1203 Delery St · New Orleans, LA 70117

$295,000

4 bd · 2.0 ba · 2,044 sqft · MultiFamily public records · 27 Days on market

Built 1920 5,201 sqft lot Est $217k · 36% over

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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 +29.0/30.0
• DSCR +10.0/10.0
• 1% rule +7.1/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0
• 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

Unique opportunity to purchase a cottage that is a double and NOT a shotgun, and an additional lot. The double has 3 independent bedrooms (a front 2 bedroom/2bath) and a shared screen porch leads to you a 1 bedroom/1 bath apartment. On a corner lot in front of Jackson Barracks, a block off St. Claude Avenue allows for easy access to the Orleans and St. Bernard Parishes. Tall ceilings, wood floors, large living rooms, and ample space to live, and entertain in. Large lot (50x140) next door is a separate tax parcel but can be with the house. Lots of light throughout the house, flood zone X, flood insurance is recommended but not required.

Key facts

• Shared screen porch
• Large lot
• Large living rooms

Tags

• INDEPENDENT BEDROOMS
• SHARED SCREEN PORCH
• CORNER LOT
• LARGE LIVING ROOMS
• LARGE LOT

Property features AI

Finance

• Financial info: Two-unit property; Unit 1 (unit number 2): approx. 702 area, rent $900 (actual and listed); Unit 2 (unit number 1): approx. 1302 area

Exterior

• Utilities: Public water; Public sewer; Electricity and gas paid by owner (multi-unit)
• Home design: Single-story building; Originally built in 1920 (cottage), renovated in 2015; Well maintained by current owner
• Construction: Hardboard and wood siding exterior; Shingle roof
• Exterior features: Fence; City lot; Oversized lot; Lot dimensions approximately 50 x 104

Interior

• Bedrooms: Unit 1: 1 bedroom; Unit 2: 2 bedrooms
• Bathrooms: 2 full bathrooms in the building total; Unit 1: 1 full bathroom; Unit 2: 2 full bathrooms
• Heating & cooling: Ductless heating and cooling; Wall furnace; Wall-mounted AC units
• Interior features: Very good condition; Raised foundation
• Laundry & utility: Laundry inside

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $295k.

Deal economics

• At list price, monthly cash flow is $940 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $295k).
• Recommended offer: $291k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.4% 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 rising (+2.5%/yr); 581 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,565/mo this rent would consume 93% of the median local household income ($46k/yr) (locally 1988% 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 $2k of loan paydown is wiped out by about $9k 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 + 2.5% rent growth), your $83k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 12y 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 $225k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1920 — 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 $290,575 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 10.39%
• Cash-on-cash: 14.62%
• DSCR: 1.65
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $216,664
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6438 Urville St	0.12mi	4/2.0	2,135 (+4%)	23mo	$53,000	$25	68
1429 31 Benton St	0.39mi	4/2.0	2,265 (+11%)	13mo	$230,000	$102	53
539 41 Angela St	0.72mi	3/3.0 (-1)	2,030 (-1%)	11mo	$215,000	$106	47
410-12 Community St	0.71mi	4/3.0	1,958 (-4%)	18mo	$270,000	$138	41

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 · 2.49% rent growth · sell at horizon

5-year hold

• IRR: 3.2%
• Equity multiple: 1.12×
• Total profit: $10,197
• Equity at exit: $43,985

10-year hold

• IRR: 12.3%
• Equity multiple: 1.95×
• Total profit: $78,388
• Equity at exit: $25,506

Cash invested: $82,600 (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 70117

• Rents YoY: 2.5%
• Active inventory: 581
• Price-to-rent: 20.1×

Monthly cashflow live

• Estimated rent: $3,565 high
• Mortgage (P&I): −$1,547
• Tax from tax record: −$140 /mo · $1,680/yr
• Insurance: −$123
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$749
• Net cashflow: $940

Break-even live

Break-even rent $2,375

Max offer price $295,000

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
1× unit	2	2	$1,221
▸ 2× units	1	1	$2,344
Total (3 units)			$3,565

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1824 Saint Maurice Ave New Orleans, LA	4.0	2.0	1500	$1,500	$1.00	23d	1	0.49mi
6900 Royal St Arabi, LA	3.0	2.0	1579	$5,888	$3.73	2d	1	0.53mi
1901 Tupelo St New Orleans, LA	3.0	2.5	1568	$2,300	$1.47	3d	1	0.53mi
5459 Saint Claude Ave Unit 5461 New Orleans, LA	4.0	2.0	1454	$2,350	$1.62	23d	1	0.56mi
1239 Center St Arabi, LA	4.0	2.0	1922	$3,500	$1.82	2d	1	0.62mi
1019 Center St Arabi, LA	5.0	3.0	1973	$5,888	$2.98	1d	1	0.63mi
2012 Esteban St Arabi, LA	3.0	2.0	1466	$2,500	$1.71	10d	1	0.67mi
438 Friscoville Ave Arabi, LA	3.0	2.0	1500	$3,200	$2.13	2d	1	0.68mi
1511 Schnell Dr Arabi, LA	4.0	3.0	1700	$1,850	$1.09	3d	1	0.77mi
1529 Schnell Dr Arabi, LA	3.0	2.5	1736	$2,600	$1.50	1d	1	0.82mi
7532 Patricia St Arabi, LA	4.0	3.0	2099	$2,200	$1.05	43d	1	1.01mi
7532 Patricia St Arabi, LA	3.0	2.0	1850	$1,900	$1.03	2d	1	1.02mi
7532 Patricia St Arabi, LA	3.0	2.0	1850	$1,900	$1.03	2d	1	1.02mi
309 Fawn Dr Arabi, LA	3.0	2.5	1745	$2,500	$1.43	1d	1	1.04mi
424 Chinchilla Dr Arabi, LA	3.0	2.0	1735	$3,500	$2.02	16d	1	1.20mi

Listing history 27 events

1. 2026-06-18
   days on market $295,000 Active 27 DOM
2. 2026-06-17
   days on market $295,000 Active 26 DOM
3. 2026-06-16
   days on market $295,000 Active 25 DOM
4. 2026-06-15
   days on market $295,000 Active 24 DOM
5. 2026-06-13
   days on market $295,000 Active 22 DOM
6. 2026-06-10
   days on market $295,000 Active 19 DOM
7. 2026-06-09
   days on market $295,000 Active 18 DOM
8. 2026-06-08
   days on market $295,000 Active 17 DOM
9. 2026-06-07
   days on market $295,000 Active 16 DOM
10. 2026-06-05
    days on market $295,000 Active 13 DOM
11. 2026-06-03
    days on market $295,000 Active 12 DOM
12. 2026-06-02
    days on market $295,000 Active 11 DOM
13. 2026-06-01
    days on market $295,000 Active 10 DOM
14. 2026-05-31
    days on market $295,000 Active 9 DOM
15. 2026-05-20
    listed $295,000 Active 643-char remark

    Show marketing remark (643 chars)

    Unique opportunity to purchase a cottage that is a double and NOT a shotgun, and an additional lot. The double has 3 independent bedrooms (a front 2 bedroom/2bath) and a shared screen porch leads to you a 1 bedroom/1 bath apartment. On a corner lot in front of Jackson Barracks, a block off St. Claude Avenue allows for easy access to the Orleans and St. Bernard Parishes. Tall ceilings, wood floors, large living rooms, and ample space to live, and entertain in. Large lot (50x140) next door is a separate tax parcel but can be with the house. Lots of light throughout the house, flood zone X, flood insurance is recommended but not required.

16. 2026-05-20
    listed $295,000 Active

    Show marketing remark (643 chars)

    Unique opportunity to purchase a cottage that is a double and NOT a shotgun, and an additional lot. The double has 3 independent bedrooms (a front 2 bedroom/2bath) and a shared screen porch leads to you a 1 bedroom/1 bath apartment. On a corner lot in front of Jackson Barracks, a block off St. Claude Avenue allows for easy access to the Orleans and St. Bernard Parishes. Tall ceilings, wood floors, large living rooms, and ample space to live, and entertain in. Large lot (50x140) next door is a separate tax parcel but can be with the house. Lots of light throughout the house, flood zone X, flood insurance is recommended but not required.

17. 2022-04-12
    soldstatus $225,000
18. 2015-04-16
    soldstatus $11,000
19. 2014-11-04
    listed $17,000
20. 2014-11-04
    listed $17,000
21. 2014-11-04
    listed $17,000
22. 2014-11-04
    listed $17,000
23. 2014-11-04
    listed $17,000
24. 2014-11-04
    listed $17,000
25. 2014-10-31
    soldstatus $12,500
26. 2014-06-03
    listed $27,000
27. 2014-06-03
    listed $27,000

ⓘ 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: $1,680 · $140/mo
• Projected year-2 tax: $1,680 · $140/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 X (shaded) · 74% 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,780
• − Mortgage interest: −$16,525
• − Property taxes: −$1,680
• − Insurance: −$2,272
• − Repairs & maintenance: −$3,422
• − Management: −$3,422
• − Depreciation: −$8,582
• Taxable income: $6,876
• Est. tax owed @ 24.0%: −$1,650
• After-tax cash flow: $9,629/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): 25,652
• Household income: $45,764
• Rent vs Own: 47.8% rent · 52.2% own
• Severe rent burden: 1988.0

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: Majority Black (60%)
• Race & ethnicity: Black 60% White 30% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Lithuanian 5% Italian 1% Romanian 1%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% French/Haitian/Cajun 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: ▼ -177.22%
• Current HPI: 184.6061
• Rent YoY: ▲ 2.49%
• 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

+992.6% since first listed

13 events — show timeline

• 2026-05-20 Listed $295,000 GSREIN
• 2026-05-20 Listed $295,000 AcadianaMLS
• 2022-04-12 Sold (Public Records) $225,000 Public Records
• 2015-04-16 Sold (MLS) $11,000 GSREIN
• 2014-11-04 Listed $17,000 GSREIN
• 2014-11-04 Listed $17,000 GSREIN
• 2014-11-04 Listed $17,000 AcadianaMLS
• 2014-11-04 Listed $17,000 AcadianaMLS
• 2014-11-04 Listed $17,000 AcadianaMLS
• 2014-11-04 Listed $17,000 GSREIN
• 2014-10-31 Sold (MLS) $12,500 GSREIN
• 2014-06-03 Listed $27,000 AcadianaMLS
• 2014-06-03 Listed $27,000 GSREIN

Property tax history

+16.2%/yr

Latest (2026): $1,680 · -5.0% YoY. Source: county tax records.