2113-15 Fourth St · New Orleans, LA 70113

$320,000

None bd · None ba · 2,379 sqft · MultiFamily · 22 Days on market

Good condition 3,484 sqft lot $135/sqft · 11% below area Est $360k · 11% under

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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 +22.0/30.0
• ARV discount +12.5/15.0
• Appreciation +10.0/10.0
• DSCR +7.0/10.0
• 1% rule +5.8/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Schools +1.6/10.0

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

Discover the charm of Faubourg Livaudais, just five blocks from historic St. Charles Avenue. This vibrant income-producing double offers a versatile shotgun floor plan on each side, giving you the freedom to design, rent, or live in a way that best fits your lifestyle. Step outside to a spacious backyard with plenty of room for gardening and entertaining. A covered rear patio doubles as both storage and a cozy lounge area, while multiple entrances provide ease and privacy for all occupants. A true blend of character, flexibility, and opportunity.

Key facts

• Spacious backyard
• Covered rear patio
• 3,484 sq ft lot

Tags

• SPACIOUS BACKYARD
• COVERED REAR PATIO
• MULTIPLE PRIVATE ENTRANCES

What this means for you Summary

Snapshot

• This is a multifamily listed at $320k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $441 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $320k).
• Recommended offer: $315k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.2% 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 fast (+6.0%/yr); 137 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,442/mo this rent would consume 105% of the median local household income ($39k/yr) (locally 714% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $34k of equity ($2k loan paydown + $32k appreciation (10.0% local appreciation)).
• Orleans County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 6.0% rent growth), your $90k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$55k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 22y 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 $315,200 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.08% ✓
• Cap rate: 8.20%
• Cash-on-cash: 6.80%
• DSCR: 1.30
• GRM: 7.7

CMA / ARV

• ARV (median comp): $360,448
• List price: $320,000
• Delta: -11.22%
• 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
2113 15 Fourth St	0.00mi	5/3.0	2,379 (0%)	0mo	$315,000	$132	100
2113-15 Fourth St	0.00mi	—/—	2,379 (0%)	0mo	$315,000	$132	100
2419 S Saratoga St	0.13mi	6/3.0	2,280 (-4%)	0mo	$400,000	$175	87
2023 A B First St	0.18mi	6/4.5	2,445 (+3%)	1mo	$485,000	$198	86
2122 24 Rev John Raphel Jr Way	0.36mi	4/4.0	2,369 (-0%)	5mo	$199,900	$84	78
2121 St Andrew St	0.43mi	6/4.0	2,430 (+2%)	3mo	$414,000	$170	74
2124 26 Rev John Raphel Jr Way	0.52mi	4/4.0	2,369 (-0%)	5mo	$199,900	$84	71
2031-33 General Taylor St	0.63mi	3/2.0	2,236 (-6%)	1mo	$387,000	$173	59
3721 23 Willow St	0.69mi	6/2.0	2,281 (-4%)	3mo	$117,000	$51	59
3505-07 07 Dryades St	0.68mi	5/3.5	2,214 (-7%)	2mo	$220,000	$99	55
2909 1st St	0.55mi	5/3.0	2,654 (+12%)	3mo	$75,000	$28	53
1114 16 Second St	0.73mi	4/2.0	2,168 (-9%)	2mo	$775,000	$357	49

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 5.98% rent growth · sell at horizon

5-year hold

• IRR: 29.8%
• Equity multiple: 3.38×
• Total profit: $213,106
• Equity at exit: $288,281

10-year hold

• IRR: 26.8%
• Equity multiple: 8.03×
• Total profit: $629,967
• Equity at exit: $621,690

Cash invested: $89,600 (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 70113

• Rents YoY: 6.0%
• Active inventory: 137
• Price-to-rent: 15.5×

Monthly cashflow live

• Estimated rent: $3,442 high
• Mortgage (P&I): −$1,678
• Tax est. 1.5%: −$400 /mo · $4,800/yr
• Insurance: −$133
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$723
• Net cashflow: $441

Break-even live

Break-even rent $2,883

Max offer price $320,000

Occupancy floor 82%

Sensitivity live

Price	-10% $662	-5% $552	+0% $441	+5% $331	+10% $220
Rent	-10% $169	-5% $305	+0% $441	+5% $577	+10% $713
Rate	-1.0pp $602	-0.5pp $523	base $441	+0.5pp $358	+1.0pp $274

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,442
Total (2 units)			$3,442

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: $80,000
• Closing costs: $9,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2403 S Saratoga St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	24d	1	0.14mi
2625 Baronne St Unit 1 New Orleans, LA	3.0	1.5	2100	$2,600	$1.24	44d	1	0.20mi
2713 Baronne St New Orleans, LA	3.0	2.5	1600	$2,300	$1.44	24d	1	0.20mi
2301 Dryades St New Orleans, LA	3.0	3.0	2070	$3,000	$1.45	4d	1	0.22mi
2231 S Liberty St New Orleans, LA	3.0	3.5	1752	$2,000	$1.14	18d	1	0.27mi
3212 Danneel St New Orleans, LA	3.0	2.0	1945	$2,000	$1.03	24d	1	0.34mi
1441 Washington Ave Unit A New Orleans, LA	2.0	2.5	2027	$3,500	$1.73	12d	1	0.48mi
3429 Baronne St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	44d	1	0.51mi
2725 Chestnut St New Orleans, LA	2.0	2.0	1766	$2,500	$1.42	44d	1	0.59mi
1525 Louisiana Ave New Orleans, LA	2.0	1.0	1650	$2,500	$1.52	18d	1	0.60mi
2702 Felicity St Unit 4 New Orleans, LA	1.0	1.0	1734	$825	$0.48	4d	1	0.61mi
3429 Clara St New Orleans, LA	3.0	2.0	1620	$2,350	$1.45	15d	1	0.62mi
2010 Prytania St New Orleans, LA	2.0	2.0	1600	$2,350	$1.47	24d	1	0.63mi
1407 Magnolia St New Orleans, LA	3.0	2.0	1824	$1,500	$0.82	24d	1	0.67mi
1716 Saint Charles Ave Unit A New Orleans, LA	1.0	1.0	1631	$3,500	$2.15	44d	1	0.69mi
1104 2nd St Unit B New Orleans, LA	2.0	2.0	1750	$10,000	$5.71	24d	1	0.73mi
1636 Peniston St Unit B New Orleans, LA	3.0	2.0	1950	$1,700	$0.87	21d	1	0.74mi
3044 Louisiana Avenue Pkwy New Orleans, LA	3.0	2.0	1800	$1,900	$1.06	24d	1	0.75mi
2608 Magazine St New Orleans, LA	3.0	2.0	1844	$3,100	$1.68	44d	1	0.76mi
3035 Delachaise St New Orleans, LA	3.0	1.0	1968	$1,750	$0.89	3d	1	0.76mi
2717 Milan St New Orleans, LA	3.0	1.5	1850	$1,650	$0.89	15d	1	0.76mi
1204 Saint Andrew St Unit 1204 New Orleans, LA	3.0	2.0	1600	$2,300	$1.44	24d	1	0.79mi
4027 S Derbigny St New Orleans, LA	3.0	2.0	2950	$1,950	$0.66	24d	1	0.82mi
1525 Melpomene St Unit Na New Orleans, LA	3.0	1.5	1700	$4,000	$2.35	44d	1	0.83mi
1201 Baronne St #1 New Orleans, LA	3.0	2.5	1892	$2,700	$1.43	18d	1	0.83mi
1201 Baronne St #2 New Orleans, LA	2.0	2.5	1998	$1,850	$0.93	18d	1	0.83mi
2028 Magazine St New Orleans, LA	3.0	2.5	2600	$7,000	$2.69	18d	1	0.87mi
929 Eighth St New Orleans, LA	3.0	1.5	1600	$2,250	$1.41	24d	1	0.88mi
4101 Saint Charles Ave New Orleans, LA	2.0	3.0	2300	$5,700	$2.48	24d	1	0.90mi
1118 Foucher St New Orleans, LA	3.0	2.5	1620	$2,490	$1.54	18d	1	0.96mi
4435 Loyola Ave New Orleans, LA	3.0	2.0	1973	$2,900	$1.47	17d	1	0.98mi
822 Howard Ave Unit 1272354P New Orleans, LA	1.0–5.0	1.0–4.0	1749	$3,985	$2.28	2d	3	0.99mi
2308 Jena St New Orleans, LA	3.0	2.5	2550	$3,300	$1.29	44d	1	0.99mi
875 O'Keefe Ave #301 New Orleans, LA	3.0	2.5	2029	$4,500	$2.22	18d	1	1.00mi
912 Louisiana Ave New Orleans, LA	2.0	3.5	2175	$4,250	$1.95	44d	1	1.01mi
801 Saint Joseph St #1 New Orleans, LA	2.0	2.5	2400	$14,000	$5.83	44d	1	1.06mi
2517 Saint Thomas St New Orleans, LA	3.0	3.0	2010	$4,000	$1.99	4d	1	1.08mi
617 7th St New Orleans, LA	3.0	2.0	1768	$3,400	$1.92	4d	1	1.09mi
803 Baronne St New Orleans, LA	3.0	2.0	1791	$3,525	$1.97	4d	1	1.09mi
4229 Coliseum St New Orleans, LA	3.0	1.0	2000	$1,950	$0.97	18d	1	1.11mi

Listing history 9 events

1. 2026-05-13
   status Pending 552-char remark

   Show marketing remark (552 chars)

   Discover the charm of Faubourg Livaudais, just five blocks from historic St. Charles Avenue. This vibrant income-producing double offers a versatile shotgun floor plan on each side, giving you the freedom to design, rent, or live in a way that best fits your lifestyle. Step outside to a spacious backyard with plenty of room for gardening and entertaining. A covered rear patio doubles as both storage and a cozy lounge area, while multiple entrances provide ease and privacy for all occupants. A true blend of character, flexibility, and opportunity.

2. 2026-04-21
   listed $320,000 Active 552-char remark

   Show marketing remark (552 chars)

   Discover the charm of Faubourg Livaudais, just five blocks from historic St. Charles Avenue. This vibrant income-producing double offers a versatile shotgun floor plan on each side, giving you the freedom to design, rent, or live in a way that best fits your lifestyle. Step outside to a spacious backyard with plenty of room for gardening and entertaining. A covered rear patio doubles as both storage and a cozy lounge area, while multiple entrances provide ease and privacy for all occupants. A true blend of character, flexibility, and opportunity.

3. 2025-09-08
   listed $325,000 Active
4. 2013-01-11
   listed $75,000
5. 2011-01-14
   listed $99,000
6. 2010-01-05
   listed $114,900
7. 2009-06-19
   listed $145,000
8. 2008-06-09
   listed $57,900
9. 2004-12-03
   listed $99,000

ⓘ 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 · 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,304
• − Mortgage interest: −$17,925
• − Property taxes: −$4,800
• − Insurance: −$2,398
• − Repairs & maintenance: −$3,304
• − Management: −$3,304
• − Depreciation: −$9,309
• Taxable income: $264
• Est. tax owed @ 24.0%: −$63
• After-tax cash flow: $5,232/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 75/100 Cosmetic rehab

This charming double shotgun home in Faubourg Livaudais is in good condition with minor repairs needed. It offers a great opportunity for cosmetic upgrades to enhance its resale and rental value.

Repairs flagged

• Minor Kitchen cabinets — Worn appearance
• Minor Kitchen countertops — Need cleaning

Value-add opportunities

• Both Painting exterior and interior — Enhances curb appeal and interior aesthetics
• Both Reorganizing and decluttering — Improves functionality and visual appeal
• Resale Upgrading kitchen appliances — Modernizes the kitchen and attracts buyers
• Resale Upgrading bathroom fixtures — Modernizes the bathroom and attracts buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Worn appearance	Minor	$500–3,000
Kitchen countertops · Need cleaning	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Painting exterior and interior — Enhances curb appeal and interior aesthetics ↑
• Both Reorganizing and decluttering — Improves functionality and visual appeal ↑
• Resale Upgrading kitchen appliances — Modernizes the kitchen and attracts buyers ↑
• Resale Upgrading bathroom fixtures — Modernizes the bathroom and attracts 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): 9,387
• Household income: $39,333
• Rent vs Own: 75.4% rent · 24.6% own
• Severe rent burden: 714.0

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 0.57)
• Race & ethnicity: Black 61% White 20% Hispanic / Latino 13% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 2% Portuguese 1% Slovak 1%
• Foreign-born: 13% · Canada, Vietnam, China
• Languages at home: 86% English-only · Spanish 11% Other Indo-European 1% Vietnamese 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: ▲ 65.92%
• Current HPI: 229.3968
• Rent YoY: ▲ 5.98%
• 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

+223.2% since first listed

9 events — show timeline

• 2026-05-13 Pending — AcadianaMLS
• 2026-04-21 Listed $320,000 AcadianaMLS
• 2025-09-08 Listed $325,000 AcadianaMLS
• 2013-01-11 Listed $75,000 AcadianaMLS
• 2011-01-14 Listed $99,000 AcadianaMLS
• 2010-01-05 Listed $114,900 AcadianaMLS
• 2009-06-19 Listed $145,000 AcadianaMLS
• 2008-06-09 Listed $57,900 AcadianaMLS
• 2004-12-03 Listed $99,000 AcadianaMLS