2709 Milan St · New Orleans, LA 70115

$349,000

6 bd · 2.0 ba · 2,276 sqft · MultiFamily public records · 83 Days on market

Built 1960 3,484 sqft lot $153/sqft · 31% below area Est $504k · 31% 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 +29.3/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• 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 spacious home has a flexible floor plan, perfect for entertaining! * * Special Financing and Grants available! No money down and No PMI! Inquire for details! * * NEWER ROOF (2022), fresh interior paint (2024), new carpet, and a new fence. * * Soaring 11-ft ceilings highlight the stunning architectural details, including ornate light fixtures, elegant fireplace mantels and vintage tile surrounds. Ample closet space and storage areas ensure convenience, while the eat-in kitchen shines with granite countertops, a breakfast bar, and stainless steel appliances. Enjoy the enclosed front porch, indoor laundry hookups, and energy-efficient windows. Major updates include a Security system with cameras for peace of mind. Fantastic location—just steps from hospitals, grocery stores, and the vibrant Freret St. corridor, now featuring a brand-new Trader Joe’s! Don’t miss this gem!

Key facts

• New carpet
• Newer roof
• 11-ft ceilings

Tags

• NEWER ROOF
• FRESH INTERIOR PAINT
• NEW CARPET
• NEW FENCE
• 11-FT CEILINGS
• ORNATE LIGHT FIXTURES

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $349k.

Deal economics

• At list price, monthly cash flow is $798 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $349k).
• Recommended offer: $328k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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; 16 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $4,392/mo this rent would consume 58% of the median local household income ($90k/yr) (locally 1756% 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.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($328k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 2y 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 $54k; list at $349k implies a 551% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $328,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.26% ✓
• Cap rate: 10.50%
• Cash-on-cash: 15.03%
• DSCR: 1.67
• GRM: 6.6

CMA / ARV

• ARV (median comp): $504,357
• List price: $349,000
• Delta: -30.80%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3721 23 Willow St	0.17mi	6/2.0	2,281 (+0%)	3mo	$117,000	$51	89
3429 31 Magnolia St	0.21mi	6/2.0	2,225 (-2%)	12mo	$140,000	$63	77
4617 19 Clara St	0.21mi	6/2.0	2,037 (-10%)	0mo	$140,000	$69	72
4617-19 Clara St	0.34mi	6/2.0	2,036 (-10%)	0mo	$140,000	$69	66
4324 26 Freret St	0.21mi	5/3.0 (-1)	2,522 (+11%)	8mo	$240,000	$95	56
3505-07 07 Dryades St	0.57mi	5/3.5 (-1)	2,214 (-3%)	2mo	$220,000	$99	56
2537-39 Amelia St	0.21mi	6/4.0	2,592 (+14%)	6mo	$475,000	$183	54
3725-27 Willow St	0.17mi	6/4.0	1,996 (-12%)	12mo	$299,000	$150	53
3329 General Taylor St	0.44mi	5/3.5 (-1)	2,314 (+2%)	18mo	$320,000	$138	50
2308-10 Marengo St	0.27mi	5/3.0 (-1)	2,086 (-8%)	20mo	$445,000	$213	48
3316 18 Delachaise St	0.42mi	6/6.0	2,462 (+8%)	14mo	$389,000	$158	39
2634-36 Joseph St	0.72mi	5/3.5 (-1)	2,560 (+12%)	1mo	$275,000	$107	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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -5.2%
• Equity multiple: 0.81×
• Total profit: $-18,389
• Equity at exit: $52,037

10-year hold

• IRR: 0.1%
• Equity multiple: 1.01×
• Total profit: $591
• Equity at exit: $30,175

Cash invested: $97,720 (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: 6.6×

Monthly cashflow live

• Estimated rent: $4,392 high
• Mortgage (P&I): −$1,830
• Tax from tax record: −$269 /mo · $3,233/yr
• Insurance: −$145
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$922
• Net cashflow: $798

Break-even live

Break-even rent $3,382

Max offer price $349,000

Occupancy floor 77%

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3112 Upperline St New Orleans, LA	5.0	3.5	2800	$3,650	$1.30	23d	1	0.46mi
1927 Napoleon Ave New Orleans, LA	5.0	2.0	3350	$3,600	$1.07	43d	1	0.54mi
2325 State St New Orleans, LA	5.0	3.0	1800	$4,000	$2.22	23d	1	0.83mi
2703 Palmer Ave New Orleans, LA	5.0	2.0	2349	$5,500	$2.34	43d	1	0.86mi
2715 Palmer Ave New Orleans, LA	5.0	2.0	2184	$4,900	$2.24	43d	1	0.87mi
2818 Palmer Ave New Orleans, LA	5.0	2.0	1832	$4,900	$2.67	43d	1	0.90mi
2117 S Lopez St New Orleans, LA	5.0	2.0	1920	$2,000	$1.04	23d	1	0.91mi
2808 Calhoun St New Orleans, LA	6.0	4.0	3037	$7,500	$2.47	21d	1	0.95mi
6326 S Johnson St Unit 1 New Orleans, LA	5.0	2.0	2013	$3,950	$1.96	43d	1	0.96mi
6321 S Prieur St New Orleans, LA	6.0	2.0	1900	$4,200	$2.21	43d	1	0.97mi
4 Cromwell Pl New Orleans, LA	5.0	2.0	2600	$7,000	$2.69	43d	1	1.03mi
7011 Jeannette St Unit A New Orleans, LA	5.0	3.0	2200	$5,000	$2.27	43d	1	1.20mi
7015 Willow St New Orleans, LA	5.0	3.0	2000	$4,200	$2.10	43d	1	1.21mi
1609 Broadway St New Orleans, LA	5.0	2.0	1776	$5,000	$2.82	43d	1	1.25mi
1519 Pine St New Orleans, LA	5.0	3.0	3000	$4,000	$1.33	23d	1	1.32mi
939 Broadway St New Orleans, LA	5.0	3.0	1900	$4,000	$2.11	3d	1	1.39mi

Listing history 30 events

1. 2026-06-18
   days on market $349,000 Active 83 DOM
2. 2026-06-17
   days on market $349,000 Active 82 DOM
3. 2026-06-16
   days on market $349,000 Active 81 DOM
4. 2026-06-15
   days on market $349,000 Active 80 DOM
5. 2026-06-13
   days on market $349,000 Active 78 DOM
6. 2026-06-10
   days on market $349,000 Active 75 DOM
7. 2026-06-09
   days on market $349,000 Active 74 DOM
8. 2026-06-08
   days on market $349,000 Active 73 DOM
9. 2026-06-07
   days on market $349,000 Active 72 DOM
10. 2026-06-05
    days on market $349,000 Active 69 DOM
11. 2026-06-03
    days on market $349,000 Active 68 DOM
12. 2026-06-02
    days on market $349,000 Active 67 DOM
13. 2026-06-01
    days on market $349,000 Active 66 DOM
14. 2026-05-31
    days on market $349,000 Active 65 DOM
15. 2026-03-27
    listed $349,000 Active 915-char remark

    Show marketing remark (852 chars)

    <br><br> **Special Financing and Grants available! No money down and No PMI! Inquire for details! <br><br> **NEWER ROOF (2022), fresh interior paint (2024), new carpet, and a new fence.** <br><br> Soaring 11-ft ceilings highlight the stunning architectural details, including ornate light fixtures, elegant fireplace mantels and vintage tile surrounds. <br><br>Ample closet space and storage areas ensure convenience, while the eat-in kitchen shines with granite countertops, a breakfast bar, and stainless steel appliances. Enjoy the enclosed front porch, indoor laundry hookups, and energy-efficient windows. Major updates include a Security system with cameras for peace of mind. <br><br> Fantastic location--just steps from hospitals, grocery stores, and the vibrant Freret St. corridor, now featuring a brand-new Trader Joe's! Don't miss this gem!

16. 2026-03-27
    listed $349,000 Active 852-char remark

    Show marketing remark (852 chars)

    <br><br> **Special Financing and Grants available! No money down and No PMI! Inquire for details! <br><br> **NEWER ROOF (2022), fresh interior paint (2024), new carpet, and a new fence.** <br><br> Soaring 11-ft ceilings highlight the stunning architectural details, including ornate light fixtures, elegant fireplace mantels and vintage tile surrounds. <br><br>Ample closet space and storage areas ensure convenience, while the eat-in kitchen shines with granite countertops, a breakfast bar, and stainless steel appliances. Enjoy the enclosed front porch, indoor laundry hookups, and energy-efficient windows. Major updates include a Security system with cameras for peace of mind. <br><br> Fantastic location--just steps from hospitals, grocery stores, and the vibrant Freret St. corridor, now featuring a brand-new Trader Joe's! Don't miss this gem!

17. 2026-02-23
    price $349,000
18. 2026-02-23
    price $349,000
19. 2026-01-17
    historical $2,200
20. 2025-11-21
    price $385,000
21. 2025-11-17
    price $385,000
22. 2025-07-17
    listed $2,200
23. 2025-07-15
    price $415,000
24. 2025-07-15
    price $415,000
25. 2025-05-24
    price $424,000
26. 2025-05-24
    price $424,000
27. 2025-03-17
    listed $450,000 Active
28. 2025-03-17
    listed $415,000 Active
29. 2024-10-11
    listed $525,000 Active
30. 1979-05-29
    soldstatus $53,630

ⓘ 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: $3,233 · $269/mo
• Projected year-2 tax: $3,233 · $269/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 AE · 77% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥109°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: $52,698
• − Mortgage interest: −$19,549
• − Property taxes: −$3,233
• − Insurance: −$6,864
• − Repairs & maintenance: −$4,216
• − Management: −$4,216
• − Depreciation: −$10,153
• Taxable income: $4,468
• Est. tax owed @ 24.0%: −$1,072
• After-tax cash flow: $8,500/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

+550.8% since first listed

16 events — show timeline

• 2026-03-27 Listed $349,000 AcadianaMLS
• 2026-03-27 Listed $349,000 GSREIN
• 2026-02-23 Price Changed $349,000 AcadianaMLS
• 2026-02-23 Price Changed $349,000 GSREIN
• 2026-01-17 Rental Removed $2,200 GSREIN
• 2025-11-21 Price Changed $385,000 AcadianaMLS
• 2025-11-17 Price Changed $385,000 GSREIN
• 2025-07-17 Listed for Rent $2,200 GSREIN
• 2025-07-15 Price Changed $415,000 AcadianaMLS
• 2025-07-15 Price Changed $415,000 GSREIN
• 2025-05-24 Price Changed $424,000 AcadianaMLS
• 2025-05-24 Price Changed $424,000 GSREIN
• 2025-03-17 Listed $415,000 AcadianaMLS
• 2025-03-17 Listed $450,000 AcadianaMLS
• 2024-10-11 Listed $525,000 AcadianaMLS
• 1979-05-29 Sold (Public Records) $53,630 Public Records

Property tax history

+16.4%/yr

Latest (2026): $3,233 · +1.1% YoY. Source: county tax records.