2222 Terpsichore St · New Orleans, LA 70113

$62,500

2 bd · 2.0 ba · 1,326 sqft · MultiFamily public records · 91 Days on market

Built 1951 $47/sqft · 71% below area ↓ 34% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0

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

** NEW PRICE ** Beautiful opportunity to fix / flip or build on this - Double needing TLC in central city. Make your move now. Over-sized lot 34 x 137 deep. Power still active on property but will not be provided for any type of inspection, no active water account. Property being sold AS-IS - make your move today! Property part of a completed succession, disclosures filed accordingly.

Key facts

• Over-sized lot
• Built 1951
• Listed 91 days

Tags

• OVER-SIZED LOT

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $62k.

Deal economics

• At list price, monthly cash flow is $883 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $62k).
• Recommended offer: $57k (9.0% below list) — sets the bar for market timing.
• Cap rate 24.5% 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 rising fast (+6.0%/yr); 137 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); lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($432 loan paydown + $6k appreciation (10.0% local appreciation)).
• Orleans County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 6.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $36k (37%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $170; list at $62k implies a 36665% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.8% of price; flood insurance adds $66/mo; built in 1951 — 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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $56,875 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 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 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 3.04% ✓
• Cap rate: 24.53%
• Cash-on-cash: 65.13%
• DSCR: 3.90
• GRM: 2.7

CMA / ARV

• ARV (median comp): $212,136
• List price: $62,500
• Delta: -70.54%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2304-06 6th St	0.67mi	2/2.0	1,183 (-11%)	10mo	$159,900	$135	42
2717 S Liberty St	0.54mi	2/3.0	1,154 (-13%)	9mo	$72,000	$62	42

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 5.98% rent growth · sell at horizon

5-year hold

• IRR: 75.5%
• Equity multiple: 6.50×
• Total profit: $96,305
• Equity at exit: $56,305

10-year hold

• IRR: 70.8%
• Equity multiple: 15.46×
• Total profit: $253,069
• Equity at exit: $121,424

Cash invested: $17,500 (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 70113

• Rents YoY: 6.0%
• Active inventory: 137
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,900 high
• Mortgage (P&I): −$328
• Tax from tax record: −$197 /mo · $2,367/yr
• Insurance: −$26
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $883

Break-even live

Break-even rent $782

Max offer price $62,500

Occupancy floor 48%

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: $15,625
• Closing costs: $1,875
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1614 Rev John Raphael Jr Way New Orleans, LA	3.0	2.0	1000	$1,500	$1.50	23d	1	0.04mi
2318 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1400	$1,700	$1.21	23d	1	0.05mi
2526 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1200	$2,200	$1.83	3d	1	0.11mi
2123 S Liberty St Unit 2125 New Orleans, LA	3.0	2.0	1500	$2,100	$1.40	3d	1	0.20mi
2515 Erato St Unit 102 New Orleans, LA	2.0	1.0	1000	$2,100	$2.10	21d	1	0.20mi
1407 Magnolia St New Orleans, LA	3.0	2.0	1824	$1,500	$0.82	23d	1	0.21mi
2722 Martin L King Bl New Orleans, LA	3.0	2.5	1350	$1,800	$1.33	23d	1	0.21mi
2702 Felicity St Unit 4 New Orleans, LA	1.0	1.0	1734	$825	$0.48	3d	1	0.24mi
2818 Saint Andrew St New Orleans, LA	2.0	1.0	900	$1,550	$1.72	23d	1	0.25mi
2119 Josephine St New Orleans, LA	3.0	1.0	1017	$950	$0.93	21d	1	0.25mi
2231 S Liberty St New Orleans, LA	3.0	3.5	1752	$2,000	$1.14	17d	1	0.27mi
2032 Saint Andrew St New Orleans, LA	3.0	2.0	1035	$1,830	$1.77	17d	1	0.27mi
1848 Felicity St New Orleans, LA	2.0	1.0	1000	$1,300	$1.30	17d	1	0.36mi
1944 Jackson Ave New Orleans, LA	3.0	2.5	1572	$2,500	$1.59	43d	1	0.37mi
2225 2nd St New Orleans, LA	3.0	2.0	1100	$1,800	$1.64	23d	1	0.41mi
2227 Second St New Orleans, LA	2.0	2.0	1100	$1,900	$1.73	23d	1	0.41mi
1827 Baronne St Unit C New Orleans, LA	2.0	1.0	876	$1,450	$1.66	23d	1	0.41mi
2403 S Saratoga St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	23d	1	0.43mi
1915 Philip St New Orleans, LA	3.0	1.5	1300	$2,450	$1.88	23d	1	0.46mi
1809 Carondelet St New Orleans, LA	2.0	2.0	1086	$2,200	$2.03	23d	1	0.50mi
1809 Carondelet St Unit 1809 New Orleans, LA	2.0	2.0	1086	$2,000	$1.84	3d	1	0.50mi
875 O'Keefe Ave #205 New Orleans, LA	2.0	2.5	1040	$2,250	$2.16	17d	1	0.53mi
2222 Fourth St New Orleans, LA	2.0	1.5	937	$1,550	$1.65	23d	1	0.53mi
2220 4th St New Orleans, LA	1.0	1.0	937	$1,650	$1.76	23d	1	0.54mi
1715 Jackson Ave Unit B New Orleans, LA	2.0	2.0	1200	$1,850	$1.54	2d	1	0.55mi
1643 Josephine St New Orleans, LA	1.0–2.0	1.5–2.0	814	$2,249	$2.76	2d	11	0.55mi
2341 S Roman St Unit U New Orleans, LA	3.0	2.0	1000	$1,850	$1.85	23d	1	0.56mi
2107 Fourth St New Orleans, LA	3.0	1.0	1292	$1,775	$1.37	17d	1	0.56mi
3108 Second St New Orleans, LA	3.0	3.0	1216	$2,100	$1.73	3d	1	0.56mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1232	$2,300	$1.87	23d	1	0.57mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1250	$2,300	$1.84	2d	1	0.57mi
1001 Julia St Unit 10B New Orleans, LA	2.0	2.0	1418	$6,650	$4.69	10d	1	0.57mi
1100 Girod St Unit PHF New Orleans, LA	2.0	2.0	1380	$5,800	$4.20	23d	1	0.58mi
3122 2nd St New Orleans, LA	3.0	3.0	1206	$2,075	$1.72	23d	1	0.58mi
3120 Second St New Orleans, LA	3.0	3.0	1256	$2,050	$1.63	23d	1	0.58mi
822 Howard Ave Unit 1272354P New Orleans, LA	1.0–5.0	1.0–4.0	1749	$3,985	$2.28	1d	3	0.58mi
818 Howard Ave Unit 301 New Orleans, LA	1.0	1.0	981	$2,358	$2.40	3d	1	0.59mi
833 Howard Ave New Orleans, LA	1.0	1.0	955	$2,195	$2.30	23d	1	0.60mi
814 Howard Ave Unit 102 New Orleans, LA	2.0	2.0	1160	$3,800	$3.28	23d	1	0.60mi
1716 Saint Charles Ave Unit A New Orleans, LA	1.0	1.0	1631	$3,500	$2.15	43d	1	0.60mi

Listing history 27 events

1. 2026-06-18
   days on market $62,500 Active 91 DOM
2. 2026-06-17
   days on market $62,500 Active 90 DOM
3. 2026-06-16
   days on market $62,500 Active 89 DOM
4. 2026-06-15
   days on market $62,500 Active 88 DOM
5. 2026-06-13
   pricedays on market $62,500 Active 86 DOM
6. 2026-06-10
   days on market $65,000 Active 83 DOM
7. 2026-06-09
   days on market $65,000 Active 82 DOM
8. 2026-06-08
   days on market $65,000 Active 81 DOM
9. 2026-06-07
   days on market $65,000 Active 80 DOM
10. 2026-06-05
    days on market $65,000 Active 77 DOM
11. 2026-06-03
    days on market $65,000 Active 76 DOM
12. 2026-06-02
    days on market $65,000 Active 75 DOM
13. 2026-06-01
    days on market $65,000 Active 74 DOM
14. 2026-05-31
    days on market $65,000 Active 73 DOM
15. 2026-05-14
    price $65,000 387-char remark

    Show marketing remark (394 chars)

    * * NEW PRICE * * Beautiful opportunity to fix / flip or build on this - Double needing TLC in central city. Make your move now. Over-sized lot 34 x 137 deep. Power still active on property but will not be provided for any type of inspection, no active water account. Property being sold AS-IS - make your move today! Property part of a completed succession, disclosures filed accordingly.

16. 2026-05-14
    price $65,000 394-char remark

    Show marketing remark (394 chars)

    * * NEW PRICE * * Beautiful opportunity to fix / flip or build on this - Double needing TLC in central city. Make your move now. Over-sized lot 34 x 137 deep. Power still active on property but will not be provided for any type of inspection, no active water account. Property being sold AS-IS - make your move today! Property part of a completed succession, disclosures filed accordingly.

17. 2026-04-29
    price $69,000 387-char remark

    Show marketing remark (387 chars)

    ** NEW PRICE ** Beautiful opportunity to fix / flip or build on this - Double needing TLC in central city. Make your move now. Over-sized lot 34 x 137 deep. Power still active on property but will not be provided for any type of inspection, no active water account. Property being sold AS-IS - make your move today! Property part of a completed succession, disclosures filed accordingly.

18. 2026-04-28
    price $69,000 394-char remark

    Show marketing remark (394 chars)

    * * NEW PRICE * * Beautiful opportunity to fix / flip or build on this - Double needing TLC in central city. Make your move now. Over-sized lot 34 x 137 deep. Power still active on property but will not be provided for any type of inspection, no active water account. Property being sold AS-IS - make your move today! Property part of a completed succession, disclosures filed accordingly.

19. 2026-04-23
    price $79,000 387-char remark

    Show marketing remark (394 chars)

    * * NEW PRICE * * Beautiful opportunity to fix / flip or build on this - Double needing TLC in central city. Make your move now. Over-sized lot 34 x 137 deep. Power still active on property but will not be provided for any type of inspection, no active water account. Property being sold AS-IS - make your move today! Property part of a completed succession, disclosures filed accordingly.

20. 2026-04-23
    price $79,000 394-char remark

    Show marketing remark (394 chars)

    * * NEW PRICE * * Beautiful opportunity to fix / flip or build on this - Double needing TLC in central city. Make your move now. Over-sized lot 34 x 137 deep. Power still active on property but will not be provided for any type of inspection, no active water account. Property being sold AS-IS - make your move today! Property part of a completed succession, disclosures filed accordingly.

21. 2026-04-06
    price $82,000 387-char remark

    Show marketing remark (394 chars)

    * * NEW PRICE * * Beautiful opportunity to fix / flip or build on this - Double needing TLC in central city. Make your move now. Over-sized lot 34 x 137 deep. Power still active on property but will not be provided for any type of inspection, no active water account. Property being sold AS-IS - make your move today! Property part of a completed succession, disclosures filed accordingly.

22. 2026-04-06
    price $82,000 394-char remark

    Show marketing remark (394 chars)

    * * NEW PRICE * * Beautiful opportunity to fix / flip or build on this - Double needing TLC in central city. Make your move now. Over-sized lot 34 x 137 deep. Power still active on property but will not be provided for any type of inspection, no active water account. Property being sold AS-IS - make your move today! Property part of a completed succession, disclosures filed accordingly.

23. 2026-03-31
    price $89,000 387-char remark

    Show marketing remark (394 chars)

    * * NEW PRICE * * Beautiful opportunity to fix / flip or build on this - Double needing TLC in central city. Make your move now. Over-sized lot 34 x 137 deep. Power still active on property but will not be provided for any type of inspection, no active water account. Property being sold AS-IS - make your move today! Property part of a completed succession, disclosures filed accordingly.

24. 2026-03-31
    price $89,000 394-char remark

    Show marketing remark (394 chars)

    * * NEW PRICE * * Beautiful opportunity to fix / flip or build on this - Double needing TLC in central city. Make your move now. Over-sized lot 34 x 137 deep. Power still active on property but will not be provided for any type of inspection, no active water account. Property being sold AS-IS - make your move today! Property part of a completed succession, disclosures filed accordingly.

25. 2026-03-19
    listed $99,000 Active 387-char remark

    Show marketing remark (394 chars)

    * * NEW PRICE * * Beautiful opportunity to fix / flip or build on this - Double needing TLC in central city. Make your move now. Over-sized lot 34 x 137 deep. Power still active on property but will not be provided for any type of inspection, no active water account. Property being sold AS-IS - make your move today! Property part of a completed succession, disclosures filed accordingly.

26. 2026-03-19
    listed $99,000 Active 394-char remark

    Show marketing remark (394 chars)

    * * NEW PRICE * * Beautiful opportunity to fix / flip or build on this - Double needing TLC in central city. Make your move now. Over-sized lot 34 x 137 deep. Power still active on property but will not be provided for any type of inspection, no active water account. Property being sold AS-IS - make your move today! Property part of a completed succession, disclosures filed accordingly.

27. 1985-11-13
    soldstatus $170

ⓘ 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: $2,367 · $197/mo
• Projected year-2 tax: $2,367 · $197/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 · 77% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 19 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: $22,796
• − Mortgage interest: −$3,501
• − Property taxes: −$2,367
• − Insurance: −$1,110
• − Repairs & maintenance: −$1,824
• − Management: −$1,824
• − Depreciation: −$1,818
• Taxable income: $10,353
• Est. tax owed @ 24.0%: −$2,485
• After-tax cash flow: $8,115/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): 9,387
• Household income: $39,333
• Rent vs Own: 75.4% rent · 24.6% own
• Severe rent burden: 714.0

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 0.57)
• Race & ethnicity: Black 61% White 20% Hispanic / Latino 13% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 2% Portuguese 1% Slovak 1%
• Foreign-born: 13% · Canada, Vietnam, China
• Languages at home: 86% English-only · Spanish 11% Other Indo-European 1% Vietnamese 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: ▲ 65.92%
• Current HPI: 229.3968
• Rent YoY: ▲ 5.98%
• 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

-34.3% since first listed

13 events — show timeline

• 2026-05-14 Price Changed $65,000 AcadianaMLS
• 2026-05-14 Price Changed $65,000 GSREIN
• 2026-04-29 Price Changed $69,000 AcadianaMLS
• 2026-04-28 Price Changed $69,000 GSREIN
• 2026-04-23 Price Changed $79,000 AcadianaMLS
• 2026-04-23 Price Changed $79,000 GSREIN
• 2026-04-06 Price Changed $82,000 AcadianaMLS
• 2026-04-06 Price Changed $82,000 GSREIN
• 2026-03-31 Price Changed $89,000 AcadianaMLS
• 2026-03-31 Price Changed $89,000 GSREIN
• 2026-03-19 Listed $99,000 GSREIN
• 2026-03-19 Listed $99,000 AcadianaMLS
• 1985-11-13 Sold (Public Records) $170 Public Records

Property tax history

+6.9%/yr

Latest (2026): $2,367 · +1.1% YoY. Source: county tax records.