1381 Annette St · New Orleans, LA 70116

$400,000

4 bd · 2.0 ba · 1,365 sqft · MultiFamily public records · 33 Days on market

Built 1970

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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 +13.2/30.0
• ARV discount +7.5/15.0
• DSCR +4.0/10.0
• Livability +4.0/5.0
• 1% rule +3.5/10.0
• 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

Key facts

• Parking
• Built 1970
• Listed 33 days

Property features AI

Finance

• Other: Tenants pay electricity and gas; owner pays water
• Financial info: Four total units; Each unit listed with $1,100 rent (actual and total shown for each unit)

Exterior

• Parking: Driveway with one parking space
• Utilities: Public water; Public sewer
• Home design: Single-story building
• Construction: Frame and stucco construction; Shingle roof; Slab foundation
• Exterior features: Courtyard; Fenced yard; City lot with rectangular shape

Interior

• Bedrooms: Four 2-bedroom units (Units A, B, C, D)
• Bathrooms: Each unit has 1 full bathroom (4 full bathrooms total)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Average condition

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/?-bath units multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $-73 ($-873/yr) — negative. Per door: $-24/mo.
• To cash-flow at today's rent, offer at most $387k (3.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $340k (14.9% below list).
• Recommended offer: $340k (14.9% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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; 350 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 $3,403/mo this rent would consume 78% 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 33 days — a 3% lower offer ($388k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 16y 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.
• 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 $340,300 (14.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 0.85% ✗
• Cap rate: 6.27%
• Cash-on-cash: -0.07%
• DSCR: 1.00
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $162,435
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1627 - 1629 Urquhart St	0.06mi	4/2.0	1,366 (+0%)	7mo	$192,500	$141	91
1353 - 55 Annette St	0.04mi	4/2.0	1,300 (-5%)	1mo	$151,000	$116	90
2215 17 N Galvez St	0.64mi	4/2.0	1,300 (-5%)	5mo	$107,000	$82	58
1834 36 Marigny St	0.53mi	4/2.0	1,508 (+10%)	2mo	$215,000	$143	56
2118 20 Onzaga St	0.58mi	4/2.0	1,526 (+12%)	1mo	$182,000	$119	53
1719-21 Governor Nicholls St	0.49mi	3/2.0 (-1)	1,326 (-3%)	20mo	$160,000	$121	51
2245 47 N Galvez St	0.67mi	4/2.0	1,337 (-2%)	20mo	$141,000	$105	48
2132 Touro St	0.58mi	4/2.0	1,550 (+14%)	6mo	$169,000	$109	45
2416 18 Annette St	0.74mi	4/2.0	1,400 (+3%)	23mo	$167,000	$119	42
2446 48 N Rampart St	0.63mi	4/2.0	1,526 (+12%)	21mo	$402,000	$263	34
2323 Touro St	0.71mi	4/2.0	1,554 (+14%)	15mo	$135,000	$87	31
1441 Spain St	0.57mi	3/3.0 (-1)	1,193 (-13%)	17mo	$254,081	$213	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: -20.8%
• Equity multiple: 0.30×
• Total profit: $-78,793
• Equity at exit: $59,641

10-year hold

• IRR: -22.2%
• Equity multiple: 0.01×
• Total profit: $-110,800
• Equity at exit: $34,585

Cash invested: $112,000 (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: 350
• Price-to-rent: 29.4×

Monthly cashflow live

• Estimated rent: $3,403 high
• Mortgage (P&I): −$2,098
• Tax from tax record: −$430 /mo · $5,164/yr
• Insurance: −$167
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$715
• Net cashflow: $-73

Break-even live

Break-even rent $3,495

Max offer price $387,147

Occupancy floor 97%

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	—	$3,402
Total (3 units)			$3,403

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1923 N Robertson St New Orleans, LA	3.0	2.0	1051	$1,950	$1.86	3d	1	0.20mi
1245 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	43d	1	0.22mi
1247 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	43d	1	0.22mi
1217 Kerlerec St Unit B New Orleans, LA	3.0	1.0	1300	$2,100	$1.62	3d	1	0.24mi
1472 N Claiborne Ave New Orleans, LA	3.0	1.0	1312	$1,900	$1.45	16d	1	0.24mi
928 Kerlerec St New Orleans, LA	3.0	3.5	1684	$2,750	$1.63	3d	1	0.38mi
928 Kerlerec St New Orleans, LA	3.0	3.5	1684	$2,750	$1.63	3d	1	0.38mi
1936 N Johnson St Unit 36 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	23d	1	0.42mi
1938 N Johnson St Unit 38 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	23d	1	0.43mi
1603 Marigny St New Orleans, LA	3.0	2.0	988	$1,099	$1.11	3d	1	0.48mi
1601 Marigny St Unit 1603 New Orleans, LA	3.0	2.0	988	$1,099	$1.11	3d	1	0.48mi
1710 Marigny St New Orleans, LA	3.0	2.0	1120	$1,750	$1.56	23d	1	0.49mi
1910 Elysian Fields Ave New Orleans, LA	3.0	1.0	1000	$1,450	$1.45	23d	1	0.51mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$4,154	$2.63	3d	2	0.54mi
2220 N Prieur St New Orleans, LA	3.0	2.0	1334	$2,000	$1.50	23d	1	0.54mi
1418 Royal St Unit 1418 New Orleans, LA	4.0	2.0	1300	$2,450	$1.88	23d	1	0.55mi
1035 N Derbigny St New Orleans, LA	3.0	1.0	1075	$1,399	$1.30	23d	1	0.57mi
2322 Burgundy St Unit C New Orleans, LA	3.0	2.0	1250	$2,200	$1.76	23d	1	0.59mi
734 Ursulines Ave New Orleans, LA	3.0	2.0	1340	$2,800	$2.09	43d	1	0.64mi
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	3d	1	0.64mi
2115 Elysian Fields Ave Unit 2115 New Orleans, LA	3.0	1.0	1100	$1,450	$1.32	23d	1	0.65mi
632 Mandeville St Unit 2B New Orleans, LA	4.0	4.5	1337	$4,500	$3.37	17d	1	0.69mi
2338 Annette St Unit 1 New Orleans, LA	3.0	1.0	1150	$1,400	$1.22	20d	1	0.71mi
1735 N Tonti St New Orleans, LA	3.0	1.0	1197	$1,650	$1.38	23d	1	0.71mi
2329 Laharpe St New Orleans, LA	3.0	1.0	1250	$1,000	$0.80	20d	1	0.71mi
1636 Music St New Orleans, LA	3.0	1.0	900	$1,185	$1.32	16d	1	0.72mi
1929 Dumaine St New Orleans, LA	3.0	1.0	1293	$1,500	$1.16	3d	1	0.72mi
2115 Mandeville St New Orleans, LA	3.0	2.0	1400	$1,650	$1.18	23d	1	0.74mi
1809 Saint Roch Ave New Orleans, LA	3.0	1.0	949	$1,195	$1.26	17d	1	0.75mi
1831 Saint Ann St Unit A New Orleans, LA	3.0	2.0	900	$1,650	$1.83	23d	1	0.75mi
1831 Saint Ann St Unit A New Orleans, LA	3.0	2.0	900	$2,000	$2.22	3d	1	0.75mi
2129 Dumaine St New Orleans, LA	3.0	2.0	1226	$1,850	$1.51	3d	1	0.80mi
2519 N Derbigny St New Orleans, LA	3.0	1.0	994	$1,300	$1.31	21d	1	0.84mi
3228 Pauger St New Orleans, LA	5.0	2.0	1600	$2,100	$1.31	23d	1	0.84mi
1226 Port St New Orleans, LA	3.0	1.0	1023	$1,650	$1.61	23d	1	0.85mi
2222 Saint Roch Ave New Orleans, LA	3.0	1.0	900	$1,200	$1.33	23d	1	0.88mi
751 Chartres St New Orleans, LA	2.0–3.0	2.0	1461	$3,450	$2.36	43d	1	0.88mi
2517 Ursulines Ave New Orleans, LA	3.0	2.0	1136	$1,950	$1.72	23d	1	0.89mi
527 Saint Ann St Unit 3 New Orleans, LA	3.0	2.0	1687	$3,500	$2.07	43d	1	0.90mi
515 Saint Ann St Unit 3 New Orleans, LA	3.0	2.0	1644	$3,600	$2.19	44d	1	0.90mi

Listing history 24 events

1. 2026-06-18
   days on market $400,000 Active 33 DOM
2. 2026-06-17
   days on market $400,000 Active 32 DOM
3. 2026-06-16
   days on market $400,000 Active 31 DOM
4. 2026-06-15
   days on market $400,000 Active 30 DOM
5. 2026-06-13
   days on market $400,000 Active 28 DOM
6. 2026-06-10
   days on market $400,000 Active 25 DOM
7. 2026-06-09
   days on market $400,000 Active 24 DOM
8. 2026-06-08
   days on market $400,000 Active 23 DOM
9. 2026-06-07
   days on market $400,000 Active 22 DOM
10. 2026-06-05
    days on market $400,000 Active 19 DOM
11. 2026-06-03
    days on market $400,000 Active 18 DOM
12. 2026-06-02
    days on market $400,000 Active 17 DOM
13. 2026-06-01
    days on market $400,000 Active 16 DOM
14. 2026-05-31
    days on market $400,000 Active 15 DOM
15. 2026-05-15
    listed $400,000 Active
16. 2026-05-15
    listed $400,000 Active
17. 2017-03-30
    soldstatus $365,000
18. 2013-02-05
    soldstatus $145,000
19. 2011-02-24
    soldstatus $115,000
20. 2010-11-05
    listed $135,000
21. 2010-11-05
    listed $135,000
22. 2010-07-09
    listed $212,000
23. 2010-07-09
    listed $212,000
24. 1995-04-25
    soldstatus $33,400

ⓘ 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: $5,164 · $430/mo
• Projected year-2 tax: $5,164 · $430/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 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: $40,836
• − Mortgage interest: −$22,406
• − Property taxes: −$5,164
• − Insurance: −$2,798
• − Repairs & maintenance: −$3,267
• − Management: −$3,267
• − Depreciation: −$11,636
• Taxable loss: −$7,702
• Est. tax savings @ 24.0%: +$1,849
• After-tax cash flow: $975/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

+1097.6% since first listed

10 events — show timeline

• 2026-05-15 Listed $400,000 GSREIN
• 2026-05-15 Listed $400,000 AcadianaMLS
• 2017-03-30 Sold (Public Records) $365,000 Public Records
• 2013-02-05 Sold (Public Records) $145,000 Public Records
• 2011-02-24 Sold (MLS) $115,000 GSREIN
• 2010-11-05 Listed $135,000 GSREIN
• 2010-11-05 Listed $135,000 AcadianaMLS
• 2010-07-09 Listed $212,000 GSREIN
• 2010-07-09 Listed $212,000 AcadianaMLS
• 1995-04-25 Sold (Public Records) $33,400 Public Records

Property tax history

+8.3%/yr

Latest (2026): $5,164 · +1.1% YoY. Source: county tax records.