2304-06 New Orleans St · New Orleans, LA 70119

$449,000

12 bd · 12.0 ba · 5,176 sqft · MultiFamily · 138 Days on market

Excellent condition 3,520 sqft lot $87/sqft · 10% above area Est $410k · 10% over

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Why this score? — see what drove the C 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 +26.5/30.0
• DSCR +9.0/10.0
• 1% rule +6.7/10.0
• Condition / age +4.8/5.0
• Livability +4.0/5.0
• ARV discount +3.2/15.0
• 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: 2 units. confirmed

Listing remarks MLS

New Construction (kitchen appliances included.) Income-producing Duplex features impeccable finishes, light-filled open floor plans, covered front porches/balconies. Kitchens spotlight quartz counters, SS appliances. Both units features Primary Suites w/deep soaking tubs, walk-in showers, spacious closets. Wood floors, spray foam insulation, video cameras, wired for surround sound. Central location + vibrant community w/ access to local amenities. Welcome Home!

Key facts

• Quartz counters
• Deep soaking tubs
• Primary suites

Tags

• INCOME PRODUCING DUPLEX
• LIGHT FILLED OPEN FLOOR PLANS
• COVERED FRONT PORCHES
• QUARTZ COUNTERS
• PRIMARY SUITES
• DEEP SOAKING TUBS

What this means for you Summary

Snapshot

• This is a 2 × 6-bed/6.0-bath units multifamily listed at $449k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $592/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $449k).
• Recommended offer: $395k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 4.3% 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); 384 active listings in the ZIP; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $5,262/mo this rent would consume 119% 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 $3k of loan paydown is wiped out by about $13k 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

• It's been on market 138 days — a 12% lower offer ($395k) is reasonable based on typical stale-listing flexibility.
• 5 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.

Recommended offer $395,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 138 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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: 1.17% ✓
• Cap rate: 9.46%
• Cash-on-cash: 11.30%
• DSCR: 1.50
• GRM: 7.1

CMA / ARV

• ARV (median comp): $409,837
• List price: $449,000
• Delta: 9.56%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2612-14 Annette St	0.27mi	12/—	4,500 (-13%)	22mo	$215,000	$48	48
1827-29 Frenchmen St	0.54mi	11/7.0 (-1)	5,060 (-2%)	9mo	$360,000	$71	44
2805-07 New Orleans St	0.43mi	12/5.0	5,154 (-0%)	20mo	$400,000	$78	43
1704-06 N Broad St	0.44mi	12/8.0	4,853 (-6%)	14mo	$479,000	$99	42

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -2.8%
• Equity multiple: 0.90×
• Total profit: $-12,752
• Equity at exit: $66,947

10-year hold

• IRR: 3.3%
• Equity multiple: 1.21×
• Total profit: $26,421
• Equity at exit: $38,821

Cash invested: $125,720 (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: 384
• Price-to-rent: 14.2×

Monthly cashflow live

• Estimated rent: $5,262 medium
• Mortgage (P&I): −$2,355
• Tax from tax record: −$431 /mo · $5,172/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,105
• Net cashflow: $1,184

Break-even live

Break-even rent $3,763

Max offer price $449,000

Occupancy floor 72%

Sensitivity live

Price	-10% $1,438	-5% $1,311	+0% $1,184	+5% $1,057	+10% $930
Rent	-10% $769	-5% $976	+0% $1,184	+5% $1,392	+10% $1,600
Rate	-1.0pp $1,410	-0.5pp $1,298	base $1,184	+0.5pp $1,068	+1.0pp $950

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

Units	Beds	Baths	Est. rent
▸ 2× units	6	6	$5,262
Total (2 units)			$5,262

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: $112,250
• Closing costs: $13,470
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-22
   days on market $449,000 Active 138 DOM
2. 2026-06-21
   days on market $449,000 Active 137 DOM
3. 2026-06-18
   days on market $449,000 Active 134 DOM
4. 2026-06-17
   days on market $449,000 Active 133 DOM
5. 2026-06-16
   days on market $449,000 Active 132 DOM
6. 2026-06-15
   days on market $449,000 Active 131 DOM
7. 2026-06-13
   days on market $449,000 Active 129 DOM
8. 2026-06-10
   days on market $449,000 Active 126 DOM
9. 2026-06-09
   days on market $449,000 Active 125 DOM
10. 2026-06-08
    days on market $449,000 Active 124 DOM
11. 2026-06-07
    days on market $449,000 Active 123 DOM
12. 2026-06-05
    days on market $449,000 Active 120 DOM
13. 2026-06-03
    days on market $449,000 Active 119 DOM
14. 2026-06-02
    days on market $449,000 Active 118 DOM
15. 2026-06-01
    days on market $449,000 Active 117 DOM
16. 2026-05-31
    days on market $449,000 Active 116 DOM
17. 2026-02-04
    listed $449,000 Active 465-char remark

    Show marketing remark (465 chars)

    New Construction (kitchen appliances included.) Income-producing Duplex features impeccable finishes, light-filled open floor plans, covered front porches/balconies. Kitchens spotlight quartz counters, SS appliances. Both units features Primary Suites w/deep soaking tubs, walk-in showers, spacious closets. Wood floors, spray foam insulation, video cameras, wired for surround sound. Central location + vibrant community w/ access to local amenities. Welcome Home!

18. 2025-04-15
    listed $449,000 Active
19. 2024-02-20
    listed $449,000
20. 2024-01-25
    historical $1,800
21. 2023-10-08
    listed $1,800
22. 2023-08-08
    listed $399,000

ⓘ 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: $5,172 · $431/mo
• Projected year-2 tax: $5,172 · $431/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $63,144
• − Mortgage interest: −$25,151
• − Property taxes: −$5,172
• − Insurance: −$2,245
• − Repairs & maintenance: −$5,052
• − Management: −$5,052
• − Depreciation: −$13,062
• Taxable income: $7,411
• Est. tax owed @ 24.0%: −$1,779
• After-tax cash flow: $12,433/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

Excellent 95/100 None rehab

This multi-family home is in excellent condition with new construction, featuring modern finishes and a central location. It is move-in ready and ideal for investors seeking a high-value property.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace blinds with energy-efficient ones — Improves energy efficiency and aesthetics
• Both Install smart home security system — Enhances safety and adds modern amenities

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace blinds with energy-efficient ones — Improves energy efficiency and aesthetics ↑
• Both Install smart home security system — Enhances safety and adds modern amenities ↑

ⓘ 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

+12.5% since first listed

6 events — show timeline

• 2026-02-04 Listed $449,000 AcadianaMLS
• 2025-04-15 Listed $449,000 AcadianaMLS
• 2024-02-20 Listed $449,000 AcadianaMLS
• 2024-01-25 Rental Removed $1,800 GSREIN
• 2023-10-08 Listed for Rent $1,800 GSREIN
• 2023-08-08 Listed $399,000 AcadianaMLS

Property tax history

+242.1%/yr

Latest (2026): $5,172 · +1.1% YoY. Source: county tax records.