2237 39 Washington Ave · New Orleans, LA 70113

$175,000

2 bd · 2.0 ba · 1,525 sqft · MultiFamily public records · 27 Days on market

Built 1994 2,940 sqft lot

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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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0

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

Calling all investors! Historic double in convenient location with quick access to St. Charles Avenue, I-10, the Uptown parade route, and more! One side is rented with current monthly rental income of $800 with potential for more. High ceilings throughout and spacious yard. Each unit has 2 bedrooms/ 1 bath. This property is part of a portfolio of several multi-family properties in the surrounding area that can be sold together. Great investment opportunity!

Key facts

• Spacious yard
• Historic double
• Convenient location

Tags

• HISTORIC DOUBLE
• CONVENIENT LOCATION
• SPACIOUS YARD
• INVESTMENT OPPORTUNITY

Property features AI

Finance

• Financial info: Two-unit property

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-story property
• Construction: Shingle roof
• Exterior features: Corner lot; City lot; Rectangular lot; Lot dimensions approximately 30' x 99'

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Average condition; Raised foundation
• Laundry & utility: Laundry inside

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.8% 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 rising fast (+6.0%/yr); 137 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Orleans County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 6.0% rent growth), your $49k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 32y 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 $6k; list at $175k implies a 2817% gain — meaningful room to come down on a strong offer.

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 $172,375 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.65% ✓
• Cap rate: 13.82%
• Cash-on-cash: 26.90%
• DSCR: 2.20
• GRM: 5.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 5.98% rent growth · sell at horizon

5-year hold

• IRR: 45.1%
• Equity multiple: 4.47×
• Total profit: $169,977
• Equity at exit: $157,654

10-year hold

• IRR: 40.3%
• Equity multiple: 10.58×
• Total profit: $469,349
• Equity at exit: $339,987

Cash invested: $49,000 (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 70113

• Rents YoY: 6.0%
• Active inventory: 137
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,879 high
• Mortgage (P&I): −$918
• Tax from tax record: −$186 /mo · $2,226/yr
• Insurance: −$73
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$605
• Net cashflow: $1,032

Break-even live

Break-even rent $1,573

Max offer price $175,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,878
Total (2 units)			$2,879

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2717 Loyola Ave New Orleans, LA	3.0	2.0	1232	$2,300	$1.87	23d	1	0.07mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1250	$2,300	$1.84	2d	1	0.07mi
2107 Fourth St New Orleans, LA	3.0	1.0	1292	$1,775	$1.37	17d	1	0.14mi
2227 Second St New Orleans, LA	2.0	2.0	1100	$1,900	$1.73	23d	1	0.16mi
2225 2nd St New Orleans, LA	3.0	2.0	1100	$1,800	$1.64	23d	1	0.17mi
2403 S Saratoga St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	23d	1	0.24mi
2705 Dryades St New Orleans, LA	2.0	1.0	1100	$2,000	$1.82	23d	1	0.26mi
1908 Washington Ave Unit NA New Orleans, LA	2.0	2.5	1498	$2,100	$1.40	20d	1	0.26mi
2231 S Liberty St New Orleans, LA	3.0	3.5	1752	$2,000	$1.14	17d	1	0.28mi
2713 Baronne St New Orleans, LA	3.0	2.5	1600	$2,300	$1.44	23d	1	0.32mi
2625 Baronne St Unit 1 New Orleans, LA	3.0	1.5	2100	$2,600	$1.24	44d	1	0.33mi
3324 S Saratoga St Unit 201 New Orleans, LA	2.0	1.0	1200	$2,000	$1.67	21d	1	0.34mi
1915 Philip St New Orleans, LA	3.0	1.5	1300	$2,450	$1.88	23d	1	0.34mi
3212 Danneel St New Orleans, LA	3.0	2.0	1945	$2,000	$1.03	23d	1	0.34mi
2301 Dryades St New Orleans, LA	3.0	3.0	2070	$3,000	$1.45	3d	1	0.35mi
1944 Jackson Ave New Orleans, LA	3.0	2.5	1572	$2,500	$1.59	44d	1	0.36mi
2123 S Liberty St Unit 2125 New Orleans, LA	3.0	2.0	1500	$2,100	$1.40	3d	1	0.36mi
2931 Baronne St New Orleans, LA	3.0	1.0	1145	$1,510	$1.32	23d	1	0.38mi
1719 Seventh St Unit A New Orleans, LA	2.0	1.0	1093	$1,525	$1.40	23d	1	0.40mi
1706 Seventh St Unit B New Orleans, LA	2.0	1.0	1158	$1,550	$1.34	23d	1	0.44mi
2539 Amelia St New Orleans, LA	3.0	2.0	1296	$2,200	$1.70	23d	1	0.44mi
1618 3rd St New Orleans, LA	2.0	1.0	1210	$1,850	$1.53	23d	1	0.45mi
1635 2nd St New Orleans, LA	2.0	1.0	1500	$2,175	$1.45	16d	1	0.45mi
3435 Magnolia St New Orleans, LA	3.0	1.0	1050	$1,500	$1.43	23d	1	0.45mi
3429 Clara St New Orleans, LA	3.0	2.0	1620	$2,350	$1.45	14d	1	0.48mi
1618 Philip St New Orleans, LA	2.0	2.0	1200	$1,950	$1.62	23d	1	0.50mi
1725 Louisiana Ave New Orleans, LA	2.0	2.0	1350	$2,000	$1.48	23d	1	0.50mi
3429 Baronne St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	44d	1	0.51mi
3439 Baronne St New Orleans, LA	2.0	2.0	1492	$3,500	$2.35	16d	1	0.53mi
1715 Jackson Ave Unit B New Orleans, LA	2.0	2.0	1200	$1,850	$1.54	2d	1	0.53mi
3201 Saint Charles Ave New Orleans, LA	1.0–2.0	1.0–2.0	922	$2,250	$2.44	17d	4	0.55mi
2535 Marengo St New Orleans, LA	3.0	1.0	1300	$1,200	$0.92	14d	1	0.56mi
2702 Felicity St Unit 4 New Orleans, LA	1.0	1.0	1734	$825	$0.48	3d	1	0.56mi
2833 S Derbigny St New Orleans, LA	3.0	2.0	1500	$1,795	$1.20	23d	1	0.57mi
2526 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1200	$2,200	$1.83	3d	1	0.58mi
3108 Second St New Orleans, LA	3.0	3.0	1216	$2,100	$1.73	3d	1	0.58mi
2722 Martin L King Bl New Orleans, LA	3.0	2.5	1350	$1,800	$1.33	23d	1	0.59mi
2318 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1400	$1,700	$1.21	23d	1	0.59mi
2726 Prytania St #7 New Orleans, LA	2.0	2.0	1436	$2,500	$1.74	44d	1	0.59mi
2726 Prytania St #7 New Orleans, LA	2.0	2.0	1436	$2,350	$1.64	23d	1	0.59mi

Listing history 26 events

1. 2026-06-18
   days on market $175,000 Active 27 DOM
2. 2026-06-17
   days on market $175,000 Active 26 DOM
3. 2026-06-16
   days on market $175,000 Active 25 DOM
4. 2026-06-15
   days on market $175,000 Active 24 DOM
5. 2026-06-13
   days on market $175,000 Active 22 DOM
6. 2026-06-10
   days on market $175,000 Active 19 DOM
7. 2026-06-09
   days on market $175,000 Active 18 DOM
8. 2026-06-08
   days on market $175,000 Active 17 DOM
9. 2026-06-07
   days on market $175,000 Active 16 DOM
10. 2026-06-05
    days on market $175,000 Active 13 DOM
11. 2026-06-03
    days on market $175,000 Active 12 DOM
12. 2026-06-02
    days on market $175,000 Active 11 DOM
13. 2026-06-01
    days on market $175,000 Active 10 DOM
14. 2026-05-31
    days on market $175,000 Active 9 DOM
15. 2026-05-21
    listed $175,000 Active 461-char remark

    Show marketing remark (461 chars)

    Calling all investors! Historic double in convenient location with quick access to St. Charles Avenue, I-10, the Uptown parade route, and more! One side is rented with current monthly rental income of $800 with potential for more. High ceilings throughout and spacious yard. Each unit has 2 bedrooms/ 1 bath. This property is part of a portfolio of several multi-family properties in the surrounding area that can be sold together. Great investment opportunity!

16. 2026-05-21
    listed $175,000 Active

    Show marketing remark (461 chars)

    Calling all investors! Historic double in convenient location with quick access to St. Charles Avenue, I-10, the Uptown parade route, and more! One side is rented with current monthly rental income of $800 with potential for more. High ceilings throughout and spacious yard. Each unit has 2 bedrooms/ 1 bath. This property is part of a portfolio of several multi-family properties in the surrounding area that can be sold together. Great investment opportunity!

17. 2026-05-14
    historical $1,595
18. 2026-03-01
    listed $1,595
19. 2026-02-28
    historical $1,595
20. 2026-02-28
    listed $1,595
21. 2013-08-28
    listed $75,000
22. 2013-08-28
    listed $75,000
23. 2010-05-12
    listed $119,000
24. 1994-10-31
    soldstatus $6,000
25. 1994-05-09
    listed $6,000
26. 1994-05-09
    listed $6,000

ⓘ 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: $2,226 · $186/mo
• Projected year-2 tax: $2,226 · $186/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) · 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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,548
• − Mortgage interest: −$9,803
• − Property taxes: −$2,226
• − Insurance: −$1,672
• − Repairs & maintenance: −$2,764
• − Management: −$2,764
• − Depreciation: −$5,091
• Taxable income: $10,228
• Est. tax owed @ 24.0%: −$2,455
• After-tax cash flow: $9,927/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): 9,387
• Household income: $39,333
• Rent vs Own: 75.4% rent · 24.6% own
• Severe rent burden: 714.0

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 0.57)
• Race & ethnicity: Black 61% White 20% Hispanic / Latino 13% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 2% Portuguese 1% Slovak 1%
• Foreign-born: 13% · Canada, Vietnam, China
• Languages at home: 86% English-only · Spanish 11% Other Indo-European 1% Vietnamese 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: ▲ 65.92%
• Current HPI: 229.3968
• Rent YoY: ▲ 5.98%
• 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

+2816.7% since first listed

12 events — show timeline

• 2026-05-21 Listed $175,000 GSREIN
• 2026-05-21 Listed $175,000 AcadianaMLS
• 2026-05-14 Rental Removed $1,595 GSREIN
• 2026-03-01 Listed for Rent $1,595 GSREIN
• 2026-02-28 Rental Removed $1,595 RAAMLS
• 2026-02-28 Listed for Rent $1,595 RAAMLS
• 2013-08-28 Listed $75,000 GSREIN
• 2013-08-28 Listed $75,000 AcadianaMLS
• 2010-05-12 Listed $119,000 AcadianaMLS
• 1994-10-31 Sold (MLS) $6,000 GSREIN
• 1994-05-09 Listed $6,000 AcadianaMLS
• 1994-05-09 Listed $6,000 GSREIN

Property tax history

+6.0%/yr

Latest (2026): $2,226 · +1.1% YoY. Source: county tax records.