2323-21 N D'abadie St · New Orleans, LA 70119

$195,000

6 bd · 2.0 ba · 1,675 sqft · MultiFamily public records · 80 Days on market

Built 1940 3,600 sqft lot $116/sqft · 16% above area Est $360k · 46% under

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Located in the heart of the Historic 7th Ward in Downtown New Orleans, this residential double offers incredible potential for the right investor. Each unit features 2 bedrooms and 1 bathroom, along with a spacious backyard--opportunity for adding value and maximizing returns.While the property is in fair condition, it presents a prime opportunity to renovate and build significant equity. Whether you're looking to expand your portfolio or a profitable project, this is a deal you don't want to miss.

Key facts

• Spacious backyard
• Prime opportunity
• Historic 7th ward

Tags

• HISTORIC 7TH WARD
• SPACIOUS BACKYARD
• POTENTIAL FOR RENOVATION
• PRIME OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $195k.

Deal economics

• At list price, monthly cash flow is $938 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $195k).
• Recommended offer: $183k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.5% 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 soft (-0.2%/yr); 381 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,977/mo this rent would consume 67% 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 $1k of loan paydown is wiped out by about $6k 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 $55k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($183k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1940 — 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 $183,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.53% ✓
• Cap rate: 12.47%
• Cash-on-cash: 22.07%
• DSCR: 1.98
• GRM: 5.5

CMA / ARV

• ARV (median comp): $359,772
• List price: $195,000
• Delta: -45.80%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2613 15 St Philip St	0.71mi	6/2.0	1,810 (+8%)	2mo	$239,000	$132	52
2657 59 Bruxelles St	0.39mi	5/3.0 (-1)	1,580 (-6%)	16mo	$278,250	$176	50
2125-27 27 St. Anthony St	0.54mi	6/2.0	1,884 (+12%)	15mo	$120,000	$64	42
1860 62 Rosiere St	0.54mi	6/2.0	1,875 (+12%)	18mo	$317,275	$169	39

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: 9.4%
• Equity multiple: 1.36×
• Total profit: $19,490
• Equity at exit: $29,075

10-year hold

• IRR: 15.8%
• Equity multiple: 2.11×
• Total profit: $60,512
• Equity at exit: $16,860

Cash invested: $54,600 (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: 10.9×

Monthly cashflow live

• Estimated rent: $2,977 high
• Mortgage (P&I): −$1,023
• Tax est. 1.5%: −$244 /mo · $2,925/yr
• Insurance: −$81
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$625
• Net cashflow: $938

Break-even live

Break-even rent $1,790

Max offer price $195,000

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,976
Total (2 units)			$2,977

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3228 Pauger St New Orleans, LA	5.0	2.0	1600	$2,100	$1.31	23d	1	0.63mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$8,133	$5.14	3d	2	1.24mi

Listing history 15 events

1. 2026-06-18
   days on market $195,000 Active 80 DOM
2. 2026-06-17
   days on market $195,000 Active 79 DOM
3. 2026-06-16
   days on market $195,000 Active 78 DOM
4. 2026-06-15
   days on market $195,000 Active 77 DOM
5. 2026-06-13
   days on market $195,000 Active 75 DOM
6. 2026-06-10
   days on market $195,000 Active 72 DOM
7. 2026-06-09
   days on market $195,000 Active 71 DOM
8. 2026-06-08
   days on market $195,000 Active 70 DOM
9. 2026-06-07
   days on market $195,000 Active 69 DOM
10. 2026-06-05
    days on market $195,000 Active 66 DOM
11. 2026-06-03
    days on market $195,000 Active 65 DOM
12. 2026-06-02
    days on market $195,000 Active 64 DOM
13. 2026-06-01
    days on market $195,000 Active 63 DOM
14. 2026-05-31
    days on market $195,000 Active 62 DOM
15. 2026-03-30
    listed $195,000 Active 503-char remark

    Show marketing remark (503 chars)

    Located in the heart of the Historic 7th Ward in Downtown New Orleans, this residential double offers incredible potential for the right investor. Each unit features 2 bedrooms and 1 bathroom, along with a spacious backyard--opportunity for adding value and maximizing returns.While the property is in fair condition, it presents a prime opportunity to renovate and build significant equity. Whether you're looking to expand your portfolio or a profitable project, this is a deal you don't want to miss.

ⓘ 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 (shaded) · 60% 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: $35,724
• − Mortgage interest: −$10,923
• − Property taxes: −$2,925
• − Insurance: −$1,772
• − Repairs & maintenance: −$2,858
• − Management: −$2,858
• − Depreciation: −$5,673
• Taxable income: $8,715
• Est. tax owed @ 24.0%: −$2,092
• After-tax cash flow: $9,162/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

1 event — show timeline

• 2026-03-30 Listed $195,000 AcadianaMLS

Property tax history

+0.8%/yr

Latest (2026): $75 · +0.0% YoY. Source: county tax records.