122 24 S Norman C Francis Pkwy · New Orleans, LA 70119

$495,000

40 bd · 30.0 ba · 4,353 sqft · MultiFamily public records · 146 Days on market

Built 1920 $114/sqft · 6% above area Est $452k · 10% 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
• ARV discount +3.2/15.0
• 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: 5 units. confirmed

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

Located just three doors away from Canal Street; this 5-unit multifamily home brings $4545 in monthly rents. Huge rooms throughout, soaring ceilings. One water meter - Owner pays water and sanitation. Tenants pays their electric and gas. Laundry hookups in attached shed - could be used as a communal laundry area.The listing broker is also part owner of the seller corporation.

Key facts

• Huge rooms
• Multifamily home
• Soaring ceilings

Tags

• MULTIFAMILY HOME
• HUGE ROOMS
• SOARING CEILINGS
• LAUNDRY HOOKUPS

What this means for you Summary

Snapshot

• This is a 5 × 8-bed/6.0-bath units multifamily listed at $495k.

Deal economics

• At list price, monthly cash flow is $5k ($57k/yr) — positive. Per door: $943/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $495k).
• Recommended offer: $436k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.9% 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 (-0.2%/yr); 381 active listings in the ZIP; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $10,152/mo this rent would consume 229% 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 $15k 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 $139k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 146 days — a 12% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 16y 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 $160k; list at $495k implies a 209% gain — meaningful room to come down on a strong offer.

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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $435,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 146 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. 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: 2.05% ✓
• Cap rate: 17.88%
• Cash-on-cash: 41.38%
• DSCR: 2.84
• GRM: 4.1

CMA / ARV

• ARV (median comp): $452,035
• List price: $495,000
• Delta: 9.50%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 33.9%
• Equity multiple: 2.37×
• Total profit: $190,315
• Equity at exit: $73,806

10-year hold

• IRR: 39.2%
• Equity multiple: 4.16×
• Total profit: $437,631
• Equity at exit: $42,799

Cash invested: $138,600 (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: 20.3×

Monthly cashflow live

• Estimated rent: $10,152 medium
• Mortgage (P&I): −$2,596
• Tax from tax record: −$438 /mo · $5,258/yr
• Insurance: −$206
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,132
• Net cashflow: $4,713

Break-even live

Break-even rent $4,186

Max offer price $495,000

Occupancy floor 49%

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

Units	Beds	Baths	Est. rent
▸ 5× units	8	6	$10,150
Total (5 units)			$10,152

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: $123,750
• Closing costs: $14,850
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-18
   days on market $495,000 Active 146 DOM
2. 2026-06-17
   days on market $495,000 Active 145 DOM
3. 2026-06-16
   days on market $495,000 Active 144 DOM
4. 2026-06-15
   days on market $495,000 Active 143 DOM
5. 2026-06-13
   days on market $495,000 Active 141 DOM
6. 2026-06-10
   days on market $495,000 Active 138 DOM
7. 2026-06-09
   days on market $495,000 Active 137 DOM
8. 2026-06-08
   days on market $495,000 Active 136 DOM
9. 2026-06-07
   days on market $495,000 Active 135 DOM
10. 2026-06-05
    days on market $495,000 Active 132 DOM
11. 2026-06-03
    days on market $495,000 Active 131 DOM
12. 2026-06-02
    days on market $495,000 Active 130 DOM
13. 2026-06-01
    days on market $495,000 Active 129 DOM
14. 2026-05-31
    days on market $495,000 Active 128 DOM
15. 2026-01-07
    listed $495,000 Active 378-char remark

    Show marketing remark (379 chars)

    Located just three doors away from Canal Street; this 5-unit multifamily home brings $4545 in monthly rents. Huge rooms throughout, soaring ceilings. One water meter - Owner pays water and sanitation. Tenants pays their electric and gas. Laundry hookups in attached shed - could be used as a communal laundry area. The listing broker is also part owner of the seller corporation.

16. 2026-01-07
    listed $495,000 Active 379-char remark

    Show marketing remark (379 chars)

    Located just three doors away from Canal Street; this 5-unit multifamily home brings $4545 in monthly rents. Huge rooms throughout, soaring ceilings. One water meter - Owner pays water and sanitation. Tenants pays their electric and gas. Laundry hookups in attached shed - could be used as a communal laundry area. The listing broker is also part owner of the seller corporation.

17. 2025-07-17
    listed $495,000 Active
18. 2025-03-12
    listed $495,000 Active
19. 2025-01-11
    price $495,000
20. 2025-01-08
    price $495,000
21. 2024-10-30
    listed $499,000 Active
22. 2011-05-04
    soldstatus $160,000
23. 2011-04-27
    soldstatus $160,000
24. 2011-02-07
    listed $209,000
25. 2010-08-06
    listed $225,000
26. 1993-03-09
    soldstatus $80,000

ⓘ 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: $5,258 · $438/mo
• Projected year-2 tax: $5,258 · $438/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) · 76% 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: $121,824
• − Mortgage interest: −$27,728
• − Property taxes: −$5,258
• − Insurance: −$3,272
• − Repairs & maintenance: −$9,746
• − Management: −$9,746
• − Depreciation: −$14,400
• Taxable income: $51,673
• Est. tax owed @ 24.0%: −$12,402
• After-tax cash flow: $44,158/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

+518.8% since first listed

12 events — show timeline

• 2026-01-07 Listed $495,000 GSREIN
• 2026-01-07 Listed $495,000 AcadianaMLS
• 2025-07-17 Listed $495,000 AcadianaMLS
• 2025-03-12 Listed $495,000 AcadianaMLS
• 2025-01-11 Price Changed $495,000 AcadianaMLS
• 2025-01-08 Price Changed $495,000 GSREIN
• 2024-10-30 Listed $499,000 AcadianaMLS
• 2011-05-04 Sold (Public Records) $160,000 Public Records
• 2011-04-27 Sold (MLS) $160,000 GSREIN
• 2011-02-07 Listed $209,000 GSREIN
• 2010-08-06 Listed $225,000 GSREIN
• 1993-03-09 Sold (Public Records) $80,000 Public Records

Property tax history

+2.3%/yr

Latest (2026): $5,258 · +1.0% YoY. Source: county tax records.