511 13 Pelican Ave · New Orleans, LA 70114

$345,000

3 bd · 2.0 ba · 1,776 sqft · MultiFamily · 37 Days on market

Built 1925 Good condition 4,408 sqft lot Est $305k · 13% over

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Why this score? — see what drove the D- 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 +14.8/30.0
• DSCR +4.5/10.0
• 1% rule +4.1/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +2.3/5.0
• ARV discount +1.7/15.0
• 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

If you thought finding an affordable, adorable multi-family home in a stellar location was mission impossible meet 511-513 Pelican Street. This darling double with a big front porch gives major curb appeal! The front unit offers two spacious bedrooms that are separate from the social areas of the home which is fab for entertaining. The high ceilings, and wood floors serve the old house charm and the kitchen offers granite countertops and comes with all appliances. The back unit is so cozy with a galley style kitchen, and one bedroom. The versatility of this home really allows for flexibility to suit many needs- it's great for an owner occupant who wants to generate rental income, or to have

Key facts

• Big front porch
• Fenced back yard
• Artist studio

Tags

• BIG FRONT PORCH
• GRANITE COUNTERTOPS
• FENCED BACK YARD
• DEDICATED HOME OFFICE
• ARTIST STUDIO

Property features AI

Finance

• Financial info: Two-unit property; Tenant pays electricity and gas; owner pays water; Unit 513 reported rent $1,000/month; Unit 511 area listed (no rent shown)

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-story building; Raised foundation; Roof replaced in 2021; Shingle roof
• Construction: HardiPlank and wood siding exterior
• Exterior features: Fenced yard; Porch

Interior

• Bedrooms: Unit 513: 1 bedroom; Unit 511: 2 bedrooms
• Bathrooms: 2 full bathrooms total (each unit has 1 full bathroom)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Very good overall condition; Porch

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $345k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $97 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $314k (9.0% below list).
• Recommended offer: $314k (9.0% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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 (-0.7%/yr); 265 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,141/mo this rent would consume 87% of the median local household income ($43k/yr) (locally 2240% 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 37 days — a 3% lower offer ($335k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $314,100 (9.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.91% ✗
• Cap rate: 6.63%
• Cash-on-cash: 1.21%
• DSCR: 1.05
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $305,472
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
511 13 Pelican Ave	0.00mi	3/2.0	1,776 (0%)	1mo	$345,000	$194	100
505 07 Seguin St	0.14mi	4/2.0 (+1)	1,657 (-7%)	10mo	$299,000	$180	69
904 06 Vallette St	0.46mi	4/2.0 (+1)	1,788 (+1%)	4mo	$165,000	$92	69
538-40 Verret St	0.27mi	4/2.0 (+1)	1,716 (-3%)	12mo	$349,000	$203	67
618-20 Seguin St	0.22mi	4/4.0 (+1)	1,649 (-7%)	13mo	$392,800	$238	54
838-840 Elmira Ave	0.55mi	4/4.0 (+1)	1,858 (+5%)	1mo	$219,000	$118	52
321 Diana St	0.48mi	4/2.0 (+1)	1,634 (-8%)	8mo	$216,600	$133	52
627-629 Seguin St	0.21mi	4/2.0 (+1)	2,040 (+15%)	18mo	$349,900	$172	45
909 - 911 Atlantic Ave	0.64mi	4/2.0 (+1)	1,784 (+0%)	23mo	$95,000	$53	45
427 29 Seguin St	0.11mi	4/4.0 (+1)	2,024 (+14%)	22mo	$325,000	$161	40
219 Lavergne St	0.25mi	4/2.0 (+1)	2,040 (+15%)	24mo	$390,000	$191	39
505 Newton St	0.45mi	4/3.5 (+1)	1,979 (+11%)	18mo	$95,000	$48	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: -17.8%
• Equity multiple: 0.39×
• Total profit: $-58,873
• Equity at exit: $51,441

10-year hold

• IRR: -17.1%
• Equity multiple: 0.19×
• Total profit: $-78,678
• Equity at exit: $29,829

Cash invested: $96,600 (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 70114

• Rents YoY: -0.7%
• Active inventory: 265
• Price-to-rent: 18.0×

Monthly cashflow live

• Estimated rent: $3,141 high
• Mortgage (P&I): −$1,809
• Tax est. 1.5%: −$431 /mo · $5,175/yr
• Insurance: −$144
• HOA: −$0
• Vacancy / Maint / Mgmt: −$660
• Net cashflow: $97

Break-even live

Break-even rent $3,018

Max offer price $345,000

Occupancy floor 92%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,593
1× unit	1	1	$1,549
Total (2 units)			$3,141

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: $86,250
• Closing costs: $10,350
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
323 Morgan St Unit C New Orleans, LA	2.0	2.0	2000	$3,200	$1.60	43d	1	0.26mi
323 Morgan St New Orleans, LA	2.0	2.5	2000	$3,600	$1.80	17d	1	0.26mi
323 Morgan St Apt E New Orleans, LA	2.0	2.5	2000	$3,600	$1.80	43d	1	0.26mi
323 Morgan St Unit G New Orleans, LA	2.0	2.5	1700	$2,500	$1.47	43d	1	0.26mi
249 Vallette St New Orleans, LA	4.0	2.0	1734	$2,500	$1.44	16d	1	0.39mi
433 Homer St Unit 1 New Orleans, LA	4.0	2.0	1570	$1,850	$1.18	23d	1	0.39mi
119 Vallette St New Orleans, LA	3.0	2.5	1500	$2,100	$1.40	23d	1	0.43mi
729 Elmira Ave New Orleans, LA	4.0	2.0	2000	$2,000	$1.00	16d	1	0.51mi
336 Elmira Ave New Orleans, LA	3.0	1.0	1250	$1,825	$1.46	23d	1	0.51mi
2 Canal St #2008 New Orleans, LA	2.0	2.5	1533	$9,000	$5.87	2d	1	0.53mi
2 Canal St #2008 New Orleans, LA	2.0	2.5	1533	$9,300	$6.07	16d	1	0.53mi
527 Atlantic Ave New Orleans, LA	3.0	2.0	1800	$2,050	$1.14	23d	1	0.58mi
543 Atlantic Ave New Orleans, LA	2.0	2.5	1430	$2,200	$1.54	23d	1	0.59mi
535 Decatur St Unit 3 New Orleans, LA	3.0	2.0	1600	$2,800	$1.75	11d	1	0.62mi
811 Decatur St Unit 3 New Orleans, LA	2.0	2.0	1230	$2,800	$2.28	43d	1	0.63mi
807 Decatur St #2 New Orleans, LA	2.0	1.5	1325	$3,600	$2.72	43d	1	0.63mi
515 Saint Ann St Unit 3 New Orleans, LA	3.0	2.0	1644	$3,600	$2.19	44d	1	0.65mi
915 Decatur St Unit F New Orleans, LA	2.0	2.0	1500	$2,175	$1.45	23d	1	0.65mi
232 Decatur St Unit 3D New Orleans, LA	2.0	2.0	1268	$2,900	$2.29	43d	1	0.66mi
527 Saint Ann St Unit 3 New Orleans, LA	3.0	2.0	1687	$3,500	$2.07	43d	1	0.66mi
215 Decatur St Unit 405 New Orleans, LA	2.0	2.5	1650	$3,450	$2.09	43d	1	0.70mi
910 Chartres St Unit 3B New Orleans, LA	2.0	2.0	1388	$3,100	$2.23	23d	1	0.70mi
751 Chartres St New Orleans, LA	2.0–3.0	2.0	1461	$3,450	$2.36	43d	1	0.71mi
531 Bienville St Unit 3 New Orleans, LA	2.0	2.0	1239	$3,700	$2.99	23d	1	0.71mi
324 Chartres St Unit B New Orleans, LA	2.0	2.0	1750	$2,250	$1.29	17d	1	0.72mi
700 S Peters St #316 New Orleans, LA	2.0	2.0	1250	$3,250	$2.60	43d	1	0.74mi
431 Gravier St Ste 4 New Orleans, LA	3.0	2.0	2100	$3,700	$1.76	43d	1	0.74mi
431 Gravier St Unit 2 New Orleans, LA	2.0	2.0	2100	$4,000	$1.90	43d	1	0.74mi
433 Gravier St Unit 1 New Orleans, LA	2.0	2.0	1400	$4,000	$2.86	43d	1	0.74mi
627 St Peter New Orleans, LA	2.0	2.5	2174	$5,500	$2.53	23d	1	0.74mi
824 Royal St Unit G New Orleans, LA	2.0	2.0	2080	$3,300	$1.59	43d	1	0.76mi
841 Royal St Unit 3A New Orleans, LA	2.0	2.0	1266	$3,995	$3.16	43d	1	0.78mi
400 Park Blvd Unit A New Orleans, LA	4.0	1.5	1275	$2,200	$1.73	23d	1	0.79mi
513 Park Blvd New Orleans, LA	3.0	2.0	1600	$2,300	$1.44	3d	1	0.85mi
734 Ursulines Ave New Orleans, LA	3.0	2.0	1340	$2,800	$2.09	43d	1	0.87mi
840 Tchoupitoulas St #201 New Orleans, LA	2.0	2.0	1298	$5,000	$3.85	3d	1	0.87mi
840 Tchoupitoulas St #201 New Orleans, LA	2.0	2.0	1298	$5,000	$3.85	16d	1	0.87mi
807 Whitney Ave Unit 1 New Orleans, LA	3.0	2.0	1262	$1,500	$1.19	3d	1	0.89mi
522 Montegut St New Orleans, LA	1.0–2.0	1.0–2.0	1256	$3,500	$2.79	2d	12	0.90mi
810 Bienville St New Orleans, LA	1.0–3.0	1.0–2.0	995	$2,688	$2.70	3d	9	0.91mi

Listing history 3 events

1. 2026-05-14
   status Pending
2. 2026-04-11
   historical Active Under Contract
3. 2026-04-07
   listed $345,000 Active

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

Taxation est. · year 1

• Rental income: $37,692
• − Mortgage interest: −$19,325
• − Property taxes: −$5,175
• − Insurance: −$1,725
• − Repairs & maintenance: −$3,015
• − Management: −$3,015
• − Depreciation: −$10,036
• Taxable loss: −$4,600
• Est. tax savings @ 24.0%: +$1,104
• After-tax cash flow: $2,270/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This charming double home with a big front porch offers two spacious bedrooms and a cozy back unit. The home is in good condition with no major repairs needed, making it a great investment for both resale and rental.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Replace ceiling fans — Improves aesthetics and energy efficiency
• Both Replace kitchen faucet — Enhances functionality and resale value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Replace ceiling fans — Improves aesthetics and energy efficiency ↑
• Both Replace kitchen faucet — Enhances functionality and resale value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 22,659
• Household income: $43,493
• Rent vs Own: 58.8% rent · 41.2% own
• Severe rent burden: 2240.0

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: Predominantly Black (72%)
• Race & ethnicity: Black 72% White 16% Hispanic / Latino 8% Two or more races 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Lithuanian 3% Slovak 1% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 6% 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: ▼ -98.56%
• Current HPI: 149.0172
• Rent YoY: ▼ -0.72%
• 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

3 events — show timeline

• 2026-05-14 Pending — GSREIN
• 2026-04-11 Contingent — GSREIN
• 2026-04-07 Listed $345,000 GSREIN