3622 24 Urquhart St · New Orleans, LA 70117

$135,000

3 bd · 2.0 ba · 1,680 sqft · MultiFamily public records · 114 Days on market

Built 1930 $80/sqft · 49% below area

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Classic double shotgun in the heart of St. Claude. This duplex delivers two separate units with strong value-add upside for investors or owner-occupants. Solid footprint, deep lot with garage, and authentic New Orleans character set the stage for a smart rehab, reconfiguration, or long-term hold. Walkable to neighborhood favorites and minutes to Bywater and the French Quarter.

Key facts

• Garage
• Deep lot
• Two separate units

Tags

• TWO SEPARATE UNITS
• STRONG VALUE-ADD UPSIDE
• DEEP LOT
• GARAGE
• MINUTES TO BYWATER
• MINUTES TO FRENCH QUARTER

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $135k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $763/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $135k).
• Recommended offer: $123k (9.0% below list) — sets the bar for market timing.
• Cap rate 20.5% 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 rising (+2.5%/yr); 581 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,219/mo this rent would consume 84% of the median local household income ($46k/yr) (locally 1988% 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 $933 of loan paydown is wiped out by about $4k 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 + 2.5% rent growth), your $38k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 18y ago; this cycle's ask has dropped $15k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1930 — 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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $122,850 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% 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 1930 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. 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: 2.38% ✓
• Cap rate: 20.45%
• Cash-on-cash: 50.57%
• DSCR: 3.25
• GRM: 3.5

CMA / ARV

• ARV (median comp): $325,391
• List price: $135,000
• Delta: -58.51%
• 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
3824 26 Royal St	0.45mi	4/2.0 (+1)	1,599 (-5%)	1mo	$232,500	$145	66
816-18 Alvar St	0.33mi	3/2.5	1,814 (+8%)	5mo	$435,000	$240	65
1537-1539 Louisa St	0.34mi	4/2.0 (+1)	1,778 (+6%)	6mo	$329,000	$185	64
3313 15 St Claude Ave	0.22mi	4/3.0 (+1)	1,850 (+10%)	1mo	$320,000	$173	64
727 Montegut St	0.60mi	4/2.0 (+1)	1,670 (-1%)	4mo	$155,000	$93	63
4205 07 Burgundy St	0.40mi	3/2.0	1,812 (+8%)	7mo	$475,000	$262	62
3129 31 N Claiborne Ave	0.42mi	4/2.0 (+1)	1,806 (+8%)	3mo	$267,150	$148	61
2630 N Rampart St	0.73mi	4/2.0 (+1)	1,680 (0%)	4mo	$387,500	$231	58
2929 Saint Claude Ave	0.51mi	4/2.0 (+1)	1,507 (-10%)	1mo	$155,000	$103	53
4323 25 N Derbigny St	0.49mi	4/2.0 (+1)	1,925 (+15%)	5mo	$195,000	$101	44
1332 Port St	0.70mi	3/2.0	1,475 (-12%)	6mo	$181,000	$123	42
2712 14 Burgundy St	0.72mi	3/3.0	1,811 (+8%)	10mo	$345,000	$191	41

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: 45.4%
• Equity multiple: 2.95×
• Total profit: $73,796
• Equity at exit: $20,129

10-year hold

• IRR: 51.0%
• Equity multiple: 5.85×
• Total profit: $183,171
• Equity at exit: $11,672

Cash invested: $37,800 (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 70117

• Rents YoY: 2.5%
• Active inventory: 581
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $3,219 high
• Mortgage (P&I): −$708
• Tax from tax record: −$186 /mo · $2,232/yr
• Insurance: −$56
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$676
• Net cashflow: $1,526

Break-even live

Break-even rent $1,287

Max offer price $135,000

Occupancy floor 48%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,218
Total (2 units)			$3,219

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	0.11mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	0.11mi
1323 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	0.11mi
1437 Gallier St New Orleans, LA	3.0	2.0	1451	$1,875	$1.29	21d	1	0.17mi
1119 Bartholomew St Unit 1119 New Orleans, LA	2.0	2.0	1410	$2,500	$1.77	44d	1	0.22mi
3221 Saint Claude Ave New Orleans, LA	3.0	1.0	1900	$1,650	$0.87	24d	1	0.23mi
5624-5626 Saint Claude ST New Orleans, LA	4.0	3.0	1521	$2,300	$1.51	24d	1	0.24mi
3421 Burgundy St New Orleans, LA	2.0	2.0	1120	$3,000	$2.68	24d	1	0.28mi
1411 France St New Orleans, LA	3.0	2.0	1525	$2,000	$1.31	24d	1	0.34mi
1628 Bartholomew St New Orleans, LA	3.0	2.0	1050	$1,600	$1.52	24d	1	0.34mi
1231 Feliciana St New Orleans, LA	3.0	2.5	1869	$2,750	$1.47	44d	1	0.40mi
1403 Lesseps St New Orleans, LA	3.0	3.0	1700	$1,800	$1.06	12d	1	0.40mi
4317 Urquhart St New Orleans, LA	3.0	2.0	1300	$1,650	$1.27	24d	1	0.40mi
3134 Burgundy St New Orleans, LA	3.0	2.0	1887	$2,900	$1.54	24d	1	0.42mi
1320 Feliciana St New Orleans, LA	2.0	2.0	1200	$2,000	$1.67	24d	1	0.42mi
4318 1/2 N Robertson St New Orleans, LA	3.0	1.0	1250	$1,150	$0.92	3d	1	0.43mi
740 Mazant St New Orleans, LA	2.0	2.0	1750	$2,200	$1.26	24d	1	0.43mi
4318 N Robertson St New Orleans, LA	3.0	1.0	1250	$1,150	$0.92	3d	1	0.43mi
4230 N Claiborne Ave New Orleans, LA	3.0	2.5	1296	$1,750	$1.35	24d	1	0.43mi
3903 Royal St Unit 3903 New Orleans, LA	2.0	1.0	1205	$1,300	$1.08	15d	1	0.43mi
3025 Saint Claude Ave New Orleans, LA	2.0	2.0	1224	$1,950	$1.59	24d	1	0.43mi
3900 Royal St Unit 2A New Orleans, LA	2.0	2.0	1300	$3,000	$2.31	3d	1	0.44mi
1233 Poland Ave New Orleans, LA	2.0	2.0	1200	$2,250	$1.88	24d	1	0.45mi
3431 Chartres St #6 New Orleans, LA	2.0	2.5	1262	$2,750	$2.18	15d	1	0.47mi
1822 Piety St New Orleans, LA	3.0	1.5	1200	$1,500	$1.25	16d	1	0.47mi
3125 Industrial Ct New Orleans, LA	2.0	2.5	1100	$1,450	$1.32	24d	1	0.48mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	24d	1	0.49mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	44d	1	0.49mi
1034 Montegut St Unit 1034 New Orleans, LA	2.0	2.0	1415	$3,400	$2.40	44d	1	0.49mi
1904 Desire St New Orleans, LA	3.0	1.0	1200	$1,400	$1.17	10d	1	0.50mi
625 Louisa St New Orleans, LA	2.0	1.0	1162	$2,400	$2.07	24d	1	0.50mi
1835 Louisa St New Orleans, LA	3.0	2.5	1800	$2,350	$1.31	3d	1	0.51mi
1839 Louisa St New Orleans, LA	3.0	2.0	1500	$2,095	$1.40	16d	1	0.51mi
924 Kentucky St New Orleans, LA	2.0	1.0	1102	$1,700	$1.54	3d	1	0.53mi
882 Montegut St New Orleans, LA	1.0–3.0	1.0–2.0	826	$2,575	$3.12	44d	7	0.55mi
2019 Gallier St New Orleans, LA	4.0	2.0	1400	$2,200	$1.57	24d	1	0.57mi
1942 Piety St New Orleans, LA	3.0	1.0	1100	$1,500	$1.36	24d	1	0.57mi
2028 Desire St New Orleans, LA	3.0	1.0	1300	$1,300	$1.00	24d	1	0.60mi
4222 N Johnson St New Orleans, LA	3.0	2.0	1100	$1,895	$1.72	24d	1	0.62mi
2129 Desire St Unit 1B New Orleans, LA	3.0	1.0	1105	$1,200	$1.09	3d	1	0.68mi

Listing history 23 events

1. 2026-06-18
   days on market $135,000 Active 114 DOM
2. 2026-06-17
   days on market $135,000 Active 113 DOM
3. 2026-06-16
   days on market $135,000 Active 112 DOM
4. 2026-06-15
   days on market $135,000 Active 111 DOM
5. 2026-06-13
   days on market $135,000 Active 109 DOM
6. 2026-06-10
   days on market $135,000 Active 106 DOM
7. 2026-06-09
   days on market $135,000 Active 105 DOM
8. 2026-06-08
   days on market $135,000 Active 104 DOM
9. 2026-06-07
   days on market $135,000 Active 103 DOM
10. 2026-06-05
    days on market $135,000 Active 100 DOM
11. 2026-06-03
    days on market $135,000 Active 99 DOM
12. 2026-06-02
    days on market $135,000 Active 98 DOM
13. 2026-06-01
    days on market $135,000 Active 97 DOM
14. 2026-05-31
    days on market $135,000 Active 96 DOM
15. 2026-05-04
    price $135,000 379-char remark

    Show marketing remark (379 chars)

    Classic double shotgun in the heart of St. Claude. This duplex delivers two separate units with strong value-add upside for investors or owner-occupants. Solid footprint, deep lot with garage, and authentic New Orleans character set the stage for a smart rehab, reconfiguration, or long-term hold. Walkable to neighborhood favorites and minutes to Bywater and the French Quarter.

16. 2026-05-04
    price $135,000 379-char remark

    Show marketing remark (379 chars)

    Classic double shotgun in the heart of St. Claude. This duplex delivers two separate units with strong value-add upside for investors or owner-occupants. Solid footprint, deep lot with garage, and authentic New Orleans character set the stage for a smart rehab, reconfiguration, or long-term hold. Walkable to neighborhood favorites and minutes to Bywater and the French Quarter.

17. 2026-02-24
    listed $150,000 Active 379-char remark

    Show marketing remark (379 chars)

    Classic double shotgun in the heart of St. Claude. This duplex delivers two separate units with strong value-add upside for investors or owner-occupants. Solid footprint, deep lot with garage, and authentic New Orleans character set the stage for a smart rehab, reconfiguration, or long-term hold. Walkable to neighborhood favorites and minutes to Bywater and the French Quarter.

18. 2026-02-24
    listed $150,000 Active 379-char remark

    Show marketing remark (379 chars)

    Classic double shotgun in the heart of St. Claude. This duplex delivers two separate units with strong value-add upside for investors or owner-occupants. Solid footprint, deep lot with garage, and authentic New Orleans character set the stage for a smart rehab, reconfiguration, or long-term hold. Walkable to neighborhood favorites and minutes to Bywater and the French Quarter.

19. 2010-03-18
    listed $112,125
20. 2010-03-18
    listed $112,125
21. 2008-06-17
    listed $139,900
22. 2008-06-17
    listed $139,900
23. 1999-09-16
    soldstatus $411,000

ⓘ 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: $2,232 · $186/mo
• Projected year-2 tax: $2,232 · $186/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 · 74% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 22 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,628
• − Mortgage interest: −$7,562
• − Property taxes: −$2,232
• − Insurance: −$1,472
• − Repairs & maintenance: −$3,090
• − Management: −$3,090
• − Depreciation: −$3,927
• Taxable income: $17,254
• Est. tax owed @ 24.0%: −$4,141
• After-tax cash flow: $14,175/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

-67.2% since first listed

9 events — show timeline

• 2026-05-04 Price Changed $135,000 AcadianaMLS
• 2026-05-04 Price Changed $135,000 GSREIN
• 2026-02-24 Listed $150,000 GSREIN
• 2026-02-24 Listed $150,000 AcadianaMLS
• 2010-03-18 Listed $112,125 GSREIN
• 2010-03-18 Listed $112,125 AcadianaMLS
• 2008-06-17 Listed $139,900 GSREIN
• 2008-06-17 Listed $139,900 AcadianaMLS
• 1999-09-16 Sold (Public Records) $411,000 Public Records

Property tax history

+5.0%/yr

Latest (2026): $2,232 · +1.1% YoY. Source: county tax records.