735 Washington Ave · New Orleans, LA 70130

$375,000

6 bd · 2.0 ba · 0 sqft · MultiFamily public records · 1 Days on market

Built 1920 3,327 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• 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

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

$700k+ ARV with Full reno & conversion to single family home. A rare opportunity to polish a diamond in the coveted Irish Channel neighborhood, just a couple of blocks from the River. Although it needs the works from top to bottom, the light at the end of the tunnel is shining through. 12 ft ceilings throughout. Still has much of the original hardwood flooring. X Flood zn.

Key facts

• 12 ft ceilings
• 3,327 sq ft lot
• Built 1920

Tags

• 12 FT CEILINGS
• ORIGINAL HARDWOOD FLOORING

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $375k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $375k).
• Cap rate 12.0% 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; 308 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $5,542/mo this rent would consume 83% of the median local household income ($80k/yr) (locally 841% 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 $11k 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 + 0.9% rent growth), your $105k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 29y 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 $17k; list at $375k implies a 2106% 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→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $375,000

Questions for the listing agent

1. Built in 1920 — 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 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: 1.48% ✓
• Cap rate: 12.01%
• Cash-on-cash: 20.42%
• DSCR: 1.91
• GRM: 5.6

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1014 18 Fourth St	0.20mi	6/4.0	4,510	4mo	$995,000	$221	67
2825 29 Constance St	0.19mi	6/5.0	4,284	2mo	$1,050,000	$245	65
900 Sixth St	0.16mi	5/3.5 (-1)	3,044	9mo	$598,000	$196	62
2423-2425 Annunciation St	0.19mi	6/5.0	3,008	9mo	$570,000	$189	59
917 8th St	0.25mi	7/5.0 (+1)	4,258	3mo	$655,000	$154	57
842 Toledano St	0.43mi	5/3.0 (-1)	2,150	5mo	$590,000	$274	54
825-27 Second St	0.19mi	6/5.0	4,580	17mo	$1,050,000	$229	53
1005 07 First St	0.29mi	5/4.0 (-1)	3,470	13mo	$680,000	$196	50
2928 Annunciation St	0.16mi	7/5.0 (+1)	2,840	17mo	$325,000	$114	49
812 14 Foucher St	0.70mi	6/2.0	2,176	14mo	$450,000	$207	43
923 25 Louisiana Ave	0.48mi	5/3.0 (-1)	2,993	16mo	$595,000	$199	42
2023 25 Coliseum St	0.68mi	5/8.0 (-1)	4,414	13mo	$686,000	$155	25

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 · 0.95% rent growth · sell at horizon

5-year hold

• IRR: 9.4%
• Equity multiple: 1.36×
• Total profit: $37,734
• Equity at exit: $55,914

10-year hold

• IRR: 16.7%
• Equity multiple: 2.24×
• Total profit: $130,345
• Equity at exit: $32,423

Cash invested: $105,000 (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 70130

• Rents YoY: 0.9%
• Active inventory: 308
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $5,542 medium
• Mortgage (P&I): −$1,967
• Tax est. 1.5%: −$469 /mo · $5,625/yr
• Insurance: −$156
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,164
• Net cashflow: $1,720

Break-even live

Break-even rent $3,365

Max offer price $375,000

Occupancy floor 64%

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1050 Annunciation St Unit 1272355P New Orleans, LA	2.0–5.0	2.0–4.0	1544	$4,490	$2.91	3d	3	1.37mi
1927 Napoleon Ave New Orleans, LA	5.0	2.0	3350	$3,600	$1.07	43d	1	1.39mi
822 Howard Ave Unit 1272354P New Orleans, LA	1.0–5.0	1.0–4.0	1749	$11,882	$6.79	1d	3	1.43mi

Listing history 6 events

1. 2026-03-19
   status Pending 379-char remark

   Show marketing remark (379 chars)

   $700k+ ARV with Full reno & conversion to single family home. A rare opportunity to polish a diamond in the coveted Irish Channel neighborhood, just a couple of blocks from the River. Although it needs the works from top to bottom, the light at the end of the tunnel is shining through. 12 ft ceilings throughout. Still has much of the original hardwood flooring. X Flood zn.

2. 2026-03-19
   status Pending

   Show marketing remark (379 chars)

   $700k+ ARV with Full reno & conversion to single family home. A rare opportunity to polish a diamond in the coveted Irish Channel neighborhood, just a couple of blocks from the River. Although it needs the works from top to bottom, the light at the end of the tunnel is shining through. 12 ft ceilings throughout. Still has much of the original hardwood flooring. X Flood zn.

3. 2026-03-16
   listed $375,000 Active 379-char remark

   Show marketing remark (379 chars)

   $700k+ ARV with Full reno & conversion to single family home. A rare opportunity to polish a diamond in the coveted Irish Channel neighborhood, just a couple of blocks from the River. Although it needs the works from top to bottom, the light at the end of the tunnel is shining through. 12 ft ceilings throughout. Still has much of the original hardwood flooring. X Flood zn.

4. 2026-03-16
   listed $375,000 Active

   Show marketing remark (379 chars)

   $700k+ ARV with Full reno & conversion to single family home. A rare opportunity to polish a diamond in the coveted Irish Channel neighborhood, just a couple of blocks from the River. Although it needs the works from top to bottom, the light at the end of the tunnel is shining through. 12 ft ceilings throughout. Still has much of the original hardwood flooring. X Flood zn.

5. 1999-04-21
   soldstatus $17,000
6. 1997-12-30
   listed $19,000

ⓘ 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 X · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 20 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: $66,509
• − Mortgage interest: −$21,006
• − Property taxes: −$5,625
• − Insurance: −$2,672
• − Repairs & maintenance: −$5,321
• − Management: −$5,321
• − Depreciation: −$10,909
• Taxable income: $15,655
• Est. tax owed @ 24.0%: −$3,757
• After-tax cash flow: $16,889/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): 12,560
• Household income: $80,212
• Rent vs Own: 61.9% rent · 38.1% own
• Severe rent burden: 841.0

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 0.59)
• Race & ethnicity: White 57% Black 28% Hispanic / Latino 10% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Lithuanian 8% Italian 3% Slovak 2%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 89% English-only · Spanish 5% 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: ▼ -162.98%
• Current HPI: 206.2364
• Rent YoY: ▲ 0.95%
• 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

+1873.7% since first listed

6 events — show timeline

• 2026-03-19 Pending — AcadianaMLS
• 2026-03-19 Pending — GSREIN
• 2026-03-16 Listed $375,000 GSREIN
• 2026-03-16 Listed $375,000 AcadianaMLS
• 1999-04-21 Sold (Public Records) $17,000 Public Records
• 1997-12-30 Listed $19,000 AcadianaMLS