3826 28 Franklin Ave · New Orleans, LA 70122

$250,000

4 bd · 2.0 ba · 3,248 sqft · MultiFamily public records · 74 Days on market

Built 1922 7,200 sqft lot $77/sqft · 39% below area Est $360k · 31% under

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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 +18.0/30.0
• ARV discount +15.0/15.0
• DSCR +5.6/10.0
• 1% rule +4.8/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• 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

Located in the Heart of Gentilly, With a little TLC you can owner occupy with rental potential, both sides offer off-street driveway. Seller is extremely motivated and considering Bond for Deed or owner financing options.

Key facts

• 7,200 sq ft lot
• Parking
• Built 1922

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $147 ($2k/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 $245k (2.2% below list).
• Recommended offer: $235k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.3% 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 (-0.6%/yr); 332 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,446/mo this rent would consume 59% of the median local household income ($49k/yr) (locally 2150% 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 74 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $35k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $49k; list at $250k implies a 410% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1922 — 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 $235,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1922 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 0.98% ✗
• Cap rate: 7.32%
• Cash-on-cash: 3.66%
• DSCR: 1.16
• GRM: 8.5

CMA / ARV

• ARV (median comp): $359,724
• List price: $250,000
• Delta: -30.50%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -15.8%
• Equity multiple: 0.45×
• Total profit: $-38,236
• Equity at exit: $37,276

10-year hold

• IRR: -14.0%
• Equity multiple: 0.31×
• Total profit: $-48,637
• Equity at exit: $21,615

Cash invested: $70,000 (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 70122

• Rents YoY: -0.6%
• Active inventory: 332
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $2,446 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$303 /mo · $3,640/yr
• Insurance: −$104
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$514
• Net cashflow: $147

Break-even live

Break-even rent $2,259

Max offer price $250,000

Occupancy floor 89%

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3570 Gentilly Blvd New Orleans, LA	3.0	2.0	2390	$2,900	$1.21	43d	1	0.36mi
2228 Arts St New Orleans, LA	3.0	2.0	2270	$1,675	$0.74	3d	1	1.20mi

Listing history 25 events

1. 2026-06-18
   days on market $250,000 Active 74 DOM
2. 2026-06-17
   days on market $250,000 Active 73 DOM
3. 2026-06-16
   days on market $250,000 Active 72 DOM
4. 2026-06-15
   days on market $250,000 Active 71 DOM
5. 2026-06-13
   days on market $250,000 Active 69 DOM
6. 2026-06-08
   days on market $250,000 Active 68 DOM
7. 2026-06-07
   days on market $250,000 Active 67 DOM
8. 2026-06-05
   days on market $250,000 Active 64 DOM
9. 2026-06-03
   days on market $250,000 Active 63 DOM
10. 2026-06-02
    days on market $250,000 Active 62 DOM
11. 2026-06-01
    days on market $250,000 Active 61 DOM
12. 2026-05-31
    days on market $250,000 Active 60 DOM
13. 2026-04-26
    price $250,000 221-char remark

    Show marketing remark (222 chars)

    Located in the Heart of Gentilly, With a little TLC you can owner occupy with rental potential, both sides offer off-street driveway. Seller is extremely motivated and considering Bond for Deed or owner financing options.

14. 2026-04-26
    price $250,000 222-char remark

    Show marketing remark (222 chars)

    Located in the Heart of Gentilly, With a little TLC you can owner occupy with rental potential, both sides offer off-street driveway. Seller is extremely motivated and considering Bond for Deed or owner financing options.

15. 2026-04-22
    price $255,000 221-char remark

    Show marketing remark (222 chars)

    Located in the Heart of Gentilly, With a little TLC you can owner occupy with rental potential, both sides offer off-street driveway. Seller is extremely motivated and considering Bond for Deed or owner financing options.

16. 2026-04-22
    price $255,000 222-char remark

    Show marketing remark (222 chars)

    Located in the Heart of Gentilly, With a little TLC you can owner occupy with rental potential, both sides offer off-street driveway. Seller is extremely motivated and considering Bond for Deed or owner financing options.

17. 2026-04-19
    price $260,000 221-char remark

    Show marketing remark (222 chars)

    Located in the Heart of Gentilly, With a little TLC you can owner occupy with rental potential, both sides offer off-street driveway. Seller is extremely motivated and considering Bond for Deed or owner financing options.

18. 2026-04-19
    price $260,000 222-char remark

    Show marketing remark (222 chars)

    Located in the Heart of Gentilly, With a little TLC you can owner occupy with rental potential, both sides offer off-street driveway. Seller is extremely motivated and considering Bond for Deed or owner financing options.

19. 2026-04-17
    price $265,000 221-char remark

    Show marketing remark (222 chars)

    Located in the Heart of Gentilly, With a little TLC you can owner occupy with rental potential, both sides offer off-street driveway. Seller is extremely motivated and considering Bond for Deed or owner financing options.

20. 2026-04-17
    price $265,000 222-char remark

    Show marketing remark (222 chars)

    Located in the Heart of Gentilly, With a little TLC you can owner occupy with rental potential, both sides offer off-street driveway. Seller is extremely motivated and considering Bond for Deed or owner financing options.

21. 2026-04-04
    price $275,000 221-char remark

    Show marketing remark (222 chars)

    Located in the Heart of Gentilly, With a little TLC you can owner occupy with rental potential, both sides offer off-street driveway. Seller is extremely motivated and considering Bond for Deed or owner financing options.

22. 2026-04-04
    price $275,000 222-char remark

    Show marketing remark (222 chars)

    Located in the Heart of Gentilly, With a little TLC you can owner occupy with rental potential, both sides offer off-street driveway. Seller is extremely motivated and considering Bond for Deed or owner financing options.

23. 2026-03-31
    listed $285,000 Active 221-char remark

    Show marketing remark (222 chars)

    Located in the Heart of Gentilly, With a little TLC you can owner occupy with rental potential, both sides offer off-street driveway. Seller is extremely motivated and considering Bond for Deed or owner financing options.

24. 2026-03-31
    listed $285,000 Active 222-char remark

    Show marketing remark (222 chars)

    Located in the Heart of Gentilly, With a little TLC you can owner occupy with rental potential, both sides offer off-street driveway. Seller is extremely motivated and considering Bond for Deed or owner financing options.

25. 1993-04-07
    soldstatus $49,000

ⓘ 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: $3,640 · $303/mo
• Projected year-2 tax: $3,640 · $303/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 ≥107°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: $29,348
• − Mortgage interest: −$14,004
• − Property taxes: −$3,640
• − Insurance: −$2,048
• − Repairs & maintenance: −$2,348
• − Management: −$2,348
• − Depreciation: −$7,273
• Taxable loss: −$2,312
• Est. tax savings @ 24.0%: +$555
• After-tax cash flow: $2,320/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): 35,253
• Household income: $49,455
• Rent vs Own: 40.5% rent · 59.5% own
• Severe rent burden: 2150.0

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: Predominantly Black (69%)
• Race & ethnicity: Black 69% White 18% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Lithuanian 4% Italian 2% Slovak 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Chinese 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: ▼ -222.37%
• Current HPI: 231.9921
• Rent YoY: ▼ -0.61%
• 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

+410.2% since first listed

13 events — show timeline

• 2026-04-26 Price Changed $250,000 AcadianaMLS
• 2026-04-26 Price Changed $250,000 GSREIN
• 2026-04-22 Price Changed $255,000 AcadianaMLS
• 2026-04-22 Price Changed $255,000 GSREIN
• 2026-04-19 Price Changed $260,000 AcadianaMLS
• 2026-04-19 Price Changed $260,000 GSREIN
• 2026-04-17 Price Changed $265,000 AcadianaMLS
• 2026-04-17 Price Changed $265,000 GSREIN
• 2026-04-04 Price Changed $275,000 AcadianaMLS
• 2026-04-04 Price Changed $275,000 GSREIN
• 2026-03-31 Listed $285,000 GSREIN
• 2026-03-31 Listed $285,000 AcadianaMLS
• 1993-04-07 Sold (Public Records) $49,000 Public Records

Property tax history

+8.3%/yr

Latest (2026): $3,640 · +1.1% YoY. Source: county tax records.