8537 39 Apricot St · New Orleans, LA 70118

$399,000

6 bd · 2.0 ba · 1,898 sqft · MultiFamily public records · 41 Days on market

Built 1940 3,598 sqft lot $210/sqft · 73% above area

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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
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• 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

Fully Renovated Multifamily Opportunity in Leonidas/S Carrolton Area - Ideal for Owner-Occupants or Investors Don't miss this beautifully renovated multifamily property located in the heart of the Hollygrove area. Featuring a total of 4/6 bedrooms and 2 bathrooms, this versatile property offers the perfect opportunity to live in one unit while generating rental income from the other. The home has been completely updated, providing modern finishes and move-in-ready convenience for both owners and tenants. Ample off-street parking adds everyday practicality--an attractive feature for residents and renters alike. Conveniently situated near major transportation routes and with easy access to the interstate, this location makes commuting simple while keeping you close to everything New Orleans has to offer. This is a primarily residential neighborhood with convenient access to shopping, dining, and everyday amenities, as well as nearby major corridors for travel. Whether you're a first-time homebuyer looking to offset your mortgage or an investor seeking a strong income-producing property, this is a fantastic opportunity. Multifamily properties like this are especially appealing because they offer the ability to generate rental income to help defray ownership costs while building long-term value. Highlights: 4/6 bedrooms | 2 bathrooms Fully renovated, NEW roof, NEW electrical, and NEW plumbing Move-in ready Multifamily layout (ideal for rental income) Off-street parking Convenient location near interstate and public transportation Great opportunity for owner-occupants or investors Schedule your showing today and explore the potential this property has to offer!

Key facts

• Fully renovated
• Multifamily layout
• Convenient location

Tags

• FULLY RENOVATED
• MULTIFAMILY OPPORTUNITY
• OFF-STREET PARKING
• CONVENIENT LOCATION
• MULTIFAMILY LAYOUT

Property features AI

Finance

• Other: ENERGY STAR qualified appliances; Green energy features include appliances, HVAC, lighting, water heater, and roof
• Financial info: Two-unit property (total of 2 units)

Exterior

• Parking: Driveway; Off-street parking; Two parking spaces
• Utilities: Public water; Public sewer; Tenant pays electricity and water (multi-unit)
• Home design: Single-story building; Raised foundation
• Construction: Shingle roof; Wood siding exterior; New roof, new electrical, new plumbing; Property in excellent condition
• Exterior features: Corner city lot; Rear fence; Fence

Interior

• Kitchen: All new appliances; Kitchen relocated to create open living area
• Bedrooms: Each unit has 3 bedrooms (Units 8739 and 8737)
• Bathrooms: Each unit has 1 full bathroom (2 full bathrooms total)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Open living/kitchen/dining concept; Independent laundries moved inside each unit; Excellent condition
• Laundry & utility: In-unit laundry for both units

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $399k).
• Recommended offer: $387k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.0% 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 flat; 277 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $5,168/mo this rent would consume 97% of the median local household income ($64k/yr) (locally 2237% 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.
• At projected returns (-3.0% appreciation + 1.0% rent growth), your $112k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($387k) is reasonable based on typical stale-listing flexibility.
• 4 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.
• Current owner paid $100k; list at $399k implies a 299% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1940 — 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 $387,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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 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: 1.30% ✓
• Cap rate: 11.02%
• Cash-on-cash: 16.89%
• DSCR: 1.75
• GRM: 6.4

CMA / ARV

• ARV (median comp): $231,133
• List price: $399,000
• Delta: 72.63%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2429 31 Joliet St	0.25mi	6/2.0	1,725 (-9%)	10mo	$95,000	$55	65
8709 Pritchard Pl	0.11mi	5/2.0 (-1)	1,776 (-6%)	19mo	$85,000	$48	63
8432 34 Forshey St	0.31mi	6/2.0	2,048 (+8%)	18mo	$85,000	$42	58
8518 Forshey St	0.30mi	6/2.0	2,066 (+9%)	20mo	$110,000	$53	55
3321-27 Leonidas St	0.36mi	5/3.0 (-1)	2,088 (+10%)	12mo	$310,000	$148	48
8812 Apple St	0.23mi	6/4.0	2,171 (+14%)	14mo	$226,800	$104	45

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 · 0.97% rent growth · sell at horizon

5-year hold

• IRR: 4.9%
• Equity multiple: 1.19×
• Total profit: $20,883
• Equity at exit: $59,492

10-year hold

• IRR: 12.5%
• Equity multiple: 1.90×
• Total profit: $100,799
• 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 70118

• Rents YoY: 1.0%
• Active inventory: 277
• Price-to-rent: 25.7×

Monthly cashflow live

• Estimated rent: $5,168 medium
• Mortgage (P&I): −$2,092
• Tax from tax record: −$252 /mo · $3,019/yr
• Insurance: −$166
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,085
• Net cashflow: $1,506

Break-even live

Break-even rent $3,262

Max offer price $399,000

Occupancy floor 66%

Sensitivity live

Price	-10% $1,732	-5% $1,619	+0% $1,506	+5% $1,393	+10% $1,280
Rent	-10% $1,098	-5% $1,302	+0% $1,506	+5% $1,710	+10% $1,914
Rate	-1.0pp $1,707	-0.5pp $1,607	base $1,506	+0.5pp $1,403	+1.0pp $1,297

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,168
Total (4 units)			$5,168

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 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1736 Pine St New Orleans, LA	5.0	2.0	1494	$4,500	$3.01	24d	1	1.00mi
1609 Broadway St New Orleans, LA	5.0	2.0	1776	$5,000	$2.82	45d	1	1.14mi
2117 S Lopez St New Orleans, LA	5.0	2.0	1920	$2,000	$1.04	24d	1	1.16mi
6326 S Johnson St Unit 1 New Orleans, LA	5.0	2.0	2013	$3,950	$1.96	45d	1	1.22mi
7011 Jeannette St Unit A New Orleans, LA	5.0	3.0	2200	$5,000	$2.27	45d	1	1.23mi
6321 S Prieur St New Orleans, LA	6.0	2.0	1900	$4,200	$2.21	45d	1	1.24mi
7015 Willow St New Orleans, LA	5.0	3.0	2000	$4,200	$2.10	45d	1	1.30mi
2818 Palmer Ave New Orleans, LA	5.0	2.0	1832	$4,900	$2.67	45d	1	1.33mi
2715 Palmer Ave New Orleans, LA	5.0	2.0	2184	$4,900	$2.24	45d	1	1.40mi
2703 Palmer Ave New Orleans, LA	5.0	2.0	2349	$5,500	$2.34	45d	1	1.41mi

Listing history 23 events

1. 2026-06-21
   days on market $399,000 Active 41 DOM
2. 2026-06-18
   days on market $399,000 Active 38 DOM
3. 2026-06-17
   days on market $399,000 Active 37 DOM
4. 2026-06-16
   days on market $399,000 Active 36 DOM
5. 2026-06-15
   days on market $399,000 Active 35 DOM
6. 2026-06-13
   days on market $399,000 Active 33 DOM
7. 2026-06-10
   pricedays on market $399,000 Active 30 DOM
8. 2026-06-09
   days on market $419,000 Active 29 DOM

   Show marketing remark (1684 chars)

   Fully Renovated Multifamily Opportunity in Leonidas/S Carrolton Area - Ideal for Owner-Occupants or Investors Don't miss this beautifully renovated multifamily property located in the heart of the Hollygrove area. Featuring a total of 4/6 bedrooms and 2 bathrooms, this versatile property offers the perfect opportunity to live in one unit while generating rental income from the other. The home has been completely updated, providing modern finishes and move-in-ready convenience for both owners and tenants. Ample off-street parking adds everyday practicality--an attractive feature for residents and renters alike. Conveniently situated near major transportation routes and with easy access to the interstate, this location makes commuting simple while keeping you close to everything New Orleans has to offer. This is a primarily residential neighborhood with convenient access to shopping, dining, and everyday amenities, as well as nearby major corridors for travel. Whether you're a first-time homebuyer looking to offset your mortgage or an investor seeking a strong income-producing property, this is a fantastic opportunity. Multifamily properties like this are especially appealing because they offer the ability to generate rental income to help defray ownership costs while building long-term value. Highlights: 4/6 bedrooms | 2 bathrooms Fully renovated, NEW roof, NEW electrical, and NEW plumbing Move-in ready Multifamily layout (ideal for rental income) Off-street parking Convenient location near interstate and public transportation Great opportunity for owner-occupants or investors Schedule your showing today and explore the potential this property has to offer!

9. 2026-06-08
   days on market $419,000 Active 28 DOM
10. 2026-06-07
    days on market $419,000 Active 27 DOM
11. 2026-06-05
    days on market $419,000 Active 24 DOM
12. 2026-06-03
    days on market $419,000 Active 23 DOM
13. 2026-06-02
    days on market $419,000 Active 22 DOM
14. 2026-06-01
    days on market $419,000 Active 21 DOM
15. 2026-05-31
    days on market $419,000 Active 20 DOM
16. 2026-05-11
    listed $425,000 Active 1684-char remark

    Show marketing remark (1684 chars)

    Fully Renovated Multifamily Opportunity in Leonidas/S Carrolton Area - Ideal for Owner-Occupants or Investors Don't miss this beautifully renovated multifamily property located in the heart of the Hollygrove area. Featuring a total of 4/6 bedrooms and 2 bathrooms, this versatile property offers the perfect opportunity to live in one unit while generating rental income from the other. The home has been completely updated, providing modern finishes and move-in-ready convenience for both owners and tenants. Ample off-street parking adds everyday practicality--an attractive feature for residents and renters alike. Conveniently situated near major transportation routes and with easy access to the interstate, this location makes commuting simple while keeping you close to everything New Orleans has to offer. This is a primarily residential neighborhood with convenient access to shopping, dining, and everyday amenities, as well as nearby major corridors for travel. Whether you're a first-time homebuyer looking to offset your mortgage or an investor seeking a strong income-producing property, this is a fantastic opportunity. Multifamily properties like this are especially appealing because they offer the ability to generate rental income to help defray ownership costs while building long-term value. Highlights: 4/6 bedrooms | 2 bathrooms Fully renovated, NEW roof, NEW electrical, and NEW plumbing Move-in ready Multifamily layout (ideal for rental income) Off-street parking Convenient location near interstate and public transportation Great opportunity for owner-occupants or investors Schedule your showing today and explore the potential this property has to offer!

17. 2026-05-11
    listed $425,000 Active 1708-char remark

    Show marketing remark (1684 chars)

    Fully Renovated Multifamily Opportunity in Leonidas/S Carrolton Area - Ideal for Owner-Occupants or Investors Don't miss this beautifully renovated multifamily property located in the heart of the Hollygrove area. Featuring a total of 4/6 bedrooms and 2 bathrooms, this versatile property offers the perfect opportunity to live in one unit while generating rental income from the other. The home has been completely updated, providing modern finishes and move-in-ready convenience for both owners and tenants. Ample off-street parking adds everyday practicality--an attractive feature for residents and renters alike. Conveniently situated near major transportation routes and with easy access to the interstate, this location makes commuting simple while keeping you close to everything New Orleans has to offer. This is a primarily residential neighborhood with convenient access to shopping, dining, and everyday amenities, as well as nearby major corridors for travel. Whether you're a first-time homebuyer looking to offset your mortgage or an investor seeking a strong income-producing property, this is a fantastic opportunity. Multifamily properties like this are especially appealing because they offer the ability to generate rental income to help defray ownership costs while building long-term value. Highlights: 4/6 bedrooms | 2 bathrooms Fully renovated, NEW roof, NEW electrical, and NEW plumbing Move-in ready Multifamily layout (ideal for rental income) Off-street parking Convenient location near interstate and public transportation Great opportunity for owner-occupants or investors Schedule your showing today and explore the potential this property has to offer!

18. 2025-06-27
    soldstatus $100,000 Closed

    Show marketing remark (203 chars)

    Situated within the New Orleans city limits, this duplex home nestled on approximately 0.08 acres corner lot is full of potential. It's an opportunity not to be missed. Schedule your personal tour today!

19. 2025-05-07
    status Pending

    Show marketing remark (203 chars)

    Situated within the New Orleans city limits, this duplex home nestled on approximately 0.08 acres corner lot is full of potential. It's an opportunity not to be missed. Schedule your personal tour today!

20. 2025-04-29
    listed $88,000 Active

    Show marketing remark (203 chars)

    Situated within the New Orleans city limits, this duplex home nestled on approximately 0.08 acres corner lot is full of potential. It's an opportunity not to be missed. Schedule your personal tour today!

21. 2025-04-29
    listed $88,000 Active

    Show marketing remark (203 chars)

    Situated within the New Orleans city limits, this duplex home nestled on approximately 0.08 acres corner lot is full of potential. It's an opportunity not to be missed. Schedule your personal tour today!

22. 1992-03-30
    soldstatus $54,000
23. 1989-12-04
    soldstatus $54,000

ⓘ 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: $3,019 · $252/mo
• Projected year-2 tax: $3,019 · $252/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) · 76% 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: $62,016
• − Mortgage interest: −$22,350
• − Property taxes: −$3,019
• − Insurance: −$2,792
• − Repairs & maintenance: −$4,961
• − Management: −$4,961
• − Depreciation: −$11,607
• Taxable income: $12,324
• Est. tax owed @ 24.0%: −$2,958
• After-tax cash flow: $15,114/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): 36,072
• Household income: $63,750
• Rent vs Own: 51.5% rent · 48.5% own
• Severe rent burden: 2237.0

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 0.65)
• Race & ethnicity: White 47% Black 34% Hispanic / Latino 11% Two or more races 11% Asian 4%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Italian 2% Romanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 86% English-only · Spanish 7% French/Haitian/Cajun 2% Other Indo-European 2%

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: ▼ -210.46%
• Current HPI: 282.9629
• Rent YoY: ▲ 0.97%
• 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

+638.9% since first listed

12 events — show timeline

• 2026-06-09 Price Changed $399,000 AcadianaMLS
• 2026-06-09 Price Changed $399,000 GSREIN
• 2026-05-23 Price Changed $419,000 AcadianaMLS
• 2026-05-23 Price Changed $419,000 GSREIN
• 2026-05-11 Listed $425,000 GSREIN
• 2026-05-11 Listed $425,000 AcadianaMLS
• 2025-06-27 Sold (MLS) $100,000 GSREIN
• 2025-05-07 Pending — GSREIN
• 2025-04-29 Listed $88,000 AcadianaMLS
• 2025-04-29 Listed $88,000 GSREIN
• 1992-03-30 Sold (Public Records) $54,000 Public Records
• 1989-12-04 Sold (Public Records) $54,000 Public Records

Property tax history

+40.2%/yr

Latest (2026): $3,019 · +5135.5% YoY. Source: county tax records.