9311 Forshey St · New Orleans, LA 70118

$149,900

4 bd · 2.0 ba · 2,000 sqft · SingleFamily · 8 Days on market

Built 1970

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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
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Call Owner agent to schedule appointment. *Tenant occupied.

Key facts

• Parking
• Built 1970
• Listed 8 days

Property features AI

Exterior

• Parking: One parking space
• Utilities: Public water; Public sewer
• Home design: Single-story; Average condition
• Construction: Hardboard and wood siding exterior; Asbestos shingle roof; Built with a raised foundation
• Exterior features: City lot; Rectangular lot; Lot dimensions approximately 40 x 120; Raised foundation

Interior

• Kitchen: Oven; Range
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Total of 7 rooms; Average condition

🏷️ Possibly a rental listed for sale. The $149,900 price doesn't fit this home's estimated sale value (~$304,000) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $669 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Cap rate 15.1% 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 flat; 279 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,698/mo this rent would consume 51% of the median local household income ($64k/yr) (locally 2237% 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 $1k of loan paydown is wiped out by about $4k 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 + 1.0% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 27y 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 $34k; list at $150k implies a 334% 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 $149,900

Questions for the listing agent

1. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.80% ✓
• Cap rate: 15.06%
• Cash-on-cash: 31.31%
• DSCR: 2.39
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $304,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9523 Palm St	0.26mi	4/2.5	2,036 (+2%)	4mo	$252,000	$124	80
2924 General Ogden St	0.35mi	5/2.0 (+1)	2,214 (+11%)	1mo	$120,000	$54	60
2524 Hamilton St	0.52mi	4/2.0	1,826 (-9%)	6mo	$261,000	$143	56
2501 Eagle St	0.64mi	3/2.5 (-1)	1,854 (-7%)	3mo	$315,000	$170	48
2522 Eagle St	0.60mi	3/2.5 (-1)	1,911 (-4%)	11mo	$315,000	$165	48
2430 Hollygrove St	0.59mi	3/2.0 (-1)	1,784 (-11%)	3mo	$250,000	$140	47
8303 Pritchard Pl	0.72mi	4/2.0	2,035 (+2%)	22mo	$325,000	$160	46
3203 Hollygrove St	0.24mi	3/2.0 (-1)	2,252 (+13%)	21mo	$100,000	$44	45
3520 Leonidas St	0.50mi	5/2.0 (+1)	2,161 (+8%)	19mo	$95,000	$44	42
107 Stella St	0.71mi	4/3.0	2,149 (+7%)	10mo	$670,000	$312	42
8518 Belfast St	0.66mi	4/2.0	2,213 (+11%)	14mo	$337,000	$152	40
3219 Dante St	0.70mi	3/2.0 (-1)	1,855 (-7%)	20mo	$365,000	$197	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 · 0.97% rent growth · sell at horizon

5-year hold

• IRR: 8.3%
• Equity multiple: 1.31×
• Total profit: $13,199
• Equity at exit: $22,351

10-year hold

• IRR: 15.3%
• Equity multiple: 2.10×
• Total profit: $46,285
• Equity at exit: $12,961

Cash invested: $41,972 (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 70118

• Rents YoY: 1.0%
• Active inventory: 279
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $2,698 high
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$567
• Net cashflow: $669

Break-even live

Break-even rent $1,851

Max offer price $149,900

Occupancy floor 70%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
109 Avenue E Metairie, LA	3.0	3.5	2068	$3,000	$1.45	44d	1	0.48mi
8502 Edinburgh St New Orleans, LA	3.0	2.0	1456	$1,800	$1.24	3d	1	0.58mi
2527 Eagle St New Orleans, LA	3.0	2.0	1571	$2,200	$1.40	24d	1	0.64mi
228 Fairway Dr New Orleans, LA	3.0	2.5	2300	$4,300	$1.87	3d	1	0.81mi
228 Fairway Dr New Orleans, LA	3.0	2.5	2300	$4,300	$1.87	3d	1	0.81mi
6465 Oakland Dr New Orleans, LA	3.0	2.5	2864	$4,000	$1.40	3d	1	0.86mi
912 Monticello Ave New Orleans, LA	3.0	2.0	1750	$2,500	$1.43	44d	1	0.87mi
2305 Joliet St New Orleans, LA	3.0	2.0	1451	$2,500	$1.72	44d	1	0.91mi
2251 Cambronne St Unit A New Orleans, LA	3.0	1.5	1945	$2,495	$1.28	24d	1	0.95mi
7922 Colapissa St New Orleans, LA	4.0	2.0	1848	$2,400	$1.30	10d	1	0.97mi
7933 Belfast St Unit Upper New Orleans, LA	3.0	2.0	1500	$2,400	$1.60	24d	1	1.02mi
8426 Spruce St New Orleans, LA	3.0	2.0	1700	$3,000	$1.76	44d	1	1.10mi
2231 S Carrollton Ave Unit D New Orleans, LA	3.0	2.0	1600	$2,495	$1.56	24d	1	1.14mi
2308 Short St New Orleans, LA	3.0	2.0	1600	$2,800	$1.75	3d	1	1.15mi
2102 S Carrollton Ave Unit NA New Orleans, LA	3.0	2.0	1800	$2,250	$1.25	10d	1	1.17mi
2102 S Carrollton Ave New Orleans, LA	3.0	2.0	1800	$2,250	$1.25	12d	1	1.17mi
4901 Iberville St New Orleans, LA	4.0	2.5	2256	$3,500	$1.55	44d	1	1.19mi
647 S Pierce St New Orleans, LA	3.0	2.0	1550	$3,175	$2.05	15d	1	1.19mi
8626 Green St New Orleans, LA	3.0	1.5	1450	$1,500	$1.03	17d	1	1.20mi
2101 S Carrollton Ave New Orleans, LA	4.0	2.0	1800	$2,400	$1.33	24d	1	1.21mi
7909 Sycamore St New Orleans, LA	3.0	2.0	2000	$2,400	$1.20	3d	1	1.23mi
301 City Park Ave New Orleans, LA	4.0	2.0	1550	$2,000	$1.29	15d	1	1.24mi
1003 Old Metairie Pl Metairie, LA	3.0	2.5	1900	$3,000	$1.58	24d	1	1.24mi
7902 Sycamore St New Orleans, LA	4.0	2.0	1991	$3,200	$1.61	44d	1	1.25mi
261 Hollywood Dr Unit C Metairie, LA	3.0	1.0	1400	$2,300	$1.64	4d	1	1.29mi
8728 Jeannette St New Orleans, LA	3.0	2.0	1511	$1,995	$1.32	3d	1	1.31mi
2201 Burdette St New Orleans, LA	3.0	1.5	1800	$2,695	$1.50	17d	1	1.31mi
2116 Burdette St New Orleans, LA	3.0	1.0	1700	$1,975	$1.16	3d	1	1.32mi
4600 S Carrollton Ave Unit 2B New Orleans, LA	4.0	2.0	2097	$2,850	$1.36	24d	1	1.33mi
212 Harding St New Orleans, LA	3.0	2.0	1400	$2,100	$1.50	24d	1	1.34mi
3825 Baudin St New Orleans, LA	3.0	3.5	1680	$2,000	$1.19	24d	1	1.37mi
1539 Dante St New Orleans, LA	3.0	2.0	2672	$3,500	$1.31	44d	1	1.37mi
1526 Dante St New Orleans, LA	3.0	3.0	1446	$3,000	$2.07	17d	1	1.38mi
1517 Dante St New Orleans, LA	3.0	1.0	1500	$1,700	$1.13	17d	1	1.40mi
8906 Plum St New Orleans, LA	3.0	2.0	2000	$2,800	$1.40	44d	1	1.40mi
7325 Sycamore St New Orleans, LA	4.0	3.0	2500	$2,350	$0.94	24d	1	1.41mi
209 Rosa Ave Metairie, LA	3.0	2.5	2400	$2,000	$0.83	14d	1	1.45mi
2338 Audubon St New Orleans, LA	3.0	2.0	1935	$2,000	$1.03	3d	1	1.45mi
5373 Canal Blvd New Orleans, LA	3.0	2.0	1800	$4,200	$2.33	44d	1	1.46mi
5373 Canal Blvd New Orleans, LA	3.0	2.0	1800	$6,800	$3.78	17d	1	1.46mi

Listing history 6 events

1. 2026-06-18
   days on market $149,900 Active 8 DOM
2. 2026-06-17
   days on market $149,900 Active 7 DOM
3. 2026-06-16
   days on market $149,900 Active 6 DOM
4. 2026-06-15
   days on market $149,900 Active 5 DOM
5. 2026-06-13
   remarks 60-char remark
6. 2026-06-13
   listed $149,900 Active 3 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 AE · 78% 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: $32,372
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$5,868
• − Repairs & maintenance: −$2,590
• − Management: −$2,590
• − Depreciation: −$4,361
• Taxable income: $6,318
• Est. tax owed @ 24.0%: −$1,516
• After-tax cash flow: $6,508/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): 36,072
• Household income: $63,750
• Rent vs Own: 51.5% rent · 48.5% own
• Severe rent burden: 2237.0

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 0.65)
• Race & ethnicity: White 47% Black 34% Hispanic / Latino 11% Two or more races 11% Asian 4%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Italian 2% Romanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 86% English-only · Spanish 7% French/Haitian/Cajun 2% Other Indo-European 2%

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: ▼ -210.46%
• Current HPI: 282.9629
• Rent YoY: ▲ 0.97%
• 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

+160.7% since first listed

8 events — show timeline

• 2026-06-10 Listed $149,900 GSREIN
• 2026-06-10 Listed $149,900 AcadianaMLS
• 2003-12-19 Sold (MLS) $34,500 GSREIN
• 2003-08-11 Listed $37,900 GSREIN
• 2003-08-11 Listed $37,900 AcadianaMLS
• 1999-06-24 Sold (MLS) $56,500 GSREIN
• 1999-01-05 Listed $57,500 GSREIN
• 1999-01-05 Listed $57,500 AcadianaMLS