8120-22 Apple St · New Orleans, LA 70118

$255,000

7 bd · 3.0 ba · 1,950 sqft · MultiFamily public records · 344 Days on market

Built 1920 Good condition 4,356 sqft lot $131/sqft · 6% above area Est $419k · 39% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

This spacious triplex offers exceptional potential with 8 total bedrooms across three units. The master unit features a charming screened front porch, original wood floors, a rear patio deck, and direct access to a large backyard. With its versatile layout, this property suits owner-occupants seeking rental income or investors looking for strong returns in a high-demand neighborhood.

Key facts

• Screened front porch
• Large backyard
• Original wood floors

Tags

• SCREENED FRONT PORCH
• ORIGINAL WOOD FLOORS
• REAR PATIO DECK
• LARGE BACKYARD

What this means for you Summary

Snapshot

• This is a 1×3bd/1.0ba + 2×2bd/1.0ba units multifamily listed at $255k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $4k ($52k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $255k).
• Recommended offer: $224k (12.0% below list) — sets the bar for market timing.
• Cap rate 27.1% 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.
• 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.
• Market conditions: 415 active listings in the ZIP; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,600/mo per unit this rent would consume 49% of the median local household income ($64k/yr) — 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 $8k 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 + 3.0% rent growth), your $71k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 344 days — a 12% lower offer ($224k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $82k; list at $255k implies a 209% gain — meaningful room to come down on a strong offer.

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 $224,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 344 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. 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: 3.06% ✓
• Cap rate: 27.13%
• Cash-on-cash: 74.43%
• DSCR: 4.31
• GRM: 2.7

CMA / ARV

• ARV (median comp): $418,572
• List price: $255,000
• Delta: -39.08%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8331 Nelson St	0.16mi	6/2.0 (-1)	1,728 (-11%)	2mo	$239,000	$138	63
2429 31 Joliet St	0.24mi	6/2.0 (-1)	1,725 (-12%)	13mo	$95,000	$55	50
8432 34 Forshey St	0.52mi	6/2.0 (-1)	2,048 (+5%)	21mo	$85,000	$42	41
8518 Forshey St	0.55mi	6/2.0 (-1)	2,066 (+6%)	23mo	$110,000	$53	36
8812 Apple St	0.46mi	6/4.0 (-1)	2,171 (+11%)	18mo	$226,800	$104	36
7828 Spruce St	0.45mi	6/2.5 (-1)	2,235 (+15%)	15mo	$309,000	$138	35

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 73.1%
• Equity multiple: 4.31×
• Total profit: $236,628
• Equity at exit: $38,021

10-year hold

• IRR: 76.9%
• Equity multiple: 8.90×
• Total profit: $564,346
• Equity at exit: $22,048

Cash invested: $71,400 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 12 active · 4 under contract
• Months of supply: 18.0 mo (6%/mo absorbed)
• Median asking: $364,450 ($172/sqft)
• Median days on market: 71 d
• This list price: 17% of active listings are priced below it
• ARV vs active asking: +24.9% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 70118

• Active inventory: 415
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $7,800 high
• Mortgage (P&I): −$1,337
• Tax from tax record: −$290 /mo · $3,482/yr
• Insurance: −$106
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,638
• Net cashflow: $4,362

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$2,800
▸ 2× units	2	1	$5,000
Total (3 units)			$7,800

Break-even live

Break-even rent $2,279

Max offer price $255,000

Occupancy floor 39%

Sensitivity live

Price	-10% $4,506	-5% $4,434	+0% $4,362	+5% $4,290	+10% $4,217
Rent	-10% $3,746	-5% $4,054	+0% $4,362	+5% $4,670	+10% $4,978
Rate	-1.0pp $4,490	-0.5pp $4,427	base $4,362	+0.5pp $4,296	+1.0pp $4,229

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: $63,750
• Closing costs: $7,650
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8129 Apple St New Orleans, LA	3.0	2.0	1649	$2,800	$1.70	85d	1	0.04mi
2514 S Carrollton Ave New Orleans, LA	2.0	2.0	1500	$2,500	$1.67	4d	1	0.06mi
8118 Belfast St New Orleans, LA	2.0	2.0	1115	$1,800	$1.61	7d	1	0.08mi
2525 S Carrollton Ave New Orleans, LA	3.0	2.5	2200	$2,700	$1.23	7d	1	0.10mi
7 Fontainebleau Dr New Orleans, LA	2.0	2.0	1700	$2,250	$1.32	7d	1	0.12mi
7 Fontainebleau Dr New Orleans, LA	2.0	2.0	1700	$2,350	$1.38	78d	1	0.12mi
8332 Apple St New Orleans, LA	3.0	2.0	1379	$2,000	$1.45	62d	1	0.13mi
8332 Apple St New Orleans, LA	3.0	2.0	1379	$1,950	$1.41	7d	1	0.13mi
2720 S Carrollton Ave Unit C3 New Orleans, LA	3.0	2.0	1400	$1,750	$1.25	7d	1	0.13mi
2422 Short St New Orleans, LA	3.0	2.0	1400	$1,995	$1.43	7d	1	0.16mi
2616 Cambronne St Unit 2618 New Orleans, LA	3.0	1.0	1200	$1,475	$1.23	119d	1	0.16mi
7933 Belfast St Unit Upper New Orleans, LA	3.0	2.0	1500	$2,400	$1.60	119d	1	0.19mi
2251 Cambronne St Unit A New Orleans, LA	3.0	1.5	1945	$2,495	$1.28	119d	1	0.23mi
8405 Apricot St New Orleans, LA	3.0	2.0	1058	$1,795	$1.70	99d	1	0.23mi
8405 Apricot St New Orleans, LA	3.0	2.0	1058	$1,795	$1.70	98d	1	0.23mi
2308 Short St New Orleans, LA	3.0	2.0	1600	$2,800	$1.75	99d	1	0.24mi
2317 Short St New Orleans, LA	2.0	1.0	1250	$1,450	$1.16	7d	1	0.24mi
2231 S Carrollton Ave Unit D New Orleans, LA	3.0	2.0	1600	$2,150	$1.34	92d	1	0.24mi
8329 Pritchard Pl Unit B New Orleans, LA	1.0	1.5	1500	$1,500	$1.00	87d	1	0.26mi
2305 Joliet St New Orleans, LA	3.0	2.0	1451	$2,500	$1.72	139d	1	0.28mi
8537 S Claiborne Ave New Orleans, LA	2.0	1.0	1450	$1,400	$0.97	99d	1	0.29mi
8537 S Claiborne Ave New Orleans, LA	2.0	1.0	1450	$1,400	$0.97	78d	1	0.29mi
7909 Sycamore St New Orleans, LA	3.0	2.0	2000	$2,400	$1.20	98d	1	0.32mi
7911 Sycamore St New Orleans, LA	3.0	2.0	2000	$2,400	$1.20	71d	1	0.32mi
2309 Leonidas St New Orleans, LA	2.0	1.0	1231	$1,200	$0.97	71d	1	0.33mi
2102 S Carrollton Ave New Orleans, LA	3.0	2.0	1800	$2,250	$1.25	107d	1	0.33mi
2102 S Carrollton Ave Unit NA New Orleans, LA	3.0	2.0	1800	$2,250	$1.25	106d	1	0.33mi
2103 S Carrollton Ave New Orleans, LA	2.0	1.0	1769	$1,650	$0.93	7d	1	0.35mi
3022 Fern St New Orleans, LA	3.0	2.0	1332	$1,500	$1.13	7d	1	0.38mi
2513 Lowerline St New Orleans, LA	3.0	1.0	1080	$2,025	$1.88	74d	1	0.38mi
8000 Panola St New Orleans, LA	3.0	2.0	1235	$2,750	$2.23	87d	1	0.38mi
8000 Panola St New Orleans, LA	3.0	2.0	1235	$2,750	$2.23	7d	1	0.38mi
2527 Eagle St New Orleans, LA	3.0	2.0	1571	$2,200	$1.40	119d	1	0.39mi
2201 Burdette St New Orleans, LA	3.0	1.5	1800	$2,695	$1.50	112d	1	0.39mi
7736 Sycamore St New Orleans, LA	2.0	2.0	1300	$1,295	$1.00	71d	1	0.40mi
2116 Burdette St New Orleans, LA	3.0	1.0	1700	$1,900	$1.12	66d	1	0.40mi
2116 Burdette St New Orleans, LA	3.0	1.0	1700	$1,975	$1.16	99d	1	0.40mi
8021 Spruce St New Orleans, LA	3.0	2.0	1258	$2,150	$1.71	7d	1	0.41mi
8017 Spruce St New Orleans, LA	2.0	2.0	1500	$1,900	$1.27	7d	1	0.41mi
3015 Burdette St Unit 3015 New Orleans, LA	3.0	2.0	1248	$2,079	$1.67	78d	1	0.42mi

Listing history 50 events

1. 2026-09-23
   days on market $255,000 Active 344 DOM
2. 2026-09-22
   days on market $255,000 Active 343 DOM
3. 2026-09-21
   days on market $255,000 Active 342 DOM
4. 2026-09-20
   days on market $255,000 Active 341 DOM
5. 2026-09-19
   days on market $255,000 Active 340 DOM
6. 2026-09-17
   days on market $255,000 Active 338 DOM
7. 2026-09-16
   days on market $255,000 Active 337 DOM
8. 2026-09-15
   days on market $255,000 Active 336 DOM
9. 2026-09-14
   days on market $255,000 Active 335 DOM
10. 2026-09-13
    days on market $255,000 Active 334 DOM
11. 2026-09-12
    days on market $255,000 Active 333 DOM
12. 2026-09-12
    days on market $255,000 Active 332 DOM
13. 2026-09-05
    days on market $255,000 Active 326 DOM
14. 2026-09-04
    days on market $255,000 Active 325 DOM
15. 2026-09-03
    days on market $255,000 Active 324 DOM
16. 2026-08-31
    days on market $255,000 Active 321 DOM
17. 2026-08-29
    days on market $255,000 Active 319 DOM
18. 2026-08-28
    days on market $255,000 Active 318 DOM
19. 2026-08-27
    days on market $255,000 Active 317 DOM
20. 2026-08-25
    days on market $255,000 Active 315 DOM
21. 2026-08-24
    days on market $255,000 Active 314 DOM
22. 2026-08-23
    days on market $255,000 Active 313 DOM
23. 2026-08-22
    days on market $255,000 Active 312 DOM
24. 2026-08-21
    days on market $255,000 Active 311 DOM
25. 2026-08-20
    days on market $255,000 Active 310 DOM
26. 2026-08-19
    days on market $255,000 Active 309 DOM
27. 2026-08-18
    days on market $255,000 Active 308 DOM
28. 2026-08-17
    days on market $255,000 Active 307 DOM
29. 2026-08-16
    days on market $255,000 Active 306 DOM
30. 2026-08-15
    days on market $255,000 Active 305 DOM
31. 2026-08-14
    days on market $255,000 Active 304 DOM
32. 2026-08-13
    pricedays on market $255,000 Active 303 DOM
33. 2026-08-12
    days on market $270,000 Active 302 DOM
34. 2026-08-11
    days on market $270,000 Active 301 DOM
35. 2026-08-10
    days on market $270,000 Active 300 DOM
36. 2026-08-09
    days on market $270,000 Active 299 DOM
37. 2026-08-08
    days on market $270,000 Active 298 DOM
38. 2026-08-07
    days on market $270,000 Active 297 DOM
39. 2026-08-06
    days on market $270,000 Active 296 DOM
40. 2026-08-05
    days on market $270,000 Active 295 DOM
41. 2026-08-04
    days on market $270,000 Active 294 DOM
42. 2026-08-03
    days on market $270,000 Active 293 DOM
43. 2026-07-31
    days on market $270,000 Active 290 DOM
44. 2026-07-30
    days on market $270,000 Active 288 DOM
45. 2026-07-28
    days on market $270,000 Active 287 DOM
46. 2026-07-24
    days on market $270,000 Active 283 DOM
47. 2026-07-23
    days on market $270,000 Active 282 DOM
48. 2026-07-22
    days on market $270,000 Active 281 DOM
49. 2026-07-21
    days on market $270,000 Active 280 DOM
50. 2026-07-20
    days on market $270,000 Active 279 DOM

ⓘ 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: $3,482 · $290/mo
• Projected year-2 tax: $3,482 · $290/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) · 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: $93,600
• − Mortgage interest: −$14,284
• − Property taxes: −$3,482
• − Insurance: −$2,072
• − Repairs & maintenance: −$7,488
• − Management: −$7,488
• − Depreciation: −$7,418
• Taxable income: $51,367
• Est. tax owed @ 24.0%: −$12,328
• After-tax cash flow: $40,014/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 · 9 photos

Good 75/100 Cosmetic rehab Est. rehab $9,750–$29,250 screening

This triplex is in good condition with minimal repairs needed. It offers a good investment opportunity with potential for rental income and resale value.

Components & finishes AI

Flooring tile

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replacing air conditioning unit — Modern AC improves comfort and energy efficiency ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 18/100

Zoned Schools

Elementary Benjamin Franklin Elem. Math And Science F LA #479/646 Nat'l #34,936/41,679 High Mcdonogh #35 College Preparatory School

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

A Composite livability gradescore 81/100

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 · 513,025 people
• City population: 338,817
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 36,072
• Household income: $63,750
• Rent vs Own: 51.5% rent · 48.5% own
• Severe rent burden: 12% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 47% Black 34% Hispanic / Latino 11% Two or more races 11% Asian 4%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Italian 2% Romanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 86% English-only · Spanish 7% French/Haitian/Cajun 2% Other Indo-European 2%

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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: ▼ -210.46%
• Current HPI: 282.9629
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.29%
• F500 in state: 10

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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

+227.3% since first listed

7 events — show timeline

• 2026-04-02 Price Changed $270,000 AcadianaMLS
• 2026-03-03 Price Changed $300,000 AcadianaMLS
• 2026-01-20 Price Changed $310,000 AcadianaMLS
• 2025-10-28 Price Changed $320,000 AcadianaMLS
• 2025-09-08 Listed $330,000 AcadianaMLS
• 2000-02-02 Sold (Public Records) $82,500 Public Records
• 1988-06-30 Sold (Public Records) $82,500 Public Records

Property tax history

+34.7%/yr

Latest (2026): $3,482 · +1.1% YoY. Source: county tax records.