3121 N Galvez St · New Orleans, LA 70117

$265,000

3 bd · 2.0 ba · 2,390 sqft · SingleFamily public records · 44 Days on market

Built 1949 $111/sqft · 19% below area Est $346k · 23% under

---

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 +19.7/30.0
• ARV discount +15.0/15.0
• DSCR +6.2/10.0
• 1% rule +4.5/10.0
• 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

Listing remarks MLS

Money-Making Double in the Heart of New Orleans! This fantastic income-producing property features a spacious 3-bedroom, 2-bath owner's unit alongside a 1-bedroom, 1-bath unit--perfect for generating rental income. Live in the larger unit while the second unit helps cover your mortgage! Situated on a large oversized lot, this property also offers plenty of parking--an added bonus in the city. Don't miss this opportunity to own and earn at the same time!

Key facts

• Parking
• Built 1949
• Listed 44 days

Property features AI

Finance

• Financial info: Two-unit property; tenants pay electricity, gas, and water

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer
• Home design: Single-story home
• Construction: Shingle roof; Raised foundation; Property in very good condition
• Exterior features: Porch; City lot; Rectangular lot; Lot dimensions approximately 57 x 171

Interior

• Bathrooms: 3 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Porch

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $265k.

Deal economics

• At list price, monthly cash flow is $242 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $253k (4.5% below list).
• Recommended offer: $253k (4.5% below list) — sets the bar for 1% rule.
• Cap rate 7.7% 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; 27 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 $2,530/mo this rent would consume 66% 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 $2k of loan paydown is wiped out by about $8k 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 44 days — a 3% lower offer ($257k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 7y 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 $210k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1949 — 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 $253,050 (4.5% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 7.69%
• Cash-on-cash: 4.98%
• DSCR: 1.22
• GRM: 8.7

CMA / ARV

• ARV (median comp): $345,985
• List price: $265,000
• Delta: -23.41%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2004 Louisa St	0.10mi	4/2.5 (+1)	2,132 (-11%)	1mo	$240,000	$113	69
1332 Gallier St	0.60mi	3/2.5	2,294 (-4%)	2mo	$422,000	$184	62
2933 St Claude Ave	0.74mi	4/3.0 (+1)	2,352 (-2%)	7mo	$250,000	$106	48
1622 Painters St	0.58mi	4/2.0 (+1)	2,200 (-8%)	14mo	$245,000	$111	43
1929 Franklin Ave	0.45mi	4/3.0 (+1)	2,067 (-14%)	9mo	$200,000	$97	40
1212 Louisa St	0.66mi	3/3.0	2,674 (+12%)	9mo	$485,000	$181	38
3145 Urquhart St	0.59mi	4/3.5 (+1)	2,160 (-10%)	19mo	$430,000	$199	30
3001 Clouet St	0.73mi	4/2.0 (+1)	2,059 (-14%)	15mo	$90,000	$44	25

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: -10.7%
• Equity multiple: 0.61×
• Total profit: $-28,843
• Equity at exit: $39,512

10-year hold

• IRR: -2.1%
• Equity multiple: 0.86×
• Total profit: $-10,565
• Equity at exit: $22,912

Cash invested: $74,200 (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: 8.7×

Monthly cashflow live

• Estimated rent: $2,530 high
• Mortgage (P&I): −$1,390
• Tax from tax record: −$191 /mo · $2,289/yr
• Insurance: −$110
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$531
• Net cashflow: $242

Break-even live

Break-even rent $2,224

Max offer price $265,000

Occupancy floor 85%

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1835 Louisa St New Orleans, LA	3.0	2.5	1800	$2,350	$1.31	3d	1	0.19mi
1928 Franklin Ave New Orleans, LA	2.0	2.5	2840	$2,500	$0.88	10d	1	0.52mi
1231 Feliciana St New Orleans, LA	3.0	2.5	1869	$2,750	$1.47	43d	1	0.65mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	0.69mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	2d	1	0.69mi
1323 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	0.69mi
2228 Arts St New Orleans, LA	3.0	2.0	2270	$1,675	$0.74	3d	1	0.69mi
3221 Saint Claude Ave New Orleans, LA	3.0	1.0	1900	$1,650	$0.87	23d	1	0.73mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	23d	1	0.80mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	43d	1	0.80mi
1403 Lesseps St New Orleans, LA	3.0	3.0	1700	$1,800	$1.06	11d	1	0.86mi
3134 Burgundy St New Orleans, LA	3.0	2.0	1887	$2,900	$1.54	23d	1	0.93mi
3302 Metropolitan St New Orleans, LA	4.0	2.5	1700	$2,200	$1.29	17d	1	0.95mi
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	3d	1	1.04mi
3400 Royal St New Orleans, LA	4.0	3.5	3300	$6,900	$2.09	43d	1	1.08mi
639 Desire St New Orleans, LA	3.0	2.5	2687	$5,500	$2.05	19d	1	1.09mi
740 Mazant St New Orleans, LA	2.0	2.0	1750	$2,200	$1.26	23d	1	1.12mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$2,165	$1.37	3d	2	1.14mi
2320 N Rampart St New Orleans, LA	3.0	3.0	2317	$3,700	$1.60	43d	1	1.15mi
522 Montegut St New Orleans, LA	1.0–2.0	1.0–2.0	1256	$3,500	$2.79	1d	12	1.16mi
1837 Touro St New Orleans, LA	3.0	1.0	1994	$2,000	$1.00	23d	1	1.19mi
1136 Frenchmen St New Orleans, LA	2.0	1.0	1800	$1,650	$0.92	23d	1	1.26mi
2920 Pauger St New Orleans, LA	4.0	2.0	1882	$1,995	$1.06	23d	1	1.30mi
1938 N Johnson St Unit 38 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	23d	1	1.34mi
1936 N Johnson St Unit 36 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	23d	1	1.34mi
3718 Franklin Ave New Orleans, LA	2.0	1.0	1601	$1,800	$1.12	11d	1	1.46mi
1860 Burgundy St New Orleans, LA	4.0	4.0	3000	$3,500	$1.17	23d	1	1.47mi

Listing history 28 events

1. 2026-06-18
   days on market $265,000 Active 44 DOM
2. 2026-06-17
   days on market $265,000 Active 43 DOM
3. 2026-06-16
   days on market $265,000 Active 42 DOM
4. 2026-06-15
   days on market $265,000 Active 41 DOM
5. 2026-06-13
   days on market $265,000 Active 39 DOM
6. 2026-06-10
   days on market $265,000 Active 36 DOM
7. 2026-06-09
   days on market $265,000 Active 35 DOM
8. 2026-06-08
   days on market $265,000 Active 34 DOM
9. 2026-06-07
   days on market $265,000 Active 33 DOM
10. 2026-06-05
    days on market $265,000 Active 30 DOM
11. 2026-06-03
    days on market $265,000 Active 29 DOM
12. 2026-06-02
    days on market $265,000 Active 28 DOM
13. 2026-06-01
    days on market $265,000 Active 27 DOM
14. 2026-05-31
    days on market $265,000 Active 26 DOM
15. 2026-05-05
    listed $265,000 Active 457-char remark

    Show marketing remark (457 chars)

    Money-Making Double in the Heart of New Orleans! This fantastic income-producing property features a spacious 3-bedroom, 2-bath owner's unit alongside a 1-bedroom, 1-bath unit--perfect for generating rental income. Live in the larger unit while the second unit helps cover your mortgage! Situated on a large oversized lot, this property also offers plenty of parking--an added bonus in the city. Don't miss this opportunity to own and earn at the same time!

16. 2026-05-05
    listed $265,000 Active 479-char remark

    Show marketing remark (457 chars)

    Money-Making Double in the Heart of New Orleans! This fantastic income-producing property features a spacious 3-bedroom, 2-bath owner's unit alongside a 1-bedroom, 1-bath unit--perfect for generating rental income. Live in the larger unit while the second unit helps cover your mortgage! Situated on a large oversized lot, this property also offers plenty of parking--an added bonus in the city. Don't miss this opportunity to own and earn at the same time!

17. 2025-12-14
    listed $269,000 Active
18. 2025-04-29
    historical $2,250
19. 2025-03-17
    listed $2,250
20. 2020-09-09
    soldstatus $210,000
21. 2020-09-08
    soldstatus $210,000 Closed
22. 2020-08-25
    status Pending
23. 2020-03-08
    listed $210,000 Active
24. 2020-03-08
    listed $210,000
25. 2019-08-28
    price $184,000
26. 2019-02-19
    listed $184,000
27. 2009-07-30
    soldstatus $75,000
28. 1978-01-27
    soldstatus $41,000

ⓘ 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: $2,289 · $191/mo
• Projected year-2 tax: $2,289 · $191/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 · 21 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: $30,366
• − Mortgage interest: −$14,844
• − Property taxes: −$2,289
• − Insurance: −$2,122
• − Repairs & maintenance: −$2,429
• − Management: −$2,429
• − Depreciation: −$7,709
• Taxable loss: −$1,457
• Est. tax savings @ 24.0%: +$350
• After-tax cash flow: $3,251/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

+546.3% since first listed

14 events — show timeline

• 2026-05-05 Listed $265,000 GSREIN
• 2026-05-05 Listed $265,000 AcadianaMLS
• 2025-12-14 Listed $269,000 AcadianaMLS
• 2025-04-29 Rental Removed $2,250 GSREIN
• 2025-03-17 Listed for Rent $2,250 GSREIN
• 2020-09-09 Sold (Public Records) $210,000 Public Records
• 2020-09-08 Sold (MLS) $210,000 GSREIN
• 2020-08-25 Pending — GSREIN
• 2020-03-08 Listed $210,000 AcadianaMLS
• 2020-03-08 Listed $210,000 GSREIN
• 2019-08-28 Price Changed $184,000 GSREIN
• 2019-02-19 Listed $184,000 AcadianaMLS
• 2009-07-30 Sold (Public Records) $75,000 Public Records
• 1978-01-27 Sold (Public Records) $41,000 Public Records

Property tax history

+40.6%/yr

Latest (2026): $2,289 · +26.3% YoY. Source: county tax records.