3500 Clematis St · New Orleans, LA 70122

$149,900

4 bd · 2.0 ba · 2,346 sqft · MultiFamily public records · 33 Days on market

Built 1950

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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: 2 units. confirmed

Listing remarks MLS

This fixer-upper duplex offers an exceptional opportunity for investors seeking a high-potential property. Nestled in a sought-after neighborhood, it provides easy access to top-rated schools, vibrant parks, and a variety of dining options. With its spacious layout, each unit features two bedrooms, allowing for comfortable living or rental income. The property's prime location, combined with its off-street parking and corner lot, ensures a steady stream of potential tenants. This blank canvas awaits your personal touch. Whether you envision a complete renovation or a targeted update, the possibilities are endless. Don't miss out on this chance to potentially experience a lucrative investment property.

Key facts

• Vibrant parks
• Off-street parking
• Corner lot

Tags

• SOUGHT-AFTER NEIGHBORHOOD
• EASY ACCESS TO SCHOOLS
• VIBRANT PARKS
• VARIETY OF DINING OPTIONS
• OFF-STREET PARKING
• CORNER LOT

Property features AI

Finance

• Financial info: 2 total units (multifamily); Owner pays electricity, gas, and water

Exterior

• Parking: Off-street parking; Driveway with two spaces
• Utilities: Public water; Public sewer
• Home design: 2-story building; Raised foundation; Shingle roof
• Construction: Raised foundation
• Exterior features: Corner city lot; Fence; Porch; Permeable paving

Interior

• Bedrooms: Two 2-bedroom units (Unit 1: 2 bedrooms; Unit 2: 2 bedrooms)
• Bathrooms: Three bathrooms total across units (2 full, 1 half); Unit 1: 1 full bath; Unit 2: 1 full bath and 1 half bath
• Heating & cooling: Ductless heating; Wall furnace; Window cooling units
• Interior features: Total of 4 rooms; Average condition
• Laundry & utility: Owners pay electricity, gas, and water

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.2-bath units multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $669/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.5% 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; 16 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 $3,080/mo this rent would consume 75% 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 $1k of loan paydown is wiped out by about $4k 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 + 0.0% rent growth), your $42k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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 $59k; list at $150k implies a 154% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1950 — 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 $145,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 2.05% ✓
• Cap rate: 17.54%
• Cash-on-cash: 40.18%
• DSCR: 2.79
• GRM: 4.1

CMA / ARV

• ARV (on-the-fly): $302,634
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3662 Clematis St	0.16mi	5/4.0 (+1)	2,128 (-9%)	2mo	$275,000	$129	63
3407 09 Frenchmen St	0.49mi	5/4.0 (+1)	2,370 (+1%)	11mo	$195,000	$82	53
3924 Pauger St	0.66mi	4/3.0	2,275 (-3%)	12mo	$300,000	$132	51
2332 Jasmine St	0.45mi	4/2.0	2,132 (-9%)	22mo	$140,500	$66	45
3340 Saint Anthony Ave	0.73mi	5/3.0 (+1)	2,196 (-6%)	1mo	$120,000	$55	45
2824 22 Gentilly Blvd	0.67mi	4/2.0	2,190 (-7%)	24mo	$292,000	$133	38

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 30.9%
• Equity multiple: 2.24×
• Total profit: $52,033
• Equity at exit: $22,351

10-year hold

• IRR: 36.3%
• Equity multiple: 3.87×
• Total profit: $120,556
• Equity at exit: $12,961

Cash invested: $41,972 (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: 8.1×

Monthly cashflow live

• Estimated rent: $3,080 high
• Mortgage (P&I): −$786
• Tax from tax record: −$179 /mo · $2,153/yr
• Insurance: −$62
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$647
• Net cashflow: $1,339

Break-even live

Break-even rent $1,385

Max offer price $149,900

Occupancy floor 52%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.2	$3,080
Total (2 units)			$3,080

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3907 Elysian Fields Ave New Orleans, LA	3.0	2.0	1652	$3,000	$1.82	23d	1	0.50mi
3570 Gentilly Blvd New Orleans, LA	3.0	2.0	2390	$2,900	$1.21	43d	1	0.59mi
2228 Arts St New Orleans, LA	3.0	2.0	2270	$1,675	$0.74	3d	1	0.92mi
3228 Pauger St New Orleans, LA	5.0	2.0	1600	$2,100	$1.31	23d	1	0.94mi
3302 Metropolitan St New Orleans, LA	4.0	2.5	1700	$2,200	$1.29	17d	1	0.96mi
3607 Havana St New Orleans, LA	3.0	2.0	1693	$1,488	$0.88	17d	1	1.05mi
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	3d	1	1.09mi
2920 Pauger St New Orleans, LA	4.0	2.0	1882	$1,995	$1.06	23d	1	1.13mi
5172 Venus St Unit 5172 New Orleans, LA	3.0	2.5	1864	$2,450	$1.31	23d	1	1.23mi
1837 Touro St New Orleans, LA	3.0	1.0	1994	$2,000	$1.00	23d	1	1.30mi
1938 N Johnson St Unit 38 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	23d	1	1.32mi
1936 N Johnson St Unit 36 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	23d	1	1.32mi
1831 N Miro St New Orleans, LA	3.0	2.0	1882	$2,500	$1.33	43d	1	1.32mi
4815 Warrington Dr New Orleans, LA	3.0	2.0	1652	$2,150	$1.30	16d	1	1.32mi
1901 Gentilly Blvd New Orleans, LA	3.0	2.5	2205	$4,000	$1.81	43d	1	1.48mi
1835 Louisa St New Orleans, LA	3.0	2.5	1800	$2,350	$1.31	3d	1	1.49mi

Listing history 22 events

1. 2026-06-18
   days on market $149,900 Active 33 DOM
2. 2026-06-17
   days on market $149,900 Active 32 DOM
3. 2026-06-16
   days on market $149,900 Active 31 DOM
4. 2026-06-15
   days on market $149,900 Active 30 DOM
5. 2026-06-13
   days on market $149,900 Active 28 DOM
6. 2026-06-10
   days on market $149,900 Active 25 DOM
7. 2026-06-09
   days on market $149,900 Active 24 DOM
8. 2026-06-08
   days on market $149,900 Active 23 DOM
9. 2026-06-07
   days on market $149,900 Active 22 DOM
10. 2026-06-05
    days on market $149,900 Active 19 DOM
11. 2026-06-03
    days on market $149,900 Active 18 DOM
12. 2026-06-02
    days on market $149,900 Active 17 DOM
13. 2026-06-01
    days on market $149,900 Active 16 DOM
14. 2026-05-31
    days on market $149,900 Active 15 DOM
15. 2026-05-16
    listed $149,900 Active 710-char remark

    Show marketing remark (710 chars)

    This fixer-upper duplex offers an exceptional opportunity for investors seeking a high-potential property. Nestled in a sought-after neighborhood, it provides easy access to top-rated schools, vibrant parks, and a variety of dining options. With its spacious layout, each unit features two bedrooms, allowing for comfortable living or rental income. The property's prime location, combined with its off-street parking and corner lot, ensures a steady stream of potential tenants. This blank canvas awaits your personal touch. Whether you envision a complete renovation or a targeted update, the possibilities are endless. Don't miss out on this chance to potentially experience a lucrative investment property.

16. 2026-05-16
    listed $149,900 Active

    Show marketing remark (710 chars)

    This fixer-upper duplex offers an exceptional opportunity for investors seeking a high-potential property. Nestled in a sought-after neighborhood, it provides easy access to top-rated schools, vibrant parks, and a variety of dining options. With its spacious layout, each unit features two bedrooms, allowing for comfortable living or rental income. The property's prime location, combined with its off-street parking and corner lot, ensures a steady stream of potential tenants. This blank canvas awaits your personal touch. Whether you envision a complete renovation or a targeted update, the possibilities are endless. Don't miss out on this chance to potentially experience a lucrative investment property.

17. 2025-07-10
    price $165,000
18. 2025-07-10
    price $165,000
19. 2025-06-05
    listed $179,000 Active
20. 2024-08-09
    price $182,000
21. 2024-06-22
    listed $182,000 Active
22. 1987-11-12
    soldstatus $59,000

ⓘ 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: $2,153 · $179/mo
• Projected year-2 tax: $2,153 · $179/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: $36,960
• − Mortgage interest: −$8,397
• − Property taxes: −$2,153
• − Insurance: −$1,547
• − Repairs & maintenance: −$2,957
• − Management: −$2,957
• − Depreciation: −$4,361
• Taxable income: $14,589
• Est. tax owed @ 24.0%: −$3,501
• After-tax cash flow: $12,564/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

+154.1% since first listed

8 events — show timeline

• 2026-05-16 Listed $149,900 GSREIN
• 2026-05-16 Listed $149,900 AcadianaMLS
• 2025-07-10 Price Changed $165,000 AcadianaMLS
• 2025-07-10 Price Changed $165,000 GSREIN
• 2025-06-05 Listed $179,000 AcadianaMLS
• 2024-08-09 Price Changed $182,000 GSREIN
• 2024-06-22 Listed $182,000 AcadianaMLS
• 1987-11-12 Sold (Public Records) $59,000 Public Records

Property tax history

-2.0%/yr

Latest (2026): $2,153 · +1.1% YoY. Source: county tax records.