1908-10 Broadway St · New Orleans, LA 70118

$479,900

6 bd · 2.5 ba · 2,743 sqft · MultiFamily · 141 Days on market

Built 1935 Good condition $175/sqft · 8% below area Est $520k · 8% 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).

• Cash flow +16.8/30.0
• ARV discount +11.0/15.0
• DSCR +5.2/10.0
• 1% rule +4.6/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.7/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

6% CAPITALIZATION RATE (see photo)! All major systems replaced when purchased. New wiring throughout, copper pipe installed, new windows, new sewer, central HVAC installed (1908 hvac is only 1.5 yr old), gas has been capped off but available. All systems are electric, better for having tenants. Separate water and electric meters. Central a/c and heat. Tenants responsible for utilities. 1908: lower unit, with larger yard with some grass, 3 beds, 1.5 baths. 1910: upper unit with balcony and private patio in back yard, 3 beds, 1 bath. Outdoor building has a separate laundry for each unit. Both units have all flooring (wood and tile). Kitchens are huge! All rooms are spacious and this is NOT a shotgun. One driveway for off street parking for 2 vehicles (tenants can share the drive). Owner selling to purchase a personal property. Measurements approximate. Owner/agent

Key facts

• New sewer
• Outdoor building
• New windows

Tags

• NEW WIRING THROUGHOUT
• COPPER PIPE INSTALLED
• NEW WINDOWS
• NEW SEWER
• CENTRAL HVAC INSTALLED
• OUTDOOR BUILDING

What this means for you Summary

Snapshot

• This is a 6-bed/2.5-bath multifamily listed at $480k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $244 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $459k (4.3% below list).
• Recommended offer: $422k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% 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.
• Zoned schools: Benjamin Franklin Elem. Math And Science (math 12% / reading 23%, grade F, #479 of 646 statewide, top 75%, 747 students, 98% FRL, charter) — zoned schools average 98% FRL vs 68% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 279 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $4,591/mo this rent would consume 86% of the median local household income ($64k/yr) (locally 2237% 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 141 days — a 12% lower offer ($422k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 25y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1935 — 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 $422,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 141 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 1935 — 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. 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?
7. 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.
8. 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.
9. 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: 0.96% ✗
• Cap rate: 7.07%
• Cash-on-cash: 2.77%
• DSCR: 1.12
• GRM: 8.7

CMA / ARV

• ARV (median comp): $519,753
• List price: $479,900
• Delta: -7.67%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8137 39 Cohn St	0.52mi	6/2.5	2,767 (+1%)	11mo	$534,000	$193	65
3803 05 State Street Dr	0.51mi	5/3.0 (-1)	2,707 (-1%)	2mo	$295,000	$109	65
2210 12 Pine St	0.20mi	6/2.0	2,347 (-14%)	1mo	$415,000	$177	63
7833 S Claiborne Ave	0.45mi	6/3.0	3,022 (+10%)	6mo	$260,000	$86	55
8436 38 Hickory St	0.73mi	6/5.0	2,780 (+1%)	1mo	$565,000	$203	53
919 21 Cherokee St	0.67mi	5/3.0 (-1)	2,598 (-5%)	6mo	$620,000	$239	48
2634-36 Joseph St	0.68mi	5/3.5 (-1)	2,560 (-7%)	1mo	$275,000	$107	47
2623 25 Joseph St	0.71mi	6/3.0	2,875 (+5%)	11mo	$400,000	$139	47
7217 19 Pritchard Pl	0.68mi	5/3.5 (-1)	2,788 (+2%)	14mo	$390,000	$140	45
2018-20 Joliet St	0.74mi	5/3.0 (-1)	2,502 (-9%)	1mo	$360,000	$144	43
2500 Nashville Ave	0.72mi	6/4.0	3,104 (+13%)	3mo	$385,000	$124	36
2231 33 Cambronne St	0.68mi	6/4.5	3,141 (+14%)	4mo	$691,000	$220	33

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 · 0.97% rent growth · sell at horizon

5-year hold

• IRR: -15.2%
• Equity multiple: 0.47×
• Total profit: $-71,309
• Equity at exit: $71,555

10-year hold

• IRR: -10.5%
• Equity multiple: 0.42×
• Total profit: $-77,851
• Equity at exit: $41,493

Cash invested: $134,372 (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 70118

• Rents YoY: 1.0%
• Active inventory: 279
• Price-to-rent: 17.4×

Monthly cashflow live

• Estimated rent: $4,591 high
• Mortgage (P&I): −$2,517
• Tax est. 1.5%: −$600 /mo · $7,198/yr
• Insurance: −$200
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$964
• Net cashflow: $244

Break-even live

Break-even rent $4,282

Max offer price $479,900

Occupancy floor 90%

Sensitivity live

Price	-10% $576	-5% $410	+0% $244	+5% $78	+10% $-88
Rent	-10% $-119	-5% $63	+0% $244	+5% $425	+10% $607
Rate	-1.0pp $486	-0.5pp $366	base $244	+0.5pp $120	+1.0pp $-7

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

Units	Beds	Baths	Est. rent
1× unit	3	1.5	$2,295
1× unit	3	1	$2,295
Total (2 units)			$4,591

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: $119,975
• Closing costs: $14,397
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1609 Broadway St New Orleans, LA	5.0	2.0	1776	$5,000	$2.82	45d	1	0.18mi
1519 Pine St New Orleans, LA	5.0	3.0	3000	$4,000	$1.33	25d	1	0.22mi
7011 Jeannette St Unit A New Orleans, LA	5.0	3.0	2200	$5,000	$2.27	45d	1	0.27mi
6321 S Prieur St New Orleans, LA	6.0	2.0	1900	$4,200	$2.21	45d	1	0.32mi
6326 S Johnson St Unit 1 New Orleans, LA	5.0	2.0	2013	$3,950	$1.96	45d	1	0.32mi
7015 Willow St New Orleans, LA	5.0	3.0	2000	$4,200	$2.10	45d	1	0.34mi
2808 Calhoun St New Orleans, LA	6.0	4.0	3037	$7,500	$2.47	23d	1	0.37mi
2818 Palmer Ave New Orleans, LA	5.0	2.0	1832	$4,900	$2.67	45d	1	0.41mi
2715 Palmer Ave New Orleans, LA	5.0	2.0	2184	$4,900	$2.24	45d	1	0.46mi
2703 Palmer Ave New Orleans, LA	5.0	2.0	2349	$5,500	$2.34	45d	1	0.48mi
939 Broadway St New Orleans, LA	5.0	3.0	1900	$4,000	$2.11	5d	1	0.61mi
2325 State St New Orleans, LA	5.0	3.0	1800	$4,000	$2.22	25d	1	0.68mi
2117 S Lopez St New Orleans, LA	5.0	2.0	1920	$2,000	$1.04	25d	1	0.72mi
3112 Upperline St New Orleans, LA	5.0	3.5	2800	$3,650	$1.30	25d	1	0.82mi
7211 Saint Charles Ave New Orleans, LA	5.0	3.0	2800	$2,999	$1.07	45d	1	0.86mi
4 Cromwell Pl New Orleans, LA	5.0	2.0	2600	$7,000	$2.69	45d	1	0.92mi

Listing history 25 events

1. 2026-06-21
   days on market $479,900 Active 141 DOM
2. 2026-06-18
   days on market $479,900 Active 138 DOM
3. 2026-06-17
   price $479,900 Active 137 DOM
4. 2026-06-17
   days on market $489,900 Active 137 DOM
5. 2026-06-16
   days on market $489,900 Active 136 DOM
6. 2026-06-15
   days on market $489,900 Active 135 DOM
7. 2026-06-13
   days on market $489,900 Active 133 DOM
8. 2026-06-10
   days on market $489,900 Active 130 DOM
9. 2026-06-09
   days on market $489,900 Active 129 DOM
10. 2026-06-08
    days on market $489,900 Active 128 DOM
11. 2026-06-07
    days on market $489,900 Active 127 DOM
12. 2026-06-05
    days on market $489,900 Active 124 DOM
13. 2026-06-03
    days on market $489,900 Active 123 DOM
14. 2026-06-02
    days on market $489,900 Active 122 DOM
15. 2026-06-01
    days on market $489,900 Active 121 DOM
16. 2026-05-31
    days on market $489,900 Active 120 DOM
17. 2026-03-10
    status Active 874-char remark

    Show marketing remark (874 chars)

    6% CAPITALIZATION RATE (see photo)! All major systems replaced when purchased. New wiring throughout, copper pipe installed, new windows, new sewer, central HVAC installed (1908 hvac is only 1.5 yr old), gas has been capped off but available. All systems are electric, better for having tenants. Separate water and electric meters. Central a/c and heat. Tenants responsible for utilities. 1908: lower unit, with larger yard with some grass, 3 beds, 1.5 baths. 1910: upper unit with balcony and private patio in back yard, 3 beds, 1 bath. Outdoor building has a separate laundry for each unit. Both units have all flooring (wood and tile). Kitchens are huge! All rooms are spacious and this is NOT a shotgun. One driveway for off street parking for 2 vehicles (tenants can share the drive). Owner selling to purchase a personal property. Measurements approximate. Owner/agent

18. 2026-03-10
    status Active 874-char remark

    Show marketing remark (874 chars)

    6% CAPITALIZATION RATE (see photo)! All major systems replaced when purchased. New wiring throughout, copper pipe installed, new windows, new sewer, central HVAC installed (1908 hvac is only 1.5 yr old), gas has been capped off but available. All systems are electric, better for having tenants. Separate water and electric meters. Central a/c and heat. Tenants responsible for utilities. 1908: lower unit, with larger yard with some grass, 3 beds, 1.5 baths. 1910: upper unit with balcony and private patio in back yard, 3 beds, 1 bath. Outdoor building has a separate laundry for each unit. Both units have all flooring (wood and tile). Kitchens are huge! All rooms are spacious and this is NOT a shotgun. One driveway for off street parking for 2 vehicles (tenants can share the drive). Owner selling to purchase a personal property. Measurements approximate. Owner/agent

19. 2025-12-22
    historical 874-char remark

    Show marketing remark (874 chars)

    6% CAPITALIZATION RATE (see photo)! All major systems replaced when purchased. New wiring throughout, copper pipe installed, new windows, new sewer, central HVAC installed (1908 hvac is only 1.5 yr old), gas has been capped off but available. All systems are electric, better for having tenants. Separate water and electric meters. Central a/c and heat. Tenants responsible for utilities. 1908: lower unit, with larger yard with some grass, 3 beds, 1.5 baths. 1910: upper unit with balcony and private patio in back yard, 3 beds, 1 bath. Outdoor building has a separate laundry for each unit. Both units have all flooring (wood and tile). Kitchens are huge! All rooms are spacious and this is NOT a shotgun. One driveway for off street parking for 2 vehicles (tenants can share the drive). Owner selling to purchase a personal property. Measurements approximate. Owner/agent

20. 2025-11-14
    listed $489,900 Active 874-char remark

    Show marketing remark (874 chars)

    6% CAPITALIZATION RATE (see photo)! All major systems replaced when purchased. New wiring throughout, copper pipe installed, new windows, new sewer, central HVAC installed (1908 hvac is only 1.5 yr old), gas has been capped off but available. All systems are electric, better for having tenants. Separate water and electric meters. Central a/c and heat. Tenants responsible for utilities. 1908: lower unit, with larger yard with some grass, 3 beds, 1.5 baths. 1910: upper unit with balcony and private patio in back yard, 3 beds, 1 bath. Outdoor building has a separate laundry for each unit. Both units have all flooring (wood and tile). Kitchens are huge! All rooms are spacious and this is NOT a shotgun. One driveway for off street parking for 2 vehicles (tenants can share the drive). Owner selling to purchase a personal property. Measurements approximate. Owner/agent

21. 2025-11-14
    listed $489,900 Active 874-char remark

    Show marketing remark (874 chars)

    6% CAPITALIZATION RATE (see photo)! All major systems replaced when purchased. New wiring throughout, copper pipe installed, new windows, new sewer, central HVAC installed (1908 hvac is only 1.5 yr old), gas has been capped off but available. All systems are electric, better for having tenants. Separate water and electric meters. Central a/c and heat. Tenants responsible for utilities. 1908: lower unit, with larger yard with some grass, 3 beds, 1.5 baths. 1910: upper unit with balcony and private patio in back yard, 3 beds, 1 bath. Outdoor building has a separate laundry for each unit. Both units have all flooring (wood and tile). Kitchens are huge! All rooms are spacious and this is NOT a shotgun. One driveway for off street parking for 2 vehicles (tenants can share the drive). Owner selling to purchase a personal property. Measurements approximate. Owner/agent

22. 2025-03-12
    historical $1,895
23. 2025-03-03
    listed $1,895
24. 2022-11-22
    historical
25. 2001-10-16
    listed $245,000

ⓘ 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 ≥108°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: $55,092
• − Mortgage interest: −$26,882
• − Property taxes: −$7,198
• − Insurance: −$3,197
• − Repairs & maintenance: −$4,407
• − Management: −$4,407
• − Depreciation: −$13,961
• Taxable loss: −$4,961
• Est. tax savings @ 24.0%: +$1,191
• After-tax cash flow: $4,118/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

The property is in good condition with minimal repairs needed. Painting the exterior and replacing damaged windows can significantly increase its value.

Value-add opportunities

• Both Paint the exterior of the house — Painting the exterior can improve the curb appeal and increase the property's value.
• Both Replace any damaged windows — Replacing damaged windows can improve the energy efficiency and increase the property's value.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior of the house — Painting the exterior can improve the curb appeal and increase the property's value. ↑
• Both Replace any damaged windows — Replacing damaged windows can improve the energy efficiency and increase the property's value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 36,072
• Household income: $63,750
• Rent vs Own: 51.5% rent · 48.5% own
• Severe rent burden: 2237.0

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 0.65)
• Race & ethnicity: White 47% Black 34% Hispanic / Latino 11% Two or more races 11% Asian 4%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Italian 2% Romanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 86% English-only · Spanish 7% French/Haitian/Cajun 2% Other Indo-European 2%

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: ▼ -210.46%
• Current HPI: 282.9629
• Rent YoY: ▲ 0.97%
• 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

+100.0% since first listed

9 events — show timeline

• 2026-03-10 Relisted — AcadianaMLS
• 2026-03-10 Relisted — GSREIN
• 2025-12-22 Listing Removed — GSREIN
• 2025-11-14 Listed $489,900 GSREIN
• 2025-11-14 Listed $489,900 AcadianaMLS
• 2025-03-12 Rental Removed $1,895 GSREIN
• 2025-03-03 Listed for Rent $1,895 GSREIN
• 2022-11-22 Rental Removed — GSREIN
• 2001-10-16 Listed $245,000 AcadianaMLS