1235 37 Alvar St · New Orleans, LA 70117

$129,000

4 bd · 2.0 ba · 1,742 sqft · MultiFamily public records · 353 Days on market

Built 1930 3,689 sqft lot $74/sqft · 50% below area Est $258k · 50% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Ready to build or ready to sell -- your choice. This prime lot comes with stamped plans, full builder's package, survey, and both initial and final elevation certificates already in hand. The approved plans are optimized for strong resale or rental income, featuring a main unit with 3 bedrooms and 2 bathrooms, plus a secondary unit with 2 bedrooms and 1 bathroom. The proposed build increases total living area from 1,742 sq ft to 2,276 sq ft. Contact agent for projected ARV. Whether you're looking to build now or prefer to have the current owner deliver a finished product, the numbers make sense either way. Skip the red tape and jump straight into construction or strategy. Serious upside. No guesswork.

Key facts

• Survey
• Prime lot
• Stamped plans

Tags

• PRIME LOT
• STAMPED PLANS
• FULL BUILDER PACKAGE
• SURVEY
• INITIAL ELEVATION CERTIFICATES
• FINAL ELEVATION CERTIFICATES

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $129k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $129k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 21.0% 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 rising (+2.5%/yr); 581 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,091/mo this rent would consume 81% of the median local household income ($46k/yr) (locally 1988% 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 $892 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 353 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 2y ago; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $129k implies a 98% gain — meaningful room to come down on a strong offer.

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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 353 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 1930 — 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: 2.40% ✓
• Cap rate: 21.01%
• Cash-on-cash: 52.56%
• DSCR: 3.34
• GRM: 3.5

CMA / ARV

• ARV (median comp): $257,763
• List price: $129,000
• Delta: -49.95%
• 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
1304-06 Independence St	0.14mi	4/2.0	1,768 (+2%)	11mo	$61,000	$35	82
1537-1539 Louisa St	0.44mi	4/2.0	1,778 (+2%)	6mo	$329,000	$185	71
3313 15 St Claude Ave	0.33mi	4/3.0	1,850 (+6%)	1mo	$320,000	$173	70
4205 07 Burgundy St	0.32mi	3/2.0 (-1)	1,812 (+4%)	7mo	$475,000	$262	68
3129 31 N Claiborne Ave	0.52mi	4/2.0	1,806 (+4%)	3mo	$267,150	$148	67
816-18 Alvar St	0.32mi	3/2.5 (-1)	1,814 (+4%)	5mo	$435,000	$240	67
3824 26 Royal St	0.44mi	4/2.0	1,599 (-8%)	1mo	$232,500	$145	66
832 34 France St	0.33mi	3/3.0 (-1)	1,677 (-4%)	10mo	$485,000	$289	60
4323 25 N Derbigny St	0.40mi	4/2.0	1,925 (+10%)	5mo	$195,000	$101	60
727 Montegut St	0.71mi	4/2.0	1,670 (-4%)	4mo	$155,000	$93	57
2929 Saint Claude Ave	0.63mi	4/2.0	1,507 (-14%)	1mo	$155,000	$103	47
2814 St Claude Ave	0.74mi	4/2.0	2,000 (+15%)	10mo	$300,000	$150	32

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 · 2.49% rent growth · sell at horizon

5-year hold

• IRR: 47.5%
• Equity multiple: 3.05×
• Total profit: $74,111
• Equity at exit: $19,234

10-year hold

• IRR: 53.0%
• Equity multiple: 6.06×
• Total profit: $182,692
• Equity at exit: $11,154

Cash invested: $36,120 (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 70117

• Rents YoY: 2.5%
• Active inventory: 581
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $3,091 high
• Mortgage (P&I): −$676
• Tax from tax record: −$130 /mo · $1,556/yr
• Insurance: −$54
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$649
• Net cashflow: $1,516

Break-even live

Break-even rent $1,173

Max offer price $129,000

Occupancy floor 46%

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$1,600
1× unit	2	1	$1,491
Total (2 units)			$3,091

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1323 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	0.04mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	0.04mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	2d	1	0.04mi
1437 Gallier St New Orleans, LA	3.0	2.0	1451	$1,875	$1.29	21d	1	0.21mi
1411 France St New Orleans, LA	3.0	2.0	1525	$2,000	$1.31	23d	1	0.22mi
1628 Bartholomew St New Orleans, LA	3.0	2.0	1050	$1,600	$1.52	23d	1	0.27mi
1403 Lesseps St New Orleans, LA	3.0	3.0	1700	$1,800	$1.06	11d	1	0.28mi
4317 Urquhart St New Orleans, LA	3.0	2.0	1300	$1,650	$1.27	23d	1	0.28mi
4318 1/2 N Robertson St New Orleans, LA	3.0	1.0	1250	$1,150	$0.92	2d	1	0.31mi
5624-5626 Saint Claude ST New Orleans, LA	4.0	3.0	1521	$2,300	$1.51	23d	1	0.31mi
4318 N Robertson St New Orleans, LA	3.0	1.0	1250	$1,150	$0.92	3d	1	0.31mi
4230 N Claiborne Ave New Orleans, LA	3.0	2.5	1296	$1,750	$1.35	23d	1	0.32mi
3221 Saint Claude Ave New Orleans, LA	3.0	1.0	1900	$1,650	$0.87	23d	1	0.35mi
1822 Piety St New Orleans, LA	3.0	1.5	1200	$1,500	$1.25	15d	1	0.51mi
1231 Feliciana St New Orleans, LA	3.0	2.5	1869	$2,750	$1.47	43d	1	0.51mi
1904 Desire St New Orleans, LA	3.0	1.0	1200	$1,400	$1.17	10d	1	0.52mi
3134 Burgundy St New Orleans, LA	3.0	2.0	1887	$2,900	$1.54	23d	1	0.53mi
4222 N Johnson St New Orleans, LA	3.0	2.0	1100	$1,895	$1.72	23d	1	0.54mi
1835 Louisa St New Orleans, LA	3.0	2.5	1800	$2,350	$1.31	3d	1	0.55mi
1839 Louisa St New Orleans, LA	3.0	2.0	1500	$2,095	$1.40	15d	1	0.55mi
2019 Gallier St New Orleans, LA	4.0	2.0	1400	$2,200	$1.57	23d	1	0.56mi
1942 Piety St New Orleans, LA	3.0	1.0	1100	$1,500	$1.36	23d	1	0.59mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	43d	1	0.61mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	23d	1	0.61mi
2028 Desire St New Orleans, LA	3.0	1.0	1300	$1,300	$1.00	23d	1	0.61mi
882 Montegut St New Orleans, LA	1.0–3.0	1.0–2.0	826	$2,575	$3.12	43d	7	0.66mi
2129 Desire St Unit 1B New Orleans, LA	3.0	1.0	1105	$1,200	$1.09	2d	1	0.68mi
2129 Desire St Unit 1B New Orleans, LA	3.0	1.0	1105	$1,200	$1.09	3d	1	0.68mi
2114 Feliciana St Unit A New Orleans, LA	3.0	2.0	1134	$1,500	$1.32	15d	1	0.82mi
2114 Feliciana St Unit A New Orleans, LA	3.0	2.0	1134	$1,500	$1.32	23d	1	0.82mi
2331 Feliciana St New Orleans, LA	3.0	2.0	1250	$1,850	$1.48	23d	1	0.93mi
619 Reynes St New Orleans, LA	3.0	2.0	1318	$2,100	$1.59	15d	1	1.01mi
617 Forstall St New Orleans, LA	3.0	2.0	1262	$2,200	$1.74	3d	1	1.06mi
1422 Andry St New Orleans, LA	3.0	2.0	1100	$1,400	$1.27	3d	1	1.12mi
632 Mandeville St Unit 2B New Orleans, LA	4.0	4.5	1337	$4,500	$3.37	16d	1	1.12mi
2322 Burgundy St Unit C New Orleans, LA	3.0	2.0	1250	$2,200	$1.76	23d	1	1.13mi
2524 N Galvez St New Orleans, LA	3.0	2.5	1102	$1,800	$1.63	16d	1	1.13mi
2522 N Galvez St New Orleans, LA	3.0	2.0	1105	$1,675	$1.52	23d	1	1.13mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$4,154	$2.63	3d	2	1.13mi
2515 N Galvez St Unit 2515 New Orleans, LA	4.0	2.0	1200	$1,900	$1.58	23d	1	1.16mi

Listing history 28 events

1. 2026-06-18
   days on market $129,000 Active 353 DOM
2. 2026-06-17
   days on market $129,000 Active 352 DOM
3. 2026-06-16
   days on market $129,000 Active 351 DOM
4. 2026-06-15
   days on market $129,000 Active 350 DOM
5. 2026-06-13
   days on market $129,000 Active 348 DOM
6. 2026-06-10
   days on market $129,000 Active 345 DOM
7. 2026-06-09
   days on market $129,000 Active 344 DOM
8. 2026-06-08
   days on market $129,000 Active 343 DOM
9. 2026-06-07
   days on market $129,000 Active 342 DOM
10. 2026-06-05
    days on market $129,000 Active 339 DOM
11. 2026-06-03
    days on market $129,000 Active 338 DOM
12. 2026-06-02
    days on market $129,000 Active 337 DOM
13. 2026-06-01
    days on market $129,000 Active 336 DOM
14. 2026-05-31
    days on market $129,000 Active 335 DOM
15. 2025-12-19
    price $129,000 710-char remark

    Show marketing remark (721 chars)

    Ready to build or ready to sell — your choice. This prime lot comes with stamped plans, full builder’s package, survey, and both initial and final elevation certificates already in hand. The approved plans are optimized for strong resale or rental income, featuring a main unit with 3 bedrooms and 2 bathrooms, plus a secondary unit with 2 bedrooms and 1 bathroom. The proposed build increases total living area from 1,742 sq ft to 2,276 sq ft. Contact agent for projected ARV. Whether you're looking to build now or prefer to have the current owner deliver a finished product, the numbers make sense either way. Skip the red tape and jump straight into construction or strategy. Serious upside. No guesswork.

16. 2025-12-19
    price $129,000 721-char remark

    Show marketing remark (721 chars)

    Ready to build or ready to sell — your choice. This prime lot comes with stamped plans, full builder’s package, survey, and both initial and final elevation certificates already in hand. The approved plans are optimized for strong resale or rental income, featuring a main unit with 3 bedrooms and 2 bathrooms, plus a secondary unit with 2 bedrooms and 1 bathroom. The proposed build increases total living area from 1,742 sq ft to 2,276 sq ft. Contact agent for projected ARV. Whether you're looking to build now or prefer to have the current owner deliver a finished product, the numbers make sense either way. Skip the red tape and jump straight into construction or strategy. Serious upside. No guesswork.

17. 2025-06-30
    listed $149,000 Active 710-char remark

    Show marketing remark (721 chars)

    Ready to build or ready to sell — your choice. This prime lot comes with stamped plans, full builder’s package, survey, and both initial and final elevation certificates already in hand. The approved plans are optimized for strong resale or rental income, featuring a main unit with 3 bedrooms and 2 bathrooms, plus a secondary unit with 2 bedrooms and 1 bathroom. The proposed build increases total living area from 1,742 sq ft to 2,276 sq ft. Contact agent for projected ARV. Whether you're looking to build now or prefer to have the current owner deliver a finished product, the numbers make sense either way. Skip the red tape and jump straight into construction or strategy. Serious upside. No guesswork.

18. 2025-06-30
    listed $149,000 Active 721-char remark

    Show marketing remark (721 chars)

    Ready to build or ready to sell — your choice. This prime lot comes with stamped plans, full builder’s package, survey, and both initial and final elevation certificates already in hand. The approved plans are optimized for strong resale or rental income, featuring a main unit with 3 bedrooms and 2 bathrooms, plus a secondary unit with 2 bedrooms and 1 bathroom. The proposed build increases total living area from 1,742 sq ft to 2,276 sq ft. Contact agent for projected ARV. Whether you're looking to build now or prefer to have the current owner deliver a finished product, the numbers make sense either way. Skip the red tape and jump straight into construction or strategy. Serious upside. No guesswork.

19. 2025-05-01
    soldstatus $65,000 Closed
20. 2025-05-01
    soldstatus $65,000
21. 2025-04-16
    listed $75,000 Active
22. 2025-04-16
    listed $75,000 Active
23. 2024-10-10
    listed $140,000 Active
24. 2024-10-10
    listed $140,000 Active
25. 2024-08-07
    price $140,000
26. 2024-07-11
    price $145,000
27. 2024-07-03
    listed $140,000
28. 1991-09-19
    soldstatus $24,000

ⓘ 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: $1,556 · $130/mo
• Projected year-2 tax: $1,556 · $130/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 · 60% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 22 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,092
• − Mortgage interest: −$7,226
• − Property taxes: −$1,556
• − Insurance: −$1,442
• − Repairs & maintenance: −$2,967
• − Management: −$2,967
• − Depreciation: −$3,753
• Taxable income: $17,180
• Est. tax owed @ 24.0%: −$4,123
• After-tax cash flow: $14,063/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): 25,652
• Household income: $45,764
• Rent vs Own: 47.8% rent · 52.2% own
• Severe rent burden: 1988.0

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: Majority Black (60%)
• Race & ethnicity: Black 60% White 30% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Lithuanian 5% Italian 1% Romanian 1%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 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: ▼ -177.22%
• Current HPI: 184.6061
• Rent YoY: ▲ 2.49%
• 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

+437.5% since first listed

14 events — show timeline

• 2025-12-19 Price Changed $129,000 AcadianaMLS
• 2025-12-19 Price Changed $129,000 GSREIN
• 2025-06-30 Listed $149,000 GSREIN
• 2025-06-30 Listed $149,000 AcadianaMLS
• 2025-05-01 Sold (Public Records) $65,000 Public Records
• 2025-05-01 Sold (MLS) $65,000 GSREIN
• 2025-04-16 Listed $75,000 GSREIN
• 2025-04-16 Listed $75,000 AcadianaMLS
• 2024-10-10 Listed $140,000 AcadianaMLS
• 2024-10-10 Listed $140,000 AcadianaMLS
• 2024-08-07 Price Changed $140,000 GSREIN
• 2024-07-11 Price Changed $145,000 GSREIN
• 2024-07-03 Listed $140,000 AcadianaMLS
• 1991-09-19 Sold (Public Records) $24,000 Public Records

Property tax history

+15.1%/yr

Latest (2026): $1,556 · +1.1% YoY. Source: county tax records.