1124 22 N Johnson St · New Orleans, LA 70116

$434,999

6 bd · 4.0 ba · 2,850 sqft · MultiFamily · 92 Days on market

Good condition $153/sqft · 6% above area Est $409k · 6% 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 +15.8/30.0
• DSCR +4.9/10.0
• ARV discount +4.6/15.0
• 1% rule +4.3/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +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

Stunning Treme/Esplanade Ridge Double | 1122-24 N. Johnson St. Rare Opportunity: 6-Bedroom Double in X-Flood Zone! Experience the perfect blend of historic charm and contemporary living in this spacious, light-filled New Orleans raised basement double. With the expansive feel of a duplex townhouse, this property is a standout gem in the heart of the vibrant Treme/Esplanade Ridge neighborhood. Each side of this impressive two-story home offers a thoughtful layout designed for comfort and modern convenience: Spacious Living: Boasting 6 bedrooms and 4 bathrooms, this home offers ample space for multi-generational living, a large family, or a high-yield investment. Designer Details: Enjoy soaring ceilings, beautiful hardwood floors, and sleek granite countertops. Modern Comforts: Dual-zone central A/C and heat ensure year-round comfort, while the new metal roof provides peace of mind and long-term durability. Functional Extras: Each unit comes equipped with its own washer and dryer, plus beaucoup storage space. Private Retreats: Each unit features its own private, fenced backyard—perfect for gardening, entertaining, or pet owners. Off-Street Parking: Dedicated parking space for each side. The Lifestyle: This location is a biker’s and walker's paradise. You are just steps away from the iconic French Quarter, the Fair Grounds, and City Park. Local favorites, cafes, and restaurants are all within an easy stroll. Don’t miss out on this light-filled, contemporary sanctuary with easy access to I-10 and everything New Orleans has to offer. Schedule your private viewing today!

Key facts

• Contemporary living
• Historic charm
• Soaring ceilings

Tags

• HISTORIC CHARM
• CONTEMPORARY LIVING
• SPACIOUS LIGHT-FILLED
• THOUGHTFUL LAYOUT
• SOARING CEILINGS
• HARDWOOD FLOORS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $435k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $200 ($2k/yr) — positive. Per door: $100/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $406k (6.7% below list).
• Recommended offer: $396k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.8% 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.
• Zoned schools: Benjamin Franklin Elem. Math And Science (math 12% / reading 23%, grade F, #479 of 646 statewide, top 75%, 747 students, 98% FRL, charter) — zoned schools average 98% FRL vs 68% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 351 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $4,059/mo this rent would consume 93% 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 $13k 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 92 days — a 9% lower offer ($396k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 17y 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.

Recommended offer $395,849 (9.0% below list)

Questions for the listing agent

1. It's been on market 92 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. 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 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: 0.93% ✗
• Cap rate: 6.85%
• Cash-on-cash: 1.97%
• DSCR: 1.09
• GRM: 8.9

CMA / ARV

• ARV (median comp): $408,827
• List price: $434,999
• Delta: 6.40%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2108-10 Bienville St	0.12mi	6/4.0	2,458 (-14%)	14mo	$135,000	$55	60
5460 54 N Rampart St	0.66mi	6/4.0	3,058 (+7%)	4mo	$385,000	$126	54
2427 Orleans Ave	0.52mi	6/5.0	2,924 (+3%)	18mo	$420,086	$144	52
1908-10 St. Louis St	0.29mi	6/6.0	2,468 (-13%)	7mo	$438,000	$177	51
2037 39 Dumaine St	0.58mi	5/4.5 (-1)	2,859 (+0%)	20mo	$576,000	$201	49
2619 Saint Peter St	0.57mi	5/3.5 (-1)	2,900 (+2%)	19mo	$574,000	$198	48
2029 31 Conti St	0.49mi	6/6.0	2,502 (-12%)	3mo	$485,000	$194	46
2400 - 2402 Gravier St	0.45mi	6/6.0	2,710 (-5%)	23mo	$580,000	$214	44
2505-09 Dumaine St	0.65mi	5/3.0 (-1)	2,751 (-4%)	20mo	$409,000	$149	39

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: -16.4%
• Equity multiple: 0.43×
• Total profit: $-68,863
• Equity at exit: $64,860

10-year hold

• IRR: -14.2%
• Equity multiple: 0.29×
• Total profit: $-86,722
• Equity at exit: $37,611

Cash invested: $121,800 (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 70116

• Home prices YoY: -34.5%
• Rents YoY: 0.2%
• Active inventory: 351
• Price-to-rent: 17.9×

Monthly cashflow live

• Estimated rent: $4,059 high
• Mortgage (P&I): −$2,281
• Tax est. 1.5%: −$544 /mo · $6,525/yr
• Insurance: −$181
• HOA: −$0
• Vacancy / Maint / Mgmt: −$852
• Net cashflow: $200

Break-even live

Break-even rent $3,805

Max offer price $434,999

Occupancy floor 90%

Sensitivity live

Price	-10% $501	-5% $351	+0% $200	+5% $50	+10% $-100
Rent	-10% $-120	-5% $40	+0% $200	+5% $361	+10% $521
Rate	-1.0pp $419	-0.5pp $311	base $200	+0.5pp $88	+1.0pp $-27

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$4,058
Total (2 units)			$4,059

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: $108,750
• Closing costs: $13,050
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
822 Perdido St Unit 1272370P New Orleans, LA	1.0–5.0	1.0–5.0	1447	$7,361	$5.09	5d	4	0.95mi
822 Howard Ave Unit 1272354P New Orleans, LA	1.0–5.0	1.0–4.0	1749	$11,882	$6.79	3d	3	1.29mi

Listing history 18 events

1. 2026-06-03
   days on market $434,999 Active 92 DOM
2. 2026-06-02
   days on market $434,999 Active 91 DOM
3. 2026-06-01
   days on market $434,999 Active 90 DOM
4. 2026-05-31
   days on market $434,999 Active 89 DOM
5. 2026-04-09
   price $434,999 1609-char remark

   Show marketing remark (1609 chars)

   Stunning Treme/Esplanade Ridge Double | 1122-24 N. Johnson St. Rare Opportunity: 6-Bedroom Double in X-Flood Zone! Experience the perfect blend of historic charm and contemporary living in this spacious, light-filled New Orleans raised basement double. With the expansive feel of a duplex townhouse, this property is a standout gem in the heart of the vibrant Treme/Esplanade Ridge neighborhood. Each side of this impressive two-story home offers a thoughtful layout designed for comfort and modern convenience: Spacious Living: Boasting 6 bedrooms and 4 bathrooms, this home offers ample space for multi-generational living, a large family, or a high-yield investment. Designer Details: Enjoy soaring ceilings, beautiful hardwood floors, and sleek granite countertops. Modern Comforts: Dual-zone central A/C and heat ensure year-round comfort, while the new metal roof provides peace of mind and long-term durability. Functional Extras: Each unit comes equipped with its own washer and dryer, plus beaucoup storage space. Private Retreats: Each unit features its own private, fenced backyard—perfect for gardening, entertaining, or pet owners. Off-Street Parking: Dedicated parking space for each side. The Lifestyle: This location is a biker’s and walker's paradise. You are just steps away from the iconic French Quarter, the Fair Grounds, and City Park. Local favorites, cafes, and restaurants are all within an easy stroll. Don’t miss out on this light-filled, contemporary sanctuary with easy access to I-10 and everything New Orleans has to offer. Schedule your private viewing today!

6. 2026-03-03
   listed $439,999 Active 1609-char remark

   Show marketing remark (1609 chars)

   Stunning Treme/Esplanade Ridge Double | 1122-24 N. Johnson St. Rare Opportunity: 6-Bedroom Double in X-Flood Zone! Experience the perfect blend of historic charm and contemporary living in this spacious, light-filled New Orleans raised basement double. With the expansive feel of a duplex townhouse, this property is a standout gem in the heart of the vibrant Treme/Esplanade Ridge neighborhood. Each side of this impressive two-story home offers a thoughtful layout designed for comfort and modern convenience: Spacious Living: Boasting 6 bedrooms and 4 bathrooms, this home offers ample space for multi-generational living, a large family, or a high-yield investment. Designer Details: Enjoy soaring ceilings, beautiful hardwood floors, and sleek granite countertops. Modern Comforts: Dual-zone central A/C and heat ensure year-round comfort, while the new metal roof provides peace of mind and long-term durability. Functional Extras: Each unit comes equipped with its own washer and dryer, plus beaucoup storage space. Private Retreats: Each unit features its own private, fenced backyard—perfect for gardening, entertaining, or pet owners. Off-Street Parking: Dedicated parking space for each side. The Lifestyle: This location is a biker’s and walker's paradise. You are just steps away from the iconic French Quarter, the Fair Grounds, and City Park. Local favorites, cafes, and restaurants are all within an easy stroll. Don’t miss out on this light-filled, contemporary sanctuary with easy access to I-10 and everything New Orleans has to offer. Schedule your private viewing today!

7. 2025-07-26
   price $449,999
8. 2025-06-29
   listed $474,998 Active
9. 2025-05-23
   price $474,999
10. 2025-04-22
    price $494,999
11. 2020-09-21
    listed $419,000
12. 2020-06-29
    listed $429,000
13. 2019-10-23
    listed $459,000
14. 2019-04-05
    listed $395,000
15. 2018-08-14
    listed $379,000
16. 2016-11-08
    listed $299,000
17. 2012-06-16
    listed $55,000
18. 2009-09-08
    listed $109,000

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

Taxation est. · year 1

• Rental income: $48,708
• − Mortgage interest: −$24,367
• − Property taxes: −$6,525
• − Insurance: −$2,175
• − Repairs & maintenance: −$3,897
• − Management: −$3,897
• − Depreciation: −$12,655
• Taxable loss: −$4,806
• Est. tax savings @ 24.0%: +$1,154
• After-tax cash flow: $3,559/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 · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained, updated multi-family home in the Treme/Esplanade Ridge neighborhood is move-in ready with good condition and minimal repairs needed.

Value-add opportunities

• Resale Paint exterior — Enhances curb appeal and value
• Rental Replace window screens — Improves tenant satisfaction and reduces maintenance costs

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior — Enhances curb appeal and value ↑
• Rental Replace window screens — Improves tenant satisfaction and reduces maintenance costs ↑

ⓘ 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): 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

+299.1% since first listed

14 events — show timeline

• 2026-04-09 Price Changed $434,999 GSREIN
• 2026-03-03 Listed $439,999 GSREIN
• 2025-07-26 Price Changed $449,999 AcadianaMLS
• 2025-06-29 Listed $474,998 AcadianaMLS
• 2025-05-23 Price Changed $474,999 GSREIN
• 2025-04-22 Price Changed $494,999 GSREIN
• 2020-09-21 Listed $419,000 AcadianaMLS
• 2020-06-29 Listed $429,000 AcadianaMLS
• 2019-10-23 Listed $459,000 AcadianaMLS
• 2019-04-05 Listed $395,000 AcadianaMLS
• 2018-08-14 Listed $379,000 AcadianaMLS
• 2016-11-08 Listed $299,000 AcadianaMLS
• 2012-06-16 Listed $55,000 AcadianaMLS
• 2009-09-08 Listed $109,000 AcadianaMLS