7923-29 Forshey St · New Orleans, LA 70125

$425,000

None bd · None ba · 2,136 sqft · MultiFamily · 17 Days on market

Good condition 5,040 sqft lot $199/sqft · 94% above area

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Why this score? — see what drove the C+ 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 +26.5/30.0
• DSCR +9.1/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• 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: 4 units. 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

Renovated 4-unit property just one block off Carrollton near Costco. Each unit has its own meter and washer/dryer. Located in Flood Zone X. Fully occupied brings in $4,800 per month in rental income. Great setup for investors or anyone wanting to live in one unit and rent the others!

Key facts

• 5,040 sq ft lot
• Listed 17 days

Tags

• RENOVATED 4-UNIT PROPERTY
• EACH UNIT HAS ITS OWN METER
• EACH UNIT HAS WASHER DRYER
• LOCATED IN FLOOD ZONE X
• BRINGS IN RENTAL INCOME

Property features AI

Finance

• Other: 16 photos available

Exterior

• Parking: No designated parking
• Utilities: Located between Short St and Fern St
• Home design: 4-unit property
• Exterior features: Composition roof

Interior

• Heating & cooling: Window Unit(s) for cooling; Has heating (other)
• Interior features: Window air conditioning units; Heating system present (other type)

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $425k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $265/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $425k).
• Recommended offer: $419k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.5% 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 18d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $5,145/mo this rent would consume 101% of the median local household income ($61k/yr) (locally 1270% 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 $13k 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 17 days — a 2% lower offer ($419k) is reasonable based on typical stale-listing flexibility.
• 9 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.

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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $418,625 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.21% ✓
• Cap rate: 9.48%
• Cash-on-cash: 11.37%
• DSCR: 1.51
• GRM: 6.9

CMA / ARV

• ARV (median comp): $219,196
• List price: $425,000
• Delta: 93.89%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1204-06 S Genois St	0.43mi	6/2.0	2,100 (-2%)	8mo	$155,000	$74	71
3321-27 Leonidas St	0.41mi	5/3.0	2,088 (-2%)	12mo	$310,000	$148	67
8009 13 Nelson St	0.53mi	4/2.0	2,274 (+6%)	3mo	$410,000	$180	62
8009-13 Nelson St	0.53mi	—/—	2,274 (+6%)	3mo	$410,000	$180	62
3235 37 Vincennes Pl	0.74mi	4/2.0	2,072 (-3%)	1mo	$150,000	$72	60
8424 26 Apple St	0.61mi	3/3.0	2,140 (+0%)	16mo	$356,800	$167	58
3702 Monroe St	0.58mi	5/2.0	2,232 (+4%)	13mo	$258,300	$116	55
8630 32 Pritchard Pl	0.57mi	4/2.0	1,942 (-9%)	8mo	$125,000	$64	52
635 37 S Alexander St	0.75mi	6/4.0	2,040 (-4%)	12mo	$397,000	$195	48
8815-17 Palm St	0.61mi	—/—	2,430 (+14%)	2mo	$414,900	$171	47
3329-3331 General Ogden St	0.62mi	6/4.0	2,430 (+14%)	15mo	$399,000	$164	36
4513-15 Thalia St	0.61mi	4/4.0	2,412 (+13%)	17mo	$230,000	$95	36

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: -2.9%
• Equity multiple: 0.89×
• Total profit: $-12,665
• Equity at exit: $63,369

10-year hold

• IRR: 4.0%
• Equity multiple: 1.26×
• Total profit: $31,413
• Equity at exit: $36,746

Cash invested: $119,000 (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 70125

• Home prices YoY: -16.3%
• Rents YoY: 0.7%
• Active inventory: 217
• Price-to-rent: 27.5×

Monthly cashflow live

• Estimated rent: $5,145 high
• Mortgage (P&I): −$2,229
• Tax est. 1.5%: −$531 /mo · $6,375/yr
• Insurance: −$177
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,080
• Net cashflow: $1,061

Break-even live

Break-even rent $3,802

Max offer price $425,000

Occupancy floor 74%

Sensitivity live

Price	-10% $1,355	-5% $1,208	+0% $1,061	+5% $914	+10% $767
Rent	-10% $655	-5% $858	+0% $1,061	+5% $1,264	+10% $1,467
Rate	-1.0pp $1,275	-0.5pp $1,169	base $1,061	+0.5pp $951	+1.0pp $839

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$5,144
Total (4 units)			$5,145

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8502 Edinburgh St New Orleans, LA	3.0	2.0	1456	$1,800	$1.24	4d	1	0.39mi
8329 Pritchard Pl Unit B New Orleans, LA	1.0	1.5	1500	$1,600	$1.07	12d	1	0.41mi
7933 Belfast St Unit Upper New Orleans, LA	3.0	2.0	1500	$2,400	$1.60	24d	1	0.43mi
2921 Audubon St New Orleans, LA	2.0	1.0	1500	$1,550	$1.03	17d	1	0.43mi
4117 State Street Dr New Orleans, LA	3.0	1.0	1678	$1,550	$0.92	12d	1	0.61mi
647 S Pierce St New Orleans, LA	3.0	2.0	1550	$3,175	$2.05	15d	1	0.65mi
2308 Short St New Orleans, LA	3.0	2.0	1600	$2,800	$1.75	4d	1	0.72mi
2338 Audubon St New Orleans, LA	3.0	2.0	1935	$2,000	$1.03	4d	1	0.74mi
2231 S Carrollton Ave Unit D New Orleans, LA	3.0	2.0	1600	$2,495	$1.56	24d	1	0.75mi
4401 Elba St New Orleans, LA	3.0	2.0	1400	$1,850	$1.32	24d	1	0.75mi
4403 Elba St New Orleans, LA	3.0	2.0	1400	$1,800	$1.29	4d	1	0.76mi
4400 Elba St New Orleans, LA	3.0	2.0	1600	$1,875	$1.17	24d	1	0.76mi
8537 S Claiborne Ave New Orleans, LA	2.0	1.0	1450	$1,400	$0.97	4d	1	0.76mi
2527 Eagle St New Orleans, LA	3.0	2.0	1571	$2,200	$1.40	24d	1	0.77mi
2251 Cambronne St Unit A New Orleans, LA	3.0	1.5	1945	$2,495	$1.28	24d	1	0.77mi
7909 Sycamore St New Orleans, LA	3.0	2.0	2000	$2,400	$1.20	3d	1	0.78mi
3816 State Street Dr New Orleans, LA	2.0	2.0	2828	$2,250	$0.80	16d	1	0.79mi
2201 Burdette St New Orleans, LA	3.0	1.5	1800	$2,695	$1.50	17d	1	0.80mi
2305 Joliet St New Orleans, LA	3.0	2.0	1451	$2,500	$1.72	44d	1	0.81mi
3825 Baudin St New Orleans, LA	3.0	3.5	1680	$2,000	$1.19	24d	1	0.82mi
4120 Erato St New Orleans, LA	3.0	2.0	2250	$1,750	$0.78	24d	1	0.84mi
2116 Burdette St New Orleans, LA	3.0	1.0	1700	$1,975	$1.16	4d	1	0.84mi
2211 Broadway St New Orleans, LA	1.0	1.0	1764	$1,000	$0.57	17d	1	0.84mi
2203 Broadway St New Orleans, LA	3.0	2.0	1491	$3,000	$2.01	22d	1	0.85mi
2102 S Carrollton Ave New Orleans, LA	3.0	2.0	1800	$2,250	$1.25	12d	1	0.86mi
2102 S Carrollton Ave Unit NA New Orleans, LA	3.0	2.0	1800	$2,250	$1.25	11d	1	0.86mi
2014 Lowerline St New Orleans, LA	3.0	1.5	1600	$2,850	$1.78	15d	1	0.94mi
4211 Hamilton St Unit NA New Orleans, LA	2.0	1.0	1400	$1,100	$0.79	12d	1	0.95mi
4211 Hamilton St New Orleans, LA	2.0	1.0	1400	$1,100	$0.79	15d	1	0.95mi
9129 Nelson St New Orleans, LA	2.0	1.5	1434	$1,900	$1.32	24d	1	1.00mi
8426 Spruce St New Orleans, LA	3.0	2.0	1700	$3,000	$1.76	44d	1	1.01mi
3180 State Street Dr New Orleans, LA	3.0	2.0	1600	$1,900	$1.19	11d	1	1.03mi
7616 Cohn St Unit A New Orleans, LA	3.0	2.5	1492	$3,300	$2.21	17d	1	1.04mi
305 S Norman C Francis Pkwy New Orleans, LA	3.0	1.5	1730	$2,500	$1.45	15d	1	1.05mi
305 S Norman C Francis Pkwy New Orleans, LA	3.0	1.5	1730	$2,600	$1.50	17d	1	1.05mi
1827 Pine St New Orleans, LA	2.0	1.0	1436	$2,400	$1.67	24d	1	1.06mi
3636 Upperline St New Orleans, LA	3.0	1.0	1600	$1,975	$1.23	24d	1	1.07mi
233 S Norman C Francis Pkwy New Orleans, LA	2.0	2.0	1762	$1,625	$0.92	16d	1	1.08mi
233 S Norman C Francis Pkwy New Orleans, LA	2.0	2.0	1762	$1,625	$0.92	17d	1	1.08mi
3701 Canal St Unit MN New Orleans, LA	2.0	2.0	1600	$1,650	$1.03	4d	1	1.17mi

Listing history 23 events

1. 2026-06-18
   days on market $425,000 Active 17 DOM
2. 2026-06-17
   days on market $425,000 Active 16 DOM
3. 2026-06-16
   days on market $425,000 Active 15 DOM
4. 2026-06-15
   days on market $425,000 Active 14 DOM
5. 2026-06-13
   days on market $425,000 Active 12 DOM
6. 2026-06-10
   days on market $425,000 Active 9 DOM
7. 2026-06-09
   days on market $425,000 Active 8 DOM
8. 2026-06-08
   days on market $425,000 Active 7 DOM
9. 2026-06-07
   days on market $425,000 Active 6 DOM
10. 2026-06-05
    days on market $425,000 Active 3 DOM
11. 2026-06-03
    days on market $425,000 Active 2 DOM
12. 2026-06-02
    days on marketlisting id $425,000 Active 1 DOM
13. 2026-05-31
    days on market $425,000 Active 61 DOM
14. 2026-05-15
    price $425,000 284-char remark
15. 2026-03-31
    listed $1,200
16. 2026-03-31
    listed $450,000 Active 284-char remark
17. 2025-12-30
    price $450,000
18. 2025-11-07
    listed $475,000 Active
19. 2022-09-28
    listed $485,000
20. 2020-02-10
    listed $340,000
21. 2013-10-25
    listed $159,000
22. 2011-06-15
    listed $72,500
23. 2007-06-13
    listed $120,000

ⓘ 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 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $61,740
• − Mortgage interest: −$23,807
• − Property taxes: −$6,375
• − Insurance: −$2,922
• − Repairs & maintenance: −$4,939
• − Management: −$4,939
• − Depreciation: −$12,364
• Taxable income: $6,394
• Est. tax owed @ 24.0%: −$1,535
• After-tax cash flow: $11,198/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 · 12 photos

Good 80/100 Cosmetic rehab

This 4-unit property is in good condition with cosmetic updates needed. It's fully occupied and generates strong rental income, making it a solid investment opportunity.

Repairs flagged

• Minor kitchen countertops — Older style countertops could be replaced for a fresh look.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics.
• Both Updating kitchen countertops — Modern countertops improve functionality and appeal.
• Both Landscaping improvements — Enhanced landscaping can increase curb appeal and property value.
• Both Upgrading HVAC system — A new HVAC system can improve comfort and energy efficiency, attracting more tenants or buyers.

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen countertops · Older style countertops could be replaced for a fresh look.	Minor	$500–3,000
Total estimated repair cost · 1 items		$500–3,000

Value-add ROI direction

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Updating kitchen countertops — Modern countertops improve functionality and appeal. ↑
• Both Landscaping improvements — Enhanced landscaping can increase curb appeal and property value. ↑
• Both Upgrading HVAC system — A new HVAC system can improve comfort and energy efficiency, attracting more tenants or buyers. ↑

ⓘ 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): 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

+254.2% since first listed

11 events — show timeline

• 2026-06-01 Listed $425,000 AcadianaMLS
• 2026-05-15 Price Changed $425,000 AcadianaMLS
• 2026-03-31 Listed for Rent $1,200 RAAMLS
• 2026-03-31 Listed $450,000 AcadianaMLS
• 2025-12-30 Price Changed $450,000 AcadianaMLS
• 2025-11-07 Listed $475,000 AcadianaMLS
• 2022-09-28 Listed $485,000 AcadianaMLS
• 2020-02-10 Listed $340,000 AcadianaMLS
• 2013-10-25 Listed $159,000 AcadianaMLS
• 2011-06-15 Listed $72,500 AcadianaMLS
• 2007-06-13 Listed $120,000 AcadianaMLS