3509 11 S Saratoga St · New Orleans, LA 70115

$99,000

4 bd · 2.0 ba · 1,782 sqft · MultiFamily public records · 8 Days on market

Built 1920 2,217 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
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• 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

This property offers a unique opportunity to restore and reimagine a valuable piece of real estate. With multiple possibilities, the property can be renovated and converted back into a multi-family income-producing property, transformed into a spacious single-family residence, or cleared entirely to create a blank canvas for new construction. Whether you're an investor, developer, or homeowner with a vision, this property provides the flexibility to create something truly special. Bring your ideas and unlock its full potential.

Key facts

• 2,217 sq ft lot
• Built 1920
• Listed 8 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: 2-story home; Wood siding exterior; Shingle roof
• Construction: Wood siding construction; Raised foundation; Built with shingle roof
• Exterior features: City lot; Rectangular lot; Lot dimensions approximately 29 x 78

Interior

• Bathrooms: 2 full bathrooms
• Interior features: Average condition; Raised foundation

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $99k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $99k).
• Cap rate 28.3% 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 (-1.4%/yr); 278 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); solid renter incomes; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• This rent runs 44% of the median local income ($90k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k 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 $28k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 17y 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 $25k; list at $99k implies a 296% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; flood insurance adds $66/mo; built in 1920 — 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 $99,000

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 3.37% ✓
• Cap rate: 28.29%
• Cash-on-cash: 78.56%
• DSCR: 4.50
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $285,120
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1713 15 8th St	0.35mi	4/2.0	1,750 (-2%)	7mo	$280,000	$160	75
2219 21 Toledano St	0.20mi	4/2.0	1,640 (-8%)	4mo	$232,000	$141	75
1917 Jena St	0.53mi	4/2.0	1,857 (+4%)	1mo	$215,000	$116	67
2820-22 Milan St	0.56mi	4/2.0	1,704 (-4%)	0mo	$305,000	$179	66
3020 22 Gen Taylor St	0.68mi	4/2.0	1,717 (-4%)	6mo	$190,000	$111	57
2521 23 Carondelet St	0.62mi	4/2.5	1,873 (+5%)	6mo	$490,000	$262	56
1809 11 Third St	0.58mi	4/2.0	1,585 (-11%)	1mo	$260,000	$164	54
4522 S Liberty St	0.57mi	5/3.0 (+1)	1,831 (+3%)	8mo	$253,000	$138	53
2514-16 Second St	0.62mi	4/3.0	1,910 (+7%)	12mo	$293,000	$153	45
3112 14 General Taylor St	0.73mi	4/2.0	1,930 (+8%)	11mo	$265,000	$137	43
4005-4007 Camp St	0.71mi	3/2.0 (-1)	1,625 (-9%)	11mo	$540,000	$332	38
3220 Chestnut St	0.65mi	3/3.0 (-1)	1,975 (+11%)	12mo	$649,000	$329	33

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: 71.9%
• Equity multiple: 4.09×
• Total profit: $85,719
• Equity at exit: $14,761

10-year hold

• IRR: 74.9%
• Equity multiple: 7.53×
• Total profit: $180,988
• Equity at exit: $8,560

Cash invested: $27,720 (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 70115

• Rents YoY: -1.4%
• Active inventory: 278
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $3,333 high
• Mortgage (P&I): −$519
• Tax from tax record: −$258 /mo · $3,094/yr
• Insurance: −$41
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$700
• Net cashflow: $1,748

Break-even live

Break-even rent $1,120

Max offer price $99,000

Occupancy floor 43%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,334
Total (2 units)			$3,333

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3429 Baronne St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	43d	1	0.17mi
3212 Danneel St New Orleans, LA	3.0	2.0	1945	$2,000	$1.03	23d	1	0.20mi
1636 Peniston St Unit B New Orleans, LA	3.0	2.0	1950	$1,700	$0.87	20d	1	0.29mi
2539 Amelia St New Orleans, LA	3.0	2.0	1296	$2,200	$1.70	23d	1	0.35mi
4213 Dryades St New Orleans, LA	4.0	2.0	2000	$2,800	$1.40	23d	1	0.36mi
4223 S Liberty St New Orleans, LA	3.0	1.5	1509	$2,400	$1.59	2d	1	0.38mi
2600 Peniston St New Orleans, LA	4.0	2.0	2342	$3,500	$1.49	43d	1	0.39mi
2535 Marengo St New Orleans, LA	3.0	1.0	1300	$1,200	$0.92	14d	1	0.39mi
2733 Danneel St New Orleans, LA	4.0	2.0	1350	$1,775	$1.31	23d	1	0.43mi
1907 Napoleon Ave New Orleans, LA	4.0	2.0	2500	$2,800	$1.12	16d	1	0.45mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1232	$2,300	$1.87	23d	1	0.45mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1250	$2,300	$1.84	1d	1	0.45mi
2107 Fourth St New Orleans, LA	3.0	1.0	1292	$1,775	$1.37	16d	1	0.48mi
2713 Baronne St New Orleans, LA	3.0	2.5	1600	$2,300	$1.44	23d	1	0.49mi
3429 Clara St New Orleans, LA	3.0	2.0	1620	$2,350	$1.45	14d	1	0.52mi
2717 Milan St New Orleans, LA	3.0	1.5	1850	$1,650	$0.89	14d	1	0.52mi
4435 Loyola Ave New Orleans, LA	3.0	2.0	1973	$2,900	$1.47	15d	1	0.53mi
2625 Baronne St Unit 1 New Orleans, LA	3.0	1.5	2100	$2,600	$1.24	43d	1	0.53mi
2308 Jena St New Orleans, LA	3.0	2.5	2550	$3,300	$1.29	43d	1	0.57mi
1410 6th St New Orleans, LA	3.0	2.0	1400	$5,000	$3.57	15d	1	0.61mi
2608 Magnolia St New Orleans, LA	4.0	2.5	1950	$3,200	$1.64	43d	1	0.64mi
4229 Coliseum St New Orleans, LA	3.0	1.0	2000	$1,950	$0.97	16d	1	0.64mi
2403 S Saratoga St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	23d	1	0.64mi
4502 Pitt St New Orleans, LA	3.0	2.0	1360	$2,500	$1.84	19d	1	0.67mi
1118 Foucher St New Orleans, LA	3.0	2.5	1620	$2,490	$1.54	16d	1	0.67mi
2301 Dryades St New Orleans, LA	3.0	3.0	2070	$3,000	$1.45	2d	1	0.70mi
1915 Philip St New Orleans, LA	3.0	1.5	1300	$2,450	$1.88	23d	1	0.70mi
3035 Delachaise St New Orleans, LA	3.0	1.0	1968	$1,750	$0.89	1d	1	0.71mi
3044 Louisiana Avenue Pkwy New Orleans, LA	3.0	2.0	1800	$1,900	$1.06	23d	1	0.72mi
2231 S Liberty St New Orleans, LA	3.0	3.5	1752	$2,000	$1.14	16d	1	0.74mi
4206 S Derbigny St New Orleans, LA	3.0	1.0	1300	$1,600	$1.23	23d	1	0.75mi
1944 Jackson Ave New Orleans, LA	3.0	2.5	1572	$2,500	$1.59	43d	1	0.77mi
2833 S Derbigny St New Orleans, LA	3.0	2.0	1500	$1,795	$1.20	23d	1	0.77mi
1111 6th St New Orleans, LA	3.0	1.5	1425	$2,995	$2.10	43d	1	0.79mi
3208 Louisiana Avenue Pkwy New Orleans, LA	3.0	2.0	1391	$1,900	$1.37	16d	1	0.81mi
2123 S Liberty St Unit 2125 New Orleans, LA	3.0	2.0	1500	$2,100	$1.40	3d	1	0.82mi
4818 Carondelet St New Orleans, LA	3.0	2.0	2400	$3,600	$1.50	23d	1	0.82mi
3200 Washington Ave Unit NA New Orleans, LA	4.0	3.0	2490	$3,400	$1.37	3d	1	0.84mi
2102 Josephine St New Orleans, LA	4.0	2.0	1286	$2,100	$1.63	23d	1	0.84mi
2806 Upperline St Unit Lower New Orleans, LA	3.0	2.0	1250	$2,500	$2.00	19d	1	0.85mi

Listing history 5 events

1. 2026-06-18
   days on market $99,000 Active 8 DOM
2. 2026-06-17
   days on market $99,000 Active 7 DOM
3. 2026-06-16
   days on market $99,000 Active 6 DOM
4. 2026-06-15
   days on market $99,000 Active 5 DOM
5. 2026-06-13
   listed $99,000 Active 3 DOM

ⓘ 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: $3,094 · $258/mo
• Projected year-2 tax: $3,094 · $258/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) · 60% 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: $39,996
• − Mortgage interest: −$5,546
• − Property taxes: −$3,094
• − Insurance: −$1,292
• − Repairs & maintenance: −$3,200
• − Management: −$3,200
• − Depreciation: −$2,880
• Taxable income: $20,785
• Est. tax owed @ 24.0%: −$4,988
• After-tax cash flow: $15,992/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): 31,183
• Household income: $90,182
• Rent vs Own: 45.7% rent · 54.3% own
• Severe rent burden: 1756.0

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 0.58)
• Race & ethnicity: White 59% Black 26% Two or more races 8% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Lithuanian 8% Italian 3% Slovak 3%
• Foreign-born: 5% · Canada, China
• Languages at home: 91% English-only · Spanish 4% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -272.08%
• Current HPI: 287.2138
• Rent YoY: ▼ -1.42%
• 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

-70.4% since first listed

8 events — show timeline

• 2026-06-10 Listed $99,000 GSREIN
• 2026-06-10 Listed $99,000 AcadianaMLS
• 2010-04-29 Sold (MLS) $25,000 GSREIN
• 2009-12-18 Listed $29,900 GSREIN
• 2009-12-18 Listed $29,900 AcadianaMLS
• 2009-07-27 Listed $54,900 GSREIN
• 2009-07-27 Listed $54,900 AcadianaMLS
• 2008-02-07 Sold (Public Records) $335,000 Public Records

Property tax history

+7.4%/yr

Latest (2026): $3,094 · +1.0% YoY. Source: county tax records.