2130 Robert St

New Orleans, LA 70115

$375,000D+

6 bd · 2.0 ba · 3,062 sqft · Built 1940 · MultiFamily · Active · 160 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,200/mo
• Mortgage (P&I): −$1,967
• Tax + insurance: −$747
• HOA: −$0
• Vac / Maint / Mgmt: −$672
• Net cashflow: $-185/mo
• Annual: $-2,221/yr
• Cap rate: 5.91%
• Cash-on-cash: -1.36%
• DSCR: 0.94
• 1% rule: 0.85%
• Cash to close: $105,000

Investor read

• This is a 6-bed/2.0-bath multifamily listed at $375k. Condition is rated good.
• At list price, monthly cash flow is $-185 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $342k (8.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $320k (14.7% below list).
• It's been on market 160 days — a 12% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $320k (14.7% below list) — sets the bar for 1% rule.
• 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.
• 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.
• Watch-outs: flood insurance adds $66/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 389 active listings in the ZIP; solid renter incomes; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• Orleans County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $75k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $375k implies a 477% gain — meaningful room to come down on a strong offer.
• 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.
• Cap rate 5.9% 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.
• This rent runs 43% of the median local income ($90k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 160 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.