1526-28 Gallier St · New Orleans, LA 70117

$325,000

4 bd · 2.0 ba · 1,550 sqft · MultiFamily public records · 45 Days on market

Built 1978 $210/sqft · 28% above area Est $254k · 28% over

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Why this score? — see what drove the D 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 +20.2/30.0
• DSCR +6.4/10.0
• 1% rule +4.4/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0
• 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

Income producing/Investment property in the historic Bywater North area. Multi- family (Double) home with Section 8 tenants in place. 6 bedrooms, 2 bathrooms classic shotgun-style architecture with granite countertops, solid wood cabinets & stainless steel appliances. All electric units with separate utilities, central A/C & Heat & indoor laundry. Conveniently located within minutes to shopping, dining, and local amenities.

Key facts

• Solid wood cabinets
• Separate utilities
• Central a/c

Tags

• HISTORIC BYWATER NORTH AREA
• GRANITE COUNTERTOPS
• SOLID WOOD CABINETS
• STAINLESS STEEL APPLIANCES
• SEPARATE UTILITIES
• CENTRAL A/C

Property features AI

Finance

• Financial info: Two-unit property; Unit 1528: 775 area, currently rent $1,197; Unit 1526: 775 area, currently rent $1,384; Tenants pay electricity, gas, and water

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-story building; Raised foundation
• Construction: Frame construction with wood siding; Shingle roof; Built in very good condition
• Exterior features: Fenced yard; Front porch

Interior

• Bedrooms: Two 3-bedroom units (units 1526 and 1528)
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Screens on windows; Very good condition
• Laundry & utility: Indoor laundry

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $325k.

Deal economics

• At list price, monthly cash flow is $342 ($4k/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 $305k (6.2% below list).
• Recommended offer: $305k (6.2% below list) — sets the bar for 1% rule.
• Cap rate 7.8% 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; 40 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 $3,048/mo this rent would consume 80% 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 $10k 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 45 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $65k; list at $325k implies a 400% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; 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 $304,800 (6.2% below list)

Questions for the listing agent

1. It's been on market 45 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 1978 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.94% ✗
• Cap rate: 7.80%
• Cash-on-cash: 5.38%
• DSCR: 1.24
• GRM: 8.9

CMA / ARV

• ARV (median comp): $254,117
• List price: $325,000
• Delta: 27.89%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3601 N Claiborne St	0.08mi	4/3.0	1,547 (-0%)	11mo	$212,000	$137	83
2929 Saint Claude Ave	0.50mi	4/2.0	1,507 (-3%)	1mo	$155,000	$103	71
1537-1539 Louisa St	0.15mi	4/2.0	1,778 (+15%)	6mo	$329,000	$185	63
3824 26 Royal St	0.67mi	4/2.0	1,599 (+3%)	1mo	$232,500	$145	63
2421 Feliciana St	0.72mi	4/2.0	1,572 (+1%)	2mo	$113,900	$72	62
1304-06 Independence St	0.20mi	4/2.0	1,768 (+14%)	11mo	$61,000	$35	58
1332 Port St	0.61mi	3/2.0 (-1)	1,475 (-5%)	6mo	$181,000	$123	53
727 Montegut St	0.69mi	4/2.0	1,670 (+8%)	4mo	$155,000	$93	52
2336 38 Louisa St	0.63mi	4/2.0	1,404 (-9%)	8mo	$214,900	$153	49
2630 N Rampart St	0.73mi	4/2.0	1,680 (+8%)	4mo	$387,500	$231	49
2326 28 Desire St	0.59mi	4/2.0	1,376 (-11%)	11mo	$130,000	$94	45
832 34 France St	0.64mi	3/3.0 (-1)	1,677 (+8%)	10mo	$485,000	$289	39

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 · 2.49% rent growth · sell at horizon

5-year hold

• IRR: -9.8%
• Equity multiple: 0.64×
• Total profit: $-32,511
• Equity at exit: $48,459

10-year hold

• IRR: -1.1%
• Equity multiple: 0.92×
• Total profit: $-6,856
• Equity at exit: $28,100

Cash invested: $91,000 (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 70117

• Rents YoY: 2.5%
• Active inventory: 581
• Price-to-rent: 17.8×

Monthly cashflow live

• Estimated rent: $3,048 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$160 /mo · $1,918/yr
• Insurance: −$135
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$640
• Net cashflow: $342

Break-even live

Break-even rent $2,615

Max offer price $325,000

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,048
Total (2 units)			$3,048

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1437 Gallier St New Orleans, LA	3.0	2.0	1451	$1,875	$1.29	21d	1	0.04mi
5624-5626 Saint Claude ST New Orleans, LA	4.0	3.0	1521	$2,300	$1.51	24d	1	0.10mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	0.19mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	0.19mi
1323 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	0.20mi
1628 Bartholomew St New Orleans, LA	3.0	2.0	1050	$1,600	$1.52	24d	1	0.25mi
1822 Piety St New Orleans, LA	3.0	1.5	1200	$1,500	$1.25	16d	1	0.27mi
1904 Desire St New Orleans, LA	3.0	1.0	1200	$1,400	$1.17	10d	1	0.29mi
1835 Louisa St New Orleans, LA	3.0	2.5	1800	$2,350	$1.31	3d	1	0.31mi
1839 Louisa St New Orleans, LA	3.0	2.0	1500	$2,095	$1.40	16d	1	0.32mi
3221 Saint Claude Ave New Orleans, LA	3.0	1.0	1900	$1,650	$0.87	24d	1	0.33mi
1942 Piety St New Orleans, LA	3.0	1.0	1100	$1,500	$1.36	24d	1	0.36mi
2019 Gallier St New Orleans, LA	4.0	2.0	1400	$2,200	$1.57	24d	1	0.37mi
1411 France St New Orleans, LA	3.0	2.0	1525	$2,000	$1.31	24d	1	0.38mi
2028 Desire St New Orleans, LA	3.0	1.0	1300	$1,300	$1.00	24d	1	0.40mi
1231 Feliciana St New Orleans, LA	3.0	2.5	1869	$2,750	$1.47	44d	1	0.40mi
4230 N Claiborne Ave New Orleans, LA	3.0	2.5	1296	$1,750	$1.35	24d	1	0.41mi
1403 Lesseps St New Orleans, LA	3.0	3.0	1700	$1,800	$1.06	12d	1	0.45mi
4318 N Robertson St New Orleans, LA	3.0	1.0	1250	$1,150	$0.92	3d	1	0.45mi
4318 1/2 N Robertson St New Orleans, LA	3.0	1.0	1250	$1,150	$0.92	3d	1	0.46mi
2129 Desire St Unit 1B New Orleans, LA	3.0	1.0	1105	$1,200	$1.09	3d	1	0.47mi
2129 Desire St Unit 1B New Orleans, LA	3.0	1.0	1105	$1,200	$1.09	3d	1	0.47mi
4317 Urquhart St New Orleans, LA	3.0	2.0	1300	$1,650	$1.27	24d	1	0.48mi
4222 N Johnson St New Orleans, LA	3.0	2.0	1100	$1,895	$1.72	24d	1	0.51mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	44d	1	0.54mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	24d	1	0.54mi
3134 Burgundy St New Orleans, LA	3.0	2.0	1887	$2,900	$1.54	24d	1	0.55mi
2114 Feliciana St Unit A New Orleans, LA	3.0	2.0	1134	$1,500	$1.32	16d	1	0.58mi
2114 Feliciana St Unit A New Orleans, LA	3.0	2.0	1134	$1,500	$1.32	24d	1	0.58mi
882 Montegut St New Orleans, LA	1.0–3.0	1.0–2.0	826	$2,575	$3.12	44d	7	0.64mi
2331 Feliciana St New Orleans, LA	3.0	2.0	1250	$1,850	$1.48	24d	1	0.70mi
2524 N Galvez St New Orleans, LA	3.0	2.5	1102	$1,800	$1.63	17d	1	0.91mi
2522 N Galvez St New Orleans, LA	3.0	2.0	1105	$1,675	$1.52	24d	1	0.91mi
2515 N Galvez St New Orleans, LA	4.0	2.0	1200	$1,200	$1.00	10d	1	0.93mi
2515 N Galvez St Unit 2515 New Orleans, LA	4.0	2.0	1200	$1,900	$1.58	24d	1	0.93mi
2556 N Tonti St New Orleans, LA	3.0	2.0	1100	$1,850	$1.68	16d	1	1.01mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$4,154	$2.63	3d	2	1.04mi
2322 Burgundy St Unit C New Orleans, LA	3.0	2.0	1250	$2,200	$1.76	24d	1	1.05mi
632 Mandeville St Unit 2B New Orleans, LA	4.0	4.5	1337	$4,500	$3.37	17d	1	1.07mi
1710 Marigny St New Orleans, LA	3.0	2.0	1120	$1,750	$1.56	24d	1	1.13mi

Listing history 17 events

1. 2026-06-18
   days on market $325,000 Active 45 DOM
2. 2026-06-17
   days on market $325,000 Active 44 DOM
3. 2026-06-16
   days on market $325,000 Active 43 DOM
4. 2026-06-15
   days on market $325,000 Active 42 DOM
5. 2026-06-13
   days on market $325,000 Active 40 DOM
6. 2026-06-10
   days on market $325,000 Active 37 DOM
7. 2026-06-09
   days on market $325,000 Active 36 DOM
8. 2026-06-08
   days on market $325,000 Active 35 DOM
9. 2026-06-07
   days on market $325,000 Active 34 DOM
10. 2026-06-05
    days on market $325,000 Active 31 DOM
11. 2026-06-03
    days on market $325,000 Active 30 DOM
12. 2026-06-02
    days on market $325,000 Active 29 DOM
13. 2026-06-01
    days on market $325,000 Active 28 DOM
14. 2026-05-31
    days on market $325,000 Active 27 DOM
15. 2026-05-04
    listed $325,000 Active 445-char remark

    Show marketing remark (439 chars)

    Income producing/Investment property in the historic Bywater North area. Multi- family (Double) home with Section 8 tenants in place. 6 bedrooms, 2 bathrooms classic shotgun-style architecture with granite countertops, solid wood cabinets & stainless steel appliances. All electric units with separate utilities, central A/C & Heat & indoor laundry. Conveniently located within minutes to shopping, dining, and local amenities.

16. 2026-05-04
    listed $325,000 Active 439-char remark

    Show marketing remark (439 chars)

    Income producing/Investment property in the historic Bywater North area. Multi- family (Double) home with Section 8 tenants in place. 6 bedrooms, 2 bathrooms classic shotgun-style architecture with granite countertops, solid wood cabinets & stainless steel appliances. All electric units with separate utilities, central A/C & Heat & indoor laundry. Conveniently located within minutes to shopping, dining, and local amenities.

17. 1995-11-20
    soldstatus $65,000

ⓘ 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: $1,918 · $160/mo
• Projected year-2 tax: $1,918 · $160/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 2/10 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: $36,576
• − Mortgage interest: −$18,205
• − Property taxes: −$1,918
• − Insurance: −$2,422
• − Repairs & maintenance: −$2,926
• − Management: −$2,926
• − Depreciation: −$9,455
• Taxable loss: −$1,276
• Est. tax savings @ 24.0%: +$306
• After-tax cash flow: $4,409/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

+400.0% since first listed

3 events — show timeline

• 2026-05-04 Listed $325,000 AcadianaMLS
• 2026-05-04 Listed $325,000 GSREIN
• 1995-11-20 Sold (Public Records) $65,000 Public Records

Property tax history

+3.9%/yr

Latest (2026): $1,918 · +1.1% YoY. Source: county tax records.