1806 N Robertson St · New Orleans, LA 70116

$615,000

9 bd · 6.0 ba · 3,672 sqft · MultiFamily · 13 Days on market

Built 1930 Fair condition ↓ 18% since listing

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Cash flow +1.6/30.0
• Schools +1.6/10.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. 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

Great investment/redevelopment opportunity in the South 7th Ward neighborhood centrally located near St. Roch, Treme, and the Marigny neighborhoods, and minutes to I-10! This unique five unit property sits on a corner lot and includes one building that includes four separate apartments: two 1 bedroom, 1 bath units, one 3 bedroom, 2 bath unit, and one 2 bedroom, 1 bath unit. The detached guest house/single family structure at the rear of the main property includes 2 bedrooms and 1 bath, and has been recently renovated with new sheetrock, bathroom, and flooring. New HVAC system in unit C. Units include ceramic tile flooring and carpet, and three of the units have central A/C and heat. Roof replaced in 2021. X flood zone= Preferred insurance premium. Units are currently fully rented with $5988/month in rental income. Unit B was previously rented for $900/month. Call today to schedule a tour of your new investment property!

Key facts

• Central a/c and heat
• Recently renovated
• Corner lot

Tags

• CORNER LOT
• DETACHED GUEST HOUSE
• RECENTLY RENOVATED
• NEW HVAC SYSTEM
• CERAMIC TILE FLOORING
• CENTRAL A/C AND HEAT

Property features AI

Finance

• Financial info: 5-unit building — tenants pay electricity, gas, and water

Exterior

• Utilities: Public water; Public sewer
• Home design: 2-story building; Raised foundation
• Construction: Block and vinyl siding construction; Shingle roof
• Exterior features: Balcony; Corner lot; City lot

Interior

• Bathrooms: 6 full bathrooms
• Heating & cooling: Central heating; Window unit heating; Central air conditioning; Window unit air conditioning
• Interior features: Excellent condition
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 9-bed/6.0-bath multifamily listed at $615k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-2k ($-29k/yr) — negative.
• To cash-flow at today's rent, offer at most $262k (57.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $238k (61.3% below list).
• Recommended offer: $238k (61.3% below list) — sets the bar for 1% rule.
• Cap rate 1.7% vs local median 4.4% in New Orleans — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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; 351 active listings in the ZIP; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,378/mo this rent would consume 55% of the median local household income ($52k/yr) (locally 1001% 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 $4k of loan paydown is wiped out by about $18k 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

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1930 — 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 $237,826 (61.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.39% ✗
• Cap rate: 1.67%
• Cash-on-cash: -16.52%
• DSCR: 0.26
• GRM: 21.5

CMA / ARV

• ARV (on-the-fly): $235,008
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2305-2307 Frenchmen St	0.62mi	8/4.0 (-1)	3,500 (-5%)	12mo	$144,000	$41	40
2032-34 Elysian Fields Ave	0.47mi	8/4.0 (-1)	3,336 (-9%)	15mo	$310,000	$93	37
1712-14 Ursulines Ave	0.67mi	8/4.0 (-1)	3,936 (+7%)	11mo	$225,000	$57	35
1506-08 Spain St	0.47mi	8/4.0 (-1)	3,224 (-12%)	13mo	$205,000	$64	34
1416 18 Franklin Ave	0.72mi	8/8.5 (-1)	3,780 (+3%)	15mo	$75,000	$20	34
1618-20 N Johnson St	0.49mi	10/4.0 (+1)	3,996 (+9%)	19mo	$320,500	$80	33

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 · 0.18% rent growth · sell at horizon

5-year hold

• IRR: -52.7%
• Equity multiple: -0.52×
• Total profit: $-261,405
• Equity at exit: $91,698

10-year hold

• IRR: —
• Equity multiple: -1.63×
• Total profit: $-452,694
• Equity at exit: $53,174

Cash invested: $172,200 (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 70116

• Home prices YoY: -34.5%
• Rents YoY: 0.2%
• Active inventory: 351
• Price-to-rent: 21.5×

Monthly cashflow live

• Estimated rent: $2,378 medium
• Mortgage (P&I): −$3,225
• Tax est. 1.5%: −$769 /mo · $9,225/yr
• Insurance: −$256
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$499
• Net cashflow: $-2,438

Break-even live

Break-even rent $5,464

Max offer price $262,252

Occupancy floor —

Sensitivity live

Price	-10% $-2,013	-5% $-2,225	+0% $-2,438	+5% $-2,650	+10% $-2,863
Rent	-10% $-2,626	-5% $-2,532	+0% $-2,438	+5% $-2,344	+10% $-2,250
Rate	-1.0pp $-2,128	-0.5pp $-2,281	base $-2,438	+0.5pp $-2,597	+1.0pp $-2,759

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: $153,750
• Closing costs: $18,450
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-21
   days on market $615,000 Active 13 DOM
2. 2026-06-18
   days on market $615,000 Active 10 DOM
3. 2026-06-17
   days on market $615,000 Active 9 DOM
4. 2026-06-16
   days on market $615,000 Active 8 DOM
5. 2026-06-15
   days on market $615,000 Active 7 DOM
6. 2026-06-13
   days on market $615,000 Active 5 DOM
7. 2026-06-10
   days on market $615,000 Active 2 DOM
8. 2026-06-08
   remarks 699-char remark
9. 2026-06-08
   listed $615,000 Active 1 DOM

ⓘ 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) · 96% 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: $28,539
• − Mortgage interest: −$34,450
• − Property taxes: −$9,225
• − Insurance: −$3,872
• − Repairs & maintenance: −$2,283
• − Management: −$2,283
• − Depreciation: −$17,891
• Taxable loss: −$41,465
• Est. tax savings @ 24.0%: +$9,952
• After-tax cash flow: $-19,301/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 · 12 photos

Fair 45/100 Moderate rehab

This multi-family property presents a moderate rehab opportunity with outdated kitchen and bathroom fixtures, and some paint wear. Upgrading these areas will significantly increase its value.

Repairs flagged

• Moderate Kitchen cabinets — Older cabinets need updating
• Moderate Appliances — Outdated appliances need replacement
• Moderate Bathroom fixtures — Older fixtures need updating
• Minor Paint — Paint appears worn in some areas

Value-add opportunities

• Both Update kitchen cabinets and appliances — Modernizing the kitchen will appeal to both buyers and renters
• Both Replace outdated bathroom fixtures — Updating bathrooms will improve both resale and rental value
• Both Paint interior walls — Fresh paint will make the home more appealing and easier to sell
• Both Landscaping improvements — Better landscaping will enhance curb appeal and attract more potential buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Older cabinets need updating	Moderate	$3,000–15,000
Appliances · Outdated appliances need replacement	Moderate	$3,000–15,000
Bathroom fixtures · Older fixtures need updating	Moderate	$3,000–15,000
Paint · Paint appears worn in some areas	Minor	$500–3,000
Total estimated repair cost · 4 items		$9,500–48,000

Value-add ROI direction

• Both Update kitchen cabinets and appliances — Modernizing the kitchen will appeal to both buyers and renters ↑
• Both Replace outdated bathroom fixtures — Updating bathrooms will improve both resale and rental value ↑
• Both Paint interior walls — Fresh paint will make the home more appealing and easier to sell ↑
• Both Landscaping improvements — Better landscaping will enhance curb appeal and attract more potential buyers ↑

ⓘ 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): 10,404
• Household income: $52,306
• Rent vs Own: 52.5% rent · 47.5% own
• Severe rent burden: 1001.0

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 0.63)
• Race & ethnicity: White 45% Black 40% Hispanic / Latino 10% Two or more races 8%
• Hispanic origin (detail): Mexican 1% Cuban 3%
• Common ancestry: Lithuanian 6% Slovak 3% Romanian 3%
• Foreign-born: 5% · Canada
• Languages at home: 90% English-only · Spanish 6% French/Haitian/Cajun 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: ▼ -144.83%
• Current HPI: 275.5453
• Rent YoY: ▲ 0.18%
• 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

-18.0% since first listed

5 events — show timeline

• 2026-06-05 Listed $615,000 AcadianaMLS
• 2026-06-05 Listed $615,000 GSREIN
• 2024-04-25 Listed $749,900 AcadianaMLS
• 2023-08-01 Price Changed $749,900 GSREIN
• 2023-07-28 Listed $749,900 AcadianaMLS