1226-28 Carondelet St · New Orleans, LA 70130

$235,000

None bd · None ba · 2,730 sqft · MultiFamily · 8 Days on market

Fair condition 2,048 sqft lot $86/sqft · 53% below area ↓ 30% since listing

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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
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.0/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. 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

Calling all INVESTORS! 4-plex in need of renovation with tons of potential in great location. Zoned HU-MU!!! Lots of possibilities with this Mixed Use Property. Just one block off St. Charles Ave and two blocks to I-10. Surrounded by other renovated properties, Airbnb, and Boutique Hotel Corridor promoting foot traffic for many types of businesses. Buyer to verify measurements, zoning and permitted use. Walking distance to Mardi Gras parades, shopping, restaurants, downtown, Super Dome, uptown and more! PROPERTY IS IN FAIR CONDITION AND NEEDS WORK! Seller will not make any repairs. Sold AS IS. 4 electric, water & gas meters. This property may be approved for Federal and State Historic

Key facts

• 2,048 sq ft lot
• Listed 8 days

Property features AI

Finance

• Other: Located near St. Charles Ave, Baronne St., Clio St. and Erato St.

Exterior

• Parking: No on-site parking specified
• Home design: Multi-unit property with 4 total units
• Construction: Wood siding construction; Composition roof
• Exterior features: Wood siding; Composition roof

Interior

• Bathrooms: 4 full bathrooms
• Heating & cooling: No heating system specified; No cooling system specified
• Interior features: Balcony

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $235k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $4k ($45k/yr) — positive. Per door: $942/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $235k).
• Cap rate 25.9% 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; 308 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $6,910/mo this rent would consume 103% of the median local household income ($80k/yr) (locally 841% 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 $7k 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 + 0.9% rent growth), your $66k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts 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.
• Current owner paid $200k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• 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 $235,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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: 2.94% ✓
• Cap rate: 25.88%
• Cash-on-cash: 69.94%
• DSCR: 4.11
• GRM: 2.8

CMA / ARV

• ARV (median comp): $499,082
• List price: $235,000
• Delta: -52.91%
• 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
1226-28 Carondelet St	0.00mi	—/—	2,730 (0%)	1mo	$200,000	$73	99
1226 28 Carondelet St	0.00mi	4/4.0	2,730 (0%)	1mo	$200,000	$73	99
1204 06 Race St	0.47mi	6/5.0	2,878 (+5%)	2mo	$960,000	$334	67
1370-72 Magazine St	0.40mi	5/5.5	2,944 (+8%)	3mo	$843,000	$286	66
1113 15 Thalia St	0.30mi	4/4.0	3,023 (+11%)	3mo	$1,360,000	$450	66
1921 23 Josephine St	0.48mi	4/3.0	2,900 (+6%)	7mo	$199,900	$69	61
2121 St Andrew St	0.45mi	6/4.0	2,430 (-11%)	3mo	$414,000	$170	58
1357-59 Constance St	0.43mi	3/3.0	2,412 (-12%)	4mo	$599,000	$248	57
1917 19 Josephine St	0.47mi	6/6.0	2,369 (-13%)	7mo	$375,000	$158	50
2023 A B First St	0.70mi	6/4.5	2,445 (-10%)	1mo	$485,000	$198	49
2124 26 Rev John Raphel Jr Way	0.55mi	4/4.0	2,369 (-13%)	5mo	$199,900	$84	48
2122 24 Rev John Raphel Jr Way	0.61mi	4/4.0	2,369 (-13%)	5mo	$199,900	$84	45

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 · 0.95% rent growth · sell at horizon

5-year hold

• IRR: 65.8%
• Equity multiple: 3.86×
• Total profit: $188,109
• Equity at exit: $35,039

10-year hold

• IRR: 69.5%
• Equity multiple: 7.36×
• Total profit: $418,440
• Equity at exit: $20,319

Cash invested: $65,800 (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 70130

• Rents YoY: 0.9%
• Active inventory: 308
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $6,910 high
• Mortgage (P&I): −$1,232
• Tax est. 1.5%: −$294 /mo · $3,525/yr
• Insurance: −$98
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,451
• Net cashflow: $3,768

Break-even live

Break-even rent $2,140

Max offer price $235,000

Occupancy floor 40%

Sensitivity live

Price	-10% $3,931	-5% $3,850	+0% $3,768	+5% $3,687	+10% $3,606
Rent	-10% $3,223	-5% $3,495	+0% $3,768	+5% $4,041	+10% $4,314
Rate	-1.0pp $3,887	-0.5pp $3,828	base $3,768	+0.5pp $3,708	+1.0pp $3,646

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,912
Total (4 units)			$6,910

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1201 Baronne St #2 New Orleans, LA	2.0	2.5	1998	$1,850	$0.93	17d	1	0.15mi
1201 Baronne St #1 New Orleans, LA	3.0	2.5	1892	$2,700	$1.43	17d	1	0.15mi
822 Howard Ave Unit 1272354P New Orleans, LA	1.0–5.0	1.0–4.0	1749	$3,985	$2.28	2d	3	0.22mi
801 Saint Joseph St #1 New Orleans, LA	2.0	2.5	2400	$14,000	$5.83	44d	1	0.28mi
875 O'Keefe Ave #301 New Orleans, LA	3.0	2.5	2029	$4,500	$2.22	17d	1	0.34mi
803 Baronne St New Orleans, LA	3.0	2.0	1791	$3,525	$1.97	4d	1	0.37mi
1229 Annunciation St New Orleans, LA	3.0	3.0	3517	$5,500	$1.56	4d	1	0.41mi
1050 Annunciation St Unit 1272355P New Orleans, LA	2.0–5.0	2.0–4.0	1544	$1,488	$0.96	4d	3	0.44mi
1000 Girod St Ph 2 New Orleans, LA	3.0	3.5	2008	$4,800	$2.39	44d	1	0.48mi
713 Camp St #400 New Orleans, LA	2.0	2.0	1935	$4,750	$2.45	44d	1	0.49mi
518 S Rampart St New Orleans, LA	3.0	2.0	1853	$3,995	$2.16	4d	1	0.61mi
2301 Dryades St New Orleans, LA	3.0	3.0	2070	$3,000	$1.45	3d	1	0.66mi
419 Carondelet St Unit PHB New Orleans, LA	3.0	2.5	2546	$5,700	$2.24	4d	1	0.67mi
822 Perdido St Unit 1272370P New Orleans, LA	1.0–5.0	1.0–5.0	1447	$3,201	$2.21	4d	4	0.69mi
2231 S Liberty St New Orleans, LA	3.0	3.5	1752	$2,000	$1.14	17d	1	0.69mi
1407 Magnolia St New Orleans, LA	3.0	2.0	1824	$1,500	$0.82	24d	1	0.72mi
2028 Magazine St New Orleans, LA	3.0	2.5	2600	$7,000	$2.69	17d	1	0.73mi
800 Gravier St Unit 1272312P New Orleans, LA	2.0–4.0	2.0–4.0	1673	$2,349	$1.40	15d	2	0.77mi
431 Gravier St Unit 2 New Orleans, LA	2.0	2.0	2100	$4,000	$1.90	44d	1	0.80mi
431 Gravier St Ste 4 New Orleans, LA	3.0	2.0	2100	$3,700	$1.76	44d	1	0.80mi
210 Baronne St New Orleans, LA	1.0–2.0	1.0–2.5	1530	$5,000	$3.27	2d	26	0.84mi
2625 Baronne St Unit 1 New Orleans, LA	3.0	1.5	2100	$2,600	$1.24	44d	1	0.86mi
1104 2nd St Unit B New Orleans, LA	2.0	2.0	1750	$10,000	$5.71	24d	1	0.97mi
1441 Washington Ave Unit A New Orleans, LA	2.0	2.5	2027	$3,500	$1.73	12d	1	0.98mi
2725 Chestnut St New Orleans, LA	2.0	2.0	1766	$2,500	$1.42	44d	1	1.02mi
2608 Magazine St New Orleans, LA	3.0	2.0	1844	$3,100	$1.68	44d	1	1.04mi
939 Iberville St New Orleans, LA	1.0–3.0	1.0	1502	$3,100	$2.06	12d	7	1.06mi
324 Chartres St Unit B New Orleans, LA	2.0	2.0	1750	$2,250	$1.29	17d	1	1.08mi
3212 Danneel St New Orleans, LA	3.0	2.0	1945	$2,000	$1.03	24d	1	1.16mi
2517 Saint Thomas St New Orleans, LA	3.0	3.0	2010	$4,000	$1.99	4d	1	1.23mi
3314 Carondelet St Unit A New Orleans, LA	3.0	2.0	3500	$3,000	$0.86	24d	1	1.25mi
530 2nd St New Orleans, LA	3.0	2.5	2050	$5,250	$2.56	44d	1	1.25mi
627 St Peter New Orleans, LA	2.0	2.5	2174	$5,500	$2.53	24d	1	1.33mi
618 N Rampart St #204 New Orleans, LA	3.0	2.5	1904	$4,500	$2.36	44d	1	1.36mi
3044 Louisiana Avenue Pkwy New Orleans, LA	3.0	2.0	1800	$1,900	$1.06	24d	1	1.40mi
617 7th St New Orleans, LA	3.0	2.0	1768	$3,400	$1.92	4d	1	1.42mi
3035 Delachaise St New Orleans, LA	3.0	1.0	1968	$1,750	$0.89	2d	1	1.43mi
824 Royal St Unit G New Orleans, LA	2.0	2.0	2080	$3,300	$1.59	44d	1	1.43mi
324 N Roman St New Orleans, LA	3.0	3.0	2100	$2,500	$1.19	44d	1	1.48mi
4027 S Derbigny St New Orleans, LA	3.0	2.0	2950	$1,950	$0.66	24d	1	1.49mi

Listing history 7 events

1. 2026-05-11
   status Pending 1016-char remark
2. 2026-05-01
   listed $235,000 Active 1016-char remark
3. 2026-04-06
   status Pending
4. 2026-03-24
   status Active
5. 2025-08-13
   price $265,000
6. 2025-05-05
   listed $285,000 Active
7. 2022-06-26
   price $900

ⓘ 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 7/10 Severe FEMA zone X · 74% 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $82,920
• − Mortgage interest: −$13,164
• − Property taxes: −$3,525
• − Insurance: −$1,972
• − Repairs & maintenance: −$6,634
• − Management: −$6,634
• − Depreciation: −$6,836
• Taxable income: $44,155
• Est. tax owed @ 24.0%: −$10,597
• After-tax cash flow: $34,624/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 · 6 photos

Fair 40/100 Moderate rehab

This 4-plex requires moderate renovations, focusing on exterior repairs, painting, and landscaping to improve its resale and rental value.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major roof — No visible damage, but not inspected
• Major landscaping — Overgrown vegetation

Value-add opportunities

• Both paint exterior — Enhances curb appeal and property value
• Both paint interior walls — Improves interior appearance and rental value
• Both repair roof — Prevents water damage and enhances property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
roof · No visible damage, but not inspected	Major	$15,000–50,000
landscaping · Overgrown vegetation	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and property value ↑
• Both paint interior walls — Improves interior appearance and rental value ↑
• Both repair roof — Prevents water damage and enhances 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): 12,560
• Household income: $80,212
• Rent vs Own: 61.9% rent · 38.1% own
• Severe rent burden: 841.0

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 0.59)
• Race & ethnicity: White 57% Black 28% Hispanic / Latino 10% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Lithuanian 8% Italian 3% Slovak 2%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 89% English-only · Spanish 5% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -162.98%
• Current HPI: 206.2364
• Rent YoY: ▲ 0.95%
• 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

-29.8% since first listed

8 events — show timeline

• 2026-05-29 Sold (MLS) $200,000 AcadianaMLS
• 2026-05-11 Pending — AcadianaMLS
• 2026-05-01 Listed $235,000 AcadianaMLS
• 2026-04-06 Pending — AcadianaMLS
• 2026-03-24 Relisted — AcadianaMLS
• 2025-08-13 Price Changed $265,000 AcadianaMLS
• 2025-05-05 Listed $285,000 AcadianaMLS
• 2022-06-26 Price Changed $900 RENT.