2019 21 N Rampart St · New Orleans, LA 70116

$399,900

6 bd · 3.0 ba · 3,218 sqft · MultiFamily public records · 41 Days on market

Built 1911 4,064 sqft lot Est $570k · 30% under

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Why this score? — see what drove the C+ 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 +24.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• 1% rule +6.7/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Situated within the Marigny/Treme/Bywater Residential District with HMR-1 and R-HC zoning, this property invites renovation and adaptive reuse while preserving the historic streetscape. Discover a classic New Orleans double tucked away in the lively Marigny, full of potential and character. Each side features 3 generously sized bedrooms and 2 bathrooms, with one unit ready for immediate occupancy and the other gutted mostly to the studs, providing a true blank slate for a custom renovation. For buyers interested in restoration, the property may qualify for both state and federal historic rehabilitation tax credits, offering a powerful incentive to thoughtfully renovate while preserving its historic character (buyer to verify eligibility). Located just a few blocks from the French Quarter and minutes from the thriving Bywater, you'll enjoy easy access to some of the city's best dining, music, and culture. Whether you're looking to generate rental income, create a short-term rental, or occupy one side while customizing the other, this property offers exceptional versatility. There's also the option to convert it into a spacious single-family home that blends historic charm with modern design. Own a piece of New Orleans history and shape it into something truly special.

Key facts

• 4,064 sq ft lot
• Built 1911
• Listed 41 days

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: 2-story home; Raised foundation
• Construction: Wood siding exterior; Shingle roof
• Exterior features: Fence; City lot with rectangular shape; Lot dimensions approximately 32 x 127

Interior

• Bathrooms: 4 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Average condition

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1-bath units multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $737 ($9k/yr) — positive. Per door: $369/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $400k).
• Recommended offer: $388k (3.0% 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.
• Zoned schools: Benjamin Franklin Elem. Math And Science (math 12% / reading 23%, grade F, #479 of 646 statewide, top 75%, 747 students, 98% FRL, charter) — zoned schools average 98% FRL vs 68% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 351 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $4,659/mo this rent would consume 107% of the median local household income ($52k/yr) (locally 1001% 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 $3k of loan paydown is wiped out by about $12k 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 41 days — a 3% lower offer ($388k) is reasonable based on typical stale-listing flexibility.
• 13 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1911 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $387,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1911 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.17% ✓
• Cap rate: 8.70%
• Cash-on-cash: 8.61%
• DSCR: 1.38
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $569,586
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1741 43 Marigny St	0.32mi	5/2.5 (-1)	2,950 (-8%)	2mo	$205,000	$69	63
2320 22 Chartres St	0.38mi	6/5.0	3,258 (+1%)	18mo	$578,000	$177	57
1519-21 N Villere St	0.45mi	6/4.0	3,010 (-6%)	11mo	$496,000	$165	55
2231 Royal St	0.27mi	6/6.0	3,400 (+6%)	16mo	$725,000	$213	53
2237 Royal St	0.27mi	5/5.0 (-1)	3,400 (+6%)	16mo	$700,000	$206	52
1924 26 Esplanade Ave	0.63mi	5/4.0 (-1)	3,009 (-6%)	0mo	$596,000	$198	51
1241 Kerlerec St	0.35mi	6/6.0	3,507 (+9%)	12mo	$555,000	$158	47
1328 Esplanade Ave	0.49mi	5/5.0 (-1)	3,579 (+11%)	6mo	$960,000	$268	40
1417 19 Kerlerec St	0.49mi	6/3.0	2,796 (-13%)	23mo	$479,000	$171	36
719 21 Mandeville St	0.33mi	7/4.0 (+1)	3,649 (+13%)	22mo	$750,000	$206	34
2259-2261 N Derbigny St	0.53mi	5/4.0 (-1)	3,696 (+15%)	15mo	$340,000	$92	28

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 · 0.18% rent growth · sell at horizon

5-year hold

• IRR: -7.6%
• Equity multiple: 0.73×
• Total profit: $-30,533
• Equity at exit: $59,626

10-year hold

• IRR: -2.3%
• Equity multiple: 0.86×
• Total profit: $-15,270
• Equity at exit: $34,576

Cash invested: $111,972 (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 70116

• Home prices YoY: -34.5%
• Rents YoY: 0.2%
• Active inventory: 351
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $4,659 high
• Mortgage (P&I): −$2,097
• Tax from tax record: −$613 /mo · $7,360/yr
• Insurance: −$167
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$978
• Net cashflow: $737

Break-even live

Break-even rent $3,726

Max offer price $399,900

Occupancy floor 79%

Sensitivity live

Price	-10% $963	-5% $850	+0% $737	+5% $624	+10% $511
Rent	-10% $369	-5% $553	+0% $737	+5% $921	+10% $1,105
Rate	-1.0pp $938	-0.5pp $839	base $737	+0.5pp $633	+1.0pp $528

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,660
Total (2 units)			$4,659

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$8,133	$5.14	5d	2	0.25mi

Listing history 31 events

1. 2026-06-21
   days on market $399,900 Active 41 DOM
2. 2026-06-18
   days on market $399,900 Active 38 DOM
3. 2026-06-17
   days on market $399,900 Active 37 DOM
4. 2026-06-16
   days on market $399,900 Active 36 DOM
5. 2026-06-15
   days on market $399,900 Active 35 DOM
6. 2026-06-13
   days on market $399,900 Active 33 DOM
7. 2026-06-10
   days on market $399,900 Active 30 DOM
8. 2026-06-09
   days on market $399,900 Active 29 DOM
9. 2026-06-08
   days on market $399,900 Active 28 DOM
10. 2026-06-07
    statusdays on market $399,900 Active 27 DOM
11. 2026-06-05
    days on market $399,900 Active Under Contract 24 DOM
12. 2026-06-03
    days on market $399,900 Active Under Contract 23 DOM
13. 2026-06-02
    days on market $399,900 Active Under Contract 22 DOM
14. 2026-06-01
    days on market $399,900 Active Under Contract 21 DOM
15. 2026-05-31
    days on market $399,900 Active Under Contract 20 DOM
16. 2026-05-11
    historical Active Under Contract
17. 2026-05-06
    listed $399,900 Active

    Show marketing remark (1287 chars)

    Situated within the Marigny/Treme/Bywater Residential District with HMR-1 and R-HC zoning, this property invites renovation and adaptive reuse while preserving the historic streetscape. Discover a classic New Orleans double tucked away in the lively Marigny, full of potential and character. Each side features 3 generously sized bedrooms and 2 bathrooms, with one unit ready for immediate occupancy and the other gutted mostly to the studs, providing a true blank slate for a custom renovation. For buyers interested in restoration, the property may qualify for both state and federal historic rehabilitation tax credits, offering a powerful incentive to thoughtfully renovate while preserving its historic character (buyer to verify eligibility). Located just a few blocks from the French Quarter and minutes from the thriving Bywater, you'll enjoy easy access to some of the city's best dining, music, and culture. Whether you're looking to generate rental income, create a short-term rental, or occupy one side while customizing the other, this property offers exceptional versatility. There's also the option to convert it into a spacious single-family home that blends historic charm with modern design. Own a piece of New Orleans history and shape it into something truly special.

18. 2026-05-06
    listed $399,900 1287-char remark

    Show marketing remark (1287 chars)

    Situated within the Marigny/Treme/Bywater Residential District with HMR-1 and R-HC zoning, this property invites renovation and adaptive reuse while preserving the historic streetscape. Discover a classic New Orleans double tucked away in the lively Marigny, full of potential and character. Each side features 3 generously sized bedrooms and 2 bathrooms, with one unit ready for immediate occupancy and the other gutted mostly to the studs, providing a true blank slate for a custom renovation. For buyers interested in restoration, the property may qualify for both state and federal historic rehabilitation tax credits, offering a powerful incentive to thoughtfully renovate while preserving its historic character (buyer to verify eligibility). Located just a few blocks from the French Quarter and minutes from the thriving Bywater, you'll enjoy easy access to some of the city's best dining, music, and culture. Whether you're looking to generate rental income, create a short-term rental, or occupy one side while customizing the other, this property offers exceptional versatility. There's also the option to convert it into a spacious single-family home that blends historic charm with modern design. Own a piece of New Orleans history and shape it into something truly special.

19. 2025-10-23
    listed $399,900 Active
20. 2025-07-08
    price $459,000
21. 2025-07-08
    price $459,000
22. 2025-04-22
    listed $479,000 Active
23. 2024-10-15
    listed $499,000 Active
24. 2011-08-18
    listed $367,000
25. 2011-08-18
    listed $367,000
26. 2010-10-21
    listed $375,000
27. 2010-10-21
    listed $375,000
28. 2010-03-10
    listed $379,000
29. 2010-03-10
    listed $379,000
30. 2009-12-07
    listed $379,000
31. 2009-12-07
    listed $379,000

ⓘ 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: $7,360 · $613/mo
• Projected year-2 tax: $7,360 · $613/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 7/10 Severe FEMA zone X (shaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 22 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: $55,908
• − Mortgage interest: −$22,401
• − Property taxes: −$7,360
• − Insurance: −$2,797
• − Repairs & maintenance: −$4,473
• − Management: −$4,473
• − Depreciation: −$11,633
• Taxable income: $2,772
• Est. tax owed @ 24.0%: −$665
• After-tax cash flow: $8,180/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): 10,404
• Household income: $52,306
• Rent vs Own: 52.5% rent · 47.5% own
• Severe rent burden: 1001.0

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 0.63)
• Race & ethnicity: White 45% Black 40% Hispanic / Latino 10% Two or more races 8%
• Hispanic origin (detail): Mexican 1% Cuban 3%
• Common ancestry: Lithuanian 6% Slovak 3% Romanian 3%
• Foreign-born: 5% · Canada
• Languages at home: 90% English-only · Spanish 6% French/Haitian/Cajun 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: ▼ -144.83%
• Current HPI: 275.5453
• Rent YoY: ▲ 0.18%
• 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

+5.5% since first listed

16 events — show timeline

• 2026-05-11 Contingent — GSREIN
• 2026-05-06 Listed $399,900 AcadianaMLS
• 2026-05-06 Listed $399,900 GSREIN
• 2025-10-23 Listed $399,900 AcadianaMLS
• 2025-07-08 Price Changed $459,000 AcadianaMLS
• 2025-07-08 Price Changed $459,000 GSREIN
• 2025-04-22 Listed $479,000 AcadianaMLS
• 2024-10-15 Listed $499,000 AcadianaMLS
• 2011-08-18 Listed $367,000 GSREIN
• 2011-08-18 Listed $367,000 AcadianaMLS
• 2010-10-21 Listed $375,000 GSREIN
• 2010-10-21 Listed $375,000 AcadianaMLS
• 2010-03-10 Listed $379,000 GSREIN
• 2010-03-10 Listed $379,000 AcadianaMLS
• 2009-12-07 Listed $379,000 GSREIN
• 2009-12-07 Listed $379,000 AcadianaMLS

Property tax history

+6.3%/yr

Latest (2026): $7,360 · +1.1% YoY. Source: county tax records.