3510 12 Joliet St · New Orleans, LA 70118

$280,000

5 bd · 3.0 ba · 2,424 sqft · MultiFamily public records · 57 Days on market

Built 1945 5,401 sqft lot $116/sqft · 12% below area Est $318k · 12% under ↓ 3% 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 +12.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• 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

Property is eligible for 100% financing and 3k in closing assistance through Nate Beecham at Hancock Whitney Bank. Perfect addition to any portfolio or awesome starter home for an owner occupant. Cash flows well and recently renovated, including new flooring, new cabinetry (3 bedroom unit) and appliances in the 3 bedroom unit, freshly painted, and much more. This turnkey property currently brings in $3300 monthly and rents can be higher by 2026 HANO standards. X flood zone. Schedule your appointment today!

Key facts

• 5,401 sq ft lot
• 2 parking spots
• Built 1945

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $280k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $280k).
• Recommended offer: $272k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.7% 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 flat; 279 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $4,707/mo this rent would consume 89% of the median local household income ($64k/yr) (locally 2237% 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 + 1.0% rent growth), your $78k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 2y 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; built in 1945 — 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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $271,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.68% ✓
• Cap rate: 14.67%
• Cash-on-cash: 29.91%
• DSCR: 2.33
• GRM: 5.0

CMA / ARV

• ARV (median comp): $317,874
• List price: $280,000
• Delta: -11.91%
• 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
8815 17 Palm St	0.36mi	6/3.0 (+1)	2,430 (+0%)	2mo	$414,900	$171	76
3329-3331 General Ogden St	0.27mi	6/4.0 (+1)	2,430 (+0%)	15mo	$399,000	$164	66
3702 Monroe St	0.18mi	5/2.0	2,232 (-8%)	13mo	$258,300	$116	64
3321-27 Leonidas St	0.11mi	5/3.0	2,088 (-14%)	12mo	$310,000	$148	62
8518 Forshey St	0.17mi	6/2.0 (+1)	2,066 (-15%)	20mo	$110,000	$53	42
9309 11 Belfast St	0.55mi	6/6.0 (+1)	2,462 (+2%)	18mo	$389,000	$158	40
4602 04 Banks St	0.71mi	6/2.5 (+1)	2,737 (+13%)	3mo	$445,000	$163	36
3411 Pine St	0.57mi	6/2.0 (+1)	2,600 (+7%)	21mo	$135,000	$52	35
4023 Ulloa St	0.68mi	6/4.0 (+1)	2,268 (-6%)	20mo	$449,900	$198	32
8812 Apple St	0.67mi	6/4.0 (+1)	2,171 (-10%)	14mo	$226,800	$104	30
4308 Dhemecourt St	0.59mi	4/2.0 (-1)	2,088 (-14%)	19mo	$210,000	$101	24
8332-34 Nelson St	0.70mi	4/2.0 (-1)	2,144 (-12%)	19mo	$230,000	$107	23

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 · 0.97% rent growth · sell at horizon

5-year hold

• IRR: 21.0%
• Equity multiple: 1.83×
• Total profit: $65,457
• Equity at exit: $41,749

10-year hold

• IRR: 27.8%
• Equity multiple: 3.23×
• Total profit: $174,736
• Equity at exit: $24,209

Cash invested: $78,400 (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 70118

• Rents YoY: 1.0%
• Active inventory: 279
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $4,707 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$179 /mo · $2,149/yr
• Insurance: −$117
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$988
• Net cashflow: $1,888

Break-even live

Break-even rent $2,317

Max offer price $280,000

Occupancy floor 55%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$4,707
Total (3 units)			$4,707

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7922 Colapissa St New Orleans, LA	4.0	2.0	1848	$2,400	$1.30	10d	1	0.49mi
4600 S Carrollton Ave Unit 2B New Orleans, LA	4.0	2.0	2097	$2,850	$1.36	23d	1	0.88mi
7902 Sycamore St New Orleans, LA	4.0	2.0	1991	$3,200	$1.61	43d	1	1.02mi
2101 S Carrollton Ave New Orleans, LA	4.0	2.0	1800	$2,400	$1.33	23d	1	1.03mi
4901 Iberville St New Orleans, LA	4.0	2.5	2256	$3,500	$1.55	43d	1	1.06mi
7325 Sycamore St New Orleans, LA	4.0	3.0	2500	$2,350	$0.94	23d	1	1.10mi
2201 Broadway St Unit 2 New Orleans, LA	4.0	2.0	2000	$3,000	$1.50	43d	1	1.16mi
3737 Nashville Ave New Orleans, LA	4.0	2.0	2000	$3,400	$1.70	21d	1	1.23mi
2010 Broadway St New Orleans, LA	4.0	2.0	1600	$2,400	$1.50	23d	1	1.25mi
2117 S Lopez St New Orleans, LA	5.0	2.0	1920	$2,000	$1.04	23d	1	1.26mi
5533 S Tonti St New Orleans, LA	4.0	4.0	3000	$3,000	$1.00	14d	1	1.43mi

Listing history 26 events

1. 2026-06-18
   days on market $280,000 Active 57 DOM
2. 2026-06-17
   days on market $280,000 Active 56 DOM
3. 2026-06-16
   days on market $280,000 Active 55 DOM
4. 2026-06-15
   days on market $280,000 Active 54 DOM
5. 2026-06-13
   days on market $280,000 Active 52 DOM
6. 2026-06-10
   days on market $280,000 Active 49 DOM
7. 2026-06-09
   days on market $280,000 Active 48 DOM
8. 2026-06-08
   days on market $280,000 Active 47 DOM
9. 2026-06-07
   days on market $280,000 Active 46 DOM
10. 2026-06-05
    days on market $280,000 Active 43 DOM
11. 2026-06-03
    days on market $280,000 Active 42 DOM
12. 2026-06-02
    days on market $280,000 Active 41 DOM
13. 2026-06-01
    days on market $280,000 Active 40 DOM
14. 2026-05-31
    days on market $280,000 Active 39 DOM
15. 2026-04-22
    listed $280,000 Active 511-char remark

    Show marketing remark (511 chars)

    Property is eligible for 100% financing and 3k in closing assistance through Nate Beecham at Hancock Whitney Bank. Perfect addition to any portfolio or awesome starter home for an owner occupant. Cash flows well and recently renovated, including new flooring, new cabinetry (3 bedroom unit) and appliances in the 3 bedroom unit, freshly painted, and much more. This turnkey property currently brings in $3300 monthly and rents can be higher by 2026 HANO standards. X flood zone. Schedule your appointment today!

16. 2026-04-22
    listed $280,000 Active 511-char remark

    Show marketing remark (511 chars)

    Property is eligible for 100% financing and 3k in closing assistance through Nate Beecham at Hancock Whitney Bank. Perfect addition to any portfolio or awesome starter home for an owner occupant. Cash flows well and recently renovated, including new flooring, new cabinetry (3 bedroom unit) and appliances in the 3 bedroom unit, freshly painted, and much more. This turnkey property currently brings in $3300 monthly and rents can be higher by 2026 HANO standards. X flood zone. Schedule your appointment today!

17. 2025-11-17
    listed $280,000 Active
18. 2025-07-01
    historical $1,550
19. 2025-06-07
    listed $280,000 Active
20. 2025-04-16
    listed $1,550
21. 2025-04-12
    listed $280,000 Active
22. 2025-01-05
    listed $280,000 Active
23. 2024-10-20
    price $280,000
24. 2024-10-20
    price $280,000
25. 2024-07-09
    listed $290,000 Active
26. 2024-01-07
    listed $290,000

ⓘ 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: $2,149 · $179/mo
• Projected year-2 tax: $2,149 · $179/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) · 77% 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: $56,484
• − Mortgage interest: −$15,684
• − Property taxes: −$2,149
• − Insurance: −$2,198
• − Repairs & maintenance: −$4,519
• − Management: −$4,519
• − Depreciation: −$8,145
• Taxable income: $19,270
• Est. tax owed @ 24.0%: −$4,625
• After-tax cash flow: $18,031/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): 36,072
• Household income: $63,750
• Rent vs Own: 51.5% rent · 48.5% own
• Severe rent burden: 2237.0

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 0.65)
• Race & ethnicity: White 47% Black 34% Hispanic / Latino 11% Two or more races 11% Asian 4%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Italian 2% Romanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 86% English-only · Spanish 7% French/Haitian/Cajun 2% Other Indo-European 2%

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: ▼ -210.46%
• Current HPI: 282.9629
• Rent YoY: ▲ 0.97%
• 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

-3.4% since first listed

12 events — show timeline

• 2026-04-22 Listed $280,000 GSREIN
• 2026-04-22 Listed $280,000 AcadianaMLS
• 2025-11-17 Listed $280,000 AcadianaMLS
• 2025-07-01 Rental Removed $1,550 GSREIN
• 2025-06-07 Listed $280,000 AcadianaMLS
• 2025-04-16 Listed for Rent $1,550 GSREIN
• 2025-04-12 Listed $280,000 AcadianaMLS
• 2025-01-05 Listed $280,000 AcadianaMLS
• 2024-10-20 Price Changed $280,000 AcadianaMLS
• 2024-10-20 Price Changed $280,000 GSREIN
• 2024-07-09 Listed $290,000 AcadianaMLS
• 2024-01-07 Listed $290,000 AcadianaMLS

Property tax history

+7.1%/yr

Latest (2026): $2,149 · +1.1% YoY. Source: county tax records.