1638 Music St · New Orleans, LA 70117

$1,185

4 bd · 2.0 ba · 1,920 sqft · MultiFamily public records · 12 Days on market

Built 1960

---

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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• 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

Step into this charming, well-cared-for shotgun home in the vibrant heart of The New Marigny! Perfectly maintained b an attentive owner, this home combines historic charm with modern Conveniences. Features You'll Love: . Renovated Kitchen: Modern stove and refrigerator. . Laundry Ready: Full-size washer & dryer included. . Utilities: Water is included for added convenience. . Prime Location: Walk to local cafes & coffee shops, bus stops, shops and nightlife. Don't miss out on this centrally located gem - move-in ready and ready to welcome you!

Key facts

• Fenced in back yard
• Off-street parking
• Parking

Tags

• OFF-STREET PARKING
• FENCED IN BACK YARD
• NEWLY RENOVATED KITCHEN

Property features AI

Exterior

• Parking: One parking space
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Single-story; Raised foundation; Rectangular city lot (32 x 134)
• Construction: Frame construction; Shingle roof; Estimated year built (approximate)
• Exterior features: Fenced yard; Porch

Interior

• Kitchen: Oven; Range
• Bedrooms: 6 total rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom
• Heating & cooling: Multiple heating units including window unit; Window cooling unit(s)
• Interior features: Smoke detectors
• Laundry & utility: Washer; Dryer

🏷️ Possibly a rental listed for sale. The $1,185 price doesn't fit this home's estimated sale value (~$291,840) 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 multifamily listed at $1k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $1k).
• Cap rate 2274.0% vs local median 4.3% 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 (+2.5%/yr); 587 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,845/mo this rent would consume 75% of the median local household income ($46k/yr) (locally 1988% 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 $8 of loan paydown is wiped out by about $36 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 + 2.5% rent growth), your $332 cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 17y ago; this cycle's ask has dropped $100 (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• 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 $1,185

Questions for the listing agent

1. Built in 1960 — 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. 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: 240.08% ✓
• Cap rate: 2274.00%
• Cash-on-cash: 8098.95%
• DSCR: 361.36
• GRM: 0.0

CMA / ARV

• ARV (on-the-fly): $291,840
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1805 07 St Roch Ave	0.09mi	4/2.0	1,914 (-0%)	1mo	$290,000	$152	94
1734 Spain St	0.15mi	5/3.0 (+1)	1,985 (+3%)	1mo	$100,000	$50	77
1727 29 Marigny St	0.25mi	4/2.0	1,716 (-11%)	1mo	$285,000	$166	70
1923-25 Pauger St	0.62mi	4/2.0	1,879 (-2%)	4mo	$70,000	$37	65
2008 10 Frenchmen St	0.49mi	4/4.0	1,942 (+1%)	6mo	$380,000	$196	62
827-829 St Ferdinand St	0.62mi	4/2.0	2,019 (+5%)	2mo	$450,000	$223	61
3129 31 N Claiborne Ave	0.60mi	4/2.0	1,806 (-6%)	3mo	$267,150	$148	60
2117 19 Marais St	0.51mi	4/2.0	2,084 (+8%)	5mo	$295,000	$142	58
1614 16 Annette St	0.70mi	4/2.0	1,998 (+4%)	4mo	$120,000	$60	57
2211 13 Mandeville St	0.42mi	4/2.0	1,644 (-14%)	2mo	$195,000	$119	54
832 36 Mandeville St	0.60mi	3/3.0 (-1)	1,851 (-4%)	4mo	$294,000	$159	54
2630 N Rampart St	0.52mi	4/2.0	1,680 (-12%)	4mo	$387,500	$231	52

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 · 2.49% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 413.39×
• Total profit: $136,832
• Equity at exit: $177

10-year hold

• IRR: —
• Equity multiple: 880.43×
• Total profit: $291,796
• Equity at exit: $102

Cash invested: $332 (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 70117

• Rents YoY: 2.5%
• Active inventory: 587
• Price-to-rent: 0.1×

Monthly cashflow live

• Estimated rent: $2,845 high
• Mortgage (P&I): −$6
• Tax est. 1.5%: −$1 /mo · $18/yr
• Insurance: −$0
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$597
• Net cashflow: $2,173

Break-even live

Break-even rent $94

Max offer price $1,185

Occupancy floor 19%

Sensitivity live

Price	-10% $2,174	-5% $2,173	+0% $2,173	+5% $2,172	+10% $2,172
Rent	-10% $1,948	-5% $2,061	+0% $2,173	+5% $2,285	+10% $2,398
Rate	-1.0pp $2,173	-0.5pp $2,173	base $2,173	+0.5pp $2,173	+1.0pp $2,172

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,844
Total (2 units)			$2,845

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: $296
• Closing costs: $36
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2220 N Prieur St New Orleans, LA	3.0	2.0	1334	$2,000	$1.50	24d	1	0.30mi
2115 Mandeville St New Orleans, LA	3.0	2.0	1400	$1,650	$1.18	24d	1	0.34mi
2228 Arts St New Orleans, LA	3.0	2.0	2270	$1,675	$0.74	4d	1	0.39mi
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	4d	1	0.41mi
1837 Touro St New Orleans, LA	3.0	1.0	1994	$2,000	$1.00	24d	1	0.47mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$4,154	$2.63	4d	2	0.53mi
2320 N Rampart St New Orleans, LA	3.0	3.0	2317	$3,700	$1.60	44d	1	0.55mi
1231 Feliciana St New Orleans, LA	3.0	2.5	1869	$2,750	$1.47	44d	1	0.60mi
2322 Burgundy St Unit C New Orleans, LA	3.0	2.0	1250	$2,200	$1.76	24d	1	0.61mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	44d	1	0.61mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	24d	1	0.61mi
1938 N Johnson St Unit 38 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	24d	1	0.64mi
1936 N Johnson St Unit 36 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	24d	1	0.64mi
2920 Pauger St New Orleans, LA	4.0	2.0	1882	$1,995	$1.06	24d	1	0.67mi
1839 Louisa St New Orleans, LA	3.0	2.0	1500	$2,095	$1.40	17d	1	0.73mi
1835 Louisa St New Orleans, LA	3.0	2.5	1800	$2,350	$1.31	4d	1	0.73mi
632 Mandeville St Unit 2B New Orleans, LA	4.0	4.5	1337	$4,500	$3.37	18d	1	0.73mi
2331 Feliciana St New Orleans, LA	3.0	2.0	1250	$1,850	$1.48	24d	1	0.78mi
5624-5626 Saint Claude ST New Orleans, LA	4.0	3.0	1521	$2,300	$1.51	24d	1	0.79mi
3221 Saint Claude Ave New Orleans, LA	3.0	1.0	1900	$1,650	$0.87	24d	1	0.80mi
3228 Pauger St New Orleans, LA	5.0	2.0	1600	$2,100	$1.31	24d	1	0.81mi
3134 Burgundy St New Orleans, LA	3.0	2.0	1887	$2,900	$1.54	24d	1	0.84mi
2028 Desire St New Orleans, LA	3.0	1.0	1300	$1,300	$1.00	24d	1	0.86mi
928 Kerlerec St New Orleans, LA	3.0	3.5	1684	$2,750	$1.63	4d	1	0.87mi
928 Kerlerec St New Orleans, LA	3.0	3.5	1684	$2,750	$1.63	4d	1	0.87mi
1217 Kerlerec St Unit B New Orleans, LA	3.0	1.0	1300	$2,100	$1.62	4d	1	0.88mi
1437 Gallier St New Orleans, LA	3.0	2.0	1451	$1,875	$1.29	22d	1	0.89mi
1245 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	44d	1	0.89mi
1247 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	44d	1	0.89mi
1418 Royal St Unit 1418 New Orleans, LA	4.0	2.0	1300	$2,450	$1.88	24d	1	0.90mi
1831 N Miro St New Orleans, LA	3.0	2.0	1882	$2,500	$1.33	44d	1	0.91mi
2019 Gallier St New Orleans, LA	4.0	2.0	1400	$2,200	$1.57	24d	1	0.93mi
1472 N Claiborne Ave New Orleans, LA	3.0	1.0	1312	$1,900	$1.45	17d	1	0.95mi
1433 Esplanade Ave New Orleans, LA	3.0	2.0	2411	$5,000	$2.07	3d	1	1.02mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	4d	1	1.04mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	4d	1	1.04mi
1323 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	4d	1	1.04mi
1933 Industry St New Orleans, LA	3.0	2.0	1400	$1,595	$1.14	17d	1	1.09mi
734 Ursulines Ave New Orleans, LA	3.0	2.0	1340	$2,800	$2.09	44d	1	1.12mi
1021 Henriette Delille St New Orleans, LA	3.0	2.0	2012	$2,250	$1.12	18d	1	1.17mi

Listing history 18 events

1. 2026-06-01
   days on market $1,185 Active 12 DOM
2. 2026-05-31
   days on market $1,185 Active 11 DOM
3. 2026-05-21
   price $1,185 557-char remark

   Show marketing remark (557 chars)

   Step into this charming, well-cared-for shotgun home in the vibrant heart of The New Marigny! Perfectly maintained b an attentive owner, this home combines historic charm with modern Conveniences. Features You'll Love: . Renovated Kitchen: Modern stove and refrigerator. . Laundry Ready: Full-size washer & dryer included. . Utilities: Water is included for added convenience. . Prime Location: Walk to local cafes & coffee shops, bus stops, shops and nightlife. Don't miss out on this centrally located gem - move-in ready and ready to welcome you!

4. 2026-05-21
   price $1,185

   Show marketing remark (557 chars)

   Step into this charming, well-cared-for shotgun home in the vibrant heart of The New Marigny! Perfectly maintained b an attentive owner, this home combines historic charm with modern Conveniences. Features You'll Love: . Renovated Kitchen: Modern stove and refrigerator. . Laundry Ready: Full-size washer & dryer included. . Utilities: Water is included for added convenience. . Prime Location: Walk to local cafes & coffee shops, bus stops, shops and nightlife. Don't miss out on this centrally located gem - move-in ready and ready to welcome you!

5. 2026-05-20
   listed $1,285 Active 557-char remark

   Show marketing remark (557 chars)

   Step into this charming, well-cared-for shotgun home in the vibrant heart of The New Marigny! Perfectly maintained b an attentive owner, this home combines historic charm with modern Conveniences. Features You'll Love: . Renovated Kitchen: Modern stove and refrigerator. . Laundry Ready: Full-size washer & dryer included. . Utilities: Water is included for added convenience. . Prime Location: Walk to local cafes & coffee shops, bus stops, shops and nightlife. Don't miss out on this centrally located gem - move-in ready and ready to welcome you!

6. 2026-05-20
   listed $1,285 Active

   Show marketing remark (557 chars)

   Step into this charming, well-cared-for shotgun home in the vibrant heart of The New Marigny! Perfectly maintained b an attentive owner, this home combines historic charm with modern Conveniences. Features You'll Love: . Renovated Kitchen: Modern stove and refrigerator. . Laundry Ready: Full-size washer & dryer included. . Utilities: Water is included for added convenience. . Prime Location: Walk to local cafes & coffee shops, bus stops, shops and nightlife. Don't miss out on this centrally located gem - move-in ready and ready to welcome you!

7. 2026-03-04
   historical $1,285
8. 2026-03-04
   listed $1,285
9. 2026-03-04
   historical $1,285
10. 2026-01-31
    listed $1,285
11. 2024-10-18
    historical $1,150
12. 2024-09-05
    price $1,150
13. 2024-05-21
    listed $1,185
14. 2013-03-25
    listed $69,000
15. 2011-12-15
    listed $88,000
16. 2010-05-18
    listed $129,900
17. 2009-08-21
    listed $150,000
18. 1991-04-16
    soldstatus $15,150

ⓘ 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: $34,140
• − Mortgage interest: −$66
• − Property taxes: −$18
• − Insurance: −$803
• − Repairs & maintenance: −$2,731
• − Management: −$2,731
• − Depreciation: −$34
• Taxable income: $27,756
• Est. tax owed @ 24.0%: −$6,661
• After-tax cash flow: $19,413/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): 25,652
• Household income: $45,764
• Rent vs Own: 47.8% rent · 52.2% own
• Severe rent burden: 1988.0

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: Majority Black (60%)
• Race & ethnicity: Black 60% White 30% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Lithuanian 5% Italian 1% Romanian 1%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% French/Haitian/Cajun 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: ▼ -177.22%
• Current HPI: 184.6061
• Rent YoY: ▲ 2.49%
• 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

-92.2% since first listed

16 events — show timeline

• 2026-05-21 Price Changed $1,185 AcadianaMLS
• 2026-05-21 Price Changed $1,185 GSREIN
• 2026-05-20 Listed $1,285 GSREIN
• 2026-05-20 Listed $1,285 AcadianaMLS
• 2026-03-04 Rental Removed $1,285 RAAMLS
• 2026-03-04 Listed for Rent $1,285 RAAMLS
• 2026-03-04 Rental Removed $1,285 GSREIN
• 2026-01-31 Listed for Rent $1,285 GSREIN
• 2024-10-18 Rental Removed $1,150 GSREIN
• 2024-09-05 Price Changed $1,150 GSREIN
• 2024-05-21 Listed for Rent $1,185 GSREIN
• 2013-03-25 Listed $69,000 AcadianaMLS
• 2011-12-15 Listed $88,000 AcadianaMLS
• 2010-05-18 Listed $129,900 AcadianaMLS
• 2009-08-21 Listed $150,000 AcadianaMLS
• 1991-04-16 Sold (Public Records) $15,150 Public Records

Property tax history

+6.2%/yr

Latest (2026): $2,241 · +1.1% YoY. Source: county tax records.