2008 10 Josephine St · New Orleans, LA 70113

$299,900

4 bd · 3.0 ba · 1,808 sqft · MultiFamily public records · 7 Days on market

Built 1965 Est $277k · 8% 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 +20.5/30.0
• Appreciation +10.0/10.0
• DSCR +6.5/10.0
• 1% rule +4.6/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• ARV discount +3.7/15.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Perfect time to get the perfect place in the perfect area! Minutes from restaurants, shopping, schools, downtown, and Mardi Gras . This exquisite property offers not only a prime location but also a plenty of space on each side. ALMOST $5000 IN RENT?! DON'T MISS OUT!! The spacious living room is bathed in an abundance of natural light, creating a warm and inviting atmosphere for relaxation and entertainment. With 1 bedrooms and 1bath on each side great for long term or short term rental. CALL TODAY!

Key facts

• Built 1965
• Listed 7 days

Property features AI

Finance

• Financial info: Four total rental units; Each unit currently rented at $1,200 (actual and total rent listed for units 08-A, 08-B, 10-A, 10-B)

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-story building
• Construction: Wood siding; Shingle roof; Built with raised foundation
• Exterior features: City lot; Irregular lot

Interior

• Bedrooms: Four 1-bedroom units (units 08-A, 08-B, 10-A, 10-B)
• Bathrooms: Four full bathrooms (one in each unit)
• Heating & cooling: Window unit heating; Window unit cooling
• Interior features: Average condition; Raised foundation

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $327 ($4k/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 $286k (4.5% below list).
• Recommended offer: $286k (4.5% below list) — sets the bar for 1% rule.
• Cap rate 7.9% 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 fast (+6.0%/yr); 137 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); lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).

Forward outlook

• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Orleans County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 6.0% rent growth), your $84k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 14y 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.
• Current owner paid $20k; list at $300k implies a 1400% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• 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 $286,500 (4.5% below list)

Questions for the listing agent

1. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 0.96% ✗
• Cap rate: 7.87%
• Cash-on-cash: 5.62%
• DSCR: 1.25
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $276,624
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2521 23 Carondelet St	0.38mi	4/2.5	1,873 (+4%)	6mo	$490,000	$262	69
2233-2235 Josephine St	0.17mi	4/2.0	1,938 (+7%)	8mo	$159,000	$82	69
2113 15 S Liberty St	0.19mi	4/2.0	1,624 (-10%)	10mo	$228,500	$141	62
2514-16 Second St	0.42mi	4/3.0	1,910 (+6%)	12mo	$293,000	$153	61
2624-2626 Jackson Ave	0.47mi	4/2.0	1,713 (-5%)	6mo	$159,900	$93	60
1809 11 Third St	0.35mi	4/2.0	1,585 (-12%)	1mo	$260,000	$164	58
1626 28 Simon Bolivar Ave	0.19mi	4/2.0	1,944 (+8%)	23mo	$299,000	$154	56
1713 15 8th St	0.67mi	4/2.0	1,750 (-3%)	7mo	$280,000	$160	54
718 20 Fourth St	0.38mi	4/2.0	1,596 (-12%)	13mo	$270,000	$169	48
2219 21 Toledano St	0.66mi	4/2.0	1,640 (-9%)	4mo	$232,000	$141	47
2721 23 First St	0.49mi	4/4.0	1,978 (+9%)	23mo	$170,000	$86	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 5.98% rent growth · sell at horizon

5-year hold

• IRR: 28.7%
• Equity multiple: 3.30×
• Total profit: $192,940
• Equity at exit: $270,174

10-year hold

• IRR: 25.8%
• Equity multiple: 7.81×
• Total profit: $571,985
• Equity at exit: $582,640

Cash invested: $83,972 (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 70113

• Rents YoY: 6.0%
• Active inventory: 137
• Price-to-rent: 17.4×

Monthly cashflow live

• Estimated rent: $2,865 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$173 /mo · $2,072/yr
• Insurance: −$125
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$602
• Net cashflow: $327

Break-even live

Break-even rent $2,452

Max offer price $299,900

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,866
Total (2 units)			$2,865

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1944 Jackson Ave New Orleans, LA	3.0	2.5	1572	$2,500	$1.59	44d	1	0.06mi
2102 Josephine St New Orleans, LA	4.0	2.0	1286	$2,100	$1.63	24d	1	0.07mi
1915 Philip St New Orleans, LA	3.0	1.5	1300	$2,450	$1.88	24d	1	0.14mi
2301 Dryades St New Orleans, LA	3.0	3.0	2070	$3,000	$1.45	3d	1	0.17mi
2403 S Saratoga St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	24d	1	0.19mi
2123 S Liberty St Unit 2125 New Orleans, LA	3.0	2.0	1500	$2,100	$1.40	3d	1	0.22mi
2231 S Liberty St New Orleans, LA	3.0	3.5	1752	$2,000	$1.14	17d	1	0.23mi
2107 Fourth St New Orleans, LA	3.0	1.0	1292	$1,775	$1.37	17d	1	0.35mi
2318 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1400	$1,700	$1.21	24d	1	0.35mi
2625 Baronne St Unit 1 New Orleans, LA	3.0	1.5	2100	$2,600	$1.24	44d	1	0.37mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1250	$2,300	$1.84	2d	1	0.40mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1232	$2,300	$1.87	24d	1	0.40mi
2733 Danneel St New Orleans, LA	4.0	2.0	1350	$1,775	$1.31	24d	1	0.40mi
2713 Baronne St New Orleans, LA	3.0	2.5	1600	$2,300	$1.44	24d	1	0.41mi
1525 Melpomene St Unit Na New Orleans, LA	3.0	1.5	1700	$4,000	$2.35	44d	1	0.51mi
1201 Baronne St #1 New Orleans, LA	3.0	2.5	1892	$2,700	$1.43	17d	1	0.51mi
2608 Magnolia St New Orleans, LA	4.0	2.5	1950	$3,200	$1.64	44d	1	0.53mi
2722 Martin L King Bl New Orleans, LA	3.0	2.5	1350	$1,800	$1.33	24d	1	0.53mi
1407 Magnolia St New Orleans, LA	3.0	2.0	1824	$1,500	$0.82	24d	1	0.55mi
1306 Felicity St Unit C New Orleans, LA	3.0	3.0	1500	$2,450	$1.63	17d	1	0.56mi
1204 Saint Andrew St Unit 1204 New Orleans, LA	3.0	2.0	1600	$2,300	$1.44	24d	1	0.61mi
3212 Danneel St New Orleans, LA	3.0	2.0	1945	$2,000	$1.03	24d	1	0.65mi
822 Howard Ave Unit 1272354P New Orleans, LA	1.0–5.0	1.0–4.0	1749	$9,250	$5.29	2d	3	0.67mi
875 O'Keefe Ave #301 New Orleans, LA	3.0	2.5	2029	$4,500	$2.22	17d	1	0.70mi
2028 Magazine St New Orleans, LA	3.0	2.5	2600	$7,000	$2.69	17d	1	0.71mi
1410 6th St New Orleans, LA	3.0	2.0	1400	$5,000	$3.57	16d	1	0.71mi
1021 1st St New Orleans, LA	4.0	4.0	2621	$4,500	$1.72	3d	1	0.75mi
803 Baronne St New Orleans, LA	3.0	2.0	1791	$3,525	$1.97	3d	1	0.78mi
2608 Magazine St New Orleans, LA	3.0	2.0	1844	$3,100	$1.68	44d	1	0.78mi
2628 Magazine St New Orleans, LA	3.0	2.0	1400	$2,650	$1.89	17d	1	0.79mi
3120 Second St New Orleans, LA	3.0	3.0	1256	$2,050	$1.63	24d	1	0.79mi
921 Race St Unit C New Orleans, LA	3.0	2.0	1570	$3,000	$1.91	10d	1	0.80mi
3429 Baronne St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	44d	1	0.82mi
1000 Girod St Ph 2 New Orleans, LA	3.0	3.5	2008	$4,800	$2.39	44d	1	0.83mi
1111 6th St New Orleans, LA	3.0	1.5	1425	$2,995	$2.10	44d	1	0.84mi
1420 Annunciation St New Orleans, LA	1.0–3.0	1.0–2.0	1019	$2,390	$2.35	2d	78	0.86mi
2539 Amelia St New Orleans, LA	3.0	2.0	1296	$2,200	$1.70	24d	1	0.86mi
913 Felicity St New Orleans, LA	1.0–3.0	1.0–2.0	999	$1,850	$1.85	24d	1	0.86mi
2833 S Derbigny St New Orleans, LA	3.0	2.0	1500	$1,795	$1.20	24d	1	0.87mi
2502 Laurel St New Orleans, LA	3.0	2.0	1333	$2,300	$1.73	17d	1	0.88mi

Listing history 6 events

1. 2026-06-18
   days on market $299,900 Active 7 DOM
2. 2026-06-17
   days on market $299,900 Active 6 DOM
3. 2026-06-16
   days on market $299,900 Active 5 DOM
4. 2026-06-15
   days on market $299,900 Active 4 DOM
5. 2026-06-13
   remarks 504-char remark
6. 2026-06-13
   listed $299,900 Active 2 DOM

ⓘ 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: $2,072 · $173/mo
• Projected year-2 tax: $2,072 · $173/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 · 75% 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: $34,380
• − Mortgage interest: −$16,799
• − Property taxes: −$2,072
• − Insurance: −$2,297
• − Repairs & maintenance: −$2,750
• − Management: −$2,750
• − Depreciation: −$8,724
• Taxable loss: −$1,013
• Est. tax savings @ 24.0%: +$243
• After-tax cash flow: $4,162/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): 9,387
• Household income: $39,333
• Rent vs Own: 75.4% rent · 24.6% own
• Severe rent burden: 714.0

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 0.57)
• Race & ethnicity: Black 61% White 20% Hispanic / Latino 13% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 2% Portuguese 1% Slovak 1%
• Foreign-born: 13% · Canada, Vietnam, China
• Languages at home: 86% English-only · Spanish 11% Other Indo-European 1% Vietnamese 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: ▲ 65.92%
• Current HPI: 229.3968
• Rent YoY: ▲ 5.98%
• 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

+1399.5% since first listed

4 events — show timeline

• 2026-06-11 Listed $299,900 AcadianaMLS
• 2026-06-11 Listed $299,900 GSREIN
• 2012-10-01 Listed $45,000 AcadianaMLS
• 1986-05-30 Sold (Public Records) $20,000 Public Records

Property tax history

+3.6%/yr

Latest (2026): $2,072 · +1.1% YoY. Source: county tax records.