2340 Rex Pl · New Orleans, LA 70125

$70,000

3 bd · 2.0 ba · 1,410 sqft · SingleFamily public records · 480 Days on market

Built 1940 $50/sqft · 71% below area ↓ 39% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3-bedroom, 2-bathroom home sits just one house off a quaint cul-de-sac, offering a great opportunity for you to bring your taste and make this one your own. The layout provides a great foundation, and with the right touches, this property could truly shine. Don't miss the chance to bring this house back to life and make it your own!

Key facts

• Parking
• Built 1940
• Listed 480 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $536 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 22.8% 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 flat; 217 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); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• This rent runs 37% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k 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 + 0.7% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 480 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $45k (39%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $61,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 480 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 1940 — 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.69% ✓
• Cap rate: 22.80%
• Cash-on-cash: 58.96%
• DSCR: 3.62
• GRM: 3.1

CMA / ARV

• ARV (median comp): $240,260
• List price: $70,000
• Delta: -70.86%
• 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
2725 Philip St	0.26mi	3/2.0	1,404 (-0%)	7mo	$199,000	$142	81
2321 Seventh St	0.67mi	3/2.0	1,425 (+1%)	2mo	$325,000	$228	65
4119 Clara St	0.69mi	3/2.0	1,404 (-0%)	2mo	$400,000	$285	65
2305 Washington Ave	0.61mi	3/2.0	1,382 (-2%)	9mo	$337,000	$244	60
2014 Philip St	0.75mi	3/2.0	1,476 (+5%)	3mo	$310,000	$210	55
3404 Delachaise St	0.50mi	3/2.0	1,532 (+9%)	8mo	$294,000	$192	55
3920 Delachaise St	0.63mi	3/2.0	1,544 (+10%)	1mo	$90,000	$58	54
2410 Freret St	0.44mi	3/3.0	1,305 (-7%)	11mo	$249,000	$191	54
2015 Martin Luther King Blvd	0.74mi	3/2.0	1,332 (-6%)	3mo	$249,000	$187	54
1301 S Saratoga St	0.74mi	3/2.0	1,510 (+7%)	2mo	$250,000	$166	52
3702 Toledano St	0.51mi	3/2.0	1,285 (-9%)	12mo	$240,000	$187	51
2226 First St	0.60mi	2/2.0 (-1)	1,600 (+14%)	8mo	$285,000	$178	38

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 · 0.73% rent growth · sell at horizon

5-year hold

• IRR: 24.4%
• Equity multiple: 1.97×
• Total profit: $18,931
• Equity at exit: $10,437

10-year hold

• IRR: 30.2%
• Equity multiple: 3.31×
• Total profit: $45,258
• Equity at exit: $6,052

Cash invested: $19,600 (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 70125

• Home prices YoY: -16.3%
• Rents YoY: 0.7%
• Active inventory: 217
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,885 high
• Mortgage (P&I): −$367
• Tax from tax record: −$130 /mo · $1,562/yr
• Insurance: −$29
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $536

Break-even live

Break-even rent $1,206

Max offer price $70,000

Occupancy floor 67%

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2341 S Roman St Unit U New Orleans, LA	3.0	2.0	1000	$1,850	$1.85	24d	1	0.04mi
3122 2nd St New Orleans, LA	3.0	3.0	1206	$2,075	$1.72	24d	1	0.10mi
3120 Second St New Orleans, LA	3.0	3.0	1256	$2,050	$1.63	24d	1	0.10mi
3108 Second St New Orleans, LA	3.0	3.0	1216	$2,100	$1.73	3d	1	0.10mi
3218 Jackson Ave New Orleans, LA	3.0	2.0	1267	$1,750	$1.38	24d	1	0.12mi
3322 Third St New Orleans, LA	3.0	2.0	950	$1,450	$1.53	24d	1	0.19mi
2628 S Derbigny St New Orleans, LA	3.0	1.0	900	$1,500	$1.67	3d	1	0.19mi
2614 S Johnson St New Orleans, LA	3.0	2.0	1536	$2,079	$1.35	14d	1	0.21mi
2615 S Johnson St New Orleans, LA	2.0	1.0	1200	$1,350	$1.12	17d	1	0.23mi
2615 S Johnson St New Orleans, LA	2.0	1.0	1200	$1,400	$1.17	24d	1	0.23mi
2617 S Johnson St New Orleans, LA	2.0	1.0	1500	$1,300	$0.87	24d	1	0.23mi
2620 S Galvez St Apt 2B New Orleans, LA	3.0	1.0	1000	$1,100	$1.10	17d	1	0.26mi
2818 Saint Andrew St New Orleans, LA	2.0	1.0	900	$1,550	$1.72	24d	1	0.28mi
2606 S Miro St New Orleans, LA	3.0	2.0	1450	$2,016	$1.39	24d	1	0.30mi
3632 First St Unit B New Orleans, LA	3.0	2.0	950	$1,750	$1.84	12d	1	0.32mi
3632 First St Unit A New Orleans, LA	3.0	2.0	950	$1,850	$1.95	12d	1	0.32mi
2833 S Derbigny St New Orleans, LA	3.0	2.0	1500	$1,795	$1.20	24d	1	0.32mi
2722 Martin L King Bl New Orleans, LA	3.0	2.5	1350	$1,800	$1.33	24d	1	0.33mi
3617 Fourth St Unit A New Orleans, LA	3.0	2.0	1225	$1,995	$1.63	17d	1	0.35mi
3230 Toledano St New Orleans, LA	3.0	2.0	950	$1,750	$1.84	24d	1	0.38mi
1407 Magnolia St New Orleans, LA	3.0	2.0	1824	$1,500	$0.82	24d	1	0.38mi
2526 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1200	$2,200	$1.83	3d	1	0.43mi
3208 Louisiana Avenue Pkwy New Orleans, LA	3.0	2.0	1391	$1,900	$1.37	17d	1	0.45mi
3212 Louisiana Avenue Pkwy Unit A New Orleans, LA	2.0	1.0	1209	$1,795	$1.48	3d	1	0.45mi
3044 Louisiana Avenue Pkwy New Orleans, LA	3.0	2.0	1800	$1,900	$1.06	24d	1	0.46mi
3713 Louisiana Avenue Pkwy New Orleans, LA	2.0	1.0	1000	$1,600	$1.60	3d	1	0.49mi
2515 Erato St Unit 102 New Orleans, LA	2.0	1.0	1000	$2,100	$2.10	21d	1	0.51mi
3514 S Miro St New Orleans, LA	3.0	2.0	1230	$1,950	$1.59	17d	1	0.52mi
3335 General Taylor St New Orleans, LA	2.0	1.0	1053	$1,150	$1.09	24d	1	0.53mi
3335 General Taylor St New Orleans, LA	2.0	1.0	1053	$1,150	$1.09	12d	1	0.53mi
1614 Rev John Raphael Jr Way New Orleans, LA	3.0	2.0	1000	$1,500	$1.50	24d	1	0.53mi
2231 S Liberty St New Orleans, LA	3.0	3.5	1752	$2,000	$1.14	17d	1	0.55mi
2123 S Liberty St Unit 2125 New Orleans, LA	3.0	2.0	1500	$2,100	$1.40	3d	1	0.55mi
4101 S Galvez St New Orleans, LA	2.0	1.0	975	$975	$1.00	17d	1	0.56mi
2318 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1400	$1,700	$1.21	24d	1	0.57mi
3429 Clara St New Orleans, LA	3.0	2.0	1620	$2,350	$1.45	14d	1	0.58mi
4201 S Galvez St New Orleans, LA	2.0	1.0	1100	$1,650	$1.50	24d	1	0.59mi
3829 General Taylor St New Orleans, LA	3.0	1.0	1000	$1,300	$1.30	24d	1	0.61mi
2225 2nd St New Orleans, LA	3.0	2.0	1100	$1,800	$1.64	24d	1	0.62mi
2227 Second St New Orleans, LA	2.0	2.0	1100	$1,900	$1.73	24d	1	0.62mi

Listing history 26 events

1. 2026-06-18
   days on market $70,000 Active 480 DOM
2. 2026-06-17
   days on market $70,000 Active 479 DOM
3. 2026-06-16
   days on market $70,000 Active 478 DOM
4. 2026-06-15
   days on market $70,000 Active 477 DOM
5. 2026-06-13
   days on market $70,000 Active 475 DOM
6. 2026-06-10
   days on market $70,000 Active 472 DOM
7. 2026-06-09
   days on market $70,000 Active 471 DOM
8. 2026-06-08
   days on market $70,000 Active 470 DOM
9. 2026-06-07
   days on market $70,000 Active 469 DOM
10. 2026-06-05
    days on market $70,000 Active 466 DOM
11. 2026-06-03
    days on market $70,000 Active 465 DOM
12. 2026-06-02
    days on market $70,000 Active 464 DOM
13. 2026-06-01
    days on market $70,000 Active 463 DOM
14. 2026-05-31
    days on market $70,000 Active 462 DOM
15. 2026-04-17
    price $70,000 339-char remark

    Show marketing remark (339 chars)

    This 3-bedroom, 2-bathroom home sits just one house off a quaint cul-de-sac, offering a great opportunity for you to bring your taste and make this one your own. The layout provides a great foundation, and with the right touches, this property could truly shine. Don't miss the chance to bring this house back to life and make it your own!

16. 2026-04-17
    price $70,000 339-char remark

    Show marketing remark (339 chars)

    This 3-bedroom, 2-bathroom home sits just one house off a quaint cul-de-sac, offering a great opportunity for you to bring your taste and make this one your own. The layout provides a great foundation, and with the right touches, this property could truly shine. Don't miss the chance to bring this house back to life and make it your own!

17. 2026-01-30
    price $80,000 339-char remark

    Show marketing remark (339 chars)

    This 3-bedroom, 2-bathroom home sits just one house off a quaint cul-de-sac, offering a great opportunity for you to bring your taste and make this one your own. The layout provides a great foundation, and with the right touches, this property could truly shine. Don't miss the chance to bring this house back to life and make it your own!

18. 2026-01-28
    price $80,000 339-char remark

    Show marketing remark (339 chars)

    This 3-bedroom, 2-bathroom home sits just one house off a quaint cul-de-sac, offering a great opportunity for you to bring your taste and make this one your own. The layout provides a great foundation, and with the right touches, this property could truly shine. Don't miss the chance to bring this house back to life and make it your own!

19. 2025-11-29
    price $90,000 339-char remark

    Show marketing remark (339 chars)

    This 3-bedroom, 2-bathroom home sits just one house off a quaint cul-de-sac, offering a great opportunity for you to bring your taste and make this one your own. The layout provides a great foundation, and with the right touches, this property could truly shine. Don't miss the chance to bring this house back to life and make it your own!

20. 2025-11-14
    price $90,000 339-char remark

    Show marketing remark (339 chars)

    This 3-bedroom, 2-bathroom home sits just one house off a quaint cul-de-sac, offering a great opportunity for you to bring your taste and make this one your own. The layout provides a great foundation, and with the right touches, this property could truly shine. Don't miss the chance to bring this house back to life and make it your own!

21. 2025-08-15
    price $99,500 339-char remark

    Show marketing remark (339 chars)

    This 3-bedroom, 2-bathroom home sits just one house off a quaint cul-de-sac, offering a great opportunity for you to bring your taste and make this one your own. The layout provides a great foundation, and with the right touches, this property could truly shine. Don't miss the chance to bring this house back to life and make it your own!

22. 2025-08-15
    price $99,500 339-char remark

    Show marketing remark (339 chars)

    This 3-bedroom, 2-bathroom home sits just one house off a quaint cul-de-sac, offering a great opportunity for you to bring your taste and make this one your own. The layout provides a great foundation, and with the right touches, this property could truly shine. Don't miss the chance to bring this house back to life and make it your own!

23. 2025-05-23
    status Active 339-char remark

    Show marketing remark (339 chars)

    This 3-bedroom, 2-bathroom home sits just one house off a quaint cul-de-sac, offering a great opportunity for you to bring your taste and make this one your own. The layout provides a great foundation, and with the right touches, this property could truly shine. Don't miss the chance to bring this house back to life and make it your own!

24. 2025-05-21
    historical 339-char remark

    Show marketing remark (339 chars)

    This 3-bedroom, 2-bathroom home sits just one house off a quaint cul-de-sac, offering a great opportunity for you to bring your taste and make this one your own. The layout provides a great foundation, and with the right touches, this property could truly shine. Don't miss the chance to bring this house back to life and make it your own!

25. 2025-02-19
    listed $115,000 Active 339-char remark

    Show marketing remark (339 chars)

    This 3-bedroom, 2-bathroom home sits just one house off a quaint cul-de-sac, offering a great opportunity for you to bring your taste and make this one your own. The layout provides a great foundation, and with the right touches, this property could truly shine. Don't miss the chance to bring this house back to life and make it your own!

26. 2025-02-19
    listed $115,000 Active 339-char remark

    Show marketing remark (339 chars)

    This 3-bedroom, 2-bathroom home sits just one house off a quaint cul-de-sac, offering a great opportunity for you to bring your taste and make this one your own. The layout provides a great foundation, and with the right touches, this property could truly shine. Don't miss the chance to bring this house back to life and make it your own!

ⓘ 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: $1,562 · $130/mo
• Projected year-2 tax: $1,562 · $130/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 AE · 77% 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: $22,624
• − Mortgage interest: −$3,921
• − Property taxes: −$1,562
• − Insurance: −$5,468
• − Repairs & maintenance: −$1,810
• − Management: −$1,810
• − Depreciation: −$2,036
• Taxable income: $6,016
• Est. tax owed @ 24.0%: −$1,444
• After-tax cash flow: $4,994/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): 17,821
• Household income: $61,174
• Rent vs Own: 53.3% rent · 46.7% own
• Severe rent burden: 1270.0

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 0.63)
• Race & ethnicity: Black 51% White 32% Hispanic / Latino 9% Two or more races 9% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Romanian 1% Slovak 1%
• Foreign-born: 7% · Canada, China
• Languages at home: 90% English-only · Spanish 6% French/Haitian/Cajun 1% Chinese 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: ▼ -49.68%
• Current HPI: 255.5998
• Rent YoY: ▲ 0.73%
• 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

-39.1% since first listed

12 events — show timeline

• 2026-04-17 Price Changed $70,000 AcadianaMLS
• 2026-04-17 Price Changed $70,000 GSREIN
• 2026-01-30 Price Changed $80,000 AcadianaMLS
• 2026-01-28 Price Changed $80,000 GSREIN
• 2025-11-29 Price Changed $90,000 AcadianaMLS
• 2025-11-14 Price Changed $90,000 GSREIN
• 2025-08-15 Price Changed $99,500 AcadianaMLS
• 2025-08-15 Price Changed $99,500 GSREIN
• 2025-05-23 Relisted — GSREIN
• 2025-05-21 Listing Removed — GSREIN
• 2025-02-19 Listed $115,000 GSREIN
• 2025-02-19 Listed $115,000 AcadianaMLS

Property tax history

+29.9%/yr

Latest (2026): $1,562 · +1.1% YoY. Source: county tax records.