1724 Fern St · New Orleans, LA 70118

$399,000

8 bd · 4.0 ba · 1,834 sqft · MultiFamily public records · 259 Days on market

Built 1925 3,210 sqft lot $218/sqft · 43% above area Est $500k · 20% under

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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 +16.6/30.0
• ARV discount +15.0/15.0
• DSCR +5.2/10.0
• 1% rule +4.3/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Rare opportunity--4-plexes seldomly come to the market in the Carrollton area. Located in an X flood zone, this property offers reduced flood insurance costs and peace of mind in a highly sought-after neighborhood. The upstairs features two turnkey, renovated, and rented 2-bed, 1-bath units with wood floors, high ceilings, decorative fireplace mantles (non-functional), and window units providing both AC and heat. There is no central AC throughout the property. All are shotgun style homes. The roof and all water heaters were replaced in 2023. The property has separate electrical meters for each unit, a single water meter, and a full electrical upgrade completed in 2002. Each unit has its own washer/dryer space with storage, plus access to a shared backyard. All four units are currently rented, providing consistent income. The two downstairs 1-bed, 1-bath units are well below market rent and present a clear value-add opportunity--good for an investor looking to increase returns over time. This property could also be a great option for an owner-occupant: live in one unit and let the other three help cover the mortgage. Just steps from Carrollton Avenue, the St. Charles streetcar line, shops, restaurants, and both Tulane and Loyola Universities, this property blends steady cash flow, classic New Orleans architecture, and strong upside potential--a rare find in one of the city's most desirable neighborhoods.

Key facts

• Renovated units
• Wood floors
• High ceilings

Tags

• REDUCED FLOOD INSURANCE COSTS
• RENOVATED UNITS
• WOOD FLOORS
• HIGH CEILINGS
• DECORATIVE FIREPLACE MANTLES
• SHARED BACKYARD

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/?-bath units multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $178 ($2k/yr) — positive. Per door: $89/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $373k (6.6% below list).
• Recommended offer: $351k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.0% 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; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,727/mo this rent would consume 70% of the median local household income ($64k/yr) (locally 2237% 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 $3k of loan paydown is wiped out by about $12k 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 259 days — a 12% lower offer ($351k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $31k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $399k implies a 700% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major 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 $351,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 259 days. Have you received any prior offers? Is the seller open to a 12% 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. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. 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: 0.93% ✗
• Cap rate: 7.03%
• Cash-on-cash: 2.63%
• DSCR: 1.12
• GRM: 8.9

CMA / ARV

• ARV (median comp): $500,183
• List price: $399,000
• Delta: -20.23%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.97% rent growth · sell at horizon

5-year hold

• IRR: -15.6%
• Equity multiple: 0.46×
• Total profit: $-60,714
• Equity at exit: $59,492

10-year hold

• IRR: -11.0%
• Equity multiple: 0.40×
• Total profit: $-67,410
• Equity at exit: $34,498

Cash invested: $111,720 (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 70118

• Rents YoY: 1.0%
• Active inventory: 279
• Price-to-rent: 17.8×

Monthly cashflow live

• Estimated rent: $3,727 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$441 /mo · $5,294/yr
• Insurance: −$166
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$783
• Net cashflow: $178

Break-even live

Break-even rent $3,502

Max offer price $399,000

Occupancy floor 90%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	—	$3,728
Total (2 units)			$3,727

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $399,000 Active 259 DOM
2. 2026-06-17
   days on market $399,000 Active 258 DOM
3. 2026-06-16
   days on market $399,000 Active 257 DOM
4. 2026-06-15
   days on market $399,000 Active 256 DOM
5. 2026-06-13
   days on market $399,000 Active 254 DOM
6. 2026-06-10
   days on market $399,000 Active 251 DOM
7. 2026-06-09
   days on market $399,000 Active 250 DOM
8. 2026-06-08
   days on market $399,000 Active 249 DOM
9. 2026-06-07
   days on market $399,000 Active 248 DOM
10. 2026-06-05
    days on market $399,000 Active 245 DOM
11. 2026-06-03
    days on market $399,000 Active 244 DOM
12. 2026-06-02
    days on market $399,000 Active 243 DOM
13. 2026-06-01
    days on market $399,000 Active 242 DOM
14. 2026-05-31
    days on market $399,000 Active 241 DOM
15. 2026-04-23
    status Active 1426-char remark

    Show marketing remark (1447 chars)

    Rare opportunity—4-plexes seldomly come to the market in the Carrollton area. Located in an X flood zone, this property offers reduced flood insurance costs and peace of mind in a highly sought-after neighborhood. The upstairs features two turnkey, renovated, and rented 2-bed, 1-bath units with wood floors, high ceilings, decorative fireplace mantles (non-functional), and window units providing both AC and heat. There is no central AC throughout the property. All are shotgun style homes. The roof and all water heaters were replaced in 2023. The property has separate electrical meters for each unit, a single water meter, and a full electrical upgrade completed in 2002. Each unit has its own washer/dryer space with storage, plus access to a shared backyard. All four units are currently rented, providing consistent income. The two downstairs 1-bed, 1-bath units are well below market rent and present a clear value-add opportunity—good for an investor looking to increase returns over time. This property could also be a great option for an owner-occupant: live in one unit and let the other three help cover the mortgage. Just steps from Carrollton Avenue, the St. Charles streetcar line, shops, restaurants, and both Tulane and Loyola Universities, this property blends steady cash flow, classic New Orleans architecture, and strong upside potential—a rare find in one of the city’s most desirable neighborhoods.

16. 2026-04-23
    status Active 1447-char remark

    Show marketing remark (1447 chars)

    Rare opportunity—4-plexes seldomly come to the market in the Carrollton area. Located in an X flood zone, this property offers reduced flood insurance costs and peace of mind in a highly sought-after neighborhood. The upstairs features two turnkey, renovated, and rented 2-bed, 1-bath units with wood floors, high ceilings, decorative fireplace mantles (non-functional), and window units providing both AC and heat. There is no central AC throughout the property. All are shotgun style homes. The roof and all water heaters were replaced in 2023. The property has separate electrical meters for each unit, a single water meter, and a full electrical upgrade completed in 2002. Each unit has its own washer/dryer space with storage, plus access to a shared backyard. All four units are currently rented, providing consistent income. The two downstairs 1-bed, 1-bath units are well below market rent and present a clear value-add opportunity—good for an investor looking to increase returns over time. This property could also be a great option for an owner-occupant: live in one unit and let the other three help cover the mortgage. Just steps from Carrollton Avenue, the St. Charles streetcar line, shops, restaurants, and both Tulane and Loyola Universities, this property blends steady cash flow, classic New Orleans architecture, and strong upside potential—a rare find in one of the city’s most desirable neighborhoods.

17. 2026-03-03
    status Pending 1426-char remark

    Show marketing remark (1447 chars)

    Rare opportunity—4-plexes seldomly come to the market in the Carrollton area. Located in an X flood zone, this property offers reduced flood insurance costs and peace of mind in a highly sought-after neighborhood. The upstairs features two turnkey, renovated, and rented 2-bed, 1-bath units with wood floors, high ceilings, decorative fireplace mantles (non-functional), and window units providing both AC and heat. There is no central AC throughout the property. All are shotgun style homes. The roof and all water heaters were replaced in 2023. The property has separate electrical meters for each unit, a single water meter, and a full electrical upgrade completed in 2002. Each unit has its own washer/dryer space with storage, plus access to a shared backyard. All four units are currently rented, providing consistent income. The two downstairs 1-bed, 1-bath units are well below market rent and present a clear value-add opportunity—good for an investor looking to increase returns over time. This property could also be a great option for an owner-occupant: live in one unit and let the other three help cover the mortgage. Just steps from Carrollton Avenue, the St. Charles streetcar line, shops, restaurants, and both Tulane and Loyola Universities, this property blends steady cash flow, classic New Orleans architecture, and strong upside potential—a rare find in one of the city’s most desirable neighborhoods.

18. 2026-03-03
    status Pending 1447-char remark

    Show marketing remark (1447 chars)

    Rare opportunity—4-plexes seldomly come to the market in the Carrollton area. Located in an X flood zone, this property offers reduced flood insurance costs and peace of mind in a highly sought-after neighborhood. The upstairs features two turnkey, renovated, and rented 2-bed, 1-bath units with wood floors, high ceilings, decorative fireplace mantles (non-functional), and window units providing both AC and heat. There is no central AC throughout the property. All are shotgun style homes. The roof and all water heaters were replaced in 2023. The property has separate electrical meters for each unit, a single water meter, and a full electrical upgrade completed in 2002. Each unit has its own washer/dryer space with storage, plus access to a shared backyard. All four units are currently rented, providing consistent income. The two downstairs 1-bed, 1-bath units are well below market rent and present a clear value-add opportunity—good for an investor looking to increase returns over time. This property could also be a great option for an owner-occupant: live in one unit and let the other three help cover the mortgage. Just steps from Carrollton Avenue, the St. Charles streetcar line, shops, restaurants, and both Tulane and Loyola Universities, this property blends steady cash flow, classic New Orleans architecture, and strong upside potential—a rare find in one of the city’s most desirable neighborhoods.

19. 2025-10-14
    price $399,000 1426-char remark

    Show marketing remark (1447 chars)

    Rare opportunity—4-plexes seldomly come to the market in the Carrollton area. Located in an X flood zone, this property offers reduced flood insurance costs and peace of mind in a highly sought-after neighborhood. The upstairs features two turnkey, renovated, and rented 2-bed, 1-bath units with wood floors, high ceilings, decorative fireplace mantles (non-functional), and window units providing both AC and heat. There is no central AC throughout the property. All are shotgun style homes. The roof and all water heaters were replaced in 2023. The property has separate electrical meters for each unit, a single water meter, and a full electrical upgrade completed in 2002. Each unit has its own washer/dryer space with storage, plus access to a shared backyard. All four units are currently rented, providing consistent income. The two downstairs 1-bed, 1-bath units are well below market rent and present a clear value-add opportunity—good for an investor looking to increase returns over time. This property could also be a great option for an owner-occupant: live in one unit and let the other three help cover the mortgage. Just steps from Carrollton Avenue, the St. Charles streetcar line, shops, restaurants, and both Tulane and Loyola Universities, this property blends steady cash flow, classic New Orleans architecture, and strong upside potential—a rare find in one of the city’s most desirable neighborhoods.

20. 2025-10-14
    price $399,000 1447-char remark

    Show marketing remark (1447 chars)

    Rare opportunity—4-plexes seldomly come to the market in the Carrollton area. Located in an X flood zone, this property offers reduced flood insurance costs and peace of mind in a highly sought-after neighborhood. The upstairs features two turnkey, renovated, and rented 2-bed, 1-bath units with wood floors, high ceilings, decorative fireplace mantles (non-functional), and window units providing both AC and heat. There is no central AC throughout the property. All are shotgun style homes. The roof and all water heaters were replaced in 2023. The property has separate electrical meters for each unit, a single water meter, and a full electrical upgrade completed in 2002. Each unit has its own washer/dryer space with storage, plus access to a shared backyard. All four units are currently rented, providing consistent income. The two downstairs 1-bed, 1-bath units are well below market rent and present a clear value-add opportunity—good for an investor looking to increase returns over time. This property could also be a great option for an owner-occupant: live in one unit and let the other three help cover the mortgage. Just steps from Carrollton Avenue, the St. Charles streetcar line, shops, restaurants, and both Tulane and Loyola Universities, this property blends steady cash flow, classic New Orleans architecture, and strong upside potential—a rare find in one of the city’s most desirable neighborhoods.

21. 2025-08-12
    listed $430,000 Active 1426-char remark

    Show marketing remark (1447 chars)

    Rare opportunity—4-plexes seldomly come to the market in the Carrollton area. Located in an X flood zone, this property offers reduced flood insurance costs and peace of mind in a highly sought-after neighborhood. The upstairs features two turnkey, renovated, and rented 2-bed, 1-bath units with wood floors, high ceilings, decorative fireplace mantles (non-functional), and window units providing both AC and heat. There is no central AC throughout the property. All are shotgun style homes. The roof and all water heaters were replaced in 2023. The property has separate electrical meters for each unit, a single water meter, and a full electrical upgrade completed in 2002. Each unit has its own washer/dryer space with storage, plus access to a shared backyard. All four units are currently rented, providing consistent income. The two downstairs 1-bed, 1-bath units are well below market rent and present a clear value-add opportunity—good for an investor looking to increase returns over time. This property could also be a great option for an owner-occupant: live in one unit and let the other three help cover the mortgage. Just steps from Carrollton Avenue, the St. Charles streetcar line, shops, restaurants, and both Tulane and Loyola Universities, this property blends steady cash flow, classic New Orleans architecture, and strong upside potential—a rare find in one of the city’s most desirable neighborhoods.

22. 2025-08-12
    listed $430,000 Active 1447-char remark

    Show marketing remark (1447 chars)

    Rare opportunity—4-plexes seldomly come to the market in the Carrollton area. Located in an X flood zone, this property offers reduced flood insurance costs and peace of mind in a highly sought-after neighborhood. The upstairs features two turnkey, renovated, and rented 2-bed, 1-bath units with wood floors, high ceilings, decorative fireplace mantles (non-functional), and window units providing both AC and heat. There is no central AC throughout the property. All are shotgun style homes. The roof and all water heaters were replaced in 2023. The property has separate electrical meters for each unit, a single water meter, and a full electrical upgrade completed in 2002. Each unit has its own washer/dryer space with storage, plus access to a shared backyard. All four units are currently rented, providing consistent income. The two downstairs 1-bed, 1-bath units are well below market rent and present a clear value-add opportunity—good for an investor looking to increase returns over time. This property could also be a great option for an owner-occupant: live in one unit and let the other three help cover the mortgage. Just steps from Carrollton Avenue, the St. Charles streetcar line, shops, restaurants, and both Tulane and Loyola Universities, this property blends steady cash flow, classic New Orleans architecture, and strong upside potential—a rare find in one of the city’s most desirable neighborhoods.

23. 1997-10-09
    soldstatus $49,880
24. 1984-09-14
    soldstatus $40,000

ⓘ 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: $5,294 · $441/mo
• Projected year-2 tax: $5,294 · $441/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 7/10 Severe FEMA zone X · 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: $44,724
• − Mortgage interest: −$22,350
• − Property taxes: −$5,294
• − Insurance: −$2,792
• − Repairs & maintenance: −$3,578
• − Management: −$3,578
• − Depreciation: −$11,607
• Taxable loss: −$4,476
• Est. tax savings @ 24.0%: +$1,074
• After-tax cash flow: $3,211/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

+897.5% since first listed

10 events — show timeline

• 2026-04-23 Relisted — AcadianaMLS
• 2026-04-23 Relisted — GSREIN
• 2026-03-03 Pending — AcadianaMLS
• 2026-03-03 Pending — GSREIN
• 2025-10-14 Price Changed $399,000 AcadianaMLS
• 2025-10-14 Price Changed $399,000 GSREIN
• 2025-08-12 Listed $430,000 GSREIN
• 2025-08-12 Listed $430,000 AcadianaMLS
• 1997-10-09 Sold (Public Records) $49,880 Public Records
• 1984-09-14 Sold (Public Records) $40,000 Public Records

Property tax history

+5.7%/yr

Latest (2026): $5,294 · +1.1% YoY. Source: county tax records.