508-10 S Murat St · New Orleans, LA 70119

$329,900

None bd · None ba · 2,036 sqft · MultiFamily · 338 Days on market

Good condition 4,032 sqft lot $162/sqft · 17% below area Est $398k · 17% 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 +17.7/30.0
• ARV discount +15.0/15.0
• DSCR +5.5/10.0
• 1% rule +4.8/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +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

Amazing Investment Opportunity in the Heart of New Orleans! This beautifully updated duplex offers 2 bedrooms and 1 bathroom on each side--perfect for homeowners and savvy investors alike. Move into one side and let the other pay your mortgage! Whether you're looking to house-hack or expand your rental portfolio, this property is a win-win. Located just minutes from the vibrant culture, dining, and entertainment that make New Orleans famous. Don't miss your chance to own a piece of the city and generate passive income at the same time!

Key facts

• Updated duplex
• 4,032 sq ft lot
• Listed 338 days

Tags

• UPDATED DUPLEX

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $330k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $267 ($3k/yr) — positive. Per door: $134/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 $322k (2.3% below list).
• Recommended offer: $290k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.3% 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 (-0.2%/yr); 381 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,224/mo this rent would consume 73% of the median local household income ($53k/yr) (locally 3381% 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 $10k 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 338 days — a 12% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 2y ago; this cycle's ask is 25277% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $290,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 338 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. 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: 0.98% ✗
• Cap rate: 7.26%
• Cash-on-cash: 3.47%
• DSCR: 1.15
• GRM: 8.5

CMA / ARV

• ARV (median comp): $398,142
• List price: $329,900
• Delta: -17.14%
• 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
505 S Alexander St	0.10mi	4/2.0	1,820 (-11%)	8mo	$339,000	$186	71
623 25 N Hennessey St	0.62mi	4/2.0	2,018 (-1%)	2mo	$370,000	$183	67
623-25 N Hennessey St	0.62mi	—/—	2,018 (-1%)	2mo	$370,000	$183	67
4024 26 Baudin St	0.39mi	4/2.0	1,890 (-7%)	4mo	$290,000	$153	67
4013 15 Banks St	0.40mi	2/3.0	2,175 (+7%)	7mo	$357,000	$164	64
4121-23 Eagle St	0.35mi	6/4.0	1,782 (-12%)	0mo	$230,000	$129	62
4228-30 Ulloa St	0.27mi	4/2.0	1,780 (-13%)	9mo	$225,000	$126	59
4127-29 Hollygrove St	0.42mi	—/—	1,760 (-14%)	4mo	$131,500	$75	55
4127 29 Hollygrove St	0.42mi	4/2.0	1,760 (-14%)	4mo	$131,500	$75	55
129-31 N Genois St	0.74mi	4/2.0	2,159 (+6%)	1mo	$325,000	$151	55
4727-29 Bienville St	0.44mi	4/2.0	2,326 (+14%)	3mo	$528,000	$227	53
3521 23 Cleveland Ave	0.73mi	5/3.0	2,280 (+12%)	11mo	$437,500	$192	37

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: -14.3%
• Equity multiple: 0.50×
• Total profit: $-45,846
• Equity at exit: $49,189

10-year hold

• IRR: -11.3%
• Equity multiple: 0.41×
• Total profit: $-54,333
• Equity at exit: $28,524

Cash invested: $92,372 (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 70119

• Home prices YoY: -34.8%
• Rents YoY: -0.2%
• Active inventory: 381
• Price-to-rent: 17.1×

Monthly cashflow live

• Estimated rent: $3,224 high
• Mortgage (P&I): −$1,730
• Tax est. 1.5%: −$412 /mo · $4,948/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$677
• Net cashflow: $267

Break-even live

Break-even rent $2,886

Max offer price $329,900

Occupancy floor 87%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,224
Total (2 units)			$3,224

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: $82,475
• Closing costs: $9,897
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4211 Hamilton St Unit NA New Orleans, LA	2.0	1.0	1400	$1,100	$0.79	11d	1	0.46mi
4211 Hamilton St New Orleans, LA	2.0	1.0	1400	$1,100	$0.79	14d	1	0.46mi
647 S Pierce St New Orleans, LA	3.0	2.0	1550	$3,175	$2.05	14d	1	0.47mi
3825 Baudin St New Orleans, LA	3.0	3.5	1680	$2,000	$1.19	23d	1	0.51mi
6465 Oakland Dr New Orleans, LA	3.0	2.5	2864	$4,000	$1.40	3d	1	0.53mi
132 N Cortez St Unit B New Orleans, LA	2.0	1.0	1400	$1,800	$1.29	17d	1	0.63mi
4616 Orleans Ave Unit A New Orleans, LA	2.0	2.0	1700	$2,400	$1.41	23d	1	0.64mi
3701 Canal St Unit MN New Orleans, LA	2.0	2.0	1600	$1,650	$1.03	3d	1	0.65mi
4500 Saint Ann St New Orleans, LA	3.0	2.0	1500	$2,350	$1.57	17d	1	0.69mi
4227 Saint Ann St New Orleans, LA	3.0	2.0	1900	$2,800	$1.47	3d	1	0.73mi
4226 Dumaine St New Orleans, LA	3.0	2.0	1411	$2,250	$1.59	17d	1	0.78mi
305 S Norman C Francis Pkwy New Orleans, LA	3.0	1.5	1730	$2,600	$1.50	17d	1	0.78mi
305 S Norman C Francis Pkwy New Orleans, LA	3.0	1.5	1730	$2,500	$1.45	14d	1	0.78mi
8502 Edinburgh St New Orleans, LA	3.0	2.0	1456	$1,800	$1.24	3d	1	0.79mi
233 S Norman C Francis Pkwy New Orleans, LA	2.0	2.0	1762	$1,625	$0.92	16d	1	0.79mi
233 S Norman C Francis Pkwy New Orleans, LA	2.0	2.0	1762	$1,625	$0.92	17d	1	0.79mi
3700 Orleans Ave New Orleans, LA	1.0–3.0	1.0–2.0	1081	$2,285	$2.11	3d	48	0.82mi
5373 Canal Blvd New Orleans, LA	3.0	2.0	1800	$6,800	$3.78	17d	1	0.91mi
5373 Canal Blvd New Orleans, LA	3.0	2.0	1800	$4,200	$2.33	43d	1	0.91mi
979 Navarre Ave New Orleans, LA	3.0	2.5	1926	$2,200	$1.14	23d	1	1.03mi
3005 Banks St New Orleans, LA	2.0	1.0	2099	$1,500	$0.71	23d	1	1.08mi
228 Fairway Dr New Orleans, LA	3.0	2.5	2300	$4,300	$1.87	3d	1	1.08mi
228 Fairway Dr New Orleans, LA	3.0	2.5	2300	$4,300	$1.87	3d	1	1.08mi
227 S Gayoso St Unit 2h New Orleans, LA	3.0	2.0	1800	$2,500	$1.39	43d	1	1.08mi
804 Pontalba St New Orleans, LA	2.0	2.0	1716	$1,600	$0.93	23d	1	1.11mi
109 Avenue E Metairie, LA	3.0	3.5	2068	$3,000	$1.45	44d	1	1.16mi
8329 Pritchard Pl Unit B New Orleans, LA	1.0	1.5	1500	$1,600	$1.07	11d	1	1.16mi
3100 Orleans Ave New Orleans, LA	2.0	1.0	1875	$1,350	$0.72	23d	1	1.16mi
119 Avenue E Metairie, LA	2.0	1.0	1500	$1,800	$1.20	44d	1	1.17mi
5622 Canal Blvd Unit Upper New Orleans, LA	3.0	2.0	1736	$2,100	$1.21	3d	1	1.24mi
3443 Esplanade Ave New Orleans, LA	3.0	1.0–2.0	997	$2,042	$2.05	3d	30	1.27mi
700 Florida Blvd New Orleans, LA	3.0	2.5	1850	$1,950	$1.05	16d	1	1.30mi
3232 Grand Rte Saint John St New Orleans, LA	3.0	3.0	2800	$5,000	$1.79	23d	1	1.33mi
7933 Belfast St Unit Upper New Orleans, LA	3.0	2.0	1500	$2,400	$1.60	23d	1	1.35mi
2921 Audubon St New Orleans, LA	2.0	1.0	1500	$1,550	$1.03	17d	1	1.35mi
5725 Canal Blvd New Orleans, LA	2.0	1.0	1400	$1,600	$1.14	23d	1	1.36mi
2527 Eagle St New Orleans, LA	3.0	2.0	1571	$2,200	$1.40	23d	1	1.40mi
4120 Erato St New Orleans, LA	3.0	2.0	2250	$1,750	$0.78	23d	1	1.43mi
2651 Poydras St New Orleans, LA	1.0–4.0	1.0–2.0	1095	$1,732	$1.58	1d	16	1.43mi
3024 Esplanade Ave New Orleans, LA	3.0	2.5	2300	$4,500	$1.96	43d	1	1.46mi

Listing history 26 events

1. 2026-06-18
   days on market $329,900 Active 338 DOM
2. 2026-06-17
   days on market $329,900 Active 337 DOM
3. 2026-06-16
   days on market $329,900 Active 336 DOM
4. 2026-06-15
   days on market $329,900 Active 335 DOM
5. 2026-06-13
   days on market $329,900 Active 333 DOM
6. 2026-06-10
   days on market $329,900 Active 330 DOM
7. 2026-06-09
   days on market $329,900 Active 329 DOM
8. 2026-06-08
   days on market $329,900 Active 328 DOM
9. 2026-06-07
   days on market $329,900 Active 327 DOM
10. 2026-06-05
    days on market $329,900 Active 324 DOM
11. 2026-06-03
    days on market $329,900 Active 323 DOM
12. 2026-06-02
    days on market $329,900 Active 322 DOM
13. 2026-06-01
    days on market $329,900 Active 321 DOM
14. 2026-05-31
    days on market $329,900 Active 320 DOM
15. 2026-05-05
    price $329,900 541-char remark

    Show marketing remark (541 chars)

    Amazing Investment Opportunity in the Heart of New Orleans! This beautifully updated duplex offers 2 bedrooms and 1 bathroom on each side--perfect for homeowners and savvy investors alike. Move into one side and let the other pay your mortgage! Whether you're looking to house-hack or expand your rental portfolio, this property is a win-win. Located just minutes from the vibrant culture, dining, and entertainment that make New Orleans famous. Don't miss your chance to own a piece of the city and generate passive income at the same time!

16. 2026-03-11
    listed $1,300
17. 2026-03-11
    historical $1,400
18. 2026-01-15
    price $1,400
19. 2026-01-06
    listed $1,500
20. 2026-01-05
    price $348,900 541-char remark

    Show marketing remark (541 chars)

    Amazing Investment Opportunity in the Heart of New Orleans! This beautifully updated duplex offers 2 bedrooms and 1 bathroom on each side--perfect for homeowners and savvy investors alike. Move into one side and let the other pay your mortgage! Whether you're looking to house-hack or expand your rental portfolio, this property is a win-win. Located just minutes from the vibrant culture, dining, and entertainment that make New Orleans famous. Don't miss your chance to own a piece of the city and generate passive income at the same time!

21. 2025-10-30
    price $349,000 541-char remark

    Show marketing remark (541 chars)

    Amazing Investment Opportunity in the Heart of New Orleans! This beautifully updated duplex offers 2 bedrooms and 1 bathroom on each side--perfect for homeowners and savvy investors alike. Move into one side and let the other pay your mortgage! Whether you're looking to house-hack or expand your rental portfolio, this property is a win-win. Located just minutes from the vibrant culture, dining, and entertainment that make New Orleans famous. Don't miss your chance to own a piece of the city and generate passive income at the same time!

22. 2025-07-15
    listed $359,900 Active 541-char remark

    Show marketing remark (541 chars)

    Amazing Investment Opportunity in the Heart of New Orleans! This beautifully updated duplex offers 2 bedrooms and 1 bathroom on each side--perfect for homeowners and savvy investors alike. Move into one side and let the other pay your mortgage! Whether you're looking to house-hack or expand your rental portfolio, this property is a win-win. Located just minutes from the vibrant culture, dining, and entertainment that make New Orleans famous. Don't miss your chance to own a piece of the city and generate passive income at the same time!

23. 2025-03-01
    historical $1,500
24. 2025-01-16
    listed $380,000 Active
25. 2024-09-04
    listed $1,500
26. 2024-08-28
    listed $1,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $38,688
• − Mortgage interest: −$18,480
• − Property taxes: −$4,948
• − Insurance: −$1,650
• − Repairs & maintenance: −$3,095
• − Management: −$3,095
• − Depreciation: −$9,597
• Taxable loss: −$2,177
• Est. tax savings @ 24.0%: +$522
• After-tax cash flow: $3,728/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 · 10 photos

Good 80/100 Cosmetic rehab

A well-maintained, updated duplex with good curb appeal and interior condition, offering a solid investment opportunity.

Repairs flagged

• Minor Kitchen cabinets — Worn appearance
• Minor Bathroom fixtures — Need cleaning

Value-add opportunities

• Both Paint kitchen cabinets — Enhances curb appeal and interior aesthetics
• Both Replace bathroom fixtures — Improves functionality and aesthetics
• Both Landscaping — Enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Worn appearance	Minor	$500–3,000
Bathroom fixtures · Need cleaning	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint kitchen cabinets — Enhances curb appeal and interior aesthetics ↑
• Both Replace bathroom fixtures — Improves functionality and aesthetics ↑
• Both Landscaping — Enhances curb appeal and property 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): 37,253
• Household income: $53,143
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 3381.0

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 0.64)
• Race & ethnicity: Black 44% White 40% Two or more races 10% Hispanic / Latino 9% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Slovak 2% Romanian 1%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 6% French/Haitian/Cajun 1% Other Indo-European 0%

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: ▼ -135.38%
• Current HPI: 253.1929
• Rent YoY: ▼ -0.20%
• 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

+21893.3% since first listed

12 events — show timeline

• 2026-05-05 Price Changed $329,900 AcadianaMLS
• 2026-03-11 Listed for Rent $1,300 RAAMLS
• 2026-03-11 Rental Removed $1,400 GSREIN
• 2026-01-15 Price Changed $1,400 GSREIN
• 2026-01-06 Listed for Rent $1,500 GSREIN
• 2026-01-05 Price Changed $348,900 AcadianaMLS
• 2025-10-30 Price Changed $349,000 AcadianaMLS
• 2025-07-15 Listed $359,900 AcadianaMLS
• 2025-03-01 Rental Removed $1,500 GSREIN
• 2025-01-16 Listed $380,000 AcadianaMLS
• 2024-09-04 Listed for Rent $1,500 GSREIN
• 2024-08-28 Listed $1,500 AcadianaMLS