maintenance: −$2,979
• − Management: −$2,979
• − Depreciation: −$5,905
• Taxable income: $6,023
• Est. tax owed @ 24.0%: −$1,446
• After-tax cash flow: $7,218/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

+84.5% since first listed

5 events — show timeline

• 2026-04-15 Listed $203,000 GSREIN
• 2026-04-15 Listed $203,000 AcadianaMLS
• 2024-02-07 Listed $185,000 AcadianaMLS
• 2023-08-25 Sold (Public Records) $150,000 Public Records
• 2016-03-09 Listed $110,000 AcadianaMLS

Property tax history

+18.0%/yr

Latest (2026): $1,845 · +1.1% YoY. Source: county tax records.