1529 Spain St · New Orleans, LA 70117

$165,000

2 bd · 2.0 ba · 1,010 sqft · SingleFamily public records · 185 Days on market

Built 1950 3,358 sqft lot $163/sqft · 17% below area Est $214k · 23% under

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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 +16.5/30.0
• ARV discount +15.0/15.0
• DSCR +5.1/10.0
• 1% rule +4.0/10.0
• 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

Listing remarks MLS

Refurbished 2 bedroom and 2 bathrooms raised cottage. New central A/C with gas heat. Utility room rebuilt conected to central A/C system. New electrical panel.

Key facts

• Gas heat
• Central a/c
• Utility room rebuilt

Tags

• CENTRAL A/C
• GAS HEAT
• UTILITY ROOM REBUILT
• NEW ELECTRICAL PANEL

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $31 ($378/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $149k (9.6% below list).
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.0% 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.
• 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 rising (+2.5%/yr); 587 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• This rent runs 39% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 185 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y ago; this cycle's ask has dropped $35k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $27k; list at $165k implies a 510% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1950 — 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 $145,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 185 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 1950 — 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.90% ✗
• Cap rate: 7.01%
• Cash-on-cash: 2.54%
• DSCR: 1.11
• GRM: 9.2

CMA / ARV

• ARV (median comp): $214,141
• List price: $165,000
• Delta: -22.95%
• 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
1601 Mandeville St	0.07mi	3/1.0 (+1)	1,118 (+11%)	2mo	$155,000	$139	68
2623 N Villere	0.31mi	2/1.0	1,078 (+7%)	6mo	$95,000	$88	65
2215 Mandeville St	0.48mi	3/2.0 (+1)	1,067 (+6%)	3mo	$85,000	$80	61
2308 Burgundy St	0.49mi	1/1.0 (-1)	1,042 (+3%)	8mo	$242,000	$232	56
2037 Saint Anthony St	0.61mi	2/1.0	960 (-5%)	4mo	$126,000	$131	56
1714 Aubry St	0.72mi	3/1.0 (+1)	1,008 (-0%)	3mo	$73,000	$72	54
2716 Chartres St	0.72mi	2/1.0	1,050 (+4%)	5mo	$340,000	$324	52
1821 Urquhart St	0.50mi	2/1.0	1,105 (+9%)	9mo	$285,000	$258	50
829 Montegut St	0.69mi	3/1.0 (+1)	1,073 (+6%)	1mo	$320,000	$298	48
540 Marigny St	0.69mi	2/1.0	869 (-14%)	3mo	$363,000	$418	38
3120 Urquhart St	0.68mi	3/1.0 (+1)	1,134 (+12%)	1mo	$90,000	$79	38
2423 Arts St	0.66mi	2/1.0	896 (-11%)	13mo	$95,000	$106	35

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: -15.6%
• Equity multiple: 0.45×
• Total profit: $-25,468
• Equity at exit: $24,602

10-year hold

• IRR: -7.9%
• Equity multiple: 0.51×
• Total profit: $-22,582
• Equity at exit: $14,266

Cash invested: $46,200 (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: 587
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,492 high
• Mortgage (P&I): −$865
• Tax from tax record: −$146 /mo · $1,758/yr
• Insurance: −$69
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $31

Break-even live

Break-even rent $1,452

Max offer price $165,000

Occupancy floor 93%

Sensitivity live

Price	-10% $125	-5% $78	+0% $31	+5% $-15	+10% $-62
Rent	-10% $-86	-5% $-27	+0% $31	+5% $90	+10% $149
Rate	-1.0pp $115	-0.5pp $73	base $31	+0.5pp $-11	+1.0pp $-55

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1636 Music St New Orleans, LA	3.0	1.0	900	$1,185	$1.32	18d	1	0.14mi
1638 Music St New Orleans, LA	2.0	1.0	900	$1,085	$1.21	16d	1	0.15mi
1435 Marigny St New Orleans, LA	3.0	1.0	800	$1,300	$1.62	25d	1	0.16mi
1239 Saint Roch Ave New Orleans, LA	2.0	2.0	1500	$2,150	$1.43	5d	1	0.17mi
1603 Marigny St New Orleans, LA	3.0	2.0	988	$1,099	$1.11	5d	1	0.17mi
1601 Marigny St Unit 1603 New Orleans, LA	3.0	2.0	988	$1,099	$1.11	5d	1	0.17mi
2271 N Derbigny St New Orleans, LA	2.0	2.0	1000	$1,585	$1.58	19d	1	0.19mi
2269 N Derbigny St New Orleans, LA	2.0	2.0	1000	$1,675	$1.68	21d	1	0.19mi
2269 N Derbigny St New Orleans, LA	2.0	2.0	1000	$1,665	$1.67	19d	1	0.19mi
1726 Mandeville St New Orleans, LA	2.0	1.0	920	$1,300	$1.41	25d	1	0.21mi
1809 Saint Roch Ave New Orleans, LA	3.0	1.0	949	$1,195	$1.26	19d	1	0.23mi
1710 Marigny St New Orleans, LA	3.0	2.0	1120	$1,750	$1.56	25d	1	0.24mi
2519 N Derbigny St New Orleans, LA	3.0	1.0	994	$1,300	$1.31	23d	1	0.24mi
2516 N Roman St Unit 2518 New Orleans, LA	2.0	1.0	800	$1,500	$1.88	5d	1	0.27mi
2625 Urquhart St New Orleans, LA	2.0	1.0	810	$1,100	$1.36	19d	1	0.29mi
2269 N Prieur St New Orleans, LA	2.0	1.0	756	$1,250	$1.65	25d	1	0.30mi
1226 Port St New Orleans, LA	3.0	1.0	1023	$1,650	$1.61	25d	1	0.31mi
2220 N Prieur St New Orleans, LA	3.0	2.0	1334	$2,000	$1.50	25d	1	0.33mi
1327 Frenchmen St Unit B New Orleans, LA	2.0	2.5	1175	$1,900	$1.62	25d	1	0.34mi
2103 Urquhart St New Orleans, LA	2.0	1.0	940	$1,299	$1.38	25d	1	0.34mi
1301 Frenchmen St Unit 2B New Orleans, LA	2.0	1.0	940	$1,299	$1.38	25d	1	0.35mi
1924 Painters St New Orleans, LA	3.0	1.0	920	$1,700	$1.85	5d	1	0.36mi
1922 Painters St New Orleans, LA	3.0	1.0	920	$1,700	$1.85	5d	1	0.37mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$2,165	$1.37	5d	2	0.38mi
2104 Marais St Unit 2106 New Orleans, LA	2.0	2.0	936	$2,000	$2.14	25d	1	0.39mi
1022 Port St New Orleans, LA	1.0	1.0	789	$1,100	$1.39	5d	1	0.39mi
2024 Mandeville St New Orleans, LA	2.0	2.0	1072	$1,950	$1.82	25d	1	0.40mi
1033 Port St New Orleans, LA	2.0	1.0	935	$1,495	$1.60	5d	1	0.40mi
1910 Elysian Fields Ave New Orleans, LA	3.0	1.0	1000	$1,450	$1.45	25d	1	0.40mi
1136 Frenchmen St New Orleans, LA	2.0	1.0	1000	$1,550	$1.55	5d	1	0.41mi
1136 Frenchmen St New Orleans, LA	2.0	1.0	1000	$1,550	$1.55	5d	1	0.41mi
1134 Frenchmen St New Orleans, LA	2.0	1.0	900	$1,550	$1.72	5d	1	0.41mi
1134 Frenchmen St New Orleans, LA	2.0	1.0	900	$1,550	$1.72	5d	1	0.41mi
1923 N Robertson St New Orleans, LA	3.0	2.0	1051	$1,950	$1.86	5d	1	0.43mi
2115 Mandeville St New Orleans, LA	3.0	2.0	1400	$1,650	$1.18	25d	1	0.44mi
2120 Saint Roch Ave Unit 2120 New Orleans, LA	2.0	1.0	1000	$1,650	$1.65	25d	1	0.45mi
2522 N Galvez St New Orleans, LA	3.0	2.0	1105	$1,675	$1.52	25d	1	0.45mi
2524 N Galvez St New Orleans, LA	3.0	2.5	1102	$1,800	$1.63	19d	1	0.45mi
2129 Spain St New Orleans, LA	2.0	1.0	861	$1,500	$1.74	25d	1	0.46mi
2221 Burgundy St Unit A New Orleans, LA	1.0	1.0	810	$1,395	$1.72	5d	1	0.46mi

Listing history 31 events

1. 2026-06-21
   days on market $165,000 Active 185 DOM
2. 2026-06-18
   days on market $165,000 Active 182 DOM
3. 2026-06-17
   days on market $165,000 Active 181 DOM
4. 2026-06-16
   days on market $165,000 Active 180 DOM
5. 2026-06-15
   days on market $165,000 Active 179 DOM
6. 2026-06-13
   days on market $165,000 Active 177 DOM
7. 2026-06-10
   days on market $165,000 Active 174 DOM
8. 2026-06-09
   days on market $165,000 Active 173 DOM
9. 2026-06-08
   days on market $165,000 Active 172 DOM
10. 2026-06-07
    days on market $165,000 Active 171 DOM
11. 2026-06-05
    days on market $165,000 Active 168 DOM
12. 2026-06-03
    days on market $165,000 Active 167 DOM
13. 2026-06-02
    days on market $165,000 Active 166 DOM
14. 2026-06-01
    days on market $165,000 Active 165 DOM
15. 2026-06-01
    price $165,000 Active 164 DOM
16. 2026-05-31
    days on market $169,000 Active 164 DOM
17. 2026-05-05
    price $169,000 159-char remark

    Show marketing remark (160 chars)

    Refurbished 2 bedroom and 2 bathrooms raised cottage. New central A/C with gas heat. Utility room rebuilt conected to central A/C system. New electrical panel.

18. 2026-05-05
    price $169,000 160-char remark

    Show marketing remark (160 chars)

    Refurbished 2 bedroom and 2 bathrooms raised cottage. New central A/C with gas heat. Utility room rebuilt conected to central A/C system. New electrical panel.

19. 2026-04-29
    price $190,000 159-char remark

    Show marketing remark (159 chars)

    Refurbished 2 bedroom and 2 bathrooms raised cottage. New central A/C with gas heat. Utility room rebuilt conected to central A/C system. New electrical panel.

20. 2026-04-28
    price $190,000 160-char remark

    Show marketing remark (160 chars)

    Refurbished 2 bedroom and 2 bathrooms raised cottage. New central A/C with gas heat. Utility room rebuilt conected to central A/C system. New electrical panel.

21. 2026-04-11
    price $195,000 159-char remark

    Show marketing remark (160 chars)

    Refurbished 2 bedroom and 2 bathrooms raised cottage. New central A/C with gas heat. Utility room rebuilt conected to central A/C system. New electrical panel.

22. 2026-04-11
    price $195,000 160-char remark

    Show marketing remark (160 chars)

    Refurbished 2 bedroom and 2 bathrooms raised cottage. New central A/C with gas heat. Utility room rebuilt conected to central A/C system. New electrical panel.

23. 2025-12-18
    listed $199,900 Active 159-char remark

    Show marketing remark (160 chars)

    Refurbished 2 bedroom and 2 bathrooms raised cottage. New central A/C with gas heat. Utility room rebuilt conected to central A/C system. New electrical panel.

24. 2025-12-18
    listed $199,900 Active 160-char remark

    Show marketing remark (160 chars)

    Refurbished 2 bedroom and 2 bathrooms raised cottage. New central A/C with gas heat. Utility room rebuilt conected to central A/C system. New electrical panel.

25. 2012-01-26
    soldstatus $27,050
26. 2011-11-12
    listed $24,500
27. 2011-11-12
    listed $24,500
28. 2006-06-02
    soldstatus $70,000
29. 2006-03-16
    listed $70,000
30. 2006-03-16
    listed $70,000
31. 2000-11-01
    soldstatus $8,000

ⓘ 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: $1,758 · $146/mo
• Projected year-2 tax: $1,758 · $146/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 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: $17,900
• − Mortgage interest: −$9,243
• − Property taxes: −$1,758
• − Insurance: −$1,622
• − Repairs & maintenance: −$1,432
• − Management: −$1,432
• − Depreciation: −$4,800
• Taxable loss: −$2,387
• Est. tax savings @ 24.0%: +$573
• After-tax cash flow: $950/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

+2012.5% since first listed

15 events — show timeline

• 2026-05-05 Price Changed $169,000 AcadianaMLS
• 2026-05-05 Price Changed $169,000 GSREIN
• 2026-04-29 Price Changed $190,000 AcadianaMLS
• 2026-04-28 Price Changed $190,000 GSREIN
• 2026-04-11 Price Changed $195,000 AcadianaMLS
• 2026-04-11 Price Changed $195,000 GSREIN
• 2025-12-18 Listed $199,900 GSREIN
• 2025-12-18 Listed $199,900 AcadianaMLS
• 2012-01-26 Sold (MLS) $27,050 GSREIN
• 2011-11-12 Listed $24,500 AcadianaMLS
• 2011-11-12 Listed $24,500 GSREIN
• 2006-06-02 Sold (MLS) $70,000 GSREIN
• 2006-03-16 Listed $70,000 GSREIN
• 2006-03-16 Listed $70,000 AcadianaMLS
• 2000-11-01 Sold (Public Records) $8,000 Public Records

Property tax history

+7.6%/yr

Latest (2026): $1,758 · +1.1% YoY. Source: county tax records.