2304 06 Valmont St · New Orleans, LA 70115

$475,000

4 bd · 4.0 ba · 2,625 sqft · MultiFamily · 197 Days on market

Built 1920 $181/sqft · 19% below area Est $586k · 19% under

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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).

• ARV discount +15.0/15.0
• Cash flow +14.5/30.0
• DSCR +4.4/10.0
• 1% rule +4.0/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• 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: 2 units. confirmed

Listing remarks MLS

RENOVATION OPPORTUNITY in coveted Freret neighborhood. Classic camelback double brimming with potential in one of Uptown’s most sought-after neighborhoods. With 4 total bedrooms, 2 full bathrooms, and 2 half bathrooms across two units, this property presents a prime opportunity for investors, renovators, or owner-occupants looking to customize a home in a high-demand area. Each unit features tall ceilings, generous room sizes, and original architectural details that offer the perfect canvas for restoration. The property is primed and ready for your vision, whether that's a solid income-producing double or an owner-occupied home with rental income potential. Ideally situated just one block from the Freret corridor, you’ll be steps from popular dining spots, coffee shops, and cocktail lounges. You’re also just minutes from Tulane and Loyola Universities, Audubon Park, St Charles Avenue, and the streetcar line — making this an unbeatable location for both convenience and long-term value. Zoned HU-RD2, this double allows for continued multifamily use or creative redevelopment. Whether you’re looking to renovate and rent or settle in and make it your own, this is an incredible opportunity in one of New Orleans’ most walkable and vibrant neighborhoods. Property located in a flood zone X.

Key facts

• Uptown
• Tulane university
• Tall ceilings

Tags

• TALL CEILINGS
• ORIGINAL ARCHITECTURAL DETAILS
• FRERET NEIGHBORHOOD
• UPTOWN
• FRERET CORRIDOR
• TULANE UNIVERSITY

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.5-bath units multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $37 ($442/yr) — positive. Per door: $18/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $429k (9.8% below list).
• Recommended offer: $418k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.6% 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 (-1.4%/yr); 278 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); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $4,286/mo this rent would consume 57% of the median local household income ($90k/yr) (locally 1756% 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 $14k 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.

Negotiation context

• It's been on market 197 days — a 12% lower offer ($418k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y 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 $299k; list at $475k implies a 59% 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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $418,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 197 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 0.90% ✗
• Cap rate: 6.55%
• Cash-on-cash: 0.93%
• DSCR: 1.04
• GRM: 9.2

CMA / ARV

• ARV (median comp): $585,712
• List price: $475,000
• Delta: -18.90%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2634-36 Joseph St	0.34mi	5/3.5 (+1)	2,560 (-2%)	1mo	$275,000	$107	73
2521 Robert St	0.21mi	4/2.5	2,489 (-5%)	10mo	$260,000	$104	68
2617 Joseph St	0.30mi	4/2.0	2,540 (-3%)	11mo	$485,000	$191	63
2801 Palmer Ave	0.58mi	4/4.0	2,640 (+1%)	15mo	$535,000	$203	60
4324 26 Freret St	0.49mi	5/3.0 (+1)	2,522 (-4%)	8mo	$240,000	$95	55
2025-27 Calhoun St	0.48mi	4/2.0	2,356 (-10%)	2mo	$510,000	$216	51
2700 - 02 Palmer Ave	0.56mi	5/3.0 (+1)	2,555 (-3%)	17mo	$625,000	$245	46
2900 General Taylor St	0.70mi	4/4.0	2,322 (-12%)	8mo	$387,000	$167	41
2525 27 Marengo St	0.68mi	4/2.5	2,991 (+14%)	1mo	$525,000	$176	38
2220 22 Jena St	0.41mi	4/2.0	2,240 (-15%)	15mo	$382,000	$171	36
3206 08 Cadiz St	0.68mi	4/2.0	2,418 (-8%)	16mo	$233,500	$97	34
2213-15 General Pershing St	0.58mi	4/2.0	2,234 (-15%)	15mo	$515,000	$231	28

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: -19.2%
• Equity multiple: 0.35×
• Total profit: $-87,078
• Equity at exit: $70,824

10-year hold

• IRR: -20.0%
• Equity multiple: 0.09×
• Total profit: $-120,915
• Equity at exit: $41,069

Cash invested: $133,000 (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 70115

• Rents YoY: -1.4%
• Active inventory: 278
• Price-to-rent: 18.5×

Monthly cashflow live

• Estimated rent: $4,286 high
• Mortgage (P&I): −$2,491
• Tax est. 1.5%: −$594 /mo · $7,125/yr
• Insurance: −$198
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$900
• Net cashflow: $37

Break-even live

Break-even rent $4,239

Max offer price $475,000

Occupancy floor 94%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2.5	$4,286
Total (2 units)			$4,286

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2217 Jefferson Ave Unit none New Orleans, LA	3.0	2.0	2500	$2,500	$1.00	43d	1	0.03mi
2205 Jefferson Ave New Orleans, LA	3.0	2.0	1800	$2,100	$1.17	10d	1	0.04mi
2306 Octavia St New Orleans, LA	3.0	2.0	2254	$2,650	$1.18	3d	1	0.10mi
5516 S Robertson St Unit A New Orleans, LA	3.0	2.5	3614	$2,800	$0.77	43d	1	0.13mi
2229 Joseph St New Orleans, LA	4.0	2.0	1830	$4,000	$2.19	17d	1	0.14mi
5519 S Liberty St New Orleans, LA	3.0	2.0	1800	$2,490	$1.38	23d	1	0.16mi
2625 Jefferson Ave New Orleans, LA	4.0	2.0	2000	$2,600	$1.30	43d	1	0.24mi
2322 Nashville Ave New Orleans, LA	4.0	2.0	2249	$2,750	$1.22	43d	1	0.26mi
5830 Clara St Unit 1 New Orleans, LA	4.0	2.0	2100	$4,500	$2.14	43d	1	0.33mi
2325 State St New Orleans, LA	5.0	3.0	1800	$4,000	$2.22	23d	1	0.35mi
5718 Cucullu St New Orleans, LA	4.0	3.0	1873	$2,500	$1.33	17d	1	0.36mi
4 Cromwell Pl New Orleans, LA	5.0	2.0	2600	$7,000	$2.69	43d	1	0.40mi
5330 Dryades St New Orleans, LA	3.0	2.5	1750	$3,800	$2.17	3d	1	0.41mi
1625 Jefferson Ave New Orleans, LA	3.0	2.0	1954	$2,850	$1.46	3d	1	0.41mi
1625 Jefferson Ave New Orleans, LA	3.0	2.0	1954	$2,850	$1.46	2d	1	0.41mi
2308 Jena St New Orleans, LA	3.0	2.5	2550	$3,300	$1.29	43d	1	0.42mi
2227 29 Joseph St New Orleans, LA	3.0	2.0	1830	$3,800	$2.08	17d	1	0.45mi
2227 29 Joseph St New Orleans, LA	4.0	2.0	1830	$4,000	$2.19	43d	1	0.45mi
2107 Calhoun St New Orleans, LA	3.0	2.0	3300	$2,790	$0.85	43d	1	0.46mi
5512 Saint Charles Ave New Orleans, LA	3.0	2.0	2161	$3,800	$1.76	43d	1	0.47mi
4435 Loyola Ave New Orleans, LA	3.0	2.0	1973	$2,900	$1.47	16d	1	0.47mi
2503 Calhoun St New Orleans, LA	3.0	2.0	1800	$3,000	$1.67	17d	1	0.52mi
2432 Calhoun St New Orleans, LA	4.0	2.0	3300	$4,400	$1.33	17d	1	0.53mi
2432 Calhoun St Unit A New Orleans, LA	3.0	2.0	1983	$4,400	$2.22	21d	1	0.53mi
3112 Upperline St New Orleans, LA	5.0	3.5	2800	$3,650	$1.30	23d	1	0.53mi
2703 Palmer Ave New Orleans, LA	5.0	2.0	2349	$5,500	$2.34	43d	1	0.55mi
2715 Palmer Ave New Orleans, LA	5.0	2.0	2184	$4,900	$2.24	43d	1	0.56mi
2616 Calhoun St New Orleans, LA	4.0	2.5	2850	$2,500	$0.88	43d	1	0.59mi
4818 Carondelet St New Orleans, LA	3.0	2.0	2400	$3,600	$1.50	23d	1	0.60mi
5533 Atlanta St New Orleans, LA	3.0	3.0	2310	$7,000	$3.03	3d	1	0.60mi
2818 Palmer Ave New Orleans, LA	5.0	2.0	1832	$4,900	$2.67	43d	1	0.63mi
1927 Napoleon Ave New Orleans, LA	5.0	2.0	3350	$3,600	$1.07	43d	1	0.63mi
2738 Calhoun St New Orleans, LA	4.0	2.0	1900	$4,800	$2.53	3d	1	0.64mi
1907 Napoleon Ave New Orleans, LA	4.0	2.0	2500	$2,800	$1.12	17d	1	0.65mi
2717 Milan St New Orleans, LA	3.0	1.5	1850	$1,650	$0.89	14d	1	0.66mi
2824 Calhoun St Unit A New Orleans, LA	3.0	2.0	1828	$3,900	$2.13	43d	1	0.67mi
1453 Webster St New Orleans, LA	3.0	3.5	2181	$7,500	$3.44	43d	1	0.68mi
3350 Jena St New Orleans, LA	3.0	2.5	2200	$2,500	$1.14	43d	1	0.69mi
5213 Prytania St New Orleans, LA	3.0	2.0	1815	$3,675	$2.02	43d	1	0.70mi
4442 S Johnson St Unit 4442 New Orleans, LA	4.0	4.5	3000	$4,500	$1.50	11d	1	0.70mi

Listing history 9 events

1. 2026-06-03
   days on market $475,000 Active 197 DOM
2. 2026-06-02
   days on market $475,000 Active 196 DOM
3. 2026-06-01
   days on market $475,000 Active 195 DOM
4. 2026-05-31
   days on market $475,000 Active 194 DOM
5. 2025-11-18
   listed $475,000 Active 1338-char remark

   Show marketing remark (1338 chars)

   RENOVATION OPPORTUNITY in coveted Freret neighborhood. Classic camelback double brimming with potential in one of Uptown’s most sought-after neighborhoods. With 4 total bedrooms, 2 full bathrooms, and 2 half bathrooms across two units, this property presents a prime opportunity for investors, renovators, or owner-occupants looking to customize a home in a high-demand area. Each unit features tall ceilings, generous room sizes, and original architectural details that offer the perfect canvas for restoration. The property is primed and ready for your vision, whether that's a solid income-producing double or an owner-occupied home with rental income potential. Ideally situated just one block from the Freret corridor, you’ll be steps from popular dining spots, coffee shops, and cocktail lounges. You’re also just minutes from Tulane and Loyola Universities, Audubon Park, St Charles Avenue, and the streetcar line — making this an unbeatable location for both convenience and long-term value. Zoned HU-RD2, this double allows for continued multifamily use or creative redevelopment. Whether you’re looking to renovate and rent or settle in and make it your own, this is an incredible opportunity in one of New Orleans’ most walkable and vibrant neighborhoods. Property located in a flood zone X.

6. 2010-02-05
   soldstatus $299,000 307-char remark

   Show marketing remark (307 chars)

   Beautiful Camelback near universities, parks, shopping, and dining. Each unit features a great layout, 2bd/1.5ba, gleaming wood floors, mantles, arches, high ceilings, new kitchen, central air and laundry. Owners unit has large rear porch perfect for entertaining. Overall great condition in great location.

7. 2009-10-13
   listed $299,000 307-char remark

   Show marketing remark (307 chars)

   Beautiful Camelback near universities, parks, shopping, and dining. Each unit features a great layout, 2bd/1.5ba, gleaming wood floors, mantles, arches, high ceilings, new kitchen, central air and laundry. Owners unit has large rear porch perfect for entertaining. Overall great condition in great location.

8. 2008-01-31
   soldstatus $170,000
9. 2007-12-11
   listed $175,000

ⓘ 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 (shaded) · 60% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥109°F today · 21 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: $51,432
• − Mortgage interest: −$26,607
• − Property taxes: −$7,125
• − Insurance: −$3,172
• − Repairs & maintenance: −$4,115
• − Management: −$4,115
• − Depreciation: −$13,818
• Taxable loss: −$7,520
• Est. tax savings @ 24.0%: +$1,805
• After-tax cash flow: $2,247/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): 31,183
• Household income: $90,182
• Rent vs Own: 45.7% rent · 54.3% own
• Severe rent burden: 1756.0

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 0.58)
• Race & ethnicity: White 59% Black 26% Two or more races 8% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Lithuanian 8% Italian 3% Slovak 3%
• Foreign-born: 5% · Canada, China
• Languages at home: 91% English-only · Spanish 4% 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: ▼ -272.08%
• Current HPI: 287.2138
• Rent YoY: ▼ -1.42%
• 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

+171.4% since first listed

5 events — show timeline

• 2025-11-18 Listed $475,000 GSREIN
• 2010-02-05 Sold (MLS) $299,000 GSREIN
• 2009-10-13 Listed $299,000 GSREIN
• 2008-01-31 Sold (MLS) $170,000 GSREIN
• 2007-12-11 Listed $175,000 GSREIN