2722-24 Martin Luther King Blvd · New Orleans, LA 70113

$299,000

6 bd · 6.0 ba · 2,700 sqft · MultiFamily · 48 Days on market

Built 1980 Good condition $111/sqft · 23% above area Est $242k · 23% over

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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 +27.3/30.0
• Appreciation +10.0/10.0
• DSCR +9.5/10.0
• 1% rule +7.4/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Spacious, centrally located Camelback double offering strong investment potential. The Roof is only Two years old.This well-maintained property features 6 total bedrooms, 4 full baths and 2 half baths making it great for generating consistent rental income, each unit is thoughtfully updated with stainless steel appliances and granite countertops, appealing to modern tenants. Just steps from downtown, the location provides convenient access to dining, entertainment, and major amenities. A prime opportunity for investors seeking a high-performing, income-producing property.

Key facts

• Built 1980
• Listed 48 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Two-story building; Unknown year built
• Construction: Vinyl siding; Wood siding; Shingle roof
• Exterior features: City lot; Rectangular lot; Lot dimensions approximately 31.7 x 96.1

Interior

• Bedrooms: 3 units total (multi-unit property)
• Bathrooms: 4 full bathrooms; 2 half bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Very good condition; Raised foundation
• Laundry & utility: Laundry located inside

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.5-bath units multifamily listed at $299k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $794 ($10k/yr) — positive. Per door: $397/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $299k).
• Recommended offer: $290k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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); 134 active listings in the ZIP; 6 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 $3,705/mo this rent would consume 113% 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 $32k of equity ($2k loan paydown + $30k 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 $84k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 15y ago; this cycle's ask has dropped $26k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $290,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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: 1.24% ✓
• Cap rate: 9.75%
• Cash-on-cash: 12.34%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

• ARV (median comp): $242,388
• List price: $299,000
• Delta: 23.36%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2909 1st St	0.26mi	5/3.0 (-1)	2,654 (-2%)	3mo	$75,000	$28	66
2712 Josephine St	0.12mi	6/4.0	2,494 (-8%)	19mo	$353,000	$142	58
2121 St Andrew St	0.42mi	6/4.0	2,430 (-10%)	3mo	$414,000	$170	53
2821-2823 First St	0.25mi	6/4.0	2,462 (-9%)	20mo	$363,000	$147	49
2023 A B First St	0.63mi	6/4.5	2,445 (-9%)	1mo	$485,000	$198	48
1917 19 Josephine St	0.55mi	6/6.0	2,369 (-12%)	7mo	$375,000	$158	48
3111 Louisiana Ave Pkwy	0.69mi	6/5.0	2,947 (+9%)	3mo	$287,500	$98	46
2005 07 First St	0.40mi	6/4.5	2,366 (-12%)	15mo	$440,000	$186	42
2255 Brainard St	0.72mi	7/5.0 (+1)	2,910 (+8%)	13mo	$330,000	$113	34
2113 15 Fourth St	0.64mi	5/3.0 (-1)	2,379 (-12%)	0mo	$315,000	$132	33
2404 Simon Bolivar Ave	0.43mi	5/4.0 (-1)	2,296 (-15%)	24mo	$195,000	$85	22

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: 34.0%
• Equity multiple: 3.69×
• Total profit: $224,961
• Equity at exit: $269,363

10-year hold

• IRR: 30.4%
• Equity multiple: 8.75×
• Total profit: $649,070
• Equity at exit: $580,891

Cash invested: $83,720 (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 70113

• Rents YoY: 6.0%
• Active inventory: 134
• Price-to-rent: 13.5×

Monthly cashflow live

• Estimated rent: $3,705 high
• Mortgage (P&I): −$1,568
• Tax est. 1.5%: −$374 /mo · $4,485/yr
• Insurance: −$125
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$778
• Net cashflow: $794

Break-even live

Break-even rent $2,700

Max offer price $299,000

Occupancy floor 74%

Sensitivity live

Price	-10% $1,001	-5% $897	+0% $794	+5% $691	+10% $588
Rent	-10% $501	-5% $648	+0% $794	+5% $941	+10% $1,087
Rate	-1.0pp $945	-0.5pp $870	base $794	+0.5pp $717	+1.0pp $638

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2.5	$3,704
Total (2 units)			$3,705

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
822 Howard Ave Unit 1272354P New Orleans, LA	1.0–5.0	1.0–4.0	1749	$11,882	$6.79	3d	3	0.76mi
822 Perdido St Unit 1272370P New Orleans, LA	1.0–5.0	1.0–5.0	1447	$7,361	$5.09	4d	4	0.98mi
1050 Annunciation St Unit 1272355P New Orleans, LA	2.0–5.0	2.0–4.0	1544	$4,490	$2.91	4d	3	1.19mi
3112 Upperline St New Orleans, LA	5.0	3.5	2800	$3,650	$1.30	25d	1	1.23mi
2117 S Lopez St New Orleans, LA	5.0	2.0	1920	$2,000	$1.04	25d	1	1.27mi
1927 Napoleon Ave New Orleans, LA	5.0	2.0	3350	$3,600	$1.07	45d	1	1.37mi

Listing history 24 events

1. 2026-06-21
   days on market $299,000 Active 48 DOM
2. 2026-06-18
   days on market $299,000 Active 45 DOM
3. 2026-06-17
   days on market $299,000 Active 44 DOM
4. 2026-06-16
   days on market $299,000 Active 43 DOM
5. 2026-06-15
   days on market $299,000 Active 42 DOM
6. 2026-06-13
   remarks 579-char remark
7. 2026-06-13
   pricedays on market $299,000 Active 40 DOM
8. 2026-06-10
   days on market $325,000 Active 37 DOM
9. 2026-06-09
   days on market $325,000 Active 36 DOM
10. 2026-06-08
    days on market $325,000 Active 35 DOM
11. 2026-06-07
    days on market $325,000 Active 34 DOM
12. 2026-06-05
    days on market $325,000 Active 31 DOM
13. 2026-06-03
    days on market $325,000 Active 30 DOM
14. 2026-06-02
    days on market $325,000 Active 29 DOM
15. 2026-06-01
    days on market $325,000 Active 28 DOM
16. 2026-05-31
    days on market $325,000 Active 27 DOM
17. 2026-05-04
    listed $325,000 Active 577-char remark

    Show marketing remark (578 chars)

    Spacious, centrally located Camelback double offering strong investment potential. The Roof is only Two years old.This well-maintained property features 6 total bedrooms, 4 full baths and 2 half baths making it great for generating consistent rental income, each unit is thoughtfully updated with stainless steel appliances and granite countertops, appealing to modern tenants. Just steps from downtown, the location provides convenient access to dining, entertainment, and major amenities. A prime opportunity for investors seeking a high-performing, income-producing property.

18. 2026-05-04
    listed $325,000 Active 577-char remark

    Show marketing remark (578 chars)

    Spacious, centrally located Camelback double offering strong investment potential. The Roof is only Two years old.This well-maintained property features 6 total bedrooms, 4 full baths and 2 half baths making it great for generating consistent rental income, each unit is thoughtfully updated with stainless steel appliances and granite countertops, appealing to modern tenants. Just steps from downtown, the location provides convenient access to dining, entertainment, and major amenities. A prime opportunity for investors seeking a high-performing, income-producing property.

19. 2025-07-14
    historical $1,800
20. 2025-07-01
    listed $1,800
21. 2025-06-25
    historical $1,800
22. 2025-06-19
    listed $1,800
23. 2014-04-23
    listed $56,500
24. 2011-06-08
    listed $47,000

ⓘ 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 (shaded) · 76% 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: $44,460
• − Mortgage interest: −$16,749
• − Property taxes: −$4,485
• − Insurance: −$2,292
• − Repairs & maintenance: −$3,557
• − Management: −$3,557
• − Depreciation: −$8,698
• Taxable income: $5,122
• Est. tax owed @ 24.0%: −$1,229
• After-tax cash flow: $8,301/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 · 13 photos

Good 75/100 Cosmetic rehab

This well-maintained, centrally located multi-family property offers strong investment potential with updated kitchens and bathrooms, a fresh roof, and a good condition overall. Minor cosmetic updates to the exterior and interior could further enhance its value.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters.
• Both Landscaping improvements — A well-maintained lawn and landscaping can significantly increase the property's curb appeal and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters. ↑
• Both Landscaping improvements — A well-maintained lawn and landscaping can significantly increase the property's curb appeal and rental value. ↑

ⓘ 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

+536.2% since first listed

10 events — show timeline

• 2026-06-11 Price Changed $299,000 AcadianaMLS
• 2026-06-11 Price Changed $299,000 GSREIN
• 2026-05-04 Listed $325,000 GSREIN
• 2026-05-04 Listed $325,000 AcadianaMLS
• 2025-07-14 Rental Removed $1,800 GSREIN
• 2025-07-01 Listed for Rent $1,800 GSREIN
• 2025-06-25 Rental Removed $1,800 GSREIN
• 2025-06-19 Listed for Rent $1,800 GSREIN
• 2014-04-23 Listed $56,500 AcadianaMLS
• 2011-06-08 Listed $47,000 AcadianaMLS