8820 22 Morrison Rd · New Orleans, LA 70127

$249,999

5 bd · 3.0 ba · 2,593 sqft · MultiFamily · 92 Days on market

Built 1978 Average condition $96/sqft · 34% above area Est $186k · 34% over

---

Why this score? — see what drove the D+ 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 +24.4/30.0
• DSCR +7.9/10.0
• 1% rule +6.3/10.0
• Livability +4.0/5.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0
• 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

NEW ORLEANS EAST SOLID BRICK DOUBLE FEATURING TWO SPACIOUS UNITS- ONE OFFERING 3 BEDROOMS AND 2 BATHS, THE OTHER 2 BEDROOMS AND 1 BATH. EACH UNIT INCLUDES ITS OWN SINGLE CAR GARAGE, SEPERATE DRIVEWAY AND INDIVIDUALLY FENCED BACK YARD FOR ADDED PRIVACY. PERFECT FOR OWNER OCCUPANTS-LIVE ON ONE SIDE WHILE THE OTHER HELPS OFFSET YOUR MORTGAGE-OR ADD THIS INCOME PRODUCING PROPERTY TO YOUR INVESTMENT PORTFOLIO.

Key facts

• Single car garage
• Separate driveway
• Solid brick double

Tags

• SOLID BRICK DOUBLE
• SPACIOUS UNITS
• SINGLE CAR GARAGE
• SEPARATE DRIVEWAY
• INDIVIDUALLY FENCED BACK YARD
• INCOME PRODUCING PROPERTY

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $250k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $506 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $227k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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: 128 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,827/mo this rent would consume 83% of the median local household income ($41k/yr) (locally 2030% 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.

Negotiation context

• It's been on market 92 days — a 9% lower offer ($227k) is reasonable based on typical stale-listing flexibility.

Recommended offer $227,499 (9.0% below list)

Questions for the listing agent

1. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.13% ✓
• Cap rate: 8.72%
• Cash-on-cash: 8.67%
• DSCR: 1.39
• GRM: 7.4

CMA / ARV

• ARV (median comp): $185,905
• List price: $249,999
• Delta: 34.48%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7140 42 Boston Dr	0.45mi	5/3.0	2,648 (+2%)	14mo	$225,000	$85	64
7001-7003 Yorktown Dr	0.54mi	6/3.0 (+1)	2,706 (+4%)	1mo	$183,500	$68	62
9110 Morrison Rd	0.31mi	6/4.0 (+1)	2,528 (-2%)	13mo	$230,000	$91	61
7160 Bunker Hill Rd	0.55mi	5/3.0	2,718 (+5%)	7mo	$190,000	$70	60
7143 Boston Dr	0.42mi	5/3.0	2,648 (+2%)	20mo	$208,000	$79	60
7120 22 Bunker Hill Rd	0.56mi	5/3.0	2,450 (-6%)	6mo	$212,500	$87	59
7131 Yorktown Dr	0.47mi	5/3.0	2,814 (+8%)	7mo	$179,000	$64	58
7100 02 Bunker Hill Rd	0.56mi	5/3.0	2,450 (-6%)	8mo	$225,000	$92	58
8921 23 Gervais St	0.62mi	5/3.0	2,373 (-8%)	14mo	$194,000	$82	45
9040 42 Bunker Hill Rd	0.55mi	6/3.0 (+1)	2,790 (+8%)	23mo	$179,250	$64	38
8601 Dinkins St	0.73mi	5/3.0	2,303 (-11%)	12mo	$160,000	$69	37
8830 32 Bunker Hill Rd	0.63mi	4/3.0 (-1)	2,400 (-7%)	23mo	$165,000	$69	34

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -3.1%
• Equity multiple: 0.88×
• Total profit: $-8,263
• Equity at exit: $37,276

10-year hold

• IRR: 6.6%
• Equity multiple: 1.49×
• Total profit: $34,446
• Equity at exit: $21,615

Cash invested: $70,000 (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 70127

• Home prices YoY: -29.2%
• Active inventory: 128
• Price-to-rent: 14.0×

Monthly cashflow live

• Estimated rent: $2,827 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$594
• Net cashflow: $506

Break-even live

Break-even rent $2,187

Max offer price $249,999

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$1,486
1× unit	2	1	$1,342
Total (2 units)			$2,827

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7063 Boston Dr New Orleans, LA	4.0	2.5	1750	$1,900	$1.09	16d	1	0.47mi

Listing history 15 events

1. 2026-06-18
   days on market $249,999 Active 92 DOM
2. 2026-06-17
   days on market $249,999 Active 91 DOM
3. 2026-06-16
   days on market $249,999 Active 90 DOM
4. 2026-06-15
   days on market $249,999 Active 89 DOM
5. 2026-06-13
   days on market $249,999 Active 87 DOM
6. 2026-06-10
   days on market $249,999 Active 84 DOM
7. 2026-06-09
   days on market $249,999 Active 83 DOM
8. 2026-06-08
   days on market $249,999 Active 82 DOM
9. 2026-06-07
   days on market $249,999 Active 81 DOM
10. 2026-06-05
    days on market $249,999 Active 78 DOM
11. 2026-06-03
    days on market $249,999 Active 77 DOM
12. 2026-06-02
    days on market $249,999 Active 76 DOM
13. 2026-06-01
    days on market $249,999 Active 75 DOM
14. 2026-05-31
    days on market $249,999 Active 74 DOM
15. 2026-03-18
    listed $249,999 Active 408-char remark

    Show marketing remark (408 chars)

    NEW ORLEANS EAST SOLID BRICK DOUBLE FEATURING TWO SPACIOUS UNITS- ONE OFFERING 3 BEDROOMS AND 2 BATHS, THE OTHER 2 BEDROOMS AND 1 BATH. EACH UNIT INCLUDES ITS OWN SINGLE CAR GARAGE, SEPERATE DRIVEWAY AND INDIVIDUALLY FENCED BACK YARD FOR ADDED PRIVACY. PERFECT FOR OWNER OCCUPANTS-LIVE ON ONE SIDE WHILE THE OTHER HELPS OFFSET YOUR MORTGAGE-OR ADD THIS INCOME PRODUCING PROPERTY TO YOUR INVESTMENT PORTFOLIO.

ⓘ 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: $33,924
• − Mortgage interest: −$14,004
• − Property taxes: −$3,750
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,714
• − Management: −$2,714
• − Depreciation: −$7,273
• Taxable income: $2,220
• Est. tax owed @ 24.0%: −$533
• After-tax cash flow: $5,535/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 · 12 photos

Average 55/100 Moderate rehab

This property requires moderate renovations to improve its condition and value. Focus on updating the kitchen, painting interior walls, and replacing worn flooring to enhance both resale and rental potential.

Repairs flagged

• Moderate Kitchen cabinets — Worn appearance
• Moderate Bathroom fixtures — Dated appearance
• Moderate Exterior siding — Weathered appearance
• Moderate Flooring — Worn tile

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace worn kitchen cabinets — New cabinets improve functionality and aesthetics
• Both Replace worn flooring — New flooring enhances comfort and appearance
• Both Landscaping improvements — Enhances curb appeal and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Worn appearance	Moderate	$3,000–15,000
Bathroom fixtures · Dated appearance	Moderate	$3,000–15,000
Exterior siding · Weathered appearance	Moderate	$3,000–15,000
Flooring · Worn tile	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$12,000–60,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace worn kitchen cabinets — New cabinets improve functionality and aesthetics ↑
• Both Replace worn flooring — New flooring enhances comfort and appearance ↑
• Both Landscaping improvements — Enhances curb appeal and adds 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): 23,107
• Household income: $40,765
• Rent vs Own: 53.0% rent · 47.0% own
• Severe rent burden: 2030.0

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: Predominantly Black (91%)
• Race & ethnicity: Black 91% Hispanic / Latino 4% Two or more races 4% White 2%
• Common ancestry: Lithuanian 1% Hispanic 1%
• Foreign-born: 3% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 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: ▼ -72.43%
• Current HPI: 175.4465
• Rent YoY: —
• 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

• 2026-03-18 Listed $249,999 GSREIN