3017 19 Music St · New Orleans, LA 70122

$199,000

4 bd · 2.0 ba · 1,841 sqft · MultiFamily public records · 90 Days on market

Built 1995 $108/sqft · 10% above area Est $181k · 10% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Livability +4.0/5.0
• ARV discount +3.1/15.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Schools +1.6/10.0
• 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

Classic raised double located in the heart of the Saint Roch neighborhood, offering a powerful opportunity for both homeowners and investors alike. This well-positioned property features 2 separate units, each with 2 bedrooms and 1 full bath, making it ideal for an owner-occupant who wants to live in one unit while allowing the neighboring residence to help offset monthly ownership costs. Set on a rare oversized 53' wide by 154' deep lot, the property provides exceptional land value, outdoor potential, and long-term upside that is increasingly hard to find this close to the city center. Enjoy quick, convenient access to Downtown, the French Quarter, the Marigny, and all major New Orleans corridors. Both units are move-in ready and filled with natural light. Interiors offer tiled flooring throughout for easy maintenance, along with central heat and air for year-round comfort. The classic raised double design delivers timeless New Orleans character paired with practical, income-producing functionality. Whether you are seeking a smart entry into homeownership, a house-hack opportunity, or a solid long-term investment, this property checks every box. Well located, oversized lot, flexible use, and immediate livability make this a standout offering. This is a MUST SEE opportunity in one of New Orleans’ most strategically located and fast-evolving neighborhoods.

Key facts

• Move-in ready
• Tiled flooring
• Central heat and air

Tags

• 2 SEPARATE UNITS
• OVERSIZED LOT
• QUICK ACCESS TO DOWNTOWN
• MOVE-IN READY
• TILED FLOORING
• CENTRAL HEAT AND AIR

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $369 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Recommended offer: $187k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.1% 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.
• Market conditions: Rents soft (-0.6%/yr); 332 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,700/mo this rent would consume 66% of the median local household income ($49k/yr) (locally 2150% 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 $1k of loan paydown is wiped out by about $6k 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 90 days — a 6% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 25y ago; this cycle's ask has dropped $35k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; list at $199k implies a 1006% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $187,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.36% ✓
• Cap rate: 11.09%
• Cash-on-cash: 17.13%
• DSCR: 1.76
• GRM: 6.1

CMA / ARV

• ARV (median comp): $181,280
• List price: $199,000
• Delta: 9.77%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3323 25 Clermont Dr	0.22mi	4/2.0	1,828 (-1%)	6mo	$250,000	$137	84
2104 06 Benefit St	0.51mi	4/2.0	1,824 (-1%)	1mo	$109,000	$60	74
3401 03 Frenchmen St	0.50mi	4/2.0	1,856 (+1%)	10mo	$175,000	$94	67
2517 N Miro St	0.65mi	4/2.0	1,857 (+1%)	7mo	$50,000	$27	62
2437-2439 St Roch Ave	0.46mi	3/3.0 (-1)	1,750 (-5%)	11mo	$51,000	$29	52
3962-64 Pauger St	0.70mi	4/2.0	1,740 (-6%)	9mo	$265,000	$152	51
2211 13 Mandeville St	0.67mi	4/2.0	1,644 (-11%)	2mo	$195,000	$119	49
2305-2307 Frenchmen St	0.72mi	4/2.0	1,750 (-5%)	12mo	$144,000	$82	48
2258 60 Pleasure St	0.28mi	5/2.0 (+1)	1,600 (-13%)	17mo	$174,000	$109	46
2483 85 Verbena St	0.73mi	4/2.5	1,680 (-9%)	4mo	$237,000	$141	46
2633 35 Gladiolus St	0.72mi	4/2.0	1,632 (-11%)	7mo	$226,000	$138	42
2105 07 Arts St	0.72mi	4/3.0	1,598 (-13%)	3mo	$265,000	$166	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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -8.3%
• Equity multiple: 0.71×
• Total profit: $-16,374
• Equity at exit: $29,672

10-year hold

• IRR: -4.4%
• Equity multiple: 0.76×
• Total profit: $-13,433
• Equity at exit: $17,206

Cash invested: $55,720 (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 70122

• Rents YoY: -0.6%
• Active inventory: 332
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $2,700 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$211 /mo · $2,531/yr
• Insurance: −$83
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$567
• Net cashflow: $369

Break-even live

Break-even rent $2,233

Max offer price $199,000

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,700
Total (2 units)			$2,700

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2509 Sage St New Orleans, LA	3.0	1.0	1250	$1,650	$1.32	21d	1	0.28mi
3540 Clermont Dr New Orleans, LA	3.0	2.0	1248	$1,975	$1.58	23d	1	0.31mi
2644 Elder St New Orleans, LA	3.0	3.0	1284	$2,200	$1.71	17d	1	0.39mi
2646 Elder St New Orleans, LA	3.0	3.0	1284	$2,200	$1.71	17d	1	0.39mi
2739 Bay St Unit B New Orleans, LA	4.0	2.0	1400	$1,800	$1.29	20d	1	0.42mi
2647 Myrtle St Unit 2647 New Orleans, LA	4.0	2.0	1445	$2,550	$1.76	43d	1	0.44mi
2228 Arts St New Orleans, LA	3.0	2.0	2270	$1,675	$0.74	3d	1	0.65mi
3907 Elysian Fields Ave New Orleans, LA	3.0	2.0	1652	$3,000	$1.82	23d	1	0.69mi
3515 Saint Anthony Ave New Orleans, LA	3.0	2.0	1366	$2,500	$1.83	23d	1	0.73mi
3228 Pauger St New Orleans, LA	5.0	2.0	1600	$2,100	$1.31	23d	1	0.75mi
2115 Mandeville St New Orleans, LA	3.0	2.0	1400	$1,650	$1.18	23d	1	0.76mi
1933 Industry St New Orleans, LA	3.0	2.0	1400	$1,595	$1.14	16d	1	0.79mi
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	3d	1	0.83mi
3570 Gentilly Blvd New Orleans, LA	3.0	2.0	2390	$2,900	$1.21	43d	1	0.86mi
2920 Pauger St New Orleans, LA	4.0	2.0	1882	$1,995	$1.06	23d	1	0.90mi
2331 Feliciana St New Orleans, LA	3.0	2.0	1250	$1,850	$1.48	23d	1	0.92mi
3302 Metropolitan St New Orleans, LA	4.0	2.5	1700	$2,200	$1.29	17d	1	0.95mi
2220 N Prieur St New Orleans, LA	3.0	2.0	1334	$2,000	$1.50	23d	1	0.97mi
1837 Touro St New Orleans, LA	3.0	1.0	1994	$2,000	$1.00	23d	1	1.04mi
1938 N Johnson St Unit 38 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	23d	1	1.08mi
1936 N Johnson St Unit 36 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	23d	1	1.08mi
3607 Havana St New Orleans, LA	3.0	2.0	1693	$1,488	$0.88	17d	1	1.10mi
4618 Marigny St New Orleans, LA	3.0	1.0	1320	$1,900	$1.44	23d	1	1.11mi
1831 N Miro St New Orleans, LA	3.0	2.0	1882	$2,500	$1.33	43d	1	1.12mi
3624 Havana St New Orleans, LA	3.0	1.0	1388	$1,875	$1.35	16d	1	1.13mi
2028 Desire St New Orleans, LA	3.0	1.0	1300	$1,300	$1.00	23d	1	1.25mi
1839 Louisa St New Orleans, LA	3.0	2.0	1500	$2,095	$1.40	16d	1	1.25mi
1835 Louisa St New Orleans, LA	3.0	2.5	1800	$2,350	$1.31	3d	1	1.25mi
4767 Lafaye St New Orleans, LA	3.0	2.0	1469	$2,000	$1.36	23d	1	1.29mi
2019 Gallier St New Orleans, LA	4.0	2.0	1400	$2,200	$1.57	23d	1	1.33mi
1901 Gentilly Blvd New Orleans, LA	3.0	2.5	2205	$4,000	$1.81	43d	1	1.43mi
1231 Feliciana St New Orleans, LA	3.0	2.5	1869	$2,750	$1.47	43d	1	1.49mi
5624-5626 Saint Claude ST New Orleans, LA	4.0	3.0	1521	$2,300	$1.51	23d	1	1.49mi

Listing history 22 events

1. 2026-04-22
   price $199,000 1387-char remark

   Show marketing remark (1387 chars)

   Classic raised double located in the heart of the Saint Roch neighborhood, offering a powerful opportunity for both homeowners and investors alike. This well-positioned property features 2 separate units, each with 2 bedrooms and 1 full bath, making it ideal for an owner-occupant who wants to live in one unit while allowing the neighboring residence to help offset monthly ownership costs. Set on a rare oversized 53' wide by 154' deep lot, the property provides exceptional land value, outdoor potential, and long-term upside that is increasingly hard to find this close to the city center. Enjoy quick, convenient access to Downtown, the French Quarter, the Marigny, and all major New Orleans corridors. Both units are move-in ready and filled with natural light. Interiors offer tiled flooring throughout for easy maintenance, along with central heat and air for year-round comfort. The classic raised double design delivers timeless New Orleans character paired with practical, income-producing functionality. Whether you are seeking a smart entry into homeownership, a house-hack opportunity, or a solid long-term investment, this property checks every box. Well located, oversized lot, flexible use, and immediate livability make this a standout offering. This is a MUST SEE opportunity in one of New Orleans’ most strategically located and fast-evolving neighborhoods.

2. 2026-03-31
   price $219,000 1387-char remark

   Show marketing remark (1387 chars)

   Classic raised double located in the heart of the Saint Roch neighborhood, offering a powerful opportunity for both homeowners and investors alike. This well-positioned property features 2 separate units, each with 2 bedrooms and 1 full bath, making it ideal for an owner-occupant who wants to live in one unit while allowing the neighboring residence to help offset monthly ownership costs. Set on a rare oversized 53' wide by 154' deep lot, the property provides exceptional land value, outdoor potential, and long-term upside that is increasingly hard to find this close to the city center. Enjoy quick, convenient access to Downtown, the French Quarter, the Marigny, and all major New Orleans corridors. Both units are move-in ready and filled with natural light. Interiors offer tiled flooring throughout for easy maintenance, along with central heat and air for year-round comfort. The classic raised double design delivers timeless New Orleans character paired with practical, income-producing functionality. Whether you are seeking a smart entry into homeownership, a house-hack opportunity, or a solid long-term investment, this property checks every box. Well located, oversized lot, flexible use, and immediate livability make this a standout offering. This is a MUST SEE opportunity in one of New Orleans’ most strategically located and fast-evolving neighborhoods.

3. 2026-02-25
   listed $234,000 Active 1387-char remark

   Show marketing remark (1387 chars)

   Classic raised double located in the heart of the Saint Roch neighborhood, offering a powerful opportunity for both homeowners and investors alike. This well-positioned property features 2 separate units, each with 2 bedrooms and 1 full bath, making it ideal for an owner-occupant who wants to live in one unit while allowing the neighboring residence to help offset monthly ownership costs. Set on a rare oversized 53' wide by 154' deep lot, the property provides exceptional land value, outdoor potential, and long-term upside that is increasingly hard to find this close to the city center. Enjoy quick, convenient access to Downtown, the French Quarter, the Marigny, and all major New Orleans corridors. Both units are move-in ready and filled with natural light. Interiors offer tiled flooring throughout for easy maintenance, along with central heat and air for year-round comfort. The classic raised double design delivers timeless New Orleans character paired with practical, income-producing functionality. Whether you are seeking a smart entry into homeownership, a house-hack opportunity, or a solid long-term investment, this property checks every box. Well located, oversized lot, flexible use, and immediate livability make this a standout offering. This is a MUST SEE opportunity in one of New Orleans’ most strategically located and fast-evolving neighborhoods.

4. 2025-11-08
   listed $234,000 Active
5. 2025-10-01
   listed $234,900 Active
6. 2025-08-21
   price $240,000
7. 2025-08-21
   price $240,000
8. 2025-07-16
   price $250,000
9. 2025-07-16
   price $250,000
10. 2025-05-27
    price $255,000
11. 2025-05-27
    price $255,000
12. 2025-05-10
    listed $265,000 Active
13. 2014-01-03
    listed $89,900
14. 2013-10-15
    listed $99,000
15. 2011-05-24
    soldstatus $18,000
16. 2010-12-30
    listed $18,000
17. 2010-09-03
    listed $40,000
18. 2001-09-17
    soldstatus $34,000
19. 2001-05-10
    listed $36,000
20. 2001-05-10
    listed $36,000
21. 2001-04-11
    soldstatus $63,714
22. 1995-09-28
    soldstatus $64,900

ⓘ 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: $2,531 · $211/mo
• Projected year-2 tax: $2,531 · $211/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 9/10 Extreme FEMA zone AE · 78% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°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: $32,400
• − Mortgage interest: −$11,147
• − Property taxes: −$2,531
• − Insurance: −$6,114
• − Repairs & maintenance: −$2,592
• − Management: −$2,592
• − Depreciation: −$5,789
• Taxable income: $1,636
• Est. tax owed @ 24.0%: −$393
• After-tax cash flow: $4,036/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): 35,253
• Household income: $49,455
• Rent vs Own: 40.5% rent · 59.5% own
• Severe rent burden: 2150.0

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: Predominantly Black (69%)
• Race & ethnicity: Black 69% White 18% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Lithuanian 4% Italian 2% Slovak 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Chinese 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: ▼ -222.37%
• Current HPI: 231.9921
• Rent YoY: ▼ -0.61%
• 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

+206.6% since first listed

22 events — show timeline

• 2026-04-22 Price Changed $199,000 GSREIN
• 2026-03-31 Price Changed $219,000 GSREIN
• 2026-02-25 Listed $234,000 GSREIN
• 2025-11-08 Listed $234,000 AcadianaMLS
• 2025-10-01 Listed $234,900 AcadianaMLS
• 2025-08-21 Price Changed $240,000 AcadianaMLS
• 2025-08-21 Price Changed $240,000 GSREIN
• 2025-07-16 Price Changed $250,000 AcadianaMLS
• 2025-07-16 Price Changed $250,000 GSREIN
• 2025-05-27 Price Changed $255,000 AcadianaMLS
• 2025-05-27 Price Changed $255,000 GSREIN
• 2025-05-10 Listed $265,000 AcadianaMLS
• 2014-01-03 Listed $89,900 GSREIN
• 2013-10-15 Listed $99,000 GSREIN
• 2011-05-24 Sold (MLS) $18,000 GSREIN
• 2010-12-30 Listed $18,000 GSREIN
• 2010-09-03 Listed $40,000 GSREIN
• 2001-09-17 Sold (MLS) $34,000 GSREIN
• 2001-05-10 Listed $36,000 AcadianaMLS
• 2001-05-10 Listed $36,000 GSREIN
• 2001-04-11 Sold (Public Records) $63,714 Public Records
• 1995-09-28 Sold (Public Records) $64,900 Public Records

Property tax history

+5.0%/yr

Latest (2026): $2,531 · +1.1% YoY. Source: county tax records.