2123-25 St. Ann St · New Orleans, LA 70116

$215,000

4 bd · 2.0 ba · 1,532 sqft · MultiFamily · 182 Days on market

Built 1920 Average condition $140/sqft · 34% below area Est $326k · 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
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Livability +4.0/5.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Welcome to a charming piece of New Orleans in the Historic Treme neighborhood, offering a unique multi-family opportunity in one of the city's most culturally rich areas. This duplex-style residence, does need some TLC, a bit of vision can transform it into an inviting space for both investors and homeowners seeking a versatile property with character and potential. Don't miss this opportunity to discover this hidden gem!! Property is being sold as is. Inspection is for informational purpose only. Seller will make no repairs.

Key facts

• Built 1920
• Listed 181 days

Tags

• MULTI-FAMILY OPPORTUNITY
• HISTORIC TREME NEIGHBORHOOD
• DUPLEX-STYLE RESIDENCE

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $215k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $837 ($10k/yr) — positive. Per door: $418/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• Recommended offer: $189k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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 flat; 351 active listings in the ZIP; 40 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 $3,024/mo this rent would consume 69% of the median local household income ($52k/yr) (locally 1001% 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 + 0.2% rent growth), your $60k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 182 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 29y ago; this cycle's ask has dropped $20k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1920 — 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 $189,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 182 days. Have you received any prior offers? Is the seller open to a 12% 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 1920 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. 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: 1.41% ✓
• Cap rate: 11.33%
• Cash-on-cash: 18.00%
• DSCR: 1.80
• GRM: 5.9

CMA / ARV

• ARV (median comp): $326,366
• List price: $215,000
• Delta: -34.12%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2612-2614 St. Philip St	0.37mi	4/2.0	1,517 (-1%)	3mo	$299,000	$197	78
2013-15 Conti St	0.28mi	4/2.0	1,610 (+5%)	5mo	$65,000	$40	74
2643 45 Dumaine St	0.39mi	4/2.0	1,479 (-4%)	3mo	$298,000	$201	74
917 N Prieur St	0.13mi	4/2.0	1,700 (+11%)	4mo	$315,000	$185	73
2216-18 Saint Louis St	0.24mi	4/2.0	1,689 (+10%)	1mo	$335,000	$198	71
2025 Conti St	0.28mi	4/2.0	1,680 (+10%)	8mo	$285,000	$170	64
2738 40 St Ann St	0.49mi	4/2.0	1,580 (+3%)	10mo	$308,000	$195	64
2118 20 Onzaga St	0.75mi	4/2.0	1,526 (-0%)	1mo	$182,000	$119	64
2828 30 St Ann St	0.58mi	4/3.5	1,534 (+0%)	5mo	$265,000	$173	63
2617 Toulouse St	0.37mi	4/4.0	1,750 (+14%)	1mo	$215,000	$123	50
1636 .5 N Miro St	0.74mi	4/3.0	1,621 (+6%)	9mo	$300,000	$185	44
1552 54 N Derbigny St	0.68mi	4/3.0	1,681 (+10%)	5mo	$330,000	$196	44

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 · 0.18% rent growth · sell at horizon

5-year hold

• IRR: 4.5%
• Equity multiple: 1.17×
• Total profit: $10,191
• Equity at exit: $32,057

10-year hold

• IRR: 11.1%
• Equity multiple: 1.76×
• Total profit: $45,478
• Equity at exit: $18,589

Cash invested: $60,200 (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 70116

• Home prices YoY: -34.5%
• Rents YoY: 0.2%
• Active inventory: 351
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $3,024 high
• Mortgage (P&I): −$1,127
• Tax est. 1.5%: −$269 /mo · $3,225/yr
• Insurance: −$90
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$635
• Net cashflow: $837

Break-even live

Break-even rent $1,965

Max offer price $215,000

Occupancy floor 67%

Sensitivity live

Price	-10% $985	-5% $911	+0% $837	+5% $762	+10% $688
Rent	-10% $598	-5% $717	+0% $837	+5% $956	+10% $1,076
Rate	-1.0pp $945	-0.5pp $891	base $837	+0.5pp $781	+1.0pp $724

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,024
Total (2 units)			$3,024

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2129 Dumaine St New Orleans, LA	3.0	2.0	1226	$1,850	$1.51	4d	1	0.07mi
1929 Dumaine St New Orleans, LA	3.0	1.0	1293	$1,500	$1.16	4d	1	0.16mi
1908 Saint Louis St New Orleans, LA	3.0	3.0	1234	$2,300	$1.86	24d	1	0.30mi
2033 Conti St New Orleans, LA	3.0	3.0	1249	$2,250	$1.80	15d	1	0.30mi
1035 N Derbigny St New Orleans, LA	3.0	1.0	1075	$1,399	$1.30	24d	1	0.32mi
2320 Conti St New Orleans, LA	3.0	2.0	1125	$2,500	$2.22	24d	1	0.32mi
2517 Ursulines Ave New Orleans, LA	3.0	2.0	1136	$1,950	$1.72	24d	1	0.32mi
2105 Bienville St New Orleans, LA	3.0	3.0	1231	$2,350	$1.91	18d	1	0.35mi
315 N Miro St New Orleans, LA	3.0	3.0	1276	$2,500	$1.96	24d	1	0.35mi
315 N Miro St New Orleans, LA	3.0	3.0	1276	$2,300	$1.80	21d	1	0.35mi
324 N Roman St New Orleans, LA	3.0	3.0	2100	$2,500	$1.19	44d	1	0.38mi
2024 Bienville St New Orleans, LA	3.0	2.0	1314	$2,100	$1.60	24d	1	0.39mi
2731 Saint Philip St Unit 2733 New Orleans, LA	4.0	2.0	2000	$2,600	$1.30	24d	1	0.48mi
824 N Dupre St New Orleans, LA	3.0	2.0	1315	$2,250	$1.71	18d	1	0.56mi
2331 Columbus St New Orleans, LA	3.0	1.0	1976	$1,850	$0.94	24d	1	0.57mi
2738 Bienville St New Orleans, LA	4.0	3.0	1671	$2,200	$1.32	24d	1	0.59mi
1472 N Claiborne Ave New Orleans, LA	3.0	1.0	1312	$1,900	$1.45	17d	1	0.62mi
2329 Laharpe St New Orleans, LA	3.0	1.0	1250	$1,000	$0.80	20d	1	0.63mi
1021 Henriette Delille St New Orleans, LA	3.0	2.0	2012	$2,250	$1.12	18d	1	0.66mi
2664 Lepage St New Orleans, LA	3.0	2.0	1750	$2,725	$1.56	44d	1	0.68mi
2517 Palmyra St New Orleans, LA	3.0	2.0	1306	$2,100	$1.61	18d	1	0.69mi
1525 N Broad St New Orleans, LA	3.0	1.0	1100	$1,600	$1.45	24d	1	0.71mi
1247 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	44d	1	0.75mi
1245 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	44d	1	0.75mi
618 N Rampart St #204 New Orleans, LA	3.0	2.5	1904	$4,500	$2.36	44d	1	0.75mi
326 S Dorgenois St Unit 326 New Orleans, LA	4.0	3.0	1510	$2,300	$1.52	3d	1	0.76mi
1217 Kerlerec St Unit B New Orleans, LA	3.0	1.0	1300	$2,100	$1.62	4d	1	0.78mi
1466 N White St New Orleans, LA	3.0	1.5	1500	$2,250	$1.50	4d	1	0.78mi
2615 Banks St New Orleans, LA	3.0	2.0	1200	$1,900	$1.58	4d	1	0.79mi
811 Burgundy St New Orleans, LA	4.0	2.5	2059	$5,000	$2.43	44d	1	0.79mi
2652 Banks St New Orleans, LA	3.0	3.5	1204	$2,100	$1.74	24d	1	0.84mi
3232 Conti St New Orleans, LA	3.0	2.0	1140	$3,500	$3.07	44d	1	0.85mi
1735 N Tonti St New Orleans, LA	3.0	1.0	1197	$1,650	$1.38	24d	1	0.88mi
2912 Palmyra St Unit D New Orleans, LA	3.0	2.0	1257	$1,650	$1.31	24d	1	0.90mi
2304 Gravier St Unit 2304 New Orleans, LA	3.0	2.0	1112	$1,800	$1.62	17d	1	0.90mi
227 S Gayoso St Unit 2h New Orleans, LA	3.0	2.0	1800	$2,500	$1.39	44d	1	0.91mi
1011 Canal St Unit 1513939P New Orleans, LA	4.0	4.0	1765	$11,253	$6.38	24d	1	0.92mi
1011 Canal St Unit 1513926P New Orleans, LA	1.0–4.0	1.0–4.0	1016	$12,077	$11.88	2d	2	0.92mi
928 Kerlerec St New Orleans, LA	3.0	3.5	1684	$2,750	$1.63	4d	1	0.93mi
928 Kerlerec St New Orleans, LA	3.0	3.5	1684	$2,750	$1.63	4d	1	0.93mi

Listing history 25 events

1. 2026-06-21
   days on market $215,000 Active 182 DOM
2. 2026-06-18
   days on market $215,000 Active 179 DOM
3. 2026-06-17
   days on market $215,000 Active 178 DOM
4. 2026-06-16
   days on market $215,000 Active 177 DOM
5. 2026-06-15
   days on market $215,000 Active 176 DOM
6. 2026-06-13
   days on market $215,000 Active 174 DOM
7. 2026-06-10
   days on market $215,000 Active 171 DOM
8. 2026-06-09
   days on market $215,000 Active 170 DOM
9. 2026-06-08
   days on market $215,000 Active 169 DOM
10. 2026-06-07
    days on market $215,000 Active 168 DOM
11. 2026-06-05
    pricedays on market $215,000 Active 165 DOM
12. 2026-06-03
    days on market $230,000 Active 164 DOM
13. 2026-06-02
    days on market $230,000 Active 163 DOM
14. 2026-06-01
    days on market $230,000 Active 162 DOM
15. 2026-05-31
    days on market $230,000 Active 161 DOM
16. 2026-04-27
    price $230,000 531-char remark

    Show marketing remark (532 chars)

    Welcome to a charming piece of New Orleans in the Historic Treme neighborhood, offering a unique multi-family opportunity in one of the city's most culturally rich areas. This duplex-style residence, does need some TLC, a bit of vision can transform it into an inviting space for both investors and homeowners seeking a versatile property with character and potential. Don't miss this opportunity to discover this hidden gem!! Property is being sold as is. Inspection is for informational purpose only. Seller will make no repairs.

17. 2026-04-27
    price $230,000 532-char remark

    Show marketing remark (532 chars)

    Welcome to a charming piece of New Orleans in the Historic Treme neighborhood, offering a unique multi-family opportunity in one of the city's most culturally rich areas. This duplex-style residence, does need some TLC, a bit of vision can transform it into an inviting space for both investors and homeowners seeking a versatile property with character and potential. Don't miss this opportunity to discover this hidden gem!! Property is being sold as is. Inspection is for informational purpose only. Seller will make no repairs.

18. 2025-12-20
    listed $235,000 Active 531-char remark

    Show marketing remark (532 chars)

    Welcome to a charming piece of New Orleans in the Historic Treme neighborhood, offering a unique multi-family opportunity in one of the city's most culturally rich areas. This duplex-style residence, does need some TLC, a bit of vision can transform it into an inviting space for both investors and homeowners seeking a versatile property with character and potential. Don't miss this opportunity to discover this hidden gem!! Property is being sold as is. Inspection is for informational purpose only. Seller will make no repairs.

19. 2025-12-20
    listed $235,000 Active 532-char remark

    Show marketing remark (532 chars)

    Welcome to a charming piece of New Orleans in the Historic Treme neighborhood, offering a unique multi-family opportunity in one of the city's most culturally rich areas. This duplex-style residence, does need some TLC, a bit of vision can transform it into an inviting space for both investors and homeowners seeking a versatile property with character and potential. Don't miss this opportunity to discover this hidden gem!! Property is being sold as is. Inspection is for informational purpose only. Seller will make no repairs.

20. 2025-05-17
    price $260,000
21. 2025-04-30
    price $270,000
22. 2025-04-16
    price $275,000
23. 2024-09-03
    listed $295,000 Active
24. 2003-11-17
    listed $79,900
25. 1997-06-06
    listed $25,000

ⓘ 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) · 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: $36,288
• − Mortgage interest: −$12,043
• − Property taxes: −$3,225
• − Insurance: −$1,872
• − Repairs & maintenance: −$2,903
• − Management: −$2,903
• − Depreciation: −$6,255
• Taxable income: $7,087
• Est. tax owed @ 24.0%: −$1,701
• After-tax cash flow: $8,339/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.

Condition & rehab AI · 13 photos

Average 55/100 Moderate rehab

This property is in average condition with some minor repairs and maintenance needed. Painting the exterior and repairing the siding can significantly improve its resale and rental value.

Repairs flagged

• Minor exterior siding — There are some minor discolorations and minor damage visible on the exterior siding.
• Minor exterior paint — The exterior paint appears to be in good condition, but there are some minor discolorations and minor damage visible.

Value-add opportunities

• Resale paint exterior — Painting the exterior can significantly improve the curb appeal and resale value of the property.
• Resale repair exterior siding — Repairing the exterior siding can improve the overall condition of the property and increase its resale value.
• Both landscape and maintain yard — Landscape and maintain the yard can improve the curb appeal and increase both the resale and rental value of the property.

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · There are some minor discolorations and minor damage visible on the exterior siding.	Minor	$500–3,000
exterior paint · The exterior paint appears to be in good condition, but there are some minor discolorations and minor damage visible.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale paint exterior — Painting the exterior can significantly improve the curb appeal and resale value of the property. ↑
• Resale repair exterior siding — Repairing the exterior siding can improve the overall condition of the property and increase its resale value. ↑
• Both landscape and maintain yard — Landscape and maintain the yard can improve the curb appeal and increase both the resale and rental value of the property. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 10,404
• Household income: $52,306
• Rent vs Own: 52.5% rent · 47.5% own
• Severe rent burden: 1001.0

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 0.63)
• Race & ethnicity: White 45% Black 40% Hispanic / Latino 10% Two or more races 8%
• Hispanic origin (detail): Mexican 1% Cuban 3%
• Common ancestry: Lithuanian 6% Slovak 3% Romanian 3%
• Foreign-born: 5% · Canada
• Languages at home: 90% English-only · Spanish 6% French/Haitian/Cajun 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: ▼ -144.83%
• Current HPI: 275.5453
• Rent YoY: ▲ 0.18%
• 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

+820.0% since first listed

10 events — show timeline

• 2026-04-27 Price Changed $230,000 AcadianaMLS
• 2026-04-27 Price Changed $230,000 GSREIN
• 2025-12-20 Listed $235,000 GSREIN
• 2025-12-20 Listed $235,000 AcadianaMLS
• 2025-05-17 Price Changed $260,000 AcadianaMLS
• 2025-04-30 Price Changed $270,000 AcadianaMLS
• 2025-04-16 Price Changed $275,000 AcadianaMLS
• 2024-09-03 Listed $295,000 AcadianaMLS
• 2003-11-17 Listed $79,900 AcadianaMLS
• 1997-06-06 Listed $25,000 AcadianaMLS