2662-2664 N Galvez St · New Orleans, LA 70117

$200,000

4 bd · 5.0 ba · 2,120 sqft · MultiFamily · 26 Days on market

Built 2023 2,635 sqft lot Est $303k · 34% 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 +15.0/15.0
• 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: 2 units. confirmed

Listing remarks MLS

Container home with two separate units. Some initial work done including piers, framing, windows, plumbing, electrical, and sheetrock. Put the finishing touches on this one and get some great rental income! Five total bedrooms. One side is a three bedroom and two full baths and a half bath. The second side is 2 bedrooms with one full bath and one half bath.

Key facts

• Two separate units
• Rental income
• 2,635 sq ft lot

Tags

• TWO SEPARATE UNITS
• RENTAL INCOME

Property features AI

Finance

• Financial info: Duplex (2 total units)

Exterior

• Utilities: Public water; Public sewer
• Home design: 2-story property
• Construction: Raised foundation
• Exterior features: Fence; City lot; Rectangular lot; Lot dimensions approximately 31 x 85

Interior

• Bathrooms: 3 full bathrooms; 2 half bathrooms
• Heating & cooling: Ductless heating; Wall furnace; Ductless cooling; Wall unit cooling
• Interior features: Average condition; Raised foundation

What this means for you Summary

Snapshot

• This is a 1×3bd/2.5ba + 1×2bd/1.5ba units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $997 ($12k/yr) — positive. Per door: $499/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $197k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.7% 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); 587 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,096/mo this rent would consume 81% 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 $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.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $56k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 32y 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 $200k implies a 1011% 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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $197,000 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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 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: 1.55% ✓
• Cap rate: 12.68%
• Cash-on-cash: 22.79%
• DSCR: 2.01
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $303,160
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1805 07 St Roch Ave	0.39mi	4/2.0	1,914 (-10%)	1mo	$290,000	$152	52
1734 Spain St	0.51mi	5/3.0 (+1)	1,985 (-6%)	1mo	$100,000	$50	51
2517 N Miro St	0.26mi	4/2.0	1,857 (-12%)	7mo	$50,000	$27	49
1438 40 St Roch Ave	0.58mi	4/3.0	2,057 (-3%)	14mo	$290,000	$141	49
2530 32 N Galvez St	0.21mi	5/3.0 (+1)	2,402 (+13%)	8mo	$214,900	$89	49
3129 31 N Claiborne Ave	0.50mi	4/2.0	1,806 (-15%)	3mo	$267,150	$148	38
1216-18 Louisa St	0.74mi	4/—	2,016 (-5%)	23mo	$250,000	$124	38
2814 St Claude Ave	0.74mi	4/2.0	2,000 (-6%)	10mo	$300,000	$150	36
2502 Music St	0.47mi	4/2.0	1,917 (-10%)	19mo	$115,000	$60	34
1216-18 Clouet St	0.69mi	4/4.0	1,844 (-13%)	21mo	$380,000	$206	25
1231 Spain St	0.71mi	4/2.0	2,304 (+9%)	20mo	$330,000	$143	23
2259-2261 N Derbigny St	0.62mi	3/2.0 (-1)	1,848 (-13%)	15mo	$340,000	$184	20

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: 13.3%
• Equity multiple: 1.53×
• Total profit: $29,612
• Equity at exit: $29,821

10-year hold

• IRR: 21.8%
• Equity multiple: 2.81×
• Total profit: $101,506
• Equity at exit: $17,292

Cash invested: $56,000 (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: 587
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $3,096 high
• Mortgage (P&I): −$1,049
• Tax est. 1.5%: −$250 /mo · $3,000/yr
• Insurance: −$83
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$650
• Net cashflow: $997

Break-even live

Break-even rent $1,834

Max offer price $200,000

Occupancy floor 63%

Sensitivity live

Price	-10% $1,135	-5% $1,066	+0% $997	+5% $928	+10% $859
Rent	-10% $753	-5% $875	+0% $997	+5% $1,120	+10% $1,242
Rate	-1.0pp $1,098	-0.5pp $1,048	base $997	+0.5pp $945	+1.0pp $893

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

Units	Beds	Baths	Est. rent
1× unit	3	2.5	$1,593
1× unit	2	1.5	$1,502
Total (2 units)			$3,096

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2228 Arts St New Orleans, LA	3.0	2.0	2270	$1,675	$0.74	4d	1	0.33mi
1839 Louisa St New Orleans, LA	3.0	2.0	1500	$2,095	$1.40	17d	1	0.45mi
1835 Louisa St New Orleans, LA	3.0	2.5	1800	$2,350	$1.31	4d	1	0.45mi
2115 Mandeville St New Orleans, LA	3.0	2.0	1400	$1,650	$1.18	24d	1	0.54mi
2019 Gallier St New Orleans, LA	4.0	2.0	1400	$2,200	$1.57	24d	1	0.60mi
5624-5626 Saint Claude ST New Orleans, LA	4.0	3.0	1521	$2,300	$1.51	24d	1	0.66mi
1231 Feliciana St New Orleans, LA	3.0	2.5	1869	$2,750	$1.47	44d	1	0.67mi
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	4d	1	0.67mi
1437 Gallier St New Orleans, LA	3.0	2.0	1451	$1,875	$1.29	22d	1	0.75mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	44d	1	0.78mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	24d	1	0.78mi
3221 Saint Claude Ave New Orleans, LA	3.0	1.0	1900	$1,650	$0.87	24d	1	0.83mi
1837 Touro St New Orleans, LA	3.0	1.0	1994	$2,000	$1.00	24d	1	0.84mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	4d	1	0.92mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	4d	1	0.92mi
1323 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	4d	1	0.93mi
2920 Pauger St New Orleans, LA	4.0	2.0	1882	$1,995	$1.06	24d	1	0.94mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$4,154	$2.63	4d	2	0.94mi
2320 N Rampart St New Orleans, LA	3.0	3.0	2317	$3,700	$1.60	44d	1	0.96mi
3134 Burgundy St New Orleans, LA	3.0	2.0	1887	$2,900	$1.54	24d	1	0.97mi
3228 Pauger St New Orleans, LA	5.0	2.0	1600	$2,100	$1.31	24d	1	0.99mi
2739 Bay St Unit B New Orleans, LA	4.0	2.0	1400	$1,800	$1.29	21d	1	0.99mi
1938 N Johnson St Unit 38 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	24d	1	0.99mi
1936 N Johnson St Unit 36 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	24d	1	0.99mi
3302 Metropolitan St New Orleans, LA	4.0	2.5	1700	$2,200	$1.29	18d	1	1.03mi
1411 France St New Orleans, LA	3.0	2.0	1525	$2,000	$1.31	24d	1	1.10mi
2647 Myrtle St Unit 2647 New Orleans, LA	4.0	2.0	1445	$2,550	$1.76	44d	1	1.15mi
1403 Lesseps St New Orleans, LA	3.0	3.0	1700	$1,800	$1.06	12d	1	1.16mi
639 Desire St New Orleans, LA	3.0	2.5	2687	$5,500	$2.05	20d	1	1.18mi
1831 N Miro St New Orleans, LA	3.0	2.0	1882	$2,500	$1.33	44d	1	1.22mi
1933 Industry St New Orleans, LA	3.0	2.0	1400	$1,595	$1.14	17d	1	1.22mi
1860 Burgundy St New Orleans, LA	4.0	4.0	3000	$3,500	$1.17	24d	1	1.24mi
928 Kerlerec St New Orleans, LA	3.0	3.5	1684	$2,750	$1.63	4d	1	1.32mi
928 Kerlerec St New Orleans, LA	3.0	3.5	1684	$2,750	$1.63	4d	1	1.32mi
1245 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	44d	1	1.34mi
1247 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	44d	1	1.34mi
1433 Esplanade Ave New Orleans, LA	3.0	2.0	2411	$5,000	$2.07	3d	1	1.47mi

Listing history 30 events

1. 2026-06-21
   days on market $200,000 Active 26 DOM
2. 2026-06-18
   days on market $200,000 Active 23 DOM
3. 2026-06-17
   days on market $200,000 Active 22 DOM
4. 2026-06-16
   days on market $200,000 Active 21 DOM
5. 2026-06-15
   days on market $200,000 Active 20 DOM
6. 2026-06-13
   days on market $200,000 Active 18 DOM
7. 2026-06-10
   days on market $200,000 Active 15 DOM
8. 2026-06-09
   days on market $200,000 Active 14 DOM
9. 2026-06-08
   days on market $200,000 Active 13 DOM
10. 2026-06-07
    days on market $200,000 Active 12 DOM
11. 2026-06-05
    days on market $200,000 Active 9 DOM
12. 2026-06-03
    days on market $200,000 Active 8 DOM
13. 2026-06-02
    days on market $200,000 Active 7 DOM
14. 2026-06-01
    days on market $200,000 Active 6 DOM
15. 2026-05-31
    days on market $200,000 Active 5 DOM
16. 2026-05-26
    listed $200,000 Active

    Show marketing remark (359 chars)

    Container home with two separate units. Some initial work done including piers, framing, windows, plumbing, electrical, and sheetrock. Put the finishing touches on this one and get some great rental income! Five total bedrooms. One side is a three bedroom and two full baths and a half bath. The second side is 2 bedrooms with one full bath and one half bath.

17. 2026-05-26
    listed $200,000 Active 359-char remark

    Show marketing remark (359 chars)

    Container home with two separate units. Some initial work done including piers, framing, windows, plumbing, electrical, and sheetrock. Put the finishing touches on this one and get some great rental income! Five total bedrooms. One side is a three bedroom and two full baths and a half bath. The second side is 2 bedrooms with one full bath and one half bath.

18. 2024-06-18
    price $150,000
19. 2023-12-21
    listed $150,000 Active
20. 2022-07-22
    soldstatus $18,000 Closed
21. 2022-06-29
    price $18,000
22. 2022-06-16
    listed $30,000 Active
23. 2022-06-16
    listed $18,000
24. 2019-08-27
    soldstatus $13,000 Closed
25. 2019-08-01
    status Pending
26. 2019-03-27
    listed $15,900 Active
27. 2019-03-27
    listed $15,900
28. 1994-08-16
    soldstatus $3,000
29. 1994-06-08
    listed $2,000
30. 1994-06-08
    listed $2,000

ⓘ 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 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: $37,152
• − Mortgage interest: −$11,203
• − Property taxes: −$3,000
• − Insurance: −$1,798
• − Repairs & maintenance: −$2,972
• − Management: −$2,972
• − Depreciation: −$5,818
• Taxable income: $9,389
• Est. tax owed @ 24.0%: −$2,253
• After-tax cash flow: $9,713/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

+9900.0% since first listed

15 events — show timeline

• 2026-05-26 Listed $200,000 AcadianaMLS
• 2026-05-26 Listed $200,000 GSREIN
• 2024-06-18 Price Changed $150,000 GSREIN
• 2023-12-21 Listed $150,000 AcadianaMLS
• 2022-07-22 Sold (MLS) $18,000 GSREIN
• 2022-06-29 Price Changed $18,000 GSREIN
• 2022-06-16 Listed $18,000 AcadianaMLS
• 2022-06-16 Listed $30,000 GSREIN
• 2019-08-27 Sold (MLS) $13,000 GSREIN
• 2019-08-01 Pending — GSREIN
• 2019-03-27 Listed $15,900 AcadianaMLS
• 2019-03-27 Listed $15,900 GSREIN
• 1994-08-16 Sold (MLS) $3,000 GSREIN
• 1994-06-08 Listed $2,000 GSREIN
• 1994-06-08 Listed $2,000 AcadianaMLS