3231 33 Perdido St · New Orleans, LA 70119

$379,000

6 bd · 2.5 ba · 3,484 sqft · MultiFamily public records · 276 Days on market

Built 1969 $109/sqft · 17% below area Est $413k · 8% under

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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 +26.1/30.0
• ARV discount +11.2/15.0
• DSCR +8.8/10.0
• 1% rule +6.5/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

PROPERTY HAS THREE APARTMENTS DOWNSTAIRS. ONE IS AN EFFICIENCY THAT IS VACANT AND HAS A REFRIGERATOR AND A/C UNIT AND HEAT AND BATH. AND THE OTHER HAS A KITCHEN AND ONE BEDROOM AND A BATH. THE 3RD APARTMENT IS ALSO A ONE BEDROOM WITH A KITCHEN AND A BATH. UPSTAIRS HAS 5 BERDROOMS, THAT ARE VACANT WITH A COMMUNITY KITCHEN AND BATH WITH CENTRAL HEAT AND A/C WINDOW UNITS. THERE'S AN ATTACHED BUILDING ON THE CORNER FACING S RENDON ST. WHICH IS VACANT AND GUTTED NOW BEING USED AS STORAGE AND COULD POSSIBLY BE RENOVATED INTO TWO APARTMENTS, THE ADDRESS IS 748-50 S RENDON ST. IT HAS TWO ELECTRIC METERS, ONE WATER METER AND ONE GAS METER. SELLER PAYS ALL UTILITIES. THE PROPERTY IS TO BE SOLD AS IS AND THE SELLER WILL MAKE NO REPAIRS. IT WILL NOT GO FHA OR VA. IN NEED OF WORK TO BE ABLE TO GENERATE MORE REVENUE. GREAT POTENTIAL FOR THE HANDYPERSON OR AN INVESTOR. OWNER IS MOTIVATED. BRING ALL OFFERS.

Key facts

• Built 1969
• Listed 275 days

What this means for you Summary

Snapshot

• This is a 6-bed/2.5-bath multifamily listed at $379k.

Deal economics

• At list price, monthly cash flow is $956 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $379k).
• Recommended offer: $334k (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; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $4,346/mo this rent would consume 98% 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 $11k 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 276 days — a 12% lower offer ($334k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 34y 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 $60k; list at $379k implies a 532% gain — meaningful room to come down on a strong offer.

Recommended offer $333,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 276 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 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.15% ✓
• Cap rate: 9.32%
• Cash-on-cash: 10.82%
• DSCR: 1.48
• GRM: 7.3

CMA / ARV

• ARV (median comp): $412,765
• List price: $379,000
• Delta: -8.18%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3514 16 Baudin St	0.33mi	6/6.0	3,485 (0%)	6mo	$520,000	$149	66
422-24 S Clark St	0.36mi	6/6.0	3,490 (+0%)	5mo	$340,000	$97	65
325 S Lopez St	0.42mi	5/5.0 (-1)	3,520 (+1%)	5mo	$330,000	$94	60
332 33 S Norman C Francis Pkwy	0.41mi	6/4.0	3,200 (-8%)	6mo	$259,000	$81	56
231 33 S Telemachus St	0.55mi	6/2.0	3,623 (+4%)	18mo	$390,000	$108	50
418 20 S Genois St	0.64mi	6/4.0	2,969 (-15%)	11mo	$580,000	$195	30

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: -3.4%
• Equity multiple: 0.88×
• Total profit: $-13,257
• Equity at exit: $56,510

10-year hold

• IRR: 2.7%
• Equity multiple: 1.17×
• Total profit: $17,584
• Equity at exit: $32,769

Cash invested: $106,120 (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 70119

• Home prices YoY: -34.8%
• Rents YoY: -0.2%
• Active inventory: 381
• Price-to-rent: 21.8×

Monthly cashflow live

• Estimated rent: $4,346 high
• Mortgage (P&I): −$1,988
• Tax from tax record: −$331 /mo · $3,978/yr
• Insurance: −$158
• HOA: −$0
• Vacancy / Maint / Mgmt: −$913
• Net cashflow: $956

Break-even live

Break-even rent $3,135

Max offer price $379,000

Occupancy floor 73%

Sensitivity live

Price	-10% $1,171	-5% $1,064	+0% $956	+5% $849	+10% $742
Rent	-10% $613	-5% $785	+0% $956	+5% $1,128	+10% $1,300
Rate	-1.0pp $1,147	-0.5pp $1,053	base $956	+0.5pp $858	+1.0pp $758

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$4,347
Total (3 units)			$4,346

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: $94,750
• Closing costs: $11,370
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2025-08-24
   listed $379,000 Active 905-char remark

   Show marketing remark (903 chars)

   PROPERTY HAS THREE APARTMENTS DOWNSTAIRS. ONE IS AN EFFICIENCY THAT IS VACANT AND HAS A REFRIGERATOR AND A/C UNIT AND HEAT AND BATH.AND THE OTHER HAS A KITCHEN AND ONE BEDROOM AND A BATH. THE 3RD APARTMENT IS ALSO A ONE BEDROOM WITH A KITCHEN AND A BATH. UPSTAIRS HAS 5 BERDROOMS, THAT ARE VACANT WITH A COMMUNITY KITCHEN AND BATH WITH CENTRAL HEAT AND A/C WINDOW UNITS. THERE'S AN ATTACHED BUILDING ON THE CORNER FACING S RENDON ST. WHICH IS VACANT AND GUTTED NOW BEING USED AS STORAGE AND COULD POSSIBLY BE RENOVATED INTO TWO APARTMENTS, THE ADDRESS IS 748-50 S RENDON ST. IT HAS TWO ELECTRIC METERS, ONE WATER METER AND ONE GAS METER. SELLER PAYS ALL UTILITIES. THE PROPERTY IS TO BE SOLD AS IS AND THE SELLER WILL MAKE NO REPAIRS. IT WILL NOT GO FHA OR VA. IN NEED OF WORK TO BE ABLE TO GENERATE MORE REVENUE. GREAT POTENTIAL FOR THE HANDYPERSON OR AN INVESTOR. OWNER IS MOTIVATED. BRING ALL OFFERS.

2. 2025-08-24
   listed $379,000 Active 903-char remark

   Show marketing remark (903 chars)

   PROPERTY HAS THREE APARTMENTS DOWNSTAIRS. ONE IS AN EFFICIENCY THAT IS VACANT AND HAS A REFRIGERATOR AND A/C UNIT AND HEAT AND BATH.AND THE OTHER HAS A KITCHEN AND ONE BEDROOM AND A BATH. THE 3RD APARTMENT IS ALSO A ONE BEDROOM WITH A KITCHEN AND A BATH. UPSTAIRS HAS 5 BERDROOMS, THAT ARE VACANT WITH A COMMUNITY KITCHEN AND BATH WITH CENTRAL HEAT AND A/C WINDOW UNITS. THERE'S AN ATTACHED BUILDING ON THE CORNER FACING S RENDON ST. WHICH IS VACANT AND GUTTED NOW BEING USED AS STORAGE AND COULD POSSIBLY BE RENOVATED INTO TWO APARTMENTS, THE ADDRESS IS 748-50 S RENDON ST. IT HAS TWO ELECTRIC METERS, ONE WATER METER AND ONE GAS METER. SELLER PAYS ALL UTILITIES. THE PROPERTY IS TO BE SOLD AS IS AND THE SELLER WILL MAKE NO REPAIRS. IT WILL NOT GO FHA OR VA. IN NEED OF WORK TO BE ABLE TO GENERATE MORE REVENUE. GREAT POTENTIAL FOR THE HANDYPERSON OR AN INVESTOR. OWNER IS MOTIVATED. BRING ALL OFFERS.

3. 2015-05-14
   soldstatus $60,000
4. 1994-03-14
   soldstatus $19,500
5. 1992-03-10
   listed $19,500

ⓘ 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: $3,978 · $331/mo
• Projected year-2 tax: $3,978 · $331/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $52,152
• − Mortgage interest: −$21,230
• − Property taxes: −$3,978
• − Insurance: −$1,895
• − Repairs & maintenance: −$4,172
• − Management: −$4,172
• − Depreciation: −$11,025
• Taxable income: $5,680
• Est. tax owed @ 24.0%: −$1,363
• After-tax cash flow: $10,114/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): 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

+1843.6% since first listed

5 events — show timeline

• 2025-08-24 Listed $379,000 AcadianaMLS
• 2025-08-24 Listed $379,000 GSREIN
• 2015-05-14 Sold (Public Records) $60,000 Public Records
• 1994-03-14 Sold (MLS) $19,500 GSREIN
• 1992-03-10 Listed $19,500 GSREIN

Property tax history

+8.6%/yr

Latest (2026): $3,978 · +1.1% YoY. Source: county tax records.