2433-35 Ursulines Ave · New Orleans, LA 70119

$399,000

3 bd · 3.0 ba · 1,709 sqft · MultiFamily public records · 105 Days on market

Built 1920 2,580 sqft lot $233/sqft · 65% above area Est $458k · 13% under ↓ 6% since listing

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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 +23.4/30.0
• ARV discount +13.3/15.0
• DSCR +7.5/10.0
• 1% rule +6.1/10.0
• Livability +4.0/5.0
• 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

Listing remarks MLS

Spacious triplex in the iconic Treme neighborhood just a few blocks from the Zulu Parade Route and walkable to the Fairgrounds, Bayou St. John, & the Lafitte Greenway. The property boasts wood & terrazzo floors, nice millwork, original wood windows, and bathrooms with vintage charm. The property consists of a big, two-story 3 bed, 2 bath unit with a one-car garage, a 2 bed, 1 bath unit, and a 1 bed, 1 bath unit. All of the units are shotgun-style and include their own in-unit laundry. Quaint, low-maintenance backyard is fully fenced. Excellent opportunity to owner-occupy with consistent rental income.

Key facts

• Wood floors
• Treme neighborhood
• Bayou st. john

Tags

• TREME NEIGHBORHOOD
• WALKABLE TO FAIRGROUNDS
• BAYOU ST. JOHN
• LAFITTE GREENWAY
• WOOD FLOORS
• TERRAZZO FLOORS

What this means for you Summary

Snapshot

• This is a 1×3bd/2ba + 1×2bd/1ba + 1×1bd/1ba units multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $670 ($8k/yr) — positive. Per door: $223/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $399k).
• Recommended offer: $363k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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 (-0.2%/yr); 381 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 $4,423/mo this rent would consume 100% of the median local household income ($53k/yr) (locally 3381% 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 105 days — a 9% lower offer ($363k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $26k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• 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 $363,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 105 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. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. 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: 1.11% ✓
• Cap rate: 8.51%
• Cash-on-cash: 7.91%
• DSCR: 1.35
• GRM: 7.5

CMA / ARV

• ARV (median comp): $457,938
• List price: $399,000
• Delta: -12.87%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
917 N Prieur St	0.34mi	4/2.0 (+1)	1,700 (-0%)	4mo	$315,000	$185	71
2550 Dumaine St	0.19mi	2/2.0 (-1)	1,600 (-6%)	2mo	$300,000	$188	70
2617 Toulouse St	0.40mi	4/4.0 (+1)	1,750 (+2%)	1mo	$215,000	$123	68
2216-18 Saint Louis St	0.48mi	4/2.0 (+1)	1,689 (-1%)	1mo	$335,000	$198	66
2612-2614 St. Philip St	0.16mi	4/2.0 (+1)	1,517 (-11%)	3mo	$299,000	$197	62
1447 49 N Roman St	0.45mi	2/2.0 (-1)	1,783 (+4%)	2mo	$217,800	$122	61
2643 45 Dumaine St	0.23mi	4/2.0 (+1)	1,479 (-14%)	3mo	$298,000	$201	56
3150 52 Toulouse St	0.71mi	4/4.0 (+1)	1,690 (-1%)	3mo	$382,000	$226	54
2520 22 D'abadie St	0.63mi	4/2.0 (+1)	1,632 (-4%)	3mo	$278,600	$171	52
2118 20 Onzaga St	0.54mi	4/2.0 (+1)	1,526 (-11%)	1mo	$182,000	$119	47
2912 14 St. Peter St	0.52mi	4/2.0 (+1)	1,912 (+12%)	2mo	$290,000	$152	45
2835-37 Maurepas St	0.61mi	4/2.0 (+1)	1,464 (-14%)	1mo	$311,000	$212	38

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: -8.8%
• Equity multiple: 0.69×
• Total profit: $-34,817
• Equity at exit: $59,492

10-year hold

• IRR: -3.9%
• Equity multiple: 0.78×
• Total profit: $-25,001
• Equity at exit: $34,498

Cash invested: $111,720 (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 70119

• Home prices YoY: -34.8%
• Rents YoY: -0.2%
• Active inventory: 381
• Price-to-rent: 19.7×

Monthly cashflow live

• Estimated rent: $4,423 high
• Mortgage (P&I): −$2,092
• Tax est. 1.5%: −$499 /mo · $5,985/yr
• Insurance: −$166
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$929
• Net cashflow: $670

Break-even live

Break-even rent $3,575

Max offer price $399,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$1,684
1× unit	2	1	$1,402
1× unit	1	1	$1,337
Total (3 units)			$4,423

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2517 Ursulines Ave New Orleans, LA	3.0	2.0	1136	$1,950	$1.72	24d	1	0.06mi
1232 N Dorgenois St New Orleans, LA	2.0	2.0	1323	$1,800	$1.36	24d	1	0.15mi
2641 Ursulines Ave Unit A New Orleans, LA	2.0	1.0	1350	$2,200	$1.63	17d	1	0.19mi
2214 Dumaine St New Orleans, LA	2.0	1.0	1176	$1,600	$1.36	24d	1	0.23mi
2129 Dumaine St New Orleans, LA	3.0	2.0	1226	$1,850	$1.51	3d	1	0.24mi
916 N Broad St New Orleans, LA	2.0	2.5	1100	$1,900	$1.73	3d	1	0.24mi
1401 N Galvez St New Orleans, LA	2.0	1.0	1150	$2,600	$2.26	3d	1	0.25mi
1401 N Galvez St New Orleans, LA	2.0	1.0	1150	$2,600	$2.26	3d	1	0.25mi
914 N Broad St New Orleans, LA	2.0	2.0	1450	$2,200	$1.52	24d	1	0.25mi
2731 Saint Philip St Unit 2733 New Orleans, LA	4.0	2.0	2000	$2,600	$1.30	24d	1	0.29mi
2422 Columbus St New Orleans, LA	2.0	2.0	1550	$2,500	$1.61	21d	1	0.31mi
2331 Columbus St New Orleans, LA	3.0	1.0	1976	$1,850	$0.94	24d	1	0.32mi
1424 N Johnson St New Orleans, LA	2.0	1.0	1100	$1,400	$1.27	24d	1	0.33mi
1929 Dumaine St New Orleans, LA	3.0	1.0	1293	$1,500	$1.16	3d	1	0.35mi
2329 Laharpe St New Orleans, LA	3.0	1.0	1250	$1,000	$0.80	20d	1	0.39mi
2664 Lepage St New Orleans, LA	3.0	2.0	1750	$2,725	$1.56	44d	1	0.41mi
1035 N Derbigny St New Orleans, LA	3.0	1.0	1075	$1,399	$1.30	24d	1	0.43mi
824 N Dupre St New Orleans, LA	3.0	2.0	1315	$2,250	$1.71	17d	1	0.44mi
1525 N Broad St New Orleans, LA	3.0	1.0	1100	$1,600	$1.45	24d	1	0.44mi
3007 Dumaine St New Orleans, LA	2.0	2.0	1050	$1,650	$1.57	21d	1	0.49mi
1466 N White St New Orleans, LA	3.0	1.5	1500	$2,250	$1.50	3d	1	0.52mi
2320 Conti St New Orleans, LA	3.0	2.0	1125	$2,500	$2.22	24d	1	0.53mi
315 N Miro St New Orleans, LA	3.0	3.0	1276	$2,300	$1.80	20d	1	0.57mi
315 N Miro St New Orleans, LA	3.0	3.0	1276	$2,500	$1.96	24d	1	0.57mi
2033 Conti St New Orleans, LA	3.0	3.0	1249	$2,250	$1.80	14d	1	0.57mi
1908 Saint Louis St New Orleans, LA	3.0	3.0	1234	$2,300	$1.86	24d	1	0.58mi
2105 Bienville St New Orleans, LA	3.0	3.0	1231	$2,350	$1.91	17d	1	0.60mi
1472 N Claiborne Ave New Orleans, LA	3.0	1.0	1312	$1,900	$1.45	16d	1	0.61mi
2024 Bienville St New Orleans, LA	3.0	2.0	1314	$2,100	$1.60	24d	1	0.65mi
3100 Orleans Ave New Orleans, LA	2.0	1.0	1875	$1,350	$0.72	24d	1	0.65mi
1735 N Tonti St New Orleans, LA	3.0	1.0	1197	$1,650	$1.38	24d	1	0.65mi
1423 N Villere St Unit A New Orleans, LA	2.0	3.0	1964	$2,500	$1.27	44d	1	0.66mi
324 N Roman St New Orleans, LA	3.0	3.0	2100	$2,500	$1.19	44d	1	0.66mi
2738 Bienville St New Orleans, LA	4.0	3.0	1671	$2,200	$1.32	24d	1	0.66mi
124 N Galvez St Unit 1 New Orleans, LA	2.0	2.0	2200	$2,200	$1.00	24d	1	0.71mi
1801 Bienville St New Orleans, LA	2.0	2.5	1368	$2,500	$1.83	44d	1	0.71mi
22 N Johnson St New Orleans, LA	2.0	2.0	1500	$2,000	$1.33	14d	1	0.76mi
1247 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	44d	1	0.79mi
1245 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	44d	1	0.79mi
1021 Henriette Delille St New Orleans, LA	3.0	2.0	2012	$2,250	$1.12	17d	1	0.81mi

Listing history 3 events

1. 2026-05-12
   price $399,000 616-char remark

   Show marketing remark (616 chars)

   Spacious triplex in the iconic Treme neighborhood just a few blocks from the Zulu Parade Route and walkable to the Fairgrounds, Bayou St. John, & the Lafitte Greenway. The property boasts wood & terrazzo floors, nice millwork, original wood windows, and bathrooms with vintage charm. The property consists of a big, two-story 3 bed, 2 bath unit with a one-car garage, a 2 bed, 1 bath unit, and a 1 bed, 1 bath unit. All of the units are shotgun-style and include their own in-unit laundry. Quaint, low-maintenance backyard is fully fenced. Excellent opportunity to owner-occupy with consistent rental income.

2. 2026-05-11
   status Active 616-char remark

   Show marketing remark (616 chars)

   Spacious triplex in the iconic Treme neighborhood just a few blocks from the Zulu Parade Route and walkable to the Fairgrounds, Bayou St. John, & the Lafitte Greenway. The property boasts wood & terrazzo floors, nice millwork, original wood windows, and bathrooms with vintage charm. The property consists of a big, two-story 3 bed, 2 bath unit with a one-car garage, a 2 bed, 1 bath unit, and a 1 bed, 1 bath unit. All of the units are shotgun-style and include their own in-unit laundry. Quaint, low-maintenance backyard is fully fenced. Excellent opportunity to owner-occupy with consistent rental income.

3. 2025-01-10
   listed $425,000 Active 616-char remark

   Show marketing remark (616 chars)

   Spacious triplex in the iconic Treme neighborhood just a few blocks from the Zulu Parade Route and walkable to the Fairgrounds, Bayou St. John, & the Lafitte Greenway. The property boasts wood & terrazzo floors, nice millwork, original wood windows, and bathrooms with vintage charm. The property consists of a big, two-story 3 bed, 2 bath unit with a one-car garage, a 2 bed, 1 bath unit, and a 1 bed, 1 bath unit. All of the units are shotgun-style and include their own in-unit laundry. Quaint, low-maintenance backyard is fully fenced. Excellent opportunity to owner-occupy with consistent rental income.

ⓘ 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 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 · 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: $53,076
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$2,792
• − Repairs & maintenance: −$4,246
• − Management: −$4,246
• − Depreciation: −$11,607
• Taxable income: $1,849
• Est. tax owed @ 24.0%: −$444
• After-tax cash flow: $7,600/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): 37,253
• Household income: $53,143
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 3381.0

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 0.64)
• Race & ethnicity: Black 44% White 40% Two or more races 10% Hispanic / Latino 9% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Slovak 2% Romanian 1%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 6% French/Haitian/Cajun 1% Other Indo-European 0%

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: ▼ -135.38%
• Current HPI: 253.1929
• Rent YoY: ▼ -0.20%
• 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

-6.1% since first listed

3 events — show timeline

• 2026-05-12 Price Changed $399,000 AcadianaMLS
• 2026-05-11 Relisted — AcadianaMLS
• 2025-01-10 Listed $425,000 AcadianaMLS

Property tax history

-0.7%/yr

Latest (2026): $687 · +1.0% YoY. Source: county tax records.