2300-02 Ursulines Ave · New Orleans, LA 70119

$449,900

None bd · None ba · 3,780 sqft · MultiFamily · 5 Days on market

2,613 sqft lot Est $597k · 25% 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
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• 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 (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

OPEN TUES 7/16 11a-1p & WED 7/17 noon-2p. Investor Special - 4plex in Treme! 2 units ready to rent, 2 need renovation. Super Mid-City location convenient to FQ & Faubourg St John & Bayou. 3 blks to Esplanade, short drive to Whole Foods. Shotgun-style layouts with kit/bath at rear. Ideal time to reconfigure upstairs for private BRs & maximize rent in this hot up and coming area. Or convert upstairs to a large owners unit w/balcony overlooking Ursulines - enjoy rent from downstairs units. Cash/reno loans only

Key facts

• Private balconies
• Mid term rental unit
• Bike friendly area

Tags

• INCOME PRODUCING OPPORTUNITY
• LONG TERM RENTAL UNITS
• MID TERM RENTAL UNIT
• BIKE FRIENDLY AREA
• PRIVATE BALCONIES
• EASY ACCESS TO RESTAURANTS

Property features AI

Exterior

• Parking: No designated parking
• Construction: Frame construction; Vinyl siding; Composition roof
• Exterior features: Fence (other type); Composition roof; Frame construction with vinyl siding; Property contains 4 total units; Located near N. Miro St.

Interior

• Heating & cooling: Central heating; Central air conditioning
• Interior features: Central heating; Central air conditioning

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.5-bath units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $404/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $450k).
• Cap rate 10.8% 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.
• 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 soft (-0.2%/yr); 381 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d 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 $6,064/mo this rent would consume 137% 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 $3k of loan paydown is wiped out by about $13k 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

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 31y 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.
• 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 $449,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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: 1.35% ✓
• Cap rate: 10.78%
• Cash-on-cash: 16.02%
• DSCR: 1.71
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $597,240
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1810 12 Governor Nicholls St	0.33mi	7/7.0	3,689 (-2%)	1mo	$699,000	$189	80
2433-35 Ursulines Ave	0.11mi	—/—	3,237 (-14%)	1mo	$375,000	$116	70
2433 35 Ursulines Ave	0.11mi	6/4.0	3,237 (-14%)	1mo	$375,000	$116	70
900 N Dorgenois St	0.23mi	8/5.0	3,457 (-8%)	7mo	$555,000	$161	69
2534-36 Dumaine St	0.23mi	8/4.0	3,920 (+4%)	17mo	$229,000	$58	69
1712-14 Ursulines Ave	0.38mi	8/4.0	3,936 (+4%)	11mo	$225,000	$57	67
2653 Lepage St	0.51mi	4/4.0	3,630 (-4%)	11mo	$1,225,000	$337	60
1328 Esplanade Ave	0.60mi	5/5.0	3,579 (-5%)	6mo	$960,000	$268	58
1612 14 N Broad St	0.60mi	5/3.5	3,415 (-10%)	1mo	$215,000	$63	55
2817-19 Dumaine St	0.47mi	8/4.0	3,440 (-9%)	19mo	$295,000	$86	47
1241 Kerlerec St	0.73mi	6/6.0	3,507 (-7%)	12mo	$555,000	$158	44
2851 Maurepas St	0.72mi	8/4.0	3,244 (-14%)	3mo	$585,000	$180	40

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: 2.6%
• Equity multiple: 1.10×
• Total profit: $12,315
• Equity at exit: $67,082

10-year hold

• IRR: 9.0%
• Equity multiple: 1.60×
• Total profit: $75,027
• Equity at exit: $38,899

Cash invested: $125,972 (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 70119

• Home prices YoY: -34.8%
• Rents YoY: -0.2%
• Active inventory: 381
• Price-to-rent: 24.7×

Monthly cashflow live

• Estimated rent: $6,064 high
• Mortgage (P&I): −$2,359
• Tax est. 1.5%: −$562 /mo · $6,748/yr
• Insurance: −$187
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,273
• Net cashflow: $1,615

Break-even live

Break-even rent $4,020

Max offer price $449,900

Occupancy floor 68%

Sensitivity live

Price	-10% $1,926	-5% $1,770	+0% $1,615	+5% $1,459	+10% $1,304
Rent	-10% $1,136	-5% $1,375	+0% $1,615	+5% $1,854	+10% $2,094
Rate	-1.0pp $1,842	-0.5pp $1,729	base $1,615	+0.5pp $1,498	+1.0pp $1,380

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1.5	$6,064
Total (4 units)			$6,064

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: $112,475
• Closing costs: $13,497
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1301 N Rampart St New Orleans, LA	2.0	2.0–2.5	2929	$7,750	$2.65	21d	2	0.80mi
3232 Grand Rte Saint John St New Orleans, LA	3.0	3.0	2800	$5,000	$1.79	25d	1	0.83mi
1000 Saint Philip St New Orleans, LA	3.0	2.5	2650	$4,800	$1.81	45d	1	0.87mi
839 Dumaine St New Orleans, LA	3.0	4.0	2740	$6,500	$2.37	45d	1	0.96mi

Listing history 4 events

1. 2026-06-21
   days on market $449,900 Active 5 DOM
2. 2026-06-18
   days on market $449,900 Active 2 DOM
3. 2026-06-16
   remarks 699-char remark
4. 2026-06-16
   listed $449,900 Active 1 DOM

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

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 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $72,768
• − Mortgage interest: −$25,201
• − Property taxes: −$6,748
• − Insurance: −$3,047
• − Repairs & maintenance: −$5,821
• − Management: −$5,821
• − Depreciation: −$13,088
• Taxable income: $13,040
• Est. tax owed @ 24.0%: −$3,130
• After-tax cash flow: $16,250/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): 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

+2267.9% since first listed

6 events — show timeline

• 2026-06-16 Listed $449,900 AcadianaMLS
• 2024-11-07 Rental Removed $1,250 GSREIN
• 2024-09-27 Listed for Rent $1,250 GSREIN
• 2019-07-15 Listed $295,000 AcadianaMLS
• 2011-11-03 Listed $329,000 AcadianaMLS
• 1995-01-22 Listed $19,000 AcadianaMLS