3644 A - 3644 B Fairmont Dr · New Orleans, LA 70122

$233,800

2 bd · 2.0 ba · 1,554 sqft · MultiFamily public records · 85 Days on market

Built 1948 $150/sqft · at area comps Est $260k · 10% under

---

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 +27.7/30.0
• ARV discount +12.0/15.0
• DSCR +9.8/10.0
• 1% rule +6.3/10.0
• Livability +4.0/5.0
• 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

Flexible Living Opportunity with Income Potential! Lovely double featuring two separate living areas, offering flexibility for owner-occupants, rental income, or multi-generational living. The main living area features central air and heat, high ceilings, and a bright living and dining area with hardwood floors throughout. The home offers two bedrooms, one full bathroom with a jacuzzi bathtub, and an upstairs room that serves as a third bedroom or office. Original hardwood floors upstairs have been freshly stained. The second unit incl. living room, kitchen with tile flooring, bathroom, bedroom, and shared laundry room, and may be used as a studio apartment for additional income (on separate electric meter). Recent updates incl. fresh interior paint throughout, multiple ceiling fans (incl. in both living areas), new exterior doors, a completely rebuilt staircase, new bathroom heaters, roof and hot water heaters (2) approx. 4 yrs old. Stoves and refrigerators are included. Enjoy a spacious backyard with a detached shed for additional storage. Nestled in a quiet Gentilly Square neighborhood, conveniently located (highways I-10 and 610), and just 1 block. from a neighborhood park with pickleball courts, plus nearby schools, shopping, library, and local colleges. A well-maintained property offering comfort, flexibility, and pride of ownership throughout. Property located in Flood Zone X.

Key facts

• Upstairs room
• Second unit
• Jacuzzi bathtub

Tags

• TWO SEPARATE LIVING AREAS
• BRIGHT LIVING AND DINING AREA
• HARDWOOD FLOORS
• JACUZZI BATHTUB
• UPSTAIRS ROOM
• SECOND UNIT

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $234k.

Deal economics

• At list price, monthly cash flow is $640 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $234k).
• Recommended offer: $220k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,647/mo this rent would consume 64% 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 $2k of loan paydown is wiped out by about $7k 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 85 days — a 6% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 18y ago; this cycle's ask has dropped $43k (15%) 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; built in 1948 — 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 $219,772 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — 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 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: 1.13% ✓
• Cap rate: 9.92%
• Cash-on-cash: 12.95%
• DSCR: 1.58
• GRM: 7.4

CMA / ARV

• ARV (median comp): $259,855
• List price: $233,800
• Delta: -10.03%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3036 38 Allen St	0.63mi	3/3.0 (+1)	1,500 (-4%)	21mo	$347,900	$232	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: -2.1%
• Equity multiple: 0.92×
• Total profit: $-4,958
• Equity at exit: $34,860

10-year hold

• IRR: 4.3%
• Equity multiple: 1.27×
• Total profit: $17,923
• Equity at exit: $20,215

Cash invested: $65,464 (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: 14.3×

Monthly cashflow live

• Estimated rent: $2,647 high
• Mortgage (P&I): −$1,226
• Tax from tax record: −$61 /mo · $737/yr
• Insurance: −$97
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$556
• Net cashflow: $640

Break-even live

Break-even rent $1,837

Max offer price $233,800

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,362
1× unit	1	1	$1,285
Total (2 units)			$2,647

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: $58,450
• Closing costs: $7,014
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3540 Clermont Dr New Orleans, LA	3.0	2.0	1248	$1,975	$1.58	24d	1	0.08mi
2508 Myrtle St New Orleans, LA	1.0	1.0	1100	$1,250	$1.14	24d	1	0.22mi
3327 Elysian Fields Ave New Orleans, LA	3.0	1.0	1200	$1,300	$1.08	24d	1	0.26mi
2509 Sage St New Orleans, LA	3.0	1.0	1250	$1,650	$1.32	21d	1	0.27mi
3907 Elysian Fields Ave New Orleans, LA	3.0	2.0	1652	$3,000	$1.82	24d	1	0.31mi
3718 Franklin Ave New Orleans, LA	2.0	1.0	1601	$1,800	$1.12	12d	1	0.34mi
2646 Elder St New Orleans, LA	3.0	3.0	1284	$2,200	$1.71	17d	1	0.42mi
2644 Elder St New Orleans, LA	3.0	3.0	1284	$2,200	$1.71	17d	1	0.42mi
3001 Marigny St New Orleans, LA	2.0	1.0	1250	$1,400	$1.12	24d	1	0.43mi
3956 Pauger St New Orleans, LA	2.0	2.0	1200	$1,550	$1.29	24d	1	0.47mi
3515 Saint Anthony Ave New Orleans, LA	3.0	2.0	1366	$2,500	$1.83	24d	1	0.50mi
2152 Abundance St Unit 2152 New Orleans, LA	3.0	2.0	1100	$1,599	$1.45	3d	1	0.52mi
4304 Pauger St New Orleans, LA	2.0	1.0	1345	$1,450	$1.08	3d	1	0.69mi
2048 Florida Ave New Orleans, LA	2.0	1.0	1200	$2,000	$1.67	17d	1	0.73mi
4618 Marigny St New Orleans, LA	3.0	1.0	1320	$1,900	$1.44	24d	1	0.73mi
2338 40 Annette St New Orleans, LA	3.0	1.0	1150	$1,385	$1.20	20d	1	0.74mi
1933 Industry St New Orleans, LA	3.0	2.0	1400	$1,595	$1.14	16d	1	0.81mi
2817 Annette St New Orleans, LA	3.0	1.0	1100	$1,350	$1.23	24d	1	0.82mi
1816 Benefit St New Orleans, LA	2.0	1.0	1148	$1,300	$1.13	16d	1	0.82mi
3607 Havana St New Orleans, LA	3.0	2.0	1693	$1,488	$0.88	17d	1	0.87mi
3624 Havana St New Orleans, LA	3.0	1.0	1388	$1,875	$1.35	16d	1	0.90mi
4681 Eastern St New Orleans, LA	2.0	1.0	1100	$1,400	$1.27	16d	1	0.98mi
4736 Saint Anthony Ave New Orleans, LA	3.0	1.0	1100	$1,800	$1.64	16d	1	0.99mi
1656 Pleasure St New Orleans, LA	2.0	1.0	1190	$1,350	$1.13	24d	1	1.00mi
2229 Saint Roch Ave New Orleans, LA	2.0	1.5	1200	$1,600	$1.33	20d	1	1.00mi
2556 N Tonti St New Orleans, LA	3.0	2.0	1100	$1,850	$1.68	16d	1	1.01mi
2175 N Broad St New Orleans, LA	2.0	1.0	1500	$1,500	$1.00	16d	1	1.01mi
4767 Lafaye St New Orleans, LA	3.0	2.0	1469	$2,000	$1.36	24d	1	1.01mi
2130 N Broad St New Orleans, LA	2.0	1.0	1579	$1,350	$0.85	24d	1	1.06mi
2311 Saint Anthony St Unit 1A New Orleans, LA	2.0	1.0	1100	$1,450	$1.32	24d	1	1.07mi
2115 Mandeville St New Orleans, LA	3.0	2.0	1400	$1,650	$1.18	24d	1	1.09mi
2338 Annette St Unit 1 New Orleans, LA	3.0	1.0	1150	$1,400	$1.22	20d	1	1.09mi
4936 Baccich St New Orleans, LA	3.0	1.0	1053	$1,700	$1.61	24d	1	1.10mi
2115 Elysian Fields Ave Unit 2115 New Orleans, LA	3.0	1.0	1100	$1,450	$1.32	24d	1	1.10mi
2310 George Nick Connor Dr New Orleans, LA	3.0	2.0	1050	$1,600	$1.52	24d	1	1.12mi
2910 Bruxelles St New Orleans, LA	3.0	2.0	1074	$1,600	$1.49	3d	1	1.13mi
2522 N Galvez St New Orleans, LA	3.0	2.0	1105	$1,675	$1.52	24d	1	1.14mi
2524 N Galvez St New Orleans, LA	3.0	2.5	1102	$1,800	$1.63	17d	1	1.14mi
2024 Mandeville St New Orleans, LA	2.0	2.0	1072	$1,950	$1.82	24d	1	1.14mi
4815 Warrington Dr New Orleans, LA	3.0	2.0	1652	$2,150	$1.30	16d	1	1.14mi

Listing history 18 events

1. 2026-06-18
   days on market $233,800 Active 85 DOM
2. 2026-06-17
   days on market $233,800 Active 84 DOM
3. 2026-06-16
   days on market $233,800 Active 83 DOM
4. 2026-06-16
   price $233,800 Active 82 DOM
5. 2026-06-15
   days on market $264,500 Active 82 DOM
6. 2026-06-13
   days on market $264,500 Active 80 DOM
7. 2026-06-10
   days on market $264,500 Active 77 DOM
8. 2026-06-09
   days on market $264,500 Active 76 DOM
9. 2026-06-08
   days on market $264,500 Active 75 DOM
10. 2026-06-07
    days on market $264,500 Active 74 DOM
11. 2026-06-05
    days on market $264,500 Active 71 DOM
12. 2026-06-03
    days on market $264,500 Active 70 DOM
13. 2026-06-02
    days on market $264,500 Active 69 DOM
14. 2026-06-01
    days on market $264,500 Active 68 DOM
15. 2026-05-31
    days on market $264,500 Active 67 DOM
16. 2026-03-24
    listed $276,500 Active 1406-char remark

    Show marketing remark (1406 chars)

    Flexible Living Opportunity with Income Potential! Lovely double featuring two separate living areas, offering flexibility for owner-occupants, rental income, or multi-generational living. The main living area features central air and heat, high ceilings, and a bright living and dining area with hardwood floors throughout. The home offers two bedrooms, one full bathroom with a jacuzzi bathtub, and an upstairs room that serves as a third bedroom or office. Original hardwood floors upstairs have been freshly stained. The second unit incl. living room, kitchen with tile flooring, bathroom, bedroom, and shared laundry room, and may be used as a studio apartment for additional income (on separate electric meter). Recent updates incl. fresh interior paint throughout, multiple ceiling fans (incl. in both living areas), new exterior doors, a completely rebuilt staircase, new bathroom heaters, roof and hot water heaters (2) approx. 4 yrs old. Stoves and refrigerators are included. Enjoy a spacious backyard with a detached shed for additional storage. Nestled in a quiet Gentilly Square neighborhood, conveniently located (highways I-10 and 610), and just 1 block. from a neighborhood park with pickleball courts, plus nearby schools, shopping, library, and local colleges. A well-maintained property offering comfort, flexibility, and pride of ownership throughout. Property located in Flood Zone X.

17. 2026-03-24
    listed $276,500 Active 1406-char remark

    Show marketing remark (1406 chars)

    Flexible Living Opportunity with Income Potential! Lovely double featuring two separate living areas, offering flexibility for owner-occupants, rental income, or multi-generational living. The main living area features central air and heat, high ceilings, and a bright living and dining area with hardwood floors throughout. The home offers two bedrooms, one full bathroom with a jacuzzi bathtub, and an upstairs room that serves as a third bedroom or office. Original hardwood floors upstairs have been freshly stained. The second unit incl. living room, kitchen with tile flooring, bathroom, bedroom, and shared laundry room, and may be used as a studio apartment for additional income (on separate electric meter). Recent updates incl. fresh interior paint throughout, multiple ceiling fans (incl. in both living areas), new exterior doors, a completely rebuilt staircase, new bathroom heaters, roof and hot water heaters (2) approx. 4 yrs old. Stoves and refrigerators are included. Enjoy a spacious backyard with a detached shed for additional storage. Nestled in a quiet Gentilly Square neighborhood, conveniently located (highways I-10 and 610), and just 1 block. from a neighborhood park with pickleball courts, plus nearby schools, shopping, library, and local colleges. A well-maintained property offering comfort, flexibility, and pride of ownership throughout. Property located in Flood Zone X.

18. 2008-06-03
    listed $110,000

ⓘ 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: $737 · $61/mo
• Projected year-2 tax: $1,286 · $107/mo
• Expected delta: +$549/yr (+$46/mo · 74.5%)

ⓘ 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 ≥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: $31,764
• − Mortgage interest: −$13,096
• − Property taxes: −$737
• − Insurance: −$1,966
• − Repairs & maintenance: −$2,541
• − Management: −$2,541
• − Depreciation: −$6,801
• Taxable income: $4,080
• Est. tax owed @ 24.0%: −$979
• After-tax cash flow: $6,698/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

+151.4% since first listed

3 events — show timeline

• 2026-03-24 Listed $276,500 AcadianaMLS
• 2026-03-24 Listed $276,500 GSREIN
• 2008-06-03 Listed $110,000 AcadianaMLS

Property tax history

-0.8%/yr

Latest (2026): $737 · +0.0% YoY. Source: county tax records.