2323 21 N D'abadie St · New Orleans, LA 70119

$195,000

4 bd · 2.0 ba · 3,600 sqft · MultiFamily · 80 Days on market

Built 1900 Fair condition $54/sqft · 49% below area Est $380k · 49% under

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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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.0/5.0
• 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

Located in the heart of the Historic 7th Ward in Downtown New Orleans, this residential double offers incredible potential for the right investor. Each unit features 2 bedrooms and 1 bathroom, along with a spacious backyard—opportunity for adding value and maximizing returns. While the property is in fair condition, it presents a prime opportunity to renovate and build significant equity. Whether you’re looking to expand your portfolio or a profitable project, this is a deal you don’t want to miss.

Key facts

• Spacious backyard
• Historic 7th ward
• Built 1900

Tags

• HISTORIC 7TH WARD
• SPACIOUS BACKYARD
• OPPORTUNITY TO RENOVATE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $195k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $195k).
• Recommended offer: $183k (6.0% below list) — sets the bar for market timing.
• Cap rate 17.8% 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; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $4,077/mo this rent would consume 92% 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $55k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($183k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $183,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% 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. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 2.09% ✓
• Cap rate: 17.82%
• Cash-on-cash: 41.17%
• DSCR: 2.83
• GRM: 4.0

CMA / ARV

• ARV (median comp): $380,461
• List price: $195,000
• Delta: -48.75%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1612 14 N Broad St	0.12mi	5/3.5 (+1)	3,415 (-5%)	1mo	$215,000	$63	74
2653 Lepage St	0.34mi	4/4.0	3,630 (+1%)	10mo	$1,225,000	$337	66
3206 Desoto St	0.70mi	5/4.0 (+1)	3,561 (-1%)	1mo	$1	—	52
3015 17 Grand Route Saint John St	0.49mi	4/2.5	3,076 (-15%)	18mo	$755,000	$245	36

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: 34.3%
• Equity multiple: 2.39×
• Total profit: $75,822
• Equity at exit: $29,075

10-year hold

• IRR: 39.5%
• Equity multiple: 4.18×
• Total profit: $173,726
• Equity at exit: $16,860

Cash invested: $54,600 (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: 8.0×

Monthly cashflow live

• Estimated rent: $4,077 high
• Mortgage (P&I): −$1,023
• Tax est. 1.5%: −$244 /mo · $2,925/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$856
• Net cashflow: $1,873

Break-even live

Break-even rent $1,706

Max offer price $195,000

Occupancy floor 49%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,076
Total (2 units)			$4,077

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3232 Grand Rte Saint John St New Orleans, LA	3.0	3.0	2800	$5,000	$1.79	23d	1	0.69mi
1608 Governor Nicholls St Unit D New Orleans, LA	5.0	3.5	5245	$4,000	$0.76	43d	1	0.97mi
1608 Governor Nicholls St Unit D New Orleans, LA	5.0	3.5	5245	$4,000	$0.76	23d	1	0.97mi
1860 Burgundy St New Orleans, LA	4.0	4.0	3000	$3,500	$1.17	23d	1	1.30mi
1000 Saint Philip St New Orleans, LA	3.0	2.5	2650	$4,800	$1.81	43d	1	1.38mi
839 Dumaine St New Orleans, LA	3.0	4.0	2740	$6,500	$2.37	43d	1	1.49mi

Listing history 15 events

1. 2026-06-18
   days on market $195,000 Active 80 DOM
2. 2026-06-17
   days on market $195,000 Active 79 DOM
3. 2026-06-16
   days on market $195,000 Active 78 DOM
4. 2026-06-15
   days on market $195,000 Active 77 DOM
5. 2026-06-13
   days on market $195,000 Active 75 DOM
6. 2026-06-10
   days on market $195,000 Active 72 DOM
7. 2026-06-09
   days on market $195,000 Active 71 DOM
8. 2026-06-08
   days on market $195,000 Active 70 DOM
9. 2026-06-07
   days on market $195,000 Active 69 DOM
10. 2026-06-05
    days on market $195,000 Active 66 DOM
11. 2026-06-03
    days on market $195,000 Active 65 DOM
12. 2026-06-02
    days on market $195,000 Active 64 DOM
13. 2026-06-01
    days on market $195,000 Active 63 DOM
14. 2026-05-31
    days on market $195,000 Active 62 DOM
15. 2026-03-30
    listed $195,000 Active 521-char remark

    Show marketing remark (521 chars)

    Located in the heart of the Historic 7th Ward in Downtown New Orleans, this residential double offers incredible potential for the right investor. Each unit features 2 bedrooms and 1 bathroom, along with a spacious backyard—opportunity for adding value and maximizing returns. While the property is in fair condition, it presents a prime opportunity to renovate and build significant equity. Whether you’re looking to expand your portfolio or a profitable project, this is a deal you don’t want to miss.

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

Taxation est. · year 1

• Rental income: $48,924
• − Mortgage interest: −$10,923
• − Property taxes: −$2,925
• − Insurance: −$975
• − Repairs & maintenance: −$3,914
• − Management: −$3,914
• − Depreciation: −$5,673
• Taxable income: $20,600
• Est. tax owed @ 24.0%: −$4,944
• After-tax cash flow: $17,535/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 · 7 photos

Fair 40/100 Moderate rehab

This property presents a moderate renovation opportunity with significant potential for increasing both resale and rental value through exterior updates and interior improvements.

Repairs flagged

• Major Kitchen floor — Dirty and in need of cleaning
• Major Bathroom floor — Dirty and in need of cleaning
• Major Exterior siding — Weathered and peeling
• Major Kitchen cabinetry — Outdated and in need of replacement

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace kitchen cabinetry — Modernizes the space and increases value
• Both Clean and maintain all areas — Keeps the property in good condition and ready for potential buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen floor · Dirty and in need of cleaning	Major	$15,000–50,000
Bathroom floor · Dirty and in need of cleaning	Major	$15,000–50,000
Exterior siding · Weathered and peeling	Major	$15,000–50,000
Kitchen cabinetry · Outdated and in need of replacement	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace kitchen cabinetry — Modernizes the space and increases value ↑
• Both Clean and maintain all areas — Keeps the property in good condition and ready for potential buyers ↑

ⓘ 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

1 event — show timeline

• 2026-03-30 Listed $195,000 GSREIN