1517 Crete St · New Orleans, LA 70119

$649,000

12 bd · 12.0 ba · 3,280 sqft · MultiFamily · 13 Days on market

Built 1918 Good condition

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Why this score? — see what drove the D+ 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 +16.2/30.0
• ARV discount +7.5/15.0
• DSCR +5.0/10.0
• 1% rule +4.4/10.0
• 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: 3 units. confirmed

Listing remarks MLS

ASSUMABLE 3.25% FHA Mortgage -- Ask for Details. Charming historic fourplex in Esplanade Ridge, just 2 blocks from Jazz Fest. New roof 2022, X Flood Zone, new electrical, fresh paint, and updated window units throughout. Three units tenant-occupied with strong rental history generating approximately $4,300/month. Sale includes both furnished lower units, with furniture conveying to the Buyer. One lower unit operates as a midterm rental with strong STR history. Large backyard with room to add a guest cottage or carriage house for a 5th income stream. Off-street parking. Flexible layout allows conversion to a double or triplex for a large owner's unit. Historic details preserved throughout with classic charm and modern updates. Minutes from Bayou St. John, NOMA, and some of the city's best restaurants and coffee shops. **Qualified buyers may assume existing 3.25% FHA mortgage. 26 years remaining. Don't miss this unique opportunity in one of New Orleans' most vibrant neighborhoods! All showings require 24 hours notice.

Key facts

• Historic fourplex
• Fresh paint
• New electrical

Tags

• HISTORIC FOURPLEX
• NEW ROOF
• NEW ELECTRICAL
• FRESH PAINT
• UPDATED WINDOW UNITS
• STRONG RENTAL HISTORY

Property features AI

Finance

• Financial info: Four-unit building; Tenant pays electricity and gas; owner pays water; Current rents listed per unit: $1,850 (1A), $2,000 (1B), $1,350 (2A), $1,350 (2B)

Exterior

• Parking: Off-street parking; One designated parking space; Driveway
• Utilities: Public water; Public sewer
• Home design: 2-story multi-unit building; Raised foundation; Property in very good condition
• Construction: HardiPlank, stucco and wood siding exterior; Shingle roof; Built with a raised foundation
• Exterior features: Balcony; Courtyard; Fenced yard; Porch; Permeable paving; City lot; Rectangular lot

Interior

• Bedrooms: Four 1-bedroom units (units 1A, 1B, 2A, 2B)
• Bathrooms: Four full bathrooms (one per unit)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Common-area laundry
• Laundry & utility: Laundry located in a common area

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/4.0-bath units multifamily listed at $649k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $281 ($3k/yr) — positive. Per door: $94/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 $612k (5.7% below list).
• Recommended offer: $612k (5.7% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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.
• Zoned schools: Benjamin Franklin Elem. Math And Science (math 12% / reading 23%, grade F, #479 of 646 statewide, top 75%, 747 students, 98% FRL, charter) — zoned schools average 98% FRL vs 68% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.2%/yr); 381 active listings in the ZIP; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $6,117/mo this rent would consume 138% 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 $4k of loan paydown is wiped out by about $19k 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.
• 7 sale attempts since 22y 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 1918 — 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 $611,700 (5.7% below list)

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 1918 — 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: 0.94% ✗
• Cap rate: 6.94%
• Cash-on-cash: 2.29%
• DSCR: 1.10
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -16.8%
• Equity multiple: 0.42×
• Total profit: $-105,070
• Equity at exit: $96,768

10-year hold

• IRR: -15.5%
• Equity multiple: 0.25×
• Total profit: $-137,196
• Equity at exit: $56,114

Cash invested: $181,720 (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: 26.5×

Monthly cashflow live

• Estimated rent: $6,117 high
• Mortgage (P&I): −$3,403
• Tax est. 1.5%: −$811 /mo · $9,735/yr
• Insurance: −$270
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,285
• Net cashflow: $281

Break-even live

Break-even rent $5,761

Max offer price $649,000

Occupancy floor 90%

Sensitivity live

Price	-10% $729	-5% $505	+0% $281	+5% $57	+10% $-168
Rent	-10% $-202	-5% $39	+0% $281	+5% $522	+10% $764
Rate	-1.0pp $608	-0.5pp $446	base $281	+0.5pp $113	+1.0pp $-58

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	4	$6,117
Total (3 units)			$6,117

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: $162,250
• Closing costs: $19,470
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-21
   days on market $649,000 Active 13 DOM
2. 2026-06-18
   days on market $649,000 Active 10 DOM
3. 2026-06-17
   days on market $649,000 Active 9 DOM
4. 2026-06-16
   days on market $649,000 Active 8 DOM
5. 2026-06-15
   days on market $649,000 Active 7 DOM
6. 2026-06-13
   days on market $649,000 Active 5 DOM
7. 2026-06-10
   days on market $649,000 Active 2 DOM
8. 2026-06-08
   remarks 687-char remark

   Show marketing remark (1031 chars)

   ASSUMABLE 3.25% FHA Mortgage -- Ask for Details. Charming historic fourplex in Esplanade Ridge, just 2 blocks from Jazz Fest. New roof 2022, X Flood Zone, new electrical, fresh paint, and updated window units throughout. Three units tenant-occupied with strong rental history generating approximately $4,300/month. Sale includes both furnished lower units, with furniture conveying to the Buyer. One lower unit operates as a midterm rental with strong STR history. Large backyard with room to add a guest cottage or carriage house for a 5th income stream. Off-street parking. Flexible layout allows conversion to a double or triplex for a large owner's unit. Historic details preserved throughout with classic charm and modern updates. Minutes from Bayou St. John, NOMA, and some of the city's best restaurants and coffee shops. **Qualified buyers may assume existing 3.25% FHA mortgage. 26 years remaining. Don't miss this unique opportunity in one of New Orleans' most vibrant neighborhoods! All showings require 24 hours notice.

9. 2026-06-08
   listed $649,000 Active 1 DOM

   Show marketing remark (1031 chars)

   ASSUMABLE 3.25% FHA Mortgage -- Ask for Details. Charming historic fourplex in Esplanade Ridge, just 2 blocks from Jazz Fest. New roof 2022, X Flood Zone, new electrical, fresh paint, and updated window units throughout. Three units tenant-occupied with strong rental history generating approximately $4,300/month. Sale includes both furnished lower units, with furniture conveying to the Buyer. One lower unit operates as a midterm rental with strong STR history. Large backyard with room to add a guest cottage or carriage house for a 5th income stream. Off-street parking. Flexible layout allows conversion to a double or triplex for a large owner's unit. Historic details preserved throughout with classic charm and modern updates. Minutes from Bayou St. John, NOMA, and some of the city's best restaurants and coffee shops. **Qualified buyers may assume existing 3.25% FHA mortgage. 26 years remaining. Don't miss this unique opportunity in one of New Orleans' most vibrant neighborhoods! All showings require 24 hours notice.

ⓘ 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 · 76% 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: $73,404
• − Mortgage interest: −$36,354
• − Property taxes: −$9,735
• − Insurance: −$4,042
• − Repairs & maintenance: −$5,872
• − Management: −$5,872
• − Depreciation: −$18,880
• Taxable loss: −$7,352
• Est. tax savings @ 24.0%: +$1,765
• After-tax cash flow: $5,135/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

Good 80/100 Cosmetic rehab

This charming historic fourplex is in good condition with recent updates, including a new roof and fresh paint. It's tenant-occupied with strong rental history and has a large backyard for potential expansion.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and adds value
• Both Painting exterior and interior — Fresh paint improves appearance and value
• Both Landscaping and curb appeal — Enhances curb appeal and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both Painting exterior and interior — Fresh paint improves appearance and value ↑
• Both Landscaping and curb appeal — Enhances curb appeal and adds 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

+150.1% since first listed

7 events — show timeline

• 2026-06-08 Listed $649,000 GSREIN
• 2026-06-08 Listed $649,000 AcadianaMLS
• 2026-03-03 Listed $689,000 AcadianaMLS
• 2025-10-14 Listed $699,000 AcadianaMLS
• 2025-05-13 Listed $699,000 AcadianaMLS
• 2017-06-09 Listed $697,000 AcadianaMLS
• 2004-01-22 Listed $259,500 AcadianaMLS