816 18 Gordon St · New Orleans, LA 70117

$149,000

2 bd · 2.0 ba · 1,248 sqft · MultiFamily public records · 187 Days on market

Built 1960 3,759 sqft lot $119/sqft · 7% above area Est $158k · 6% under

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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
• ARV discount +10.2/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Investor Alert! Just steps from the Mississippi River in the sought-after Holy Cross neighborhood, this charming double presents a rare opportunity for both owner-occupants and investors. Each unit offers 1 generously sized bedroom and 1 full bath, blending historic character with functional living spaces. Additional highlights include convenient off-street parking and a flexible layout ideal for living in one unit while generating rental income from the other--or adding a solid asset to your investment portfolio. Located in one of the city's most picturesque riverfront communities, this property is brimming with potential. Price reflects condition, offering the perfect chance to add value and make it your own. Measurements are approximate and should be verified by the buyer and/or buyer's agent. Property is being sold As Is.

Key facts

• Mississippi river
• Flexible layout
• Off-street parking

Tags

• MISSISSIPPI RIVER
• HOLY CROSS NEIGHBORHOOD
• OFF-STREET PARKING
• FLEXIBLE LAYOUT
• RIVERFRONT COMMUNITIES

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $149k.

Deal economics

• At list price, monthly cash flow is $859 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Recommended offer: $131k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.7% 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 $2,376/mo this rent would consume 62% 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 $1k 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 $42k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 187 days — a 12% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 15y 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 $18k; list at $149k implies a 742% 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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $131,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 187 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
7. 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.
8. 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: 1.59% ✓
• Cap rate: 13.75%
• Cash-on-cash: 26.62%
• DSCR: 2.18
• GRM: 5.2

CMA / ARV

• ARV (median comp): $158,364
• List price: $149,000
• Delta: -5.91%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
705 Charbonnet St	0.10mi	2/2.0	1,300 (+4%)	12mo	$80,000	$62	78
301 03 Tricou St	0.41mi	2/2.0	1,377 (+10%)	10mo	$66,500	$48	55

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: 17.5%
• Equity multiple: 1.70×
• Total profit: $29,375
• Equity at exit: $22,216

10-year hold

• IRR: 25.6%
• Equity multiple: 3.19×
• Total profit: $91,208
• Equity at exit: $12,883

Cash invested: $41,720 (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 70117

• Rents YoY: 2.5%
• Active inventory: 581
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $2,376 high
• Mortgage (P&I): −$781
• Tax from tax record: −$108 /mo · $1,299/yr
• Insurance: −$62
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$499
• Net cashflow: $859

Break-even live

Break-even rent $1,289

Max offer price $149,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,376
Total (2 units)			$2,376

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6019 Royal St New Orleans, LA	2.0	1.0	790	$1,200	$1.52	23d	1	0.12mi
6038 N Rampart St New Orleans, LA	3.0	2.0	1080	$1,795	$1.66	23d	1	0.13mi
6002 Saint Claude Ave New Orleans, LA	2.0	2.0	965	$1,275	$1.32	21d	1	0.18mi
5805 Saint Claude Ave New Orleans, LA	2.0	1.0	800	$1,200	$1.50	23d	1	0.21mi
906 Flood St New Orleans, LA	3.0	3.0	1174	$1,700	$1.45	2d	1	0.25mi
5450 Burgundy St New Orleans, LA	2.0	1.0	1474	$1,250	$0.85	23d	1	0.26mi
1201 Gordon St New Orleans, LA	3.0	2.5	1367	$1,900	$1.39	17d	1	0.26mi
716 Delery St Unit 716 New Orleans, LA	2.0	1.0	900	$1,200	$1.33	23d	1	0.30mi
18 Saint Claude Ct New Orleans, LA	3.0	1.0	864	$1,200	$1.39	11d	1	0.30mi
1301 Lamanche St New Orleans, LA	3.0	2.0	1090	$1,600	$1.47	3d	1	0.34mi
1301 Lamanche St New Orleans, LA	3.0	2.0	1178	$1,600	$1.36	23d	1	0.34mi
1301 Lamanche St New Orleans, LA	3.0	2.0	1090	$1,600	$1.47	3d	1	0.34mi
5434 Chartres St New Orleans, LA	2.0	1.0	800	$1,150	$1.44	23d	1	0.34mi
1327 Fats Domino Ave Unit A New Orleans, LA	3.0	2.0	1200	$1,900	$1.58	3d	1	0.40mi
1334 Tricou St New Orleans, LA	2.0	1.0	1117	$1,500	$1.34	21d	1	0.44mi
6530 Royal St Arabi, LA	2.0	2.0	860	$1,550	$1.80	43d	1	0.45mi
1015 Government St Unit 11 Arabi, LA	2.0	1.0	720	$999	$1.39	43d	1	0.46mi
6608 Dauphine St Arabi, LA	2.0	1.0	989	$1,395	$1.41	10d	1	0.48mi
6608 Dauphine St Unit 6608 Arabi, LA	2.0	1.0	989	$1,325	$1.34	3d	1	0.48mi
5109 Burgundy St New Orleans, LA	2.0	1.0	1122	$1,474	$1.31	17d	1	0.50mi
1420 Delery St New Orleans, LA	2.0	1.0	900	$1,250	$1.39	11d	1	0.52mi
617 Forstall St New Orleans, LA	3.0	2.0	1262	$2,200	$1.74	3d	1	0.52mi
816 Forstall St New Orleans, LA	3.0	1.0	850	$1,600	$1.88	23d	1	0.53mi
918 Forstall St New Orleans, LA	2.0	1.0	800	$2,290	$2.86	23d	1	0.53mi
920 Forstall St New Orleans, LA	2.0	1.0	800	$1,600	$2.00	23d	1	0.53mi
1422 Andry St New Orleans, LA	3.0	2.0	1100	$1,400	$1.27	3d	1	0.55mi
1449 Andry St New Orleans, LA	2.0	1.0	833	$1,300	$1.56	23d	1	0.56mi
619 Reynes St New Orleans, LA	3.0	2.0	1318	$2,100	$1.59	16d	1	0.58mi
5900 N Derbigny St Unit 1 New Orleans, LA	3.0	2.0	1000	$1,950	$1.95	3d	1	0.60mi
1333 Angela Ave Arabi, LA	3.0	2.0	1090	$1,850	$1.70	2d	1	0.61mi
4950 Dauphine St New Orleans, LA	1.0	1.0	612	$1,750	$2.86	10d	16	0.63mi
1714 Tricou St New Orleans, LA	3.0	2.0	1271	$1,900	$1.49	23d	1	0.68mi
4826 N Rampart St Unit 4826 New Orleans, LA	2.0	1.0	850	$1,200	$1.41	23d	1	0.70mi
1137 Deslonde St New Orleans, LA	2.0	1.0	1017	$1,500	$1.47	23d	1	0.71mi
4801 Dauphine St Unit B New Orleans, LA	2.0	1.0	875	$1,100	$1.26	23d	1	0.74mi
1810 Fats Domino Ave New Orleans, LA	2.0	2.0	975	$916	$0.94	23d	1	0.74mi
438 Friscoville Ave Arabi, LA	3.0	2.0	1500	$3,200	$2.13	2d	1	0.74mi
616 Lebeau St Unit A Arabi, LA	2.0	1.0	1205	$1,650	$1.37	43d	1	0.77mi
1925 Alabo St Unit A New Orleans, LA	3.0	2.0	1199	$1,500	$1.25	21d	1	0.78mi
1835 Andry St New Orleans, LA	3.0	2.0	918	$1,800	$1.96	23d	1	0.80mi

Listing history 21 events

1. 2026-06-18
   days on market $149,000 Active 187 DOM
2. 2026-06-17
   days on market $149,000 Active 186 DOM
3. 2026-06-16
   days on market $149,000 Active 185 DOM
4. 2026-06-15
   days on market $149,000 Active 184 DOM
5. 2026-06-13
   days on market $149,000 Active 182 DOM
6. 2026-06-10
   days on market $149,000 Active 179 DOM
7. 2026-06-09
   days on market $149,000 Active 178 DOM
8. 2026-06-08
   days on market $149,000 Active 177 DOM
9. 2026-06-07
   days on market $149,000 Active 176 DOM
10. 2026-06-05
    days on market $149,000 Active 173 DOM
11. 2026-06-03
    days on market $149,000 Active 172 DOM
12. 2026-06-02
    days on market $149,000 Active 171 DOM
13. 2026-06-01
    days on market $149,000 Active 170 DOM
14. 2026-05-31
    days on market $149,000 Active 169 DOM
15. 2025-12-13
    listed $149,000 Active 837-char remark

    Show marketing remark (854 chars)

    Investor Alert! Just steps from the Mississippi River in the sought-after Holy Cross neighborhood, this charming double presents a rare opportunity for both owner-occupants and investors. Each unit offers 1 generously sized bedroom and 1 full bath, blending historic character with functional living spaces. Additional highlights include convenient off-street parking and a flexible layout ideal for living in one unit while generating rental income from the other—or adding a solid asset to your investment portfolio. Located in one of the city’s most picturesque riverfront communities, this property is brimming with potential. Price reflects condition, offering the perfect chance to add value and make it your own. Measurements are approximate and should be verified by the buyer and/or buyer’s agent. Property is being sold As Is.

16. 2025-12-13
    listed $149,000 Active 854-char remark

    Show marketing remark (854 chars)

    Investor Alert! Just steps from the Mississippi River in the sought-after Holy Cross neighborhood, this charming double presents a rare opportunity for both owner-occupants and investors. Each unit offers 1 generously sized bedroom and 1 full bath, blending historic character with functional living spaces. Additional highlights include convenient off-street parking and a flexible layout ideal for living in one unit while generating rental income from the other—or adding a solid asset to your investment portfolio. Located in one of the city’s most picturesque riverfront communities, this property is brimming with potential. Price reflects condition, offering the perfect chance to add value and make it your own. Measurements are approximate and should be verified by the buyer and/or buyer’s agent. Property is being sold As Is.

17. 2011-11-19
    listed $89,000
18. 2011-11-19
    listed $89,000
19. 2011-05-19
    listed $89,000
20. 2011-05-19
    listed $89,000
21. 1977-06-23
    soldstatus $17,700

ⓘ 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: $1,299 · $108/mo
• Projected year-2 tax: $1,299 · $108/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 (shaded) · 60% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $28,512
• − Mortgage interest: −$8,346
• − Property taxes: −$1,299
• − Insurance: −$1,542
• − Repairs & maintenance: −$2,281
• − Management: −$2,281
• − Depreciation: −$4,335
• Taxable income: $8,428
• Est. tax owed @ 24.0%: −$2,023
• After-tax cash flow: $8,284/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

+741.8% since first listed

7 events — show timeline

• 2025-12-13 Listed $149,000 GSREIN
• 2025-12-13 Listed $149,000 AcadianaMLS
• 2011-11-19 Listed $89,000 GSREIN
• 2011-11-19 Listed $89,000 AcadianaMLS
• 2011-05-19 Listed $89,000 GSREIN
• 2011-05-19 Listed $89,000 AcadianaMLS
• 1977-06-23 Sold (Public Records) $17,700 Public Records

Property tax history

-0.0%/yr

Latest (2026): $1,299 · +1.1% YoY. Source: county tax records.