2228-2230 1st St · New Orleans, LA 70113

$219,000

4 bd · 2.0 ba · 1,664 sqft · MultiFamily public records · 3 Days on market

Built 1900 3,005 sqft lot Est $255k · 14% under ↓ 7% since listing

---

Why this score? — see what drove the A- 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 +28.8/30.0
• ARV discount +13.8/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.0/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0

Multi-family units

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

Listing remarks

VACANT DUPLEX OPPORTUNITY Whether you are searching for an investment opportunity or a property with flexible living arrangements, this duplex offers strong potential in today’s market. The property features two 2-bedroom, 1-bath units with approximately 1,664 total living square feet. Major components, including the roof, HVAC systems, and water heaters, are reported to be in average to updated condition, helping support long-term functionality and maintenance considerations. This property may appeal to investors seeking income-producing potential, owner-occupants interested in multi-unit living arrangements, or buyers exploring future use flexibility, subject to buyer verification

Key facts

• 3,005 sq ft lot
• 2 parking spots
• Listed 2 days

Property features AI

Exterior

• Parking: 2 parking spaces; On-street parking; Open parking available
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Duplex residential income property
• Construction: Frame construction; Pillar/post/pier foundation; Built as a duplex
• Exterior features: Exterior lighting; Chain link and wood fencing; Shingle roof

Interior

• Flooring: Wood
• Heating & cooling: Central heating; Heat pump; Central air conditioning
• Interior features: Wood flooring; Lighting (exterior lighting noted under exterior); Smoke detector(s)
• Laundry & utility: Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $219k.

Deal economics

• At list price, monthly cash flow is $668 ($8k/yr) — positive. Per door: $334/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $219k).
• Cap rate 10.3% 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 rising fast (+6.0%/yr); 137 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,846/mo this rent would consume 87% of the median local household income ($39k/yr) (locally 714% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $23k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Orleans County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 6.0% rent growth), your $61k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1900 — 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 $219,000

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. Built in 1900 — 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. 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: 1.30% ✓
• Cap rate: 10.32%
• Cash-on-cash: 14.38%
• DSCR: 1.64
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $254,592
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2113 15 S Liberty St	0.19mi	4/2.0	1,624 (-2%)	10mo	$228,500	$141	78
1809 11 Third St	0.31mi	4/2.0	1,585 (-5%)	1mo	$260,000	$164	77
718 20 Fourth St	0.17mi	4/2.0	1,596 (-4%)	13mo	$270,000	$169	75
2219 21 Toledano St	0.44mi	4/2.0	1,640 (-1%)	4mo	$232,000	$141	74
2624-2626 Jackson Ave	0.35mi	4/2.0	1,713 (+3%)	6mo	$159,900	$93	73
2620-22 Philip St	0.27mi	4/2.0	1,472 (-12%)	8mo	$159,000	$108	61
1713 15 8th St	0.54mi	4/2.0	1,750 (+5%)	7mo	$280,000	$160	60
3511 13 Third St	0.61mi	4/2.0	1,680 (+1%)	12mo	$80,000	$48	60
2223 25 Felicity St	0.32mi	4/2.0	1,465 (-12%)	9mo	$155,000	$106	57
2521 23 Carondelet St	0.37mi	4/2.5	1,873 (+13%)	6mo	$490,000	$262	55
2514-16 Second St	0.21mi	4/3.0	1,910 (+15%)	12mo	$293,000	$153	51
1930-1932 Delachaise St	0.66mi	4/2.0	1,467 (-12%)	22mo	$350,000	$239	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 5.98% rent growth · sell at horizon

5-year hold

• IRR: 35.4%
• Equity multiple: 3.78×
• Total profit: $170,717
• Equity at exit: $197,293

10-year hold

• IRR: 31.6%
• Equity multiple: 8.98×
• Total profit: $489,531
• Equity at exit: $425,469

Cash invested: $61,320 (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 70113

• Rents YoY: 6.0%
• Active inventory: 137
• Price-to-rent: 12.8×

Monthly cashflow live

• Estimated rent: $2,846 high
• Mortgage (P&I): −$1,148
• Tax est. 1.5%: −$274 /mo · $3,285/yr
• Insurance: −$91
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$598
• Net cashflow: $668

Break-even live

Break-even rent $2,000

Max offer price $219,000

Occupancy floor 72%

Sensitivity live

Price	-10% $820	-5% $744	+0% $668	+5% $593	+10% $517
Rent	-10% $444	-5% $556	+0% $668	+5% $781	+10% $893
Rate	-1.0pp $779	-0.5pp $724	base $668	+0.5pp $612	+1.0pp $554

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,846
Total (2 units)			$2,846

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2225 2nd St New Orleans, LA	3.0	2.0	1100	$1,800	$1.64	24d	1	0.02mi
2403 S Saratoga St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	24d	1	0.10mi
2231 S Liberty St New Orleans, LA	3.0	3.5	1752	$2,000	$1.14	17d	1	0.12mi
2107 Fourth St New Orleans, LA	3.0	1.0	1292	$1,775	$1.37	17d	1	0.17mi
1944 Jackson Ave New Orleans, LA	3.0	2.5	1572	$2,500	$1.59	44d	1	0.18mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1250	$2,300	$1.84	2d	1	0.19mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1232	$2,300	$1.87	24d	1	0.19mi
1915 Philip St New Orleans, LA	3.0	1.5	1300	$2,450	$1.88	24d	1	0.19mi
2123 S Liberty St Unit 2125 New Orleans, LA	3.0	2.0	1500	$2,100	$1.40	4d	1	0.19mi
2301 Dryades St New Orleans, LA	3.0	3.0	2070	$3,000	$1.45	3d	1	0.22mi
2102 Josephine St New Orleans, LA	4.0	2.0	1286	$2,100	$1.63	24d	1	0.22mi
2733 Danneel St New Orleans, LA	4.0	2.0	1350	$1,775	$1.31	24d	1	0.26mi
2608 Magnolia St New Orleans, LA	4.0	2.5	1950	$3,200	$1.64	44d	1	0.31mi
2625 Baronne St Unit 1 New Orleans, LA	3.0	1.5	2100	$2,600	$1.24	44d	1	0.32mi
2713 Baronne St New Orleans, LA	3.0	2.5	1600	$2,300	$1.44	24d	1	0.33mi
2318 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1400	$1,700	$1.21	24d	1	0.42mi
2526 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1200	$2,200	$1.83	4d	1	0.44mi
2931 Baronne St New Orleans, LA	3.0	1.0	1145	$1,510	$1.32	24d	1	0.47mi
3212 Danneel St New Orleans, LA	3.0	2.0	1945	$2,000	$1.03	24d	1	0.48mi
2722 Martin L King Bl New Orleans, LA	3.0	2.5	1350	$1,800	$1.33	24d	1	0.48mi
1407 Magnolia St New Orleans, LA	3.0	2.0	1824	$1,500	$0.82	24d	1	0.53mi
3108 Second St New Orleans, LA	3.0	3.0	1216	$2,100	$1.73	4d	1	0.60mi
3120 Second St New Orleans, LA	3.0	3.0	1256	$2,050	$1.63	24d	1	0.62mi
3435 Magnolia St New Orleans, LA	3.0	1.0	1050	$1,500	$1.43	24d	1	0.62mi
2539 Amelia St New Orleans, LA	3.0	2.0	1296	$2,200	$1.70	24d	1	0.62mi
3122 2nd St New Orleans, LA	3.0	3.0	1206	$2,075	$1.72	24d	1	0.62mi
3429 Clara St New Orleans, LA	3.0	2.0	1620	$2,350	$1.45	15d	1	0.65mi
2833 S Derbigny St New Orleans, LA	3.0	2.0	1500	$1,795	$1.20	24d	1	0.66mi
3429 Baronne St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	44d	1	0.66mi
1410 6th St New Orleans, LA	3.0	2.0	1400	$5,000	$3.57	16d	1	0.69mi
1201 Baronne St #1 New Orleans, LA	3.0	2.5	1892	$2,700	$1.43	17d	1	0.71mi
3044 Louisiana Avenue Pkwy New Orleans, LA	3.0	2.0	1800	$1,900	$1.06	24d	1	0.73mi
2535 Marengo St New Orleans, LA	3.0	1.0	1300	$1,200	$0.92	15d	1	0.74mi
1525 Melpomene St Unit Na New Orleans, LA	3.0	1.5	1700	$4,000	$2.35	44d	1	0.74mi
3218 Jackson Ave New Orleans, LA	3.0	2.0	1267	$1,750	$1.38	24d	1	0.75mi
3035 Delachaise St New Orleans, LA	3.0	1.0	1968	$1,750	$0.89	2d	1	0.76mi
2614 S Johnson St New Orleans, LA	3.0	2.0	1536	$2,079	$1.35	15d	1	0.76mi
1306 Felicity St Unit C New Orleans, LA	3.0	3.0	1500	$2,450	$1.63	17d	1	0.78mi
3208 Louisiana Avenue Pkwy New Orleans, LA	3.0	2.0	1391	$1,900	$1.37	17d	1	0.79mi
1204 Saint Andrew St Unit 1204 New Orleans, LA	3.0	2.0	1600	$2,300	$1.44	24d	1	0.80mi

Listing history 5 events

1. 2026-06-03
   days on market $219,000 Active 3 DOM
2. 2026-06-02
   days on market $219,000 Active 2 DOM
3. 2026-06-01
   statusdays on market $219,000 Active 1 DOM
4. 2026-05-31
   days on market $219,000 Coming Soon 8 DOM
5. 2026-05-13
   listed $235,000 Active

ⓘ 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 · 75% 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: $34,152
• − Mortgage interest: −$12,267
• − Property taxes: −$3,285
• − Insurance: −$1,892
• − Repairs & maintenance: −$2,732
• − Management: −$2,732
• − Depreciation: −$6,371
• Taxable income: $4,872
• Est. tax owed @ 24.0%: −$1,169
• After-tax cash flow: $6,852/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): 9,387
• Household income: $39,333
• Rent vs Own: 75.4% rent · 24.6% own
• Severe rent burden: 714.0

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 0.57)
• Race & ethnicity: Black 61% White 20% Hispanic / Latino 13% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 2% Portuguese 1% Slovak 1%
• Foreign-born: 13% · Canada, Vietnam, China
• Languages at home: 86% English-only · Spanish 11% Other Indo-European 1% Vietnamese 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: ▲ 65.92%
• Current HPI: 229.3968
• Rent YoY: ▲ 5.98%
• 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

-6.8% since first listed

5 events — show timeline

• 2026-05-31 Listed $219,000 AcadianaMLS
• 2026-05-31 Listed $219,000 GBRMLS
• 2026-05-24 Coming Soon — AcadianaMLS
• 2026-05-23 Coming Soon — GBRMLS
• 2026-05-13 Listed $235,000 AcadianaMLS

Property tax history

+0.8%/yr

Latest (2026): $85 · +0.0% YoY. Source: county tax records.