1635 Pauger St · New Orleans, LA 70116

$399,000

2 bd · 2.0 ba · 2,100 sqft · MultiFamily public records · 60 Days on market

Built 1900 $190/sqft · 25% below area Est $431k · 7% 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 +23.3/30.0
• ARV discount +10.9/15.0
• DSCR +7.5/10.0
• 1% rule +6.1/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +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

Historic Marigny Triangle Triplex Priced to Sell! Exceptionally located in the coveted Marigny Triangle just blocks to all the best of downtown New Orleans. Three one bedroom, one bathroom units featuring tall ceilings, historic charm, and freshly painted interiors. Both front unit kitchens remodeled in 2026 with all new cabinets, countertops, and appliances. Stackable washer/dryer and tank water heater service all three units. All units currently vacant. Excellent opportunity.

Key facts

• Remodeled kitchens
• Tall ceilings
• Historic charm

Tags

• HISTORIC CHARM
• TALL CEILINGS
• REMODELED KITCHENS
• FRESHLY PAINTED INTERIORS
• STACKABLE WASHER DRYER
• TANK WATER HEATER

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/1-bath units multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $662 ($8k/yr) — positive. Per door: $221/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $399k).
• Recommended offer: $387k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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.
• Market conditions: Rents flat; 351 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); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $4,412/mo this rent would consume 101% of the median local household income ($52k/yr) (locally 1001% 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 $12k 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 60 days — a 3% lower offer ($387k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y 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 1900 — expect roof / HVAC / electrical / plumbing capex.
• 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 $387,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% 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. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.11% ✓
• Cap rate: 8.48%
• Cash-on-cash: 7.82%
• DSCR: 1.35
• GRM: 7.5

CMA / ARV

• ARV (median comp): $431,272
• List price: $399,000
• Delta: -7.48%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1932-34 Dauphine St	0.14mi	3/3.0 (+1)	1,990 (-5%)	6mo	$625,000	$314	71
1820 22 Dauphine St	0.14mi	2/3.0	1,908 (-9%)	6mo	$725,000	$380	70
2316 18 N Rampart St	0.31mi	2/2.0	2,035 (-3%)	23mo	$600,000	$295	61
832 36 Mandeville St	0.35mi	3/3.0 (+1)	1,851 (-12%)	4mo	$294,000	$159	52
938 Spain St	0.41mi	3/2.0 (+1)	1,943 (-8%)	18mo	$305,000	$157	49
915 17 Spain St	0.43mi	3/2.0 (+1)	1,861 (-11%)	10mo	$450,000	$242	48
523-25 Spain St	0.52mi	3/3.5 (+1)	1,891 (-10%)	2mo	$280,000	$148	46
2259-2261 N Derbigny St	0.60mi	3/2.0 (+1)	1,848 (-12%)	15mo	$340,000	$184	34
2712 14 Burgundy St	0.64mi	3/3.0 (+1)	1,811 (-14%)	10mo	$345,000	$191	30

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 · 0.18% rent growth · sell at horizon

5-year hold

• IRR: -8.7%
• Equity multiple: 0.69×
• Total profit: $-34,586
• Equity at exit: $59,492

10-year hold

• IRR: -3.5%
• Equity multiple: 0.80×
• Total profit: $-22,642
• Equity at exit: $34,498

Cash invested: $111,720 (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 70116

• Home prices YoY: -34.5%
• Rents YoY: 0.2%
• Active inventory: 351
• Price-to-rent: 22.6×

Monthly cashflow live

• Estimated rent: $4,412 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$499 /mo · $5,985/yr
• Insurance: −$166
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$927
• Net cashflow: $662

Break-even live

Break-even rent $3,575

Max offer price $399,000

Occupancy floor 80%

Sensitivity live

Price	-10% $887	-5% $775	+0% $662	+5% $549	+10% $436
Rent	-10% $313	-5% $487	+0% $662	+5% $836	+10% $1,010
Rate	-1.0pp $863	-0.5pp $763	base $662	+0.5pp $558	+1.0pp $453

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$4,413
Total (3 units)			$4,412

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1910 N Rampart St New Orleans, LA	2.0	1.0	1450	$1,995	$1.38	4d	1	0.01mi
928 Kerlerec St New Orleans, LA	3.0	3.5	1684	$2,750	$1.63	4d	1	0.14mi
928 Kerlerec St New Orleans, LA	3.0	3.5	1684	$2,750	$1.63	4d	1	0.14mi
817 Esplanade Ave Unit 1A New Orleans, LA	2.0	2.5	1586	$4,000	$2.52	4d	1	0.18mi
1136 Frenchmen St New Orleans, LA	2.0	1.0	1800	$1,650	$0.92	24d	1	0.18mi
1022 Barracks St New Orleans, LA	1.0–2.0	1.0–2.0	1233	$4,400	$3.57	44d	1	0.27mi
1301 N Rampart St New Orleans, LA	2.0	2.0–2.5	2929	$7,750	$2.65	21d	2	0.28mi
1245 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	44d	1	0.28mi
1247 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	44d	1	0.28mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$2,165	$1.37	4d	2	0.31mi
2320 N Rampart St New Orleans, LA	3.0	3.0	2317	$3,700	$1.60	44d	1	0.31mi
600 Marigny St New Orleans, LA	1.0	1.0	1440	$2,000	$1.39	12d	1	0.36mi
1434 Annette St New Orleans, LA	2.0	1.0	1536	$1,700	$1.11	4d	1	0.40mi
1434 Annette St New Orleans, LA	2.0	1.0	1536	$1,700	$1.11	4d	1	0.40mi
1423 N Villere St Unit A New Orleans, LA	2.0	3.0	1964	$2,500	$1.27	44d	1	0.42mi
1000 Saint Philip St New Orleans, LA	3.0	2.5	2650	$4,800	$1.81	44d	1	0.46mi
1021 Henriette Delille St New Orleans, LA	3.0	2.0	2012	$2,250	$1.12	18d	1	0.46mi
1433 Esplanade Ave New Orleans, LA	3.0	2.0	2411	$5,000	$2.07	3d	1	0.47mi
839 Dumaine St New Orleans, LA	3.0	4.0	2740	$6,500	$2.37	44d	1	0.51mi
1239 Saint Roch Ave New Orleans, LA	2.0	2.0	1500	$2,150	$1.43	4d	1	0.54mi
915 Decatur St Unit F New Orleans, LA	2.0	2.0	1500	$2,175	$1.45	24d	1	0.57mi
824 Royal St Unit G New Orleans, LA	2.0	2.0	2080	$3,300	$1.59	44d	1	0.57mi
527 Saint Ann St Unit 3 New Orleans, LA	3.0	2.0	1687	$3,500	$2.07	44d	1	0.64mi
751 Chartres St New Orleans, LA	2.0–3.0	2.0	1461	$2,610	$1.79	44d	1	0.64mi
515 Saint Ann St Unit 3 New Orleans, LA	3.0	2.0	1644	$3,600	$2.19	45d	1	0.64mi
1837 Touro St New Orleans, LA	3.0	1.0	1994	$2,000	$1.00	24d	1	0.65mi
627 St Peter New Orleans, LA	2.0	2.5	2174	$5,500	$2.53	24d	1	0.68mi
618 N Rampart St #204 New Orleans, LA	3.0	2.5	1904	$4,500	$2.36	44d	1	0.71mi
1936 N Johnson St Unit 36 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	24d	1	0.71mi
1938 N Johnson St Unit 38 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	24d	1	0.71mi
609 Royal St Unit D New Orleans, LA	1.0	1.0	1431	$2,200	$1.54	12d	1	0.73mi
522 Montegut St New Orleans, LA	1.0–2.0	1.0–2.0	1256	$3,500	$2.79	3d	12	0.79mi
535 Decatur St Unit 3 New Orleans, LA	3.0	2.0	1600	$2,800	$1.75	12d	1	0.80mi
1034 Montegut St Unit 1034 New Orleans, LA	2.0	2.0	1415	$3,400	$2.40	44d	1	0.83mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	44d	1	0.83mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	24d	1	0.83mi
2115 Mandeville St New Orleans, LA	3.0	2.0	1400	$1,650	$1.18	24d	1	0.89mi
324 Chartres St Unit B New Orleans, LA	2.0	2.0	1750	$2,250	$1.29	18d	1	0.93mi
1831 N Miro St New Orleans, LA	3.0	2.0	1882	$2,500	$1.33	44d	1	0.93mi
1231 Feliciana St New Orleans, LA	3.0	2.5	1869	$2,750	$1.47	44d	1	0.95mi

Listing history 25 events

1. 2026-06-21
   days on market $399,000 Active 60 DOM
2. 2026-06-18
   days on market $399,000 Active 57 DOM
3. 2026-06-17
   days on market $399,000 Active 56 DOM
4. 2026-06-16
   days on market $399,000 Active 55 DOM
5. 2026-06-15
   days on market $399,000 Active 54 DOM
6. 2026-06-13
   days on market $399,000 Active 52 DOM
7. 2026-06-10
   days on market $399,000 Active 49 DOM
8. 2026-06-09
   days on market $399,000 Active 48 DOM
9. 2026-06-08
   days on market $399,000 Active 47 DOM
10. 2026-06-07
    days on market $399,000 Active 46 DOM
11. 2026-06-05
    days on market $399,000 Active 43 DOM
12. 2026-06-03
    days on market $399,000 Active 42 DOM
13. 2026-06-02
    days on market $399,000 Active 41 DOM
14. 2026-06-01
    days on market $399,000 Active 40 DOM
15. 2026-05-31
    days on market $399,000 Active 39 DOM
16. 2026-04-22
    listed $419,000 Active 482-char remark

    Show marketing remark (482 chars)

    Historic Marigny Triangle Triplex Priced to Sell! Exceptionally located in the coveted Marigny Triangle just blocks to all the best of downtown New Orleans. Three one bedroom, one bathroom units featuring tall ceilings, historic charm, and freshly painted interiors. Both front unit kitchens remodeled in 2026 with all new cabinets, countertops, and appliances. Stackable washer/dryer and tank water heater service all three units. All units currently vacant. Excellent opportunity.

17. 2026-04-22
    listed $419,000 Active 482-char remark

    Show marketing remark (482 chars)

    Historic Marigny Triangle Triplex Priced to Sell! Exceptionally located in the coveted Marigny Triangle just blocks to all the best of downtown New Orleans. Three one bedroom, one bathroom units featuring tall ceilings, historic charm, and freshly painted interiors. Both front unit kitchens remodeled in 2026 with all new cabinets, countertops, and appliances. Stackable washer/dryer and tank water heater service all three units. All units currently vacant. Excellent opportunity.

18. 2025-10-03
    price $395,000
19. 2025-10-03
    price $395,000
20. 2025-09-25
    price $425,000
21. 2025-09-25
    price $425,000
22. 2025-09-18
    price $440,000
23. 2025-09-18
    price $440,000
24. 2025-09-09
    listed $450,000 Active
25. 2014-05-20
    listed $329,000

ⓘ 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: $5,985 · $499/mo
• Projected year-2 tax: $5,985 · $499/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 7/10 Severe FEMA zone X (shaded) · 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 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $52,944
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$2,792
• − Repairs & maintenance: −$4,236
• − Management: −$4,236
• − Depreciation: −$11,607
• Taxable income: $1,738
• Est. tax owed @ 24.0%: −$417
• After-tax cash flow: $7,522/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): 10,404
• Household income: $52,306
• Rent vs Own: 52.5% rent · 47.5% own
• Severe rent burden: 1001.0

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 0.63)
• Race & ethnicity: White 45% Black 40% Hispanic / Latino 10% Two or more races 8%
• Hispanic origin (detail): Mexican 1% Cuban 3%
• Common ancestry: Lithuanian 6% Slovak 3% Romanian 3%
• Foreign-born: 5% · Canada
• Languages at home: 90% English-only · Spanish 6% French/Haitian/Cajun 2%

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: ▼ -144.83%
• Current HPI: 275.5453
• Rent YoY: ▲ 0.18%
• 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

+27.4% since first listed

10 events — show timeline

• 2026-04-22 Listed $419,000 GSREIN
• 2026-04-22 Listed $419,000 AcadianaMLS
• 2025-10-03 Price Changed $395,000 AcadianaMLS
• 2025-10-03 Price Changed $395,000 GSREIN
• 2025-09-25 Price Changed $425,000 AcadianaMLS
• 2025-09-25 Price Changed $425,000 GSREIN
• 2025-09-18 Price Changed $440,000 AcadianaMLS
• 2025-09-18 Price Changed $440,000 GSREIN
• 2025-09-09 Listed $450,000 AcadianaMLS
• 2014-05-20 Listed $329,000 AcadianaMLS

Property tax history

+14.2%/yr

Latest (2026): $5,985 · +1.1% YoY. Source: county tax records.