2433 35 Ursulines Ave · New Orleans, LA 70119

$399,000

6 bd · 3.9 ba · 3,237 sqft · MultiFamily · 504 Days on market

Built 1940 Fair condition $123/sqft · 13% below area Est $457k · 13% under ↓ 6% since listing

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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 +26.2/30.0
• ARV discount +13.2/15.0
• DSCR +8.9/10.0
• 1% rule +7.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Spacious triplex in the iconic Tremé neighborhood just a few blocks from the Zulu Parade Route and walkable to the Fairgrounds, Bayou St. John, & the Lafitte Greenway. The property boasts wood & terrazzo floors, nice millwork, original wood windows, and bathrooms with vintage charm. The property consists of a big, two-story 3 bed, 2 bath unit with a one-car garage, a 2 bed, 1 bath unit, and a 1 bed, 1 bath unit. All of the units are shotgun-style and include their own in-unit laundry. Quaint, low-maintenance backyard is fully fenced. Excellent opportunity to owner-occupy with consistent rental income.

Key facts

• Tremé neighborhood
• Wood floors
• Bayou st. john

Tags

• TREMÉ NEIGHBORHOOD
• WALKABLE TO FAIRGROUNDS
• BAYOU ST. JOHN
• LAFITTE GREENWAY
• WOOD FLOORS
• TERRAZZO FLOORS

What this means for you Summary

Snapshot

• This is a 2×2bd/1.3ba + 1×1bd/1.3ba units multifamily listed at $399k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $949 ($11k/yr) — positive. Per door: $316/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $399k).
• Recommended offer: $351k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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; 1 comparable units currently listed for rent nearby; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $4,776/mo this rent would consume 108% 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 $3k of loan paydown is wiped out by about $12k 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 504 days — a 12% lower offer ($351k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $26k (6%) 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; 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 $351,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 504 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.20% ✓
• Cap rate: 9.35%
• Cash-on-cash: 10.91%
• DSCR: 1.49
• GRM: 7.0

CMA / ARV

• ARV (median comp): $456,888
• List price: $399,000
• Delta: -12.67%
• 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
2433 35 Ursulines Ave	0.00mi	6/4.0	3,237 (0%)	1mo	$375,000	$116	99
2010 12 N Dorgenois St	0.14mi	6/4.0	2,900 (-10%)	10mo	$370,000	$128	67
2415 Columbus St	0.33mi	5/4.0 (-1)	2,911 (-10%)	3mo	$583,000	$200	60
1612 14 N Broad St	0.52mi	5/3.5 (-1)	3,415 (+6%)	1mo	$215,000	$63	59
1924 26 Esplanade Ave	0.53mi	5/4.0 (-1)	3,009 (-7%)	0mo	$596,000	$198	58
1933 Bayou Rd	0.36mi	5/4.0 (-1)	2,800 (-14%)	3mo	$480,000	$171	53
3206 Desoto St	0.66mi	5/4.0 (-1)	3,561 (+10%)	1mo	$1	—	46
1519-21 N Villere St	0.72mi	6/4.0	3,010 (-7%)	11mo	$496,000	$165	45
1810 12 Governor Nicholls St	0.43mi	7/7.0 (+1)	3,689 (+14%)	1mo	$699,000	$189	39
1328 Esplanade Ave	0.70mi	5/5.0 (-1)	3,579 (+11%)	6mo	$960,000	$268	35
2522 24 O'reilly St	0.74mi	7/3.5 (+1)	2,866 (-12%)	9mo	$305,000	$106	32
1715-17 N Broad St	0.67mi	6/2.0	2,778 (-14%)	12mo	$173,500	$62	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: -4.5%
• Equity multiple: 0.84×
• Total profit: $-18,085
• Equity at exit: $59,492

10-year hold

• IRR: 1.2%
• Equity multiple: 1.08×
• Total profit: $8,463
• Equity at exit: $34,498

Cash invested: $111,720 (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: 20.6×

Monthly cashflow live

• Estimated rent: $4,776 high
• Mortgage (P&I): −$2,092
• Tax est. 1.5%: −$499 /mo · $5,985/yr
• Insurance: −$166
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,003
• Net cashflow: $949

Break-even live

Break-even rent $3,575

Max offer price $399,000

Occupancy floor 75%

Sensitivity live

Price	-10% $1,225	-5% $1,087	+0% $949	+5% $811	+10% $673
Rent	-10% $572	-5% $761	+0% $949	+5% $1,138	+10% $1,326
Rate	-1.0pp $1,150	-0.5pp $1,051	base $949	+0.5pp $846	+1.0pp $741

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.3	$3,226
1× unit	1	1.3	$1,550
Total (3 units)			$4,776

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$8,133	$5.14	4d	2	1.36mi

Listing history 4 events

1. 2026-05-12
   price $399,000 626-char remark

   Show marketing remark (626 chars)

   Spacious triplex in the iconic Tremé neighborhood just a few blocks from the Zulu Parade Route and walkable to the Fairgrounds, Bayou St. John, & the Lafitte Greenway. The property boasts wood & terrazzo floors, nice millwork, original wood windows, and bathrooms with vintage charm. The property consists of a big, two-story 3 bed, 2 bath unit with a one-car garage, a 2 bed, 1 bath unit, and a 1 bed, 1 bath unit. All of the units are shotgun-style and include their own in-unit laundry. Quaint, low-maintenance backyard is fully fenced. Excellent opportunity to owner-occupy with consistent rental income.

2. 2026-05-11
   status Active 626-char remark

   Show marketing remark (626 chars)

   Spacious triplex in the iconic Tremé neighborhood just a few blocks from the Zulu Parade Route and walkable to the Fairgrounds, Bayou St. John, & the Lafitte Greenway. The property boasts wood & terrazzo floors, nice millwork, original wood windows, and bathrooms with vintage charm. The property consists of a big, two-story 3 bed, 2 bath unit with a one-car garage, a 2 bed, 1 bath unit, and a 1 bed, 1 bath unit. All of the units are shotgun-style and include their own in-unit laundry. Quaint, low-maintenance backyard is fully fenced. Excellent opportunity to owner-occupy with consistent rental income.

3. 2025-04-08
   historical Active Under Contract 626-char remark

   Show marketing remark (626 chars)

   Spacious triplex in the iconic Tremé neighborhood just a few blocks from the Zulu Parade Route and walkable to the Fairgrounds, Bayou St. John, & the Lafitte Greenway. The property boasts wood & terrazzo floors, nice millwork, original wood windows, and bathrooms with vintage charm. The property consists of a big, two-story 3 bed, 2 bath unit with a one-car garage, a 2 bed, 1 bath unit, and a 1 bed, 1 bath unit. All of the units are shotgun-style and include their own in-unit laundry. Quaint, low-maintenance backyard is fully fenced. Excellent opportunity to owner-occupy with consistent rental income.

4. 2025-01-10
   listed $425,000 Active 626-char remark

   Show marketing remark (626 chars)

   Spacious triplex in the iconic Tremé neighborhood just a few blocks from the Zulu Parade Route and walkable to the Fairgrounds, Bayou St. John, & the Lafitte Greenway. The property boasts wood & terrazzo floors, nice millwork, original wood windows, and bathrooms with vintage charm. The property consists of a big, two-story 3 bed, 2 bath unit with a one-car garage, a 2 bed, 1 bath unit, and a 1 bed, 1 bath unit. All of the units are shotgun-style and include their own in-unit laundry. Quaint, low-maintenance backyard is fully fenced. Excellent opportunity to owner-occupy with consistent rental income.

ⓘ 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: $57,312
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$2,792
• − Repairs & maintenance: −$4,585
• − Management: −$4,585
• − Depreciation: −$11,607
• Taxable income: $5,407
• Est. tax owed @ 24.0%: −$1,298
• After-tax cash flow: $10,092/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

Fair 45/100 Moderate rehab

This triplex in the Tremé neighborhood requires moderate renovations to its kitchen and bathrooms, as well as some painting, to increase its resale and rental value.

Repairs flagged

• Major kitchen cabinets — dated and worn
• Major bathroom fixtures — dated and worn
• Minor paint — some areas appear worn

Value-add opportunities

• Both kitchen renovation — modernizing the kitchen would increase both resale and rental value
• Both bathroom renovation — modernizing the bathrooms would increase both resale and rental value
• Both painting — painting the interior would improve the home's appearance and increase its value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and worn	Major	$15,000–50,000
bathroom fixtures · dated and worn	Major	$15,000–50,000
paint · some areas appear worn	Minor	$500–3,000
Total estimated repair cost · 3 items		$30,500–103,000

Value-add ROI direction

• Both kitchen renovation — modernizing the kitchen would increase both resale and rental value ↑
• Both bathroom renovation — modernizing the bathrooms would increase both resale and rental value ↑
• Both painting — painting the interior would improve the home's appearance and increase its 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): 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

-6.1% since first listed

4 events — show timeline

• 2026-05-12 Price Changed $399,000 GSREIN
• 2026-05-11 Relisted — GSREIN
• 2025-04-08 Contingent — GSREIN
• 2025-01-10 Listed $425,000 GSREIN