2408 10 Josephine St · New Orleans, LA 70113

$179,000

4 bd · 2.0 ba · 1,800 sqft · MultiFamily public records · 160 Days on market

Built 1968 $99/sqft · 12% below area Est $203k · 12% under

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Why this score? — see what drove the A- 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 +12.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0

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

Great Investment property!! Double shotgun with three bedrooms and one full bath on each side. This multi-family has cute curb appeal and is in good condition. Tenants pay all utilities. Bring all offers!!

Key facts

• Built 1968
• Listed 160 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $179k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $179k).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.2% 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 rising fast (+6.0%/yr); 137 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); lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Orleans County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 6.0% rent growth), your $50k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 160 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 23 sale attempts since 26y 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 $135k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $157,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 160 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — 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: 1.78% ✓
• Cap rate: 15.22%
• Cash-on-cash: 31.89%
• DSCR: 2.42
• GRM: 4.7

CMA / ARV

• ARV (median comp): $203,036
• List price: $179,000
• Delta: -11.84%
• 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
2624-2626 Jackson Ave	0.22mi	4/2.0	1,713 (-5%)	6mo	$159,900	$93	77
2233-2235 Josephine St	0.10mi	4/2.0	1,938 (+8%)	8mo	$159,000	$82	76
2113 15 S Liberty St	0.07mi	4/2.0	1,624 (-10%)	10mo	$228,500	$141	72
2514-16 Second St	0.25mi	4/3.0	1,910 (+6%)	12mo	$293,000	$153	64
2521 23 Carondelet St	0.57mi	4/2.5	1,873 (+4%)	6mo	$490,000	$262	60
1809 11 Third St	0.52mi	4/2.0	1,585 (-12%)	1mo	$260,000	$164	55
3511 13 Third St	0.54mi	4/2.0	1,680 (-7%)	12mo	$80,000	$48	54
2219 21 Toledano St	0.64mi	4/2.0	1,640 (-9%)	4mo	$232,000	$141	52
718 20 Fourth St	0.39mi	4/2.0	1,596 (-11%)	13mo	$270,000	$169	52
2712 14 S Johnson St	0.71mi	4/4.0	1,870 (+4%)	6mo	$246,200	$132	47
3324-26 Second St	0.64mi	4/2.0	1,995 (+11%)	9mo	$30,003	$15	44
2700-2702 S Johnson St	0.71mi	4/3.0	1,600 (-11%)	9mo	$315,000	$197	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 5.98% rent growth · sell at horizon

5-year hold

• IRR: 49.2%
• Equity multiple: 4.75×
• Total profit: $187,979
• Equity at exit: $161,257

10-year hold

• IRR: 44.2%
• Equity multiple: 11.23×
• Total profit: $512,790
• Equity at exit: $347,758

Cash invested: $50,120 (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 70113

• Rents YoY: 6.0%
• Active inventory: 137
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $3,184 high
• Mortgage (P&I): −$939
• Tax from tax record: −$170 /mo · $2,041/yr
• Insurance: −$75
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$669
• Net cashflow: $1,266

Break-even live

Break-even rent $1,582

Max offer price $179,000

Occupancy floor 55%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,184
Total (2 units)			$3,184

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2123 S Liberty St Unit 2125 New Orleans, LA	3.0	2.0	1500	$2,100	$1.40	3d	1	0.06mi
2231 S Liberty St New Orleans, LA	3.0	3.5	1752	$2,000	$1.14	17d	1	0.09mi
2102 Josephine St New Orleans, LA	4.0	2.0	1286	$2,100	$1.63	24d	1	0.21mi
2318 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1400	$1,700	$1.21	24d	1	0.23mi
1944 Jackson Ave New Orleans, LA	3.0	2.5	1572	$2,500	$1.59	44d	1	0.26mi
2722 Martin L King Bl New Orleans, LA	3.0	2.5	1350	$1,800	$1.33	24d	1	0.28mi
2403 S Saratoga St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	24d	1	0.28mi
2608 Magnolia St New Orleans, LA	4.0	2.5	1950	$3,200	$1.64	44d	1	0.31mi
1407 Magnolia St New Orleans, LA	3.0	2.0	1824	$1,500	$0.82	24d	1	0.32mi
1915 Philip St New Orleans, LA	3.0	1.5	1300	$2,450	$1.88	24d	1	0.33mi
2301 Dryades St New Orleans, LA	3.0	3.0	2070	$3,000	$1.45	3d	1	0.37mi
2107 Fourth St New Orleans, LA	3.0	1.0	1292	$1,775	$1.37	17d	1	0.38mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1232	$2,300	$1.87	24d	1	0.38mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1250	$2,300	$1.84	2d	1	0.38mi
2733 Danneel St New Orleans, LA	4.0	2.0	1350	$1,775	$1.31	24d	1	0.47mi
2625 Baronne St Unit 1 New Orleans, LA	3.0	1.5	2100	$2,600	$1.24	44d	1	0.52mi
3120 Second St New Orleans, LA	3.0	3.0	1256	$2,050	$1.63	24d	1	0.52mi
2713 Baronne St New Orleans, LA	3.0	2.5	1600	$2,300	$1.44	24d	1	0.54mi
1201 Baronne St #1 New Orleans, LA	3.0	2.5	1892	$2,700	$1.43	17d	1	0.58mi
3218 Jackson Ave New Orleans, LA	3.0	2.0	1267	$1,750	$1.38	24d	1	0.61mi
2833 S Derbigny St New Orleans, LA	3.0	2.0	1500	$1,795	$1.20	24d	1	0.63mi
3200 Washington Ave Unit NA New Orleans, LA	4.0	3.0	2490	$3,400	$1.37	3d	1	0.65mi
2614 S Johnson St New Orleans, LA	3.0	2.0	1536	$2,079	$1.35	14d	1	0.68mi
3212 Danneel St New Orleans, LA	3.0	2.0	1945	$2,000	$1.03	24d	1	0.69mi
1525 Melpomene St Unit Na New Orleans, LA	3.0	1.5	1700	$4,000	$2.35	44d	1	0.70mi
875 O'Keefe Ave #301 New Orleans, LA	3.0	2.5	2029	$4,500	$2.22	17d	1	0.70mi
3429 Clara St New Orleans, LA	3.0	2.0	1620	$2,350	$1.45	14d	1	0.71mi
822 Howard Ave Unit 1272354P New Orleans, LA	1.0–5.0	1.0–4.0	1749	$9,250	$5.29	2d	3	0.73mi
2539 Amelia St New Orleans, LA	3.0	2.0	1296	$2,200	$1.70	24d	1	0.74mi
3044 Louisiana Avenue Pkwy New Orleans, LA	3.0	2.0	1800	$1,900	$1.06	24d	1	0.74mi
3035 Delachaise St New Orleans, LA	3.0	1.0	1968	$1,750	$0.89	2d	1	0.77mi
3208 Louisiana Avenue Pkwy New Orleans, LA	3.0	2.0	1391	$1,900	$1.37	17d	1	0.78mi
2606 S Miro St New Orleans, LA	3.0	2.0	1450	$2,016	$1.39	24d	1	0.79mi
803 Baronne St New Orleans, LA	3.0	2.0	1791	$3,525	$1.97	3d	1	0.79mi
1000 Girod St Ph 2 New Orleans, LA	3.0	3.5	2008	$4,800	$2.39	44d	1	0.80mi
2600 Peniston St New Orleans, LA	4.0	2.0	2342	$3,500	$1.49	44d	1	0.80mi
1306 Felicity St Unit C New Orleans, LA	3.0	3.0	1500	$2,450	$1.63	17d	1	0.83mi
3617 Fourth St Unit A New Orleans, LA	3.0	2.0	1225	$1,995	$1.63	17d	1	0.84mi
2535 Marengo St New Orleans, LA	3.0	1.0	1300	$1,200	$0.92	14d	1	0.86mi
3429 Baronne St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	44d	1	0.87mi

Listing history 50 events

1. 2026-06-18
   days on market $179,000 Active 160 DOM
2. 2026-06-17
   days on market $179,000 Active 159 DOM
3. 2026-06-16
   days on market $179,000 Active 158 DOM
4. 2026-06-15
   days on market $179,000 Active 157 DOM
5. 2026-06-13
   days on market $179,000 Active 155 DOM
6. 2026-06-10
   days on market $179,000 Active 152 DOM
7. 2026-06-09
   days on market $179,000 Active 151 DOM
8. 2026-06-08
   days on market $179,000 Active 150 DOM
9. 2026-06-07
   days on market $179,000 Active 149 DOM
10. 2026-06-05
    days on market $179,000 Active 146 DOM
11. 2026-06-03
    days on market $179,000 Active 145 DOM
12. 2026-06-02
    days on market $179,000 Active 144 DOM
13. 2026-06-01
    days on market $179,000 Active 143 DOM
14. 2026-05-31
    days on market $179,000 Active 142 DOM
15. 2026-04-23
    price $179,000 205-char remark

    Show marketing remark (205 chars)

    Great Investment property!! Double shotgun with three bedrooms and one full bath on each side. This multi-family has cute curb appeal and is in good condition. Tenants pay all utilities. Bring all offers!!

16. 2026-04-23
    price $179,000 205-char remark

    Show marketing remark (205 chars)

    Great Investment property!! Double shotgun with three bedrooms and one full bath on each side. This multi-family has cute curb appeal and is in good condition. Tenants pay all utilities. Bring all offers!!

17. 2026-02-27
    status Active 205-char remark

    Show marketing remark (205 chars)

    Great Investment property!! Double shotgun with three bedrooms and one full bath on each side. This multi-family has cute curb appeal and is in good condition. Tenants pay all utilities. Bring all offers!!

18. 2026-02-27
    status Active 205-char remark

    Show marketing remark (205 chars)

    Great Investment property!! Double shotgun with three bedrooms and one full bath on each side. This multi-family has cute curb appeal and is in good condition. Tenants pay all utilities. Bring all offers!!

19. 2026-01-22
    historical Active Under Contract 205-char remark

    Show marketing remark (205 chars)

    Great Investment property!! Double shotgun with three bedrooms and one full bath on each side. This multi-family has cute curb appeal and is in good condition. Tenants pay all utilities. Bring all offers!!

20. 2026-01-09
    listed $185,000 Active 205-char remark

    Show marketing remark (205 chars)

    Great Investment property!! Double shotgun with three bedrooms and one full bath on each side. This multi-family has cute curb appeal and is in good condition. Tenants pay all utilities. Bring all offers!!

21. 2026-01-09
    listed $185,000 Active 205-char remark

    Show marketing remark (205 chars)

    Great Investment property!! Double shotgun with three bedrooms and one full bath on each side. This multi-family has cute curb appeal and is in good condition. Tenants pay all utilities. Bring all offers!!

22. 2025-04-03
    soldstatus $135,000 Closed
23. 2025-04-03
    soldstatus $135,000
24. 2025-03-10
    status Pending
25. 2025-03-05
    status Active
26. 2025-02-03
    status Pending
27. 2025-01-27
    listed $149,900 Active
28. 2025-01-27
    listed $149,900 Active
29. 2024-05-14
    price $172,900
30. 2023-12-01
    price $179,900
31. 2023-07-19
    price $189,900
32. 2023-06-13
    price $239,000
33. 2023-05-02
    listed $172,900
34. 2018-12-05
    soldstatus $121,000
35. 2018-10-04
    listed $117,500
36. 2013-07-01
    listed $119,000
37. 2013-07-01
    listed $119,000
38. 2012-09-17
    listed $119,000
39. 2012-09-17
    listed $119,000
40. 2012-05-21
    listed $129,900
41. 2012-05-21
    listed $129,900
42. 2011-09-30
    listed $139,900
43. 2011-09-30
    listed $139,900
44. 2011-03-30
    listed $139,900
45. 2011-03-30
    listed $139,900
46. 2003-04-16
    soldstatus $16,750
47. 2003-02-20
    listed $18,750
48. 2003-02-20
    listed $18,750
49. 2001-02-19
    soldstatus $28,000
50. 2000-11-27
    listed $28,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast LA · Resets to sale price

• Current annual tax: $2,041 · $170/mo
• Projected year-2 tax: $2,041 · $170/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 76% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 19 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: $38,208
• − Mortgage interest: −$10,027
• − Property taxes: −$2,041
• − Insurance: −$1,692
• − Repairs & maintenance: −$3,057
• − Management: −$3,057
• − Depreciation: −$5,207
• Taxable income: $13,127
• Est. tax owed @ 24.0%: −$3,151
• After-tax cash flow: $12,036/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): 9,387
• Household income: $39,333
• Rent vs Own: 75.4% rent · 24.6% own
• Severe rent burden: 714.0

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 0.57)
• Race & ethnicity: Black 61% White 20% Hispanic / Latino 13% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 2% Portuguese 1% Slovak 1%
• Foreign-born: 13% · Canada, Vietnam, China
• Languages at home: 86% English-only · Spanish 11% Other Indo-European 1% Vietnamese 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: ▲ 65.92%
• Current HPI: 229.3968
• Rent YoY: ▲ 5.98%
• 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

+793.3% since first listed

38 events — show timeline

• 2026-04-23 Price Changed $179,000 AcadianaMLS
• 2026-04-23 Price Changed $179,000 GSREIN
• 2026-02-27 Relisted — AcadianaMLS
• 2026-02-27 Relisted — GSREIN
• 2026-01-22 Contingent — GSREIN
• 2026-01-09 Listed $185,000 GSREIN
• 2026-01-09 Listed $185,000 AcadianaMLS
• 2025-04-03 Sold (Public Records) $135,000 Public Records
• 2025-04-03 Sold (MLS) $135,000 GSREIN
• 2025-03-10 Pending — GSREIN
• 2025-03-05 Relisted — GSREIN
• 2025-02-03 Pending — GSREIN
• 2025-01-27 Listed $149,900 GSREIN
• 2025-01-27 Listed $149,900 AcadianaMLS
• 2024-05-14 Price Changed $172,900 GSREIN
• 2023-12-01 Price Changed $179,900 GSREIN
• 2023-07-19 Price Changed $189,900 GSREIN
• 2023-06-13 Price Changed $239,000 GSREIN
• 2023-05-02 Listed $172,900 AcadianaMLS
• 2018-12-05 Sold (Public Records) $121,000 Public Records
• 2018-10-04 Listed $117,500 AcadianaMLS
• 2013-07-01 Listed $119,000 GSREIN
• 2013-07-01 Listed $119,000 AcadianaMLS
• 2012-09-17 Listed $119,000 GSREIN
• 2012-09-17 Listed $119,000 AcadianaMLS
• 2012-05-21 Listed $129,900 GSREIN
• 2012-05-21 Listed $129,900 AcadianaMLS
• 2011-09-30 Listed $139,900 GSREIN
• 2011-09-30 Listed $139,900 AcadianaMLS
• 2011-03-30 Listed $139,900 GSREIN
• 2011-03-30 Listed $139,900 AcadianaMLS
• 2003-04-16 Sold (MLS) $16,750 GSREIN
• 2003-02-20 Listed $18,750 GSREIN
• 2003-02-20 Listed $18,750 AcadianaMLS
• 2001-02-19 Sold (MLS) $28,000 GSREIN
• 2000-11-27 Listed $28,000 AcadianaMLS
• 2000-11-27 Listed $28,000 GSREIN
• 2000-02-11 Sold (Public Records) $20,037 Public Records

Property tax history

+1.3%/yr

Latest (2026): $2,041 · +1.1% YoY. Source: county tax records.