8124 Forshey St St · New Orleans, LA 70118

$165,000

3 bd · 2.0 ba · 1,745 sqft · SingleFamily public records · 290 Days on market

Built 1943 Est $293k · 44% under ↓ 44% since listing

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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 +29.1/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

INVESTOR'S OPPORTUNITY – Prime Uptown New Orleans Property! Located in Uptown New Orleans, between S. Carrollton Ave and Earhart Blvd, this hidden gem sits on a double lot and is zoned HU-MU, allowing for mixed-use opportunities! Whether you're looking to establish a dental office, adult daycare, small group home, pet daycare, or another permitted business, this property offers incredible versatility and growth potential. Property Features: 1.Spacious Double Lot – Plenty of space for expansions or additional parking. 2.2 Bedrooms | 2 Full Bathrooms – Plus an extra flex room for an office, playroom, extra bedroom, storage, or walk-in closet. 3.Original Hardwood & Til

Key facts

• Zoned hu-mu
• Double lot
• Parking

Tags

• DOUBLE LOT
• ZONED HU-MU
• MIXED-USE OPPORTUNITIES
• INCOME-GENERATING OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $501 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $145k (12.0% 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 flat; 279 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• This rent runs 40% of the median local income ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 290 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y 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; built in 1943 — 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 $145,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 290 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 1943 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.29% ✓
• Cap rate: 10.42%
• Cash-on-cash: 14.73%
• DSCR: 1.66
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $293,160
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7935 Fig St	0.22mi	3/2.0	1,744 (-0%)	2mo	$318,750	$183	88
7909 Belfast St	0.41mi	3/2.0	1,615 (-7%)	0mo	$466,000	$289	68
2939 Leonidas St	0.34mi	3/2.0	1,516 (-13%)	0mo	$155,500	$103	62
3016 Burdette St	0.29mi	3/2.0	1,538 (-12%)	6mo	$280,000	$182	62
8719 Fig St	0.42mi	3/2.0	1,540 (-12%)	1mo	$70,000	$45	60
2501 Eagle St	0.65mi	3/2.5	1,854 (+6%)	3mo	$315,000	$170	55
8917 Apple St	0.68mi	3/2.0	1,586 (-9%)	3mo	$221,000	$139	51
8207 Neron Pl	0.67mi	3/3.0	1,608 (-8%)	3mo	$270,000	$168	49
8324 Apple St	0.49mi	3/1.0	1,538 (-12%)	6mo	$70,000	$46	48
3024 Hollygrove St	0.59mi	3/2.0	1,533 (-12%)	5mo	$299,000	$195	48
8810 Palmetto St	0.54mi	4/2.0 (+1)	1,484 (-15%)	6mo	$190,000	$128	40
2510 General Ogden St	0.71mi	3/1.0	1,500 (-14%)	2mo	$55,000	$37	38

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 · 0.97% rent growth · sell at horizon

5-year hold

• IRR: 0.5%
• Equity multiple: 1.02×
• Total profit: $947
• Equity at exit: $24,602

10-year hold

• IRR: 8.0%
• Equity multiple: 1.55×
• Total profit: $25,304
• Equity at exit: $14,266

Cash invested: $46,200 (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 70118

• Rents YoY: 1.0%
• Active inventory: 279
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $2,135 high
• Mortgage (P&I): −$865
• Tax from tax record: −$185 /mo · $2,223/yr
• Insurance: −$69
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$448
• Net cashflow: $501

Break-even live

Break-even rent $1,501

Max offer price $165,000

Occupancy floor 72%

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7922 Colapissa St New Orleans, LA	4.0	2.0	1848	$2,400	$1.30	10d	1	0.21mi
8502 Edinburgh St New Orleans, LA	3.0	2.0	1456	$1,800	$1.24	3d	1	0.27mi
8405 Apricot St New Orleans, LA	3.0	2.0	1058	$1,795	$1.70	3d	1	0.38mi
8405 Apricot St New Orleans, LA	3.0	2.0	1058	$1,795	$1.70	2d	1	0.38mi
7933 Belfast St Unit Upper New Orleans, LA	3.0	2.0	1500	$2,400	$1.60	23d	1	0.42mi
8816 Olive St Unit A-B New Orleans, LA	3.0	2.0	1200	$1,800	$1.50	15d	1	0.47mi
8816 Olive St New Orleans, LA	3.0	2.0	1200	$1,800	$1.50	23d	1	0.47mi
2835 Pine St Unit 2835 New Orleans, LA	3.0	2.0	1219	$2,995	$2.46	43d	1	0.47mi
2833 Pine St Unit 2833 New Orleans, LA	3.0	2.0	1219	$3,200	$2.63	19d	1	0.47mi
2616 Cambronne St Unit 2618 New Orleans, LA	3.0	1.0	1200	$1,475	$1.23	23d	1	0.48mi
8815 Palm St New Orleans, LA	3.0	2.0	1195	$2,100	$1.76	23d	1	0.49mi
2921 Audubon St New Orleans, LA	2.0	1.0	1500	$1,550	$1.03	16d	1	0.53mi
4814 Thalia St Unit B New Orleans, LA	3.0	2.0	1218	$1,850	$1.52	23d	1	0.56mi
4816 Thalia St New Orleans, LA	3.0	2.0	1218	$1,850	$1.52	23d	1	0.56mi
7021 Pritchard Pl New Orleans, LA	2.0	1.0	1100	$1,950	$1.77	15d	1	0.56mi
8929 Colapissa St New Orleans, LA	3.0	1.0	1300	$1,400	$1.08	23d	1	0.56mi
2741 Audubon St New Orleans, LA	3.0	2.0	1100	$1,800	$1.64	3d	1	0.61mi
4702 Euphrosine St New Orleans, LA	3.0	1.0	1100	$1,850	$1.68	3d	1	0.62mi
2527 Eagle St New Orleans, LA	3.0	2.0	1571	$2,200	$1.40	23d	1	0.65mi
2525 Broadway St New Orleans, LA	2.0	1.0	1380	$2,200	$1.59	23d	1	0.66mi
8537 S Claiborne Ave New Orleans, LA	2.0	1.0	1450	$1,400	$0.97	3d	1	0.67mi
8812 Apple St New Orleans, LA	3.0	2.0	1085	$1,650	$1.52	15d	1	0.68mi
9107 Fig St New Orleans, LA	3.0	3.0	1230	$2,000	$1.63	3d	1	0.69mi
2308 Short St New Orleans, LA	3.0	2.0	1600	$2,800	$1.75	3d	1	0.70mi
647 S Pierce St New Orleans, LA	3.0	2.0	1550	$3,175	$2.05	14d	1	0.70mi
2251 Cambronne St Unit A New Orleans, LA	3.0	1.5	1945	$2,495	$1.28	23d	1	0.70mi
4117 State Street Dr New Orleans, LA	3.0	1.0	1678	$1,550	$0.92	11d	1	0.71mi
2231 S Carrollton Ave Unit D New Orleans, LA	3.0	2.0	1600	$2,495	$1.56	23d	1	0.72mi
2305 Joliet St New Orleans, LA	3.0	2.0	1451	$2,500	$1.72	43d	1	0.73mi
615 S Pierce St New Orleans, LA	3.0	1.0	1200	$1,500	$1.25	16d	1	0.75mi
613 S Pierce St New Orleans, LA	3.0	1.0	1200	$1,500	$1.25	16d	1	0.75mi
7909 Sycamore St New Orleans, LA	3.0	2.0	2000	$2,400	$1.20	2d	1	0.77mi
1603 S Rendon St New Orleans, LA	3.0	2.0	1329	$1,900	$1.43	20d	1	0.78mi
2338 Audubon St New Orleans, LA	3.0	2.0	1935	$2,000	$1.03	3d	1	0.79mi
7902 Sycamore St New Orleans, LA	4.0	2.0	1991	$3,200	$1.61	43d	1	0.79mi
2201 Burdette St New Orleans, LA	3.0	1.5	1800	$2,695	$1.50	16d	1	0.80mi
4520 Elba St New Orleans, LA	3.0	2.0	1100	$1,700	$1.55	23d	1	0.81mi
4506 Elba St New Orleans, LA	2.0	1.0	1200	$1,800	$1.50	3d	1	0.82mi
4020 Baudin St New Orleans, LA	3.0	2.0	1100	$1,550	$1.41	3d	1	0.82mi
2102 S Carrollton Ave Unit NA New Orleans, LA	3.0	2.0	1800	$2,250	$1.25	10d	1	0.82mi

Listing history 11 events

1. 2025-11-26
   status Pending
2. 2025-11-25
   status Active
3. 2025-11-23
   historical
4. 2025-02-07
   listed $165,000 Active
5. 2025-02-07
   listed $165,000 Active
6. 2025-02-07
   listed $165,000 Active
7. 2024-05-08
   price $185,000
8. 2024-02-10
   listed $170,000
9. 2024-02-10
   listed $185,000
10. 2023-07-28
    price $295,000
11. 2023-05-09
    listed $295,000

ⓘ 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: $2,223 · $185/mo
• Projected year-2 tax: $2,223 · $185/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: $25,618
• − Mortgage interest: −$9,243
• − Property taxes: −$2,223
• − Insurance: −$1,622
• − Repairs & maintenance: −$2,049
• − Management: −$2,049
• − Depreciation: −$4,800
• Taxable income: $3,632
• Est. tax owed @ 24.0%: −$872
• After-tax cash flow: $5,138/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): 36,072
• Household income: $63,750
• Rent vs Own: 51.5% rent · 48.5% own
• Severe rent burden: 2237.0

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 0.65)
• 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%

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: ▲ 0.97%
• 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

-44.1% since first listed

11 events — show timeline

• 2025-11-26 Pending — GSREIN
• 2025-11-25 Relisted — GSREIN
• 2025-11-23 Listing Removed — GSREIN
• 2025-02-07 Listed $165,000 AcadianaMLS
• 2025-02-07 Listed $165,000 GSREIN
• 2025-02-07 Listed $165,000 AcadianaMLS
• 2024-05-08 Price Changed $185,000 GSREIN
• 2024-02-10 Listed $185,000 AcadianaMLS
• 2024-02-10 Listed $170,000 AcadianaMLS
• 2023-07-28 Price Changed $295,000 GSREIN
• 2023-05-09 Listed $295,000 AcadianaMLS

Property tax history

+13.2%/yr

Latest (2026): $2,223 · -3.1% YoY. Source: county tax records.