2604 Philip St · New Orleans, LA 70113

$120,000

3 bd · 1.0 ba · 1,440 sqft · SingleFamily public records · 372 Days on market

Built 1940 1,820 sqft lot $83/sqft · 54% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0

Listing remarks MLS

2 Story with inviting front porch to take in all of the view of vibrant Uptown New Orleans Neighborhood. New Interior Paint. 3 Bedroom and 2 bath. Has Original hardwood floors, spiral staircase. High Ceilings, with and sense of grandeur and openness as you enter the front door. Home located in Vibrant Uptown area. Just minutes to Central business district, Main parade routes, Super Dome and Smoothie Center. Schedule a showing today so that you Don't miss out on this GEM!

Key facts

• Inviting front porch
• High ceilings
• Spiral staircase

Tags

• INVITING FRONT PORCH
• ORIGINAL HARDWOOD FLOORS
• SPIRAL STAIRCASE
• HIGH CEILINGS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $578 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.7% 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; 40 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).

Forward outlook

• In year one you build about $13k of equity ($830 loan paydown + $12k 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 $34k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 372 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $20k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $120k implies a 142% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1940 — 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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 372 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 1940 — 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: 1.57% ✓
• Cap rate: 12.74%
• Cash-on-cash: 23.02%
• DSCR: 2.02
• GRM: 5.3

CMA / ARV

• ARV (median comp): $261,255
• List price: $120,000
• Delta: -54.07%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2725 Philip St	0.10mi	3/2.0	1,404 (-2%)	7mo	$199,000	$142	81
2321 Seventh St	0.45mi	3/2.0	1,425 (-1%)	2mo	$325,000	$228	72
2014 Philip St	0.40mi	3/2.0	1,476 (+2%)	3mo	$310,000	$210	71
1301 S Saratoga St	0.53mi	3/2.0	1,510 (+5%)	2mo	$250,000	$166	61
1819 Baronne St	0.55mi	3/2.0	1,375 (-4%)	5mo	$315,000	$229	59
2015 Martin Luther King Blvd	0.50mi	3/2.0	1,332 (-8%)	3mo	$249,000	$187	58
4119 Clara St	0.72mi	3/2.0	1,404 (-2%)	2mo	$400,000	$285	56
2226 First St	0.25mi	2/2.0 (-1)	1,600 (+11%)	8mo	$285,000	$178	54
2917 Baronne St	0.67mi	3/2.5	1,497 (+4%)	8mo	$370,000	$247	49
2228 Delachaise St	0.68mi	3/2.0	1,575 (+9%)	2mo	$380,000	$241	47
2116 Delachaise St St	0.72mi	3/2.0	1,511 (+5%)	9mo	$419,000	$277	47
3404 Delachaise St	0.73mi	3/2.0	1,532 (+6%)	8mo	$294,000	$192	44

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: 41.4%
• Equity multiple: 4.22×
• Total profit: $108,075
• Equity at exit: $108,106

10-year hold

• IRR: 37.0%
• Equity multiple: 10.01×
• Total profit: $302,805
• Equity at exit: $233,134

Cash invested: $33,600 (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: 5.3×

Monthly cashflow live

• Estimated rent: $1,887 high
• Mortgage (P&I): −$629
• Tax from tax record: −$167 /mo · $2,002/yr
• Insurance: −$50
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $578

Break-even live

Break-even rent $1,155

Max offer price $120,000

Occupancy floor 64%

Sensitivity live

Price	-10% $646	-5% $612	+0% $578	+5% $544	+10% $510
Rent	-10% $429	-5% $503	+0% $578	+5% $653	+10% $727
Rate	-1.0pp $638	-0.5pp $609	base $578	+0.5pp $547	+1.0pp $515

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2818 Saint Andrew St New Orleans, LA	2.0	1.0	900	$1,550	$1.72	24d	1	0.19mi
2231 S Liberty St New Orleans, LA	3.0	3.5	1752	$2,000	$1.14	18d	1	0.22mi
2123 S Liberty St Unit 2125 New Orleans, LA	3.0	2.0	1500	$2,100	$1.40	4d	1	0.24mi
2722 Martin L King Bl New Orleans, LA	3.0	2.5	1350	$1,800	$1.33	24d	1	0.25mi
2526 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1200	$2,200	$1.83	4d	1	0.28mi
1614 Rev John Raphael Jr Way New Orleans, LA	3.0	2.0	1000	$1,500	$1.50	24d	1	0.29mi
2225 2nd St New Orleans, LA	3.0	2.0	1100	$1,800	$1.64	24d	1	0.30mi
2227 Second St New Orleans, LA	2.0	2.0	1100	$1,900	$1.73	24d	1	0.30mi
1407 Magnolia St New Orleans, LA	3.0	2.0	1824	$1,500	$0.82	24d	1	0.32mi
3108 Second St New Orleans, LA	3.0	3.0	1216	$2,100	$1.73	4d	1	0.32mi
2628 S Derbigny St New Orleans, LA	3.0	1.0	900	$1,500	$1.67	4d	1	0.33mi
3120 Second St New Orleans, LA	3.0	3.0	1256	$2,050	$1.63	24d	1	0.34mi
3122 2nd St New Orleans, LA	3.0	3.0	1206	$2,075	$1.72	24d	1	0.34mi
2318 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1400	$1,700	$1.21	24d	1	0.36mi
2222 Fourth St New Orleans, LA	2.0	1.5	937	$1,550	$1.65	24d	1	0.36mi
2341 S Roman St Unit U New Orleans, LA	3.0	2.0	1000	$1,850	$1.85	24d	1	0.36mi
2119 Josephine St New Orleans, LA	3.0	1.0	1017	$950	$0.93	22d	1	0.38mi
2102 Josephine St New Orleans, LA	4.0	2.0	1286	$2,100	$1.63	24d	1	0.39mi
2403 S Saratoga St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	24d	1	0.39mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1232	$2,300	$1.87	24d	1	0.40mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1250	$2,300	$1.84	3d	1	0.40mi
2515 Erato St Unit 102 New Orleans, LA	2.0	1.0	1000	$2,100	$2.10	22d	1	0.42mi
1944 Jackson Ave New Orleans, LA	3.0	2.5	1572	$2,500	$1.59	45d	1	0.42mi
2107 Fourth St New Orleans, LA	3.0	1.0	1292	$1,775	$1.37	18d	1	0.43mi
2032 Saint Andrew St New Orleans, LA	3.0	2.0	1035	$1,830	$1.77	18d	1	0.43mi
2833 S Derbigny St New Orleans, LA	3.0	2.0	1500	$1,795	$1.20	24d	1	0.44mi
3218 Jackson Ave New Orleans, LA	3.0	2.0	1267	$1,750	$1.38	24d	1	0.45mi
1915 Philip St New Orleans, LA	3.0	1.5	1300	$2,450	$1.88	24d	1	0.47mi
3322 Third St New Orleans, LA	3.0	2.0	950	$1,450	$1.53	24d	1	0.48mi
2614 S Johnson St New Orleans, LA	3.0	2.0	1536	$2,079	$1.35	15d	1	0.49mi
2615 S Johnson St New Orleans, LA	2.0	1.0	1200	$1,350	$1.12	18d	1	0.51mi
2615 S Johnson St New Orleans, LA	2.0	1.0	1200	$1,400	$1.17	24d	1	0.51mi
2617 S Johnson St New Orleans, LA	2.0	1.0	1500	$1,300	$0.87	24d	1	0.52mi
2733 Danneel St New Orleans, LA	4.0	2.0	1350	$1,775	$1.31	24d	1	0.52mi
2620 S Galvez St Apt 2B New Orleans, LA	3.0	1.0	1000	$1,100	$1.10	18d	1	0.54mi
2705 Dryades St New Orleans, LA	2.0	1.0	1100	$2,000	$1.82	24d	1	0.56mi
1848 Felicity St New Orleans, LA	2.0	1.0	1000	$1,300	$1.30	18d	1	0.56mi
3044 Louisiana Avenue Pkwy New Orleans, LA	3.0	2.0	1800	$1,900	$1.06	24d	1	0.56mi
3429 Clara St New Orleans, LA	3.0	2.0	1620	$2,350	$1.45	15d	1	0.56mi
3435 Magnolia St New Orleans, LA	3.0	1.0	1050	$1,500	$1.43	24d	1	0.57mi

Listing history 25 events

1. 2026-06-21
   days on market $120,000 Active 372 DOM
2. 2026-06-18
   days on market $120,000 Active 369 DOM
3. 2026-06-17
   days on market $120,000 Active 368 DOM
4. 2026-06-16
   days on market $120,000 Active 367 DOM
5. 2026-06-15
   days on market $120,000 Active 366 DOM
6. 2026-06-13
   days on market $120,000 Active 364 DOM
7. 2026-06-10
   days on market $120,000 Active 361 DOM
8. 2026-06-09
   days on market $120,000 Active 360 DOM
9. 2026-06-08
   days on market $120,000 Active 359 DOM
10. 2026-06-07
    days on market $120,000 Active 358 DOM
11. 2026-06-05
    days on market $120,000 Active 355 DOM
12. 2026-06-03
    days on market $120,000 Active 354 DOM
13. 2026-06-02
    days on market $120,000 Active 353 DOM
14. 2026-06-01
    days on market $120,000 Active 352 DOM
15. 2026-05-31
    days on market $120,000 Active 351 DOM
16. 2026-05-11
    price $120,000 475-char remark

    Show marketing remark (475 chars)

    2 Story with inviting front porch to take in all of the view of vibrant Uptown New Orleans Neighborhood. New Interior Paint. 3 Bedroom and 2 bath. Has Original hardwood floors, spiral staircase. High Ceilings, with and sense of grandeur and openness as you enter the front door. Home located in Vibrant Uptown area. Just minutes to Central business district, Main parade routes, Super Dome and Smoothie Center. Schedule a showing today so that you Don't miss out on this GEM!

17. 2026-05-11
    price $120,000 475-char remark

    Show marketing remark (475 chars)

    2 Story with inviting front porch to take in all of the view of vibrant Uptown New Orleans Neighborhood. New Interior Paint. 3 Bedroom and 2 bath. Has Original hardwood floors, spiral staircase. High Ceilings, with and sense of grandeur and openness as you enter the front door. Home located in Vibrant Uptown area. Just minutes to Central business district, Main parade routes, Super Dome and Smoothie Center. Schedule a showing today so that you Don't miss out on this GEM!

18. 2025-08-18
    price $135,000 475-char remark

    Show marketing remark (475 chars)

    2 Story with inviting front porch to take in all of the view of vibrant Uptown New Orleans Neighborhood. New Interior Paint. 3 Bedroom and 2 bath. Has Original hardwood floors, spiral staircase. High Ceilings, with and sense of grandeur and openness as you enter the front door. Home located in Vibrant Uptown area. Just minutes to Central business district, Main parade routes, Super Dome and Smoothie Center. Schedule a showing today so that you Don't miss out on this GEM!

19. 2025-08-18
    price $135,000 475-char remark

    Show marketing remark (475 chars)

    2 Story with inviting front porch to take in all of the view of vibrant Uptown New Orleans Neighborhood. New Interior Paint. 3 Bedroom and 2 bath. Has Original hardwood floors, spiral staircase. High Ceilings, with and sense of grandeur and openness as you enter the front door. Home located in Vibrant Uptown area. Just minutes to Central business district, Main parade routes, Super Dome and Smoothie Center. Schedule a showing today so that you Don't miss out on this GEM!

20. 2025-07-07
    status Active 475-char remark

    Show marketing remark (475 chars)

    2 Story with inviting front porch to take in all of the view of vibrant Uptown New Orleans Neighborhood. New Interior Paint. 3 Bedroom and 2 bath. Has Original hardwood floors, spiral staircase. High Ceilings, with and sense of grandeur and openness as you enter the front door. Home located in Vibrant Uptown area. Just minutes to Central business district, Main parade routes, Super Dome and Smoothie Center. Schedule a showing today so that you Don't miss out on this GEM!

21. 2025-06-13
    status Pending 475-char remark

    Show marketing remark (475 chars)

    2 Story with inviting front porch to take in all of the view of vibrant Uptown New Orleans Neighborhood. New Interior Paint. 3 Bedroom and 2 bath. Has Original hardwood floors, spiral staircase. High Ceilings, with and sense of grandeur and openness as you enter the front door. Home located in Vibrant Uptown area. Just minutes to Central business district, Main parade routes, Super Dome and Smoothie Center. Schedule a showing today so that you Don't miss out on this GEM!

22. 2025-05-19
    listed $140,000 Active 475-char remark

    Show marketing remark (475 chars)

    2 Story with inviting front porch to take in all of the view of vibrant Uptown New Orleans Neighborhood. New Interior Paint. 3 Bedroom and 2 bath. Has Original hardwood floors, spiral staircase. High Ceilings, with and sense of grandeur and openness as you enter the front door. Home located in Vibrant Uptown area. Just minutes to Central business district, Main parade routes, Super Dome and Smoothie Center. Schedule a showing today so that you Don't miss out on this GEM!

23. 2025-05-19
    listed $140,000 Active 475-char remark

    Show marketing remark (475 chars)

    2 Story with inviting front porch to take in all of the view of vibrant Uptown New Orleans Neighborhood. New Interior Paint. 3 Bedroom and 2 bath. Has Original hardwood floors, spiral staircase. High Ceilings, with and sense of grandeur and openness as you enter the front door. Home located in Vibrant Uptown area. Just minutes to Central business district, Main parade routes, Super Dome and Smoothie Center. Schedule a showing today so that you Don't miss out on this GEM!

24. 2024-05-23
    listed $160,000 Active
25. 1984-03-28
    soldstatus $49,500

ⓘ 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: $2,002 · $167/mo
• Projected year-2 tax: $2,002 · $167/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) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 19 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: $22,642
• − Mortgage interest: −$6,722
• − Property taxes: −$2,002
• − Insurance: −$1,398
• − Repairs & maintenance: −$1,811
• − Management: −$1,811
• − Depreciation: −$3,491
• Taxable income: $5,407
• Est. tax owed @ 24.0%: −$1,298
• After-tax cash flow: $5,639/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): 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

+142.4% since first listed

10 events — show timeline

• 2026-05-11 Price Changed $120,000 AcadianaMLS
• 2026-05-11 Price Changed $120,000 GSREIN
• 2025-08-18 Price Changed $135,000 AcadianaMLS
• 2025-08-18 Price Changed $135,000 GSREIN
• 2025-07-07 Relisted — GSREIN
• 2025-06-13 Pending — GSREIN
• 2025-05-19 Listed $140,000 GSREIN
• 2025-05-19 Listed $140,000 AcadianaMLS
• 2024-05-23 Listed $160,000 AcadianaMLS
• 1984-03-28 Sold (Public Records) $49,500 Public Records

Property tax history

+6.0%/yr

Latest (2026): $2,002 · +1.1% YoY. Source: county tax records.