2129 Desire St · New Orleans, LA 70117

$325,000

6 bd · 5.0 ba · 4,133 sqft · MultiFamily public records · 41 Days on market

Built 1920 $79/sqft · 32% above area Est $247k · 32% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +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: 3 units. confirmed

Listing remarks MLS

Excellent opportunity to own a well-maintained, tenant-occupied 3-unit multifamily property generating $3,650/month in current gross rental income. Offering approximately 4,133 sq. ft. with off-street parking, this income-producing property presents a fantastic opportunity for both investors and owner-occupants alike. Recent 2025 improvements include freshly painted exterior, blown-in attic insulation, and two new hot water heaters. The spacious owner's unit (HVAC replaced 2024) is located on the second floor and offers approximately 1,800 sq. ft. with 3 bedrooms and 2 full baths with beautiful hardwood floors. An oversized kitchen features French doors leading to a wonderful private deck -- wonderful entertaining or relaxing outdoors. The two lower units include a 3-bedroom/1-bath unit and a 2-bedroom/1.5-bath unit, providing strong rental flexibility and income potential. Conveniently located just 10 minutes from the French Quarter and only one mile from the vibrant Bywater and St. Claude corridors. Enjoy easy access to local favorites including Bywater Bakery, Saturn Bar, Galaxie, Crescent Park, Tough Break, and Harold's Plants. Assumable flood insurance policy currently only $1,309 annually. Transferable termite contract in place. Tenant occupied -- please allow 24-48 hours notice for showings.

Key facts

• Private deck
• Off street parking
• 2 parking spots

Tags

• OFF STREET PARKING
• FRESHLY PAINTED EXTERIOR
• BLOWN IN ATTIC INSULATION
• NEW HOT WATER HEATERS
• PRIVATE DECK
• STRONG RENTAL FLEXIBILITY

Property features AI

Finance

• Financial info: 3 total units; Multifamily: tenant/owner pay responsibilities noted (tenants pay electricity and gas; owner pays water)

Exterior

• Parking: Off-street parking for two vehicles
• Utilities: Public water; Public sewer
• Home design: 2-story building; Renovated from a 4-plex into a 3-plex in 2013
• Construction: Wood siding; Shingle roof; Slab foundation; Built/renovated: renovation completed 2013
• Exterior features: Balcony; Porch; Fence; City lot; Rectangular lot; Lot dimensions approximately 42 x 120

Interior

• Bathrooms: 4 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating; Central air; Window air conditioning units
• Interior features: Very good condition; Insulation (energy efficient)
• Laundry & utility: Tenants pay electricity and gas; owner pays water

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.5-bath units multifamily listed at $325k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $523/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $325k).
• Recommended offer: $315k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.3% 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 rising (+2.5%/yr); 581 active listings in the ZIP; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $4,903/mo this rent would consume 129% of the median local household income ($46k/yr) (locally 1988% 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 $10k 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 + 2.5% rent growth), your $91k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 27y 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 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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $315,250 (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 1920 — 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: 1.51% ✓
• Cap rate: 12.33%
• Cash-on-cash: 21.57%
• DSCR: 1.96
• GRM: 5.5

CMA / ARV

• ARV (median comp): $246,509
• List price: $325,000
• Delta: 31.84%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1323 25 Pauline St	0.64mi	6/4.0	3,587 (-13%)	9mo	$182,500	$51	37

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 · 2.49% rent growth · sell at horizon

5-year hold

• IRR: 12.5%
• Equity multiple: 1.49×
• Total profit: $44,876
• Equity at exit: $48,459

10-year hold

• IRR: 21.0%
• Equity multiple: 2.74×
• Total profit: $158,038
• Equity at exit: $28,100

Cash invested: $91,000 (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 70117

• Rents YoY: 2.5%
• Active inventory: 581
• Price-to-rent: 16.6×

Monthly cashflow live

• Estimated rent: $4,903 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$398 /mo · $4,777/yr
• Insurance: −$135
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,030
• Net cashflow: $1,569

Break-even live

Break-even rent $2,917

Max offer price $325,000

Occupancy floor 63%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.5	$4,902
Total (3 units)			$4,903

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Listing history 37 events

1. 2026-06-18
   days on market $325,000 Active 41 DOM
2. 2026-06-17
   days on market $325,000 Active 40 DOM
3. 2026-06-16
   days on market $325,000 Active 39 DOM
4. 2026-06-15
   days on market $325,000 Active 38 DOM
5. 2026-06-13
   days on market $325,000 Active 36 DOM
6. 2026-06-10
   days on market $325,000 Active 33 DOM
7. 2026-06-09
   days on market $325,000 Active 32 DOM
8. 2026-06-08
   days on market $325,000 Active 31 DOM
9. 2026-06-07
   days on market $325,000 Active 30 DOM
10. 2026-06-05
    days on market $325,000 Active 27 DOM
11. 2026-06-03
    days on market $325,000 Active 26 DOM
12. 2026-06-02
    days on market $325,000 Active 25 DOM
13. 2026-06-01
    days on market $325,000 Active 24 DOM
14. 2026-05-31
    days on market $325,000 Active 23 DOM
15. 2026-05-08
    listed $325,000 Active 1319-char remark

    Show marketing remark (1319 chars)

    Excellent opportunity to own a well-maintained, tenant-occupied 3-unit multifamily property generating $3,650/month in current gross rental income. Offering approximately 4,133 sq. ft. with off-street parking, this income-producing property presents a fantastic opportunity for both investors and owner-occupants alike. Recent 2025 improvements include freshly painted exterior, blown-in attic insulation, and two new hot water heaters. The spacious owner's unit (HVAC replaced 2024) is located on the second floor and offers approximately 1,800 sq. ft. with 3 bedrooms and 2 full baths with beautiful hardwood floors. An oversized kitchen features French doors leading to a wonderful private deck -- wonderful entertaining or relaxing outdoors. The two lower units include a 3-bedroom/1-bath unit and a 2-bedroom/1.5-bath unit, providing strong rental flexibility and income potential. Conveniently located just 10 minutes from the French Quarter and only one mile from the vibrant Bywater and St. Claude corridors. Enjoy easy access to local favorites including Bywater Bakery, Saturn Bar, Galaxie, Crescent Park, Tough Break, and Harold's Plants. Assumable flood insurance policy currently only $1,309 annually. Transferable termite contract in place. Tenant occupied -- please allow 24-48 hours notice for showings.

16. 2026-05-08
    listed $325,000 Active 1341-char remark

    Show marketing remark (1319 chars)

    Excellent opportunity to own a well-maintained, tenant-occupied 3-unit multifamily property generating $3,650/month in current gross rental income. Offering approximately 4,133 sq. ft. with off-street parking, this income-producing property presents a fantastic opportunity for both investors and owner-occupants alike. Recent 2025 improvements include freshly painted exterior, blown-in attic insulation, and two new hot water heaters. The spacious owner's unit (HVAC replaced 2024) is located on the second floor and offers approximately 1,800 sq. ft. with 3 bedrooms and 2 full baths with beautiful hardwood floors. An oversized kitchen features French doors leading to a wonderful private deck -- wonderful entertaining or relaxing outdoors. The two lower units include a 3-bedroom/1-bath unit and a 2-bedroom/1.5-bath unit, providing strong rental flexibility and income potential. Conveniently located just 10 minutes from the French Quarter and only one mile from the vibrant Bywater and St. Claude corridors. Enjoy easy access to local favorites including Bywater Bakery, Saturn Bar, Galaxie, Crescent Park, Tough Break, and Harold's Plants. Assumable flood insurance policy currently only $1,309 annually. Transferable termite contract in place. Tenant occupied -- please allow 24-48 hours notice for showings.

17. 2025-03-07
    listed $319,000 Active
18. 2024-05-07
    price $319,000
19. 2024-03-14
    price $333,000
20. 2024-01-29
    listed $319,000 Active
21. 2023-12-10
    price $342,000
22. 2023-10-10
    price $349,000
23. 2023-09-18
    price $355,000
24. 2023-06-04
    price $360,000
25. 2023-05-21
    price $370,000
26. 2023-05-10
    price $375,000
27. 2023-04-03
    price $385,000
28. 2023-01-23
    listed $342,000
29. 2018-05-22
    soldstatus $290,000
30. 2015-08-23
    historical
31. 2015-07-07
    price $200,000
32. 2015-06-01
    price $220,000
33. 2015-05-22
    listed $240,000 Active
34. 2000-02-07
    soldstatus $80,000
35. 2000-02-07
    soldstatus $80,000
36. 1999-10-03
    listed $80,000
37. 1983-08-29
    soldstatus $31,604

ⓘ 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: $4,777 · $398/mo
• Projected year-2 tax: $4,777 · $398/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 2/10 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 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $58,836
• − Mortgage interest: −$18,205
• − Property taxes: −$4,777
• − Insurance: −$2,422
• − Repairs & maintenance: −$4,707
• − Management: −$4,707
• − Depreciation: −$9,455
• Taxable income: $14,563
• Est. tax owed @ 24.0%: −$3,495
• After-tax cash flow: $15,334/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): 25,652
• Household income: $45,764
• Rent vs Own: 47.8% rent · 52.2% own
• Severe rent burden: 1988.0

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: Majority Black (60%)
• Race & ethnicity: Black 60% White 30% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Lithuanian 5% Italian 1% Romanian 1%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% French/Haitian/Cajun 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: ▼ -177.22%
• Current HPI: 184.6061
• Rent YoY: ▲ 2.49%
• 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

+928.4% since first listed

23 events — show timeline

• 2026-05-08 Listed $325,000 GSREIN
• 2026-05-08 Listed $325,000 AcadianaMLS
• 2025-03-07 Listed $319,000 AcadianaMLS
• 2024-05-07 Price Changed $319,000 GSREIN
• 2024-03-14 Price Changed $333,000 GSREIN
• 2024-01-29 Listed $319,000 AcadianaMLS
• 2023-12-10 Price Changed $342,000 GSREIN
• 2023-10-10 Price Changed $349,000 GSREIN
• 2023-09-18 Price Changed $355,000 GSREIN
• 2023-06-04 Price Changed $360,000 GSREIN
• 2023-05-21 Price Changed $370,000 GSREIN
• 2023-05-10 Price Changed $375,000 GSREIN
• 2023-04-03 Price Changed $385,000 GSREIN
• 2023-01-23 Listed $342,000 AcadianaMLS
• 2018-05-22 Sold (Public Records) $290,000 Public Records
• 2015-08-23 Listing Removed — GSREIN
• 2015-07-07 Price Changed $200,000 GSREIN
• 2015-06-01 Price Changed $220,000 GSREIN
• 2015-05-22 Listed $240,000 GSREIN
• 2000-02-07 Sold (Public Records) $80,000 Public Records
• 2000-02-07 Sold (MLS) $80,000 GSREIN
• 1999-10-03 Listed $80,000 GSREIN
• 1983-08-29 Sold (Public Records) $31,604 Public Records

Property tax history

+7.9%/yr

Latest (2026): $4,777 · +1.1% YoY. Source: county tax records.