3017-19 Music St · New Orleans, LA 70122

$199,000

None bd · None ba · 1,853 sqft · SingleFamily · 90 Days on market

Good condition 8,162 sqft lot $107/sqft · 10% above area Est $181k · 10% over

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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 +16.3/30.0
• DSCR +5.1/10.0
• 1% rule +4.5/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• ARV discount +3.1/15.0
• Rent growth +2.3/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

<br><br> Set on a rare oversized 53' wide by 154' deep lot, the property provides exceptional land value, outdoor potential, and long-term upside that is increasingly hard to find this close to the city center. Enjoy quick, convenient access to Downtown, the French Quarter, the Marigny, and all major New Orleans corridors.<br><br> Both units are move-in ready and filled with natural light. Interiors offer tiled flooring throughout for easy maintenance, along with central heat and air for year-round comfort. The classic raised double design delivers timeless New Orleans character paired with practical, income-producing functionality.<br><br> Whether you are seeking a smart entry into homeownership, a house-hack opportunity, or a solid long-term investment, this property checks every box. Well located, oversized lot, flexible use, and immediate livability make this a standout offering.<br><br> This is a MUST SEE opportunity in one of New Orleans' most strategically located and fast-evolving neighborhoods.<br><br>

Key facts

• Move-in ready
• Tiled flooring
• Central heat and air

Tags

• 2 SEPARATE UNITS
• OVERSIZED LOT
• QUICK ACCESS TO DOWNTOWN
• MOVE-IN READY
• TILED FLOORING
• CENTRAL HEAT AND AIR

What this means for you Summary

Snapshot

• This is a single-family listed at $199k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-316 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $153k (23.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $188k (5.5% below list).
• Recommended offer: $153k (23.0% below list) — sets the bar for cash-flow.
• Cap rate 7.0% 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 soft (-0.6%/yr); 332 active listings in the ZIP; 36 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 $1,881/mo this rent would consume 46% of the median local household income ($49k/yr) (locally 2150% 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 $1k of loan paydown is wiped out by about $6k 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 90 days — a 6% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 16y ago; this cycle's ask has dropped $35k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $153,315 (23.0% 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 90 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.95% ✗
• Cap rate: 6.96%
• Cash-on-cash: 2.39%
• DSCR: 1.11
• GRM: 8.8

CMA / ARV

• ARV (median comp): $181,280
• List price: $199,000
• Delta: 9.77%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2534 Franklin Ave	0.43mi	4/2.0	1,771 (-4%)	2mo	$50,000	$28	71
3016 Saint Roch Ave	0.10mi	4/2.0	1,586 (-14%)	10mo	$110,000	$69	63
2057 Pleasure St	0.61mi	3/2.0	1,697 (-8%)	4mo	$289,000	$170	55
3706 Franklin Ave	0.54mi	3/3.0	1,781 (-4%)	22mo	$137,999	$77	50
2112 St. Roch Ave	0.72mi	2/2.5	1,625 (-12%)	0mo	$285,000	$175	46
3700 Piedmont Dr	0.45mi	3/2.0	1,621 (-12%)	19mo	$216,500	$134	42
2051 Hope St	0.74mi	3/1.5	1,678 (-9%)	9mo	$77,500	$46	42
3316 Frenchmen St	0.50mi	4/2.0	2,016 (+9%)	24mo	$165,000	$82	42
2426 Painters St	0.49mi	3/2.5	1,665 (-10%)	23mo	$246,000	$148	41
4005 Clematis St	0.67mi	3/2.0	1,575 (-15%)	8mo	$300,000	$190	37

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -32.6%
• Equity multiple: -0.03×
• Total profit: $-57,577
• Equity at exit: $29,672

10-year hold

• IRR: -70.7%
• Equity multiple: -0.73×
• Total profit: $-96,154
• Equity at exit: $17,206

Cash invested: $55,720 (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 70122

• Rents YoY: -0.6%
• Active inventory: 332
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,881 high
• Mortgage (P&I): −$1,044
• Tax est. 1.5%: −$249 /mo · $2,985/yr
• Insurance: −$83
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$395
• Net cashflow: $-316

Break-even live

Break-even rent $2,281

Max offer price $153,315

Occupancy floor —

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2509 Sage St New Orleans, LA	3.0	1.0	1250	$1,650	$1.32	21d	1	0.28mi
3001 Marigny St New Orleans, LA	2.0	1.0	1250	$1,400	$1.12	23d	1	0.30mi
3540 Clermont Dr New Orleans, LA	3.0	2.0	1248	$1,975	$1.58	23d	1	0.31mi
2644 Elder St New Orleans, LA	3.0	3.0	1284	$2,200	$1.71	17d	1	0.39mi
2646 Elder St New Orleans, LA	3.0	3.0	1284	$2,200	$1.71	17d	1	0.39mi
3718 Franklin Ave New Orleans, LA	2.0	1.0	1601	$1,800	$1.12	11d	1	0.52mi
2228 Arts St New Orleans, LA	3.0	2.0	2270	$1,675	$0.74	3d	1	0.65mi
3907 Elysian Fields Ave New Orleans, LA	3.0	2.0	1652	$3,000	$1.82	23d	1	0.69mi
3515 Saint Anthony Ave New Orleans, LA	3.0	2.0	1366	$2,500	$1.83	23d	1	0.73mi
2115 Mandeville St New Orleans, LA	3.0	2.0	1400	$1,650	$1.18	23d	1	0.76mi
1933 Industry St New Orleans, LA	3.0	2.0	1400	$1,595	$1.14	16d	1	0.79mi
3570 Gentilly Blvd New Orleans, LA	3.0	2.0	2390	$2,900	$1.21	43d	1	0.86mi
2331 Feliciana St New Orleans, LA	3.0	2.0	1250	$1,850	$1.48	23d	1	0.92mi
2220 N Prieur St New Orleans, LA	3.0	2.0	1334	$2,000	$1.50	23d	1	0.97mi
2175 N Broad St New Orleans, LA	2.0	1.0	1500	$1,500	$1.00	16d	1	1.04mi
1837 Touro St New Orleans, LA	3.0	1.0	1994	$2,000	$1.00	23d	1	1.04mi
4304 Pauger St New Orleans, LA	2.0	1.0	1345	$1,450	$1.08	3d	1	1.07mi
2130 N Broad St New Orleans, LA	2.0	1.0	1579	$1,350	$0.85	23d	1	1.07mi
1938 N Johnson St Unit 38 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	23d	1	1.08mi
1936 N Johnson St Unit 36 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	23d	1	1.08mi
3607 Havana St New Orleans, LA	3.0	2.0	1693	$1,488	$0.88	17d	1	1.10mi
4618 Marigny St New Orleans, LA	3.0	1.0	1320	$1,900	$1.44	23d	1	1.11mi
1831 N Miro St New Orleans, LA	3.0	2.0	1882	$2,500	$1.33	43d	1	1.12mi
3624 Havana St New Orleans, LA	3.0	1.0	1388	$1,875	$1.35	16d	1	1.13mi
2028 Desire St New Orleans, LA	3.0	1.0	1300	$1,300	$1.00	23d	1	1.25mi
1839 Louisa St New Orleans, LA	3.0	2.0	1500	$2,095	$1.40	16d	1	1.25mi
1835 Louisa St New Orleans, LA	3.0	2.5	1800	$2,350	$1.31	3d	1	1.25mi
4767 Lafaye St New Orleans, LA	3.0	2.0	1469	$2,000	$1.36	23d	1	1.29mi
1239 Saint Roch Ave New Orleans, LA	2.0	2.0	1500	$2,150	$1.43	3d	1	1.33mi
1434 Annette St New Orleans, LA	2.0	1.0	1536	$1,700	$1.11	3d	1	1.41mi
1434 Annette St New Orleans, LA	2.0	1.0	1536	$1,700	$1.11	3d	1	1.41mi
1901 Gentilly Blvd New Orleans, LA	3.0	2.5	2205	$4,000	$1.81	43d	1	1.43mi
1823 Rosiere St New Orleans, LA	2.0	1.0	1400	$1,450	$1.04	23d	1	1.46mi
1821 Rosiere St New Orleans, LA	2.0	1.0	1400	$1,300	$0.93	23d	1	1.46mi
1136 Frenchmen St New Orleans, LA	2.0	1.0	1800	$1,650	$0.92	23d	1	1.48mi
1231 Feliciana St New Orleans, LA	3.0	2.5	1869	$2,750	$1.47	43d	1	1.49mi

Listing history 12 events

1. 2026-04-22
   price $199,000 1026-char remark

   Show marketing remark (1026 chars)

   <br><br> Set on a rare oversized 53' wide by 154' deep lot, the property provides exceptional land value, outdoor potential, and long-term upside that is increasingly hard to find this close to the city center. Enjoy quick, convenient access to Downtown, the French Quarter, the Marigny, and all major New Orleans corridors.<br><br> Both units are move-in ready and filled with natural light. Interiors offer tiled flooring throughout for easy maintenance, along with central heat and air for year-round comfort. The classic raised double design delivers timeless New Orleans character paired with practical, income-producing functionality.<br><br> Whether you are seeking a smart entry into homeownership, a house-hack opportunity, or a solid long-term investment, this property checks every box. Well located, oversized lot, flexible use, and immediate livability make this a standout offering.<br><br> This is a MUST SEE opportunity in one of New Orleans' most strategically located and fast-evolving neighborhoods.<br><br>

2. 2026-03-31
   price $219,000 1026-char remark

   Show marketing remark (1026 chars)

   <br><br> Set on a rare oversized 53' wide by 154' deep lot, the property provides exceptional land value, outdoor potential, and long-term upside that is increasingly hard to find this close to the city center. Enjoy quick, convenient access to Downtown, the French Quarter, the Marigny, and all major New Orleans corridors.<br><br> Both units are move-in ready and filled with natural light. Interiors offer tiled flooring throughout for easy maintenance, along with central heat and air for year-round comfort. The classic raised double design delivers timeless New Orleans character paired with practical, income-producing functionality.<br><br> Whether you are seeking a smart entry into homeownership, a house-hack opportunity, or a solid long-term investment, this property checks every box. Well located, oversized lot, flexible use, and immediate livability make this a standout offering.<br><br> This is a MUST SEE opportunity in one of New Orleans' most strategically located and fast-evolving neighborhoods.<br><br>

3. 2026-02-25
   listed $234,000 Active 1026-char remark

   Show marketing remark (1026 chars)

   <br><br> Set on a rare oversized 53' wide by 154' deep lot, the property provides exceptional land value, outdoor potential, and long-term upside that is increasingly hard to find this close to the city center. Enjoy quick, convenient access to Downtown, the French Quarter, the Marigny, and all major New Orleans corridors.<br><br> Both units are move-in ready and filled with natural light. Interiors offer tiled flooring throughout for easy maintenance, along with central heat and air for year-round comfort. The classic raised double design delivers timeless New Orleans character paired with practical, income-producing functionality.<br><br> Whether you are seeking a smart entry into homeownership, a house-hack opportunity, or a solid long-term investment, this property checks every box. Well located, oversized lot, flexible use, and immediate livability make this a standout offering.<br><br> This is a MUST SEE opportunity in one of New Orleans' most strategically located and fast-evolving neighborhoods.<br><br>

4. 2025-03-26
   historical $1,362
5. 2025-03-25
   listed $1,362
6. 2025-01-17
   listed $265,000 Active
7. 2023-05-08
   listed $275,000
8. 2023-01-26
   listed $290,000
9. 2014-01-03
   listed $89,900
10. 2013-10-15
    listed $99,000
11. 2010-12-30
    listed $18,000
12. 2010-09-03
    listed $40,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 78% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°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: $22,573
• − Mortgage interest: −$11,147
• − Property taxes: −$2,985
• − Insurance: −$6,114
• − Repairs & maintenance: −$1,806
• − Management: −$1,806
• − Depreciation: −$5,789
• Taxable loss: −$7,073
• Est. tax savings @ 24.0%: +$1,698
• After-tax cash flow: $-2,091/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This well-maintained single-family home in the Saint Roch neighborhood offers a move-in-ready living experience with updated interiors and a good condition score.

Value-add opportunities

• Both paint exterior — enhances curb appeal and value
• Both update landscaping — improves curb appeal and rental value
• Both install smart home features — attracts tech-savvy buyers and renters

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and value ↑
• Both update landscaping — improves curb appeal and rental value ↑
• Both install smart home features — attracts tech-savvy buyers and renters ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 35,253
• Household income: $49,455
• Rent vs Own: 40.5% rent · 59.5% own
• Severe rent burden: 2150.0

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: Predominantly Black (69%)
• Race & ethnicity: Black 69% White 18% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Lithuanian 4% Italian 2% Slovak 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Chinese 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: ▼ -222.37%
• Current HPI: 231.9921
• Rent YoY: ▼ -0.61%
• 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

+397.5% since first listed

12 events — show timeline

• 2026-04-22 Price Changed $199,000 AcadianaMLS
• 2026-03-31 Price Changed $219,000 AcadianaMLS
• 2026-02-25 Listed $234,000 AcadianaMLS
• 2025-03-26 Rental Removed $1,362 GSREIN
• 2025-03-25 Listed for Rent $1,362 GSREIN
• 2025-01-17 Listed $265,000 AcadianaMLS
• 2023-05-08 Listed $275,000 AcadianaMLS
• 2023-01-26 Listed $290,000 AcadianaMLS
• 2014-01-03 Listed $89,900 AcadianaMLS
• 2013-10-15 Listed $99,000 AcadianaMLS
• 2010-12-30 Listed $18,000 AcadianaMLS
• 2010-09-03 Listed $40,000 AcadianaMLS