2430 Franklin Ave · New Orleans, LA 70117

$222,000

3 bd · 2.0 ba · 2,896 sqft · SingleFamily public records · 3 Days on market

Built 1920

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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 +28.3/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• 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

Opportunity awaits in this spacious 4-bedroom, 2-bath home featuring a distinctive turret, spacious front and back porch, plenty of architectural character, high ceilings, and original hard wood floors. Situated on a generous lot, the property includes a separate 1-bedroom guest house, an attached apartment space, and a basement, offering endless possibilities for renovation, rental income, or multi-generational living. While the home is in fair condition and will require updating and repairs, it presents an excellent opportunity for investors, renovators, or buyers looking to restore a property with architectural charm. The guest house, apartment area, and basement are currently being used

Key facts

• Front and back porch
• Distinctive turret
• Separate guest house

Tags

• DISTINCTIVE TURRET
• FRONT AND BACK PORCH
• ARCHITECTURAL CHARACTER
• ORIGINAL HARD WOOD FLOORS
• SEPARATE GUEST HOUSE
• ATTACHED APARTMENT SPACE

Property features AI

Exterior

• Utilities: Electric service: Entergy
• Home design: Single family residence
• Construction: Wood siding; Composition roof
• Exterior features: Fencing (other); Barn(s)

Interior

• Kitchen: Microwave; Refrigerator
• Bedrooms: Bedroom 1; Bedroom 2; Bedroom 3; Bedroom 4
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Guest suite; Vaulted ceilings; Den; Dining room; Kitchen; Living room
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $222k.

Deal economics

• At list price, monthly cash flow is $283 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $222k).
• Cap rate 10.1% 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; 13 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 $2,757/mo this rent would consume 72% 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 $7k 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

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $50k; list at $222k implies a 344% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $222,000

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.24% ✓
• Cap rate: 10.13%
• Cash-on-cash: 13.71%
• DSCR: 1.61
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.49% rent growth · sell at horizon

5-year hold

• IRR: -8.4%
• Equity multiple: 0.69×
• Total profit: $-19,068
• Equity at exit: $33,101

10-year hold

• IRR: 0.5%
• Equity multiple: 1.03×
• Total profit: $1,991
• Equity at exit: $19,195

Cash invested: $62,160 (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: 6.7×

Monthly cashflow live

• Estimated rent: $2,757 high
• Mortgage (P&I): −$1,164
• Tax from tax record: −$211 /mo · $2,533/yr
• Insurance: −$92
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$579
• Net cashflow: $283

Break-even live

Break-even rent $2,398

Max offer price $222,000

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: $55,500
• Closing costs: $6,660
• Reserves months: —
• Total cash needed: —

Rent comps 13 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	3d	1	0.21mi
1928 Franklin Ave New Orleans, LA	2.0	2.5	2840	$2,500	$0.88	10d	1	0.36mi
1837 Touro St New Orleans, LA	3.0	1.0	1994	$2,000	$1.00	23d	1	0.78mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	43d	1	1.07mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	23d	1	1.07mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$2,165	$1.37	3d	2	1.11mi
2320 N Rampart St New Orleans, LA	3.0	3.0	2317	$3,700	$1.60	43d	1	1.13mi
1860 Burgundy St New Orleans, LA	4.0	4.0	3000	$3,500	$1.17	23d	1	1.35mi
3570 Gentilly Blvd New Orleans, LA	3.0	2.0	2390	$2,900	$1.21	43d	1	1.37mi
1423 N Villere St Unit A New Orleans, LA	2.0	3.0	1964	$2,500	$1.27	43d	1	1.44mi
1433 Esplanade Ave New Orleans, LA	3.0	2.0	2411	$5,000	$2.07	1d	1	1.48mi
3400 Royal St New Orleans, LA	4.0	3.5	3300	$6,900	$2.09	43d	1	1.49mi
639 Desire St New Orleans, LA	3.0	2.5	2687	$5,500	$2.05	19d	1	1.49mi

Listing history 5 events

1. 2026-06-18
   days on market $222,000 Active 3 DOM
2. 2026-06-17
   days on market $222,000 Active 2 DOM
3. 2026-06-16
   days on marketlisting id $222,000 Active 1 DOM
4. 2026-06-15
   remarks 699-char remark
5. 2026-06-15
   listed $222,000 Active 2 DOM

ⓘ 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: $2,533 · $211/mo
• Projected year-2 tax: $2,533 · $211/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 AE · 78% 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: $33,080
• − Mortgage interest: −$12,435
• − Property taxes: −$2,533
• − Insurance: −$6,229
• − Repairs & maintenance: −$2,646
• − Management: −$2,646
• − Depreciation: −$6,458
• Taxable income: $132
• Est. tax owed @ 24.0%: −$32
• After-tax cash flow: $3,369/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

+344.0% since first listed

2 events — show timeline

• 2026-06-13 Listed $222,000 AcadianaMLS
• 2007-07-05 Sold (Public Records) $50,000 Public Records

Property tax history

+11.8%/yr

Latest (2026): $2,533 · +1.1% YoY. Source: county tax records.