1226 28 Carondelet St · New Orleans, LA 70130

$235,000

6 bd · 2.0 ba · 5,148 sqft · MultiFamily public records · 17 Days on market

Built 1912 $46/sqft · 75% below area ↓ 25% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• 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: 4 units. confirmed

Listing remarks

Calling all INVESTORS! 4-plex in need of renovation with tons of potential in great location. Zoned HU-MU!!! Lots of possibilities with this Mixed Use Property. Just one block off St. Charles Ave and two blocks to I-10. Surrounded by other renovated properties, Airbnb, and Boutique Hotel Corridor promoting foot traffic for many types of businesses. Buyer to verify measurements, zoning and permitted use. Walking distance to Mardi Gras parades, shopping, restaurants, downtown, Super Dome, uptown and more! PROPERTY IS IN FAIR CONDITION AND NEEDS WORK! Seller will not make any repairs. Sold AS IS. 4 electric, water & gas meters. This property may be approved for Federal and State His

Key facts

• Built 1912
• Listed 17 days

Property features AI

Finance

• Financial info: 4 total rental units

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex/multi-unit building with 2 stories; Raised foundation
• Construction: Wood siding; Shingle roof; Built with a raised foundation
• Exterior features: Balcony; City lot; Rectangular lot

Interior

• Bedrooms: Four 1-bedroom units (unit numbers: 1226, 1228, B, B)
• Bathrooms: Four full bathrooms (one per unit)
• Interior features: Average condition
• Laundry & utility: Tenants pay electricity, gas, and water

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $235k.

Deal economics

• At list price, monthly cash flow is $7k ($79k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $235k).
• Recommended offer: $231k (1.5% below list) — sets the bar for market timing.
• Cap rate 40.1% 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 flat; 309 active listings in the ZIP; solid renter incomes; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $10,354/mo this rent would consume 155% of the median local household income ($80k/yr) (locally 841% 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 $2k of loan paydown is wiped out by about $7k 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.
• At projected returns (-3.0% appreciation + 0.9% rent growth), your $66k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($231k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $200k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1912 — 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 $231,475 (1.5% 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 1912 — 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: 4.41% ✓
• Cap rate: 40.05%
• Cash-on-cash: 120.57%
• DSCR: 6.36
• GRM: 1.9

CMA / ARV

• ARV (median comp): $498,409
• List price: $235,000
• Delta: -52.85%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1422-24 Felicity Street St	0.48mi	7/6.0 (+1)	4,890 (-5%)	16mo	$550,000	$112	36
2023 25 Coliseum St	0.59mi	5/8.0 (-1)	4,414 (-14%)	13mo	$686,000	$155	18

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 · 0.95% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.44×
• Total profit: $358,000
• Equity at exit: $35,039

10-year hold

• IRR: —
• Equity multiple: 12.65×
• Total profit: $766,738
• Equity at exit: $20,319

Cash invested: $65,800 (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 70130

• Rents YoY: 0.9%
• Active inventory: 309
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $10,354 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$238 /mo · $2,856/yr
• Insurance: −$98
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,174
• Net cashflow: $6,545

Break-even live

Break-even rent $2,069

Max offer price $235,000

Occupancy floor 32%

Sensitivity live

Price	-10% $6,678	-5% $6,611	+0% $6,545	+5% $6,478	+10% $6,412
Rent	-10% $5,727	-5% $6,136	+0% $6,545	+5% $6,954	+10% $7,363
Rate	-1.0pp $6,663	-0.5pp $6,605	base $6,545	+0.5pp $6,484	+1.0pp $6,422

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$10,352
Total (4 units)			$10,354

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-11
   historical Active Under Contract 1023-char remark
2. 2026-05-01
   listed $235,000 Active 1023-char remark
3. 2025-08-13
   price $265,000
4. 2022-06-13
   price $900

ⓘ 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: $2,856 · $238/mo
• Projected year-2 tax: $2,856 · $238/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 · 59% 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: $124,248
• − Mortgage interest: −$13,164
• − Property taxes: −$2,856
• − Insurance: −$1,972
• − Repairs & maintenance: −$9,940
• − Management: −$9,940
• − Depreciation: −$6,836
• Taxable income: $79,539
• Est. tax owed @ 24.0%: −$19,089
• After-tax cash flow: $59,449/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): 12,560
• Household income: $80,212
• Rent vs Own: 61.9% rent · 38.1% own
• Severe rent burden: 841.0

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 0.59)
• Race & ethnicity: White 57% Black 28% Hispanic / Latino 10% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Lithuanian 8% Italian 3% Slovak 2%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 89% English-only · Spanish 5% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -162.98%
• Current HPI: 206.2364
• Rent YoY: ▲ 0.95%
• 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

-24.5% since first listed

6 events — show timeline

• 2026-05-29 Sold (MLS) $200,000 GSREIN
• 2026-05-20 Pending — GSREIN
• 2026-05-11 Contingent — GSREIN
• 2026-05-01 Listed $235,000 GSREIN
• 2025-08-13 Price Changed $265,000 GSREIN
• 2022-06-13 Price Changed $900 RENT.

Property tax history

+5.8%/yr

Latest (2026): $2,856 · -39.8% YoY. Source: county tax records.