1426 28 Spain St · New Orleans, LA 70117

$198,500

4 bd · 2.0 ba · 1,820 sqft · MultiFamily public records · 12 Days on market

Built 1960 3,070 sqft lot Est $277k · 28% 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 +9.6/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• 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

Calling all investors! This historic double is available for sale and ready for your vision and creativity! Each unit has two bedrooms/1 bath with indoor laundry. Central A/C & Heat. Separate meters. Don't miss this opportunity!

Key facts

• 3,070 sq ft lot
• Built 1960
• Listed 11 days

Property features AI

Finance

• Other: Property described in poor condition

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-story; Wood-sided exterior; Slab foundation; Shingle roof
• Construction: Built with wood siding; Shingle roof; Slab foundation
• Exterior features: Porch; Rectangular lot; Located outside city limits

Interior

• Bedrooms: 2 total units (multi-unit property)
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Porch
• Laundry & utility: Laundry located inside

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $198k.

Deal economics

• At list price, monthly cash flow is $971 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $198k).
• Cap rate 12.6% 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); 587 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 $2,894/mo this rent would consume 76% 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 $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 + 2.5% rent growth), your $56k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 $152k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $198,500

Questions for the listing agent

1. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.46% ✓
• Cap rate: 12.56%
• Cash-on-cash: 22.40%
• DSCR: 2.00
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $276,640
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1727 29 Marigny St	0.23mi	4/2.0	1,716 (-6%)	1mo	$285,000	$166	79
1805 07 St Roch Ave	0.28mi	4/2.0	1,914 (+5%)	1mo	$290,000	$152	77
1923-25 Pauger St	0.43mi	4/2.0	1,879 (+3%)	4mo	$70,000	$37	72
832 36 Mandeville St	0.41mi	3/3.0 (-1)	1,851 (+2%)	4mo	$294,000	$159	66
1734 Spain St	0.22mi	5/3.0 (+1)	1,985 (+9%)	1mo	$100,000	$50	64
3129 31 N Claiborne Ave	0.71mi	4/2.0	1,806 (-1%)	3mo	$267,150	$148	64
2211 13 Mandeville St	0.53mi	4/2.0	1,644 (-10%)	2mo	$195,000	$119	57
827-829 St Ferdinand St	0.53mi	4/2.0	2,019 (+11%)	2mo	$450,000	$223	56
523-25 Spain St	0.63mi	3/3.5 (-1)	1,891 (+4%)	2mo	$280,000	$148	52
727 Montegut St	0.69mi	4/2.0	1,670 (-8%)	4mo	$155,000	$93	51
2105 07 Arts St	0.51mi	4/3.0	1,598 (-12%)	3mo	$265,000	$166	49
1428-1430 Chartres St	0.69mi	4/3.0	2,011 (+10%)	2mo	$556,000	$276	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 · 2.49% rent growth · sell at horizon

5-year hold

• IRR: 12.8%
• Equity multiple: 1.51×
• Total profit: $28,209
• Equity at exit: $29,597

10-year hold

• IRR: 21.3%
• Equity multiple: 2.77×
• Total profit: $98,232
• Equity at exit: $17,163

Cash invested: $55,580 (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: 587
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $2,894 high
• Mortgage (P&I): −$1,041
• Tax from tax record: −$125 /mo · $1,502/yr
• Insurance: −$83
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$608
• Net cashflow: $971

Break-even live

Break-even rent $1,665

Max offer price $198,500

Occupancy floor 61%

Sensitivity live

Price	-10% $1,083	-5% $1,027	+0% $971	+5% $915	+10% $859
Rent	-10% $742	-5% $857	+0% $971	+5% $1,085	+10% $1,200
Rate	-1.0pp $1,071	-0.5pp $1,021	base $971	+0.5pp $920	+1.0pp $867

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

Units	Beds	Baths	Est. rent
▸ 2× units	2.0	1	$2,894
Total (2 units)			$2,894

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: $49,625
• Closing costs: $5,955
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$4,154	$2.63	4d	2	0.30mi
2320 N Rampart St New Orleans, LA	3.0	3.0	2317	$3,700	$1.60	45d	1	0.32mi
2220 N Prieur St New Orleans, LA	3.0	2.0	1334	$2,000	$1.50	25d	1	0.35mi
2322 Burgundy St Unit C New Orleans, LA	3.0	2.0	1250	$2,200	$1.76	25d	1	0.39mi
1837 Touro St New Orleans, LA	3.0	1.0	1994	$2,000	$1.00	25d	1	0.46mi
2115 Mandeville St New Orleans, LA	3.0	2.0	1400	$1,650	$1.18	25d	1	0.50mi
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	4d	1	0.51mi
632 Mandeville St Unit 2B New Orleans, LA	4.0	4.5	1337	$4,500	$3.37	18d	1	0.52mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	25d	1	0.55mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	45d	1	0.55mi
1231 Feliciana St New Orleans, LA	3.0	2.5	1869	$2,750	$1.47	45d	1	0.60mi
1936 N Johnson St Unit 36 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	25d	1	0.61mi
1938 N Johnson St Unit 38 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	25d	1	0.62mi
2228 Arts St New Orleans, LA	3.0	2.0	2270	$1,675	$0.74	4d	1	0.62mi
928 Kerlerec St New Orleans, LA	3.0	3.5	1684	$2,750	$1.63	4d	1	0.64mi
928 Kerlerec St New Orleans, LA	3.0	3.5	1684	$2,750	$1.63	4d	1	0.64mi
1418 Royal St Unit 1418 New Orleans, LA	4.0	2.0	1300	$2,450	$1.88	25d	1	0.66mi
1217 Kerlerec St Unit B New Orleans, LA	3.0	1.0	1300	$2,100	$1.62	4d	1	0.67mi
1245 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	45d	1	0.69mi
1247 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	45d	1	0.69mi
2920 Pauger St New Orleans, LA	4.0	2.0	1882	$1,995	$1.06	25d	1	0.71mi
3134 Burgundy St New Orleans, LA	3.0	2.0	1887	$2,900	$1.54	25d	1	0.77mi
1472 N Claiborne Ave New Orleans, LA	3.0	1.0	1312	$1,900	$1.45	17d	1	0.79mi
3221 Saint Claude Ave New Orleans, LA	3.0	1.0	1900	$1,650	$0.87	25d	1	0.80mi
1433 Esplanade Ave New Orleans, LA	3.0	2.0	2411	$5,000	$2.07	3d	1	0.84mi
5624-5626 Saint Claude ST New Orleans, LA	4.0	3.0	1521	$2,300	$1.51	25d	1	0.86mi
1835 Louisa St New Orleans, LA	3.0	2.5	1800	$2,350	$1.31	4d	1	0.88mi
1839 Louisa St New Orleans, LA	3.0	2.0	1500	$2,095	$1.40	17d	1	0.88mi
734 Ursulines Ave New Orleans, LA	3.0	2.0	1340	$2,800	$2.09	45d	1	0.88mi
1831 N Miro St New Orleans, LA	3.0	2.0	1882	$2,500	$1.33	45d	1	0.89mi
3228 Pauger St New Orleans, LA	5.0	2.0	1600	$2,100	$1.31	25d	1	0.90mi
1021 Henriette Delille St New Orleans, LA	3.0	2.0	2012	$2,250	$1.12	18d	1	0.95mi
1437 Gallier St New Orleans, LA	3.0	2.0	1451	$1,875	$1.29	22d	1	0.95mi
2331 Feliciana St New Orleans, LA	3.0	2.0	1250	$1,850	$1.48	25d	1	0.99mi
2028 Desire St New Orleans, LA	3.0	1.0	1300	$1,300	$1.00	25d	1	1.03mi
811 Burgundy St New Orleans, LA	4.0	2.5	2059	$5,000	$2.43	45d	1	1.07mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	4d	1	1.08mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	4d	1	1.08mi
2019 Gallier St New Orleans, LA	4.0	2.0	1400	$2,200	$1.57	25d	1	1.09mi
1323 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	4d	1	1.09mi

Listing history 9 events

1. 2026-06-21
   days on market $198,500 Active 12 DOM
2. 2026-06-18
   days on market $198,500 Active 9 DOM
3. 2026-06-18
   price $198,500 Active 8 DOM
4. 2026-06-17
   days on market $199,000 Active 8 DOM
5. 2026-06-16
   days on market $199,000 Active 7 DOM
6. 2026-06-15
   days on market $199,000 Active 6 DOM
7. 2026-06-13
   days on market $199,000 Active 4 DOM
8. 2026-06-10
   remarks 230-char remark
9. 2026-06-10
   listed $199,000 Active 1 DOM

ⓘ 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: $1,502 · $125/mo
• Projected year-2 tax: $1,502 · $125/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 · 60% chance over 30 yrs
• 🔥 Wildfire 1/10 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 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,728
• − Mortgage interest: −$11,119
• − Property taxes: −$1,502
• − Insurance: −$1,790
• − Repairs & maintenance: −$2,778
• − Management: −$2,778
• − Depreciation: −$5,775
• Taxable income: $8,986
• Est. tax owed @ 24.0%: −$2,157
• After-tax cash flow: $9,495/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

+1200.7% since first listed

4 events — show timeline

• 2026-06-03 Listed $199,000 AcadianaMLS
• 2026-06-03 Listed $199,000 GSREIN
• 2001-03-19 Sold (Public Records) $152,000 Public Records
• 1993-04-13 Sold (Public Records) $15,300 Public Records

Property tax history

+8.0%/yr

Latest (2026): $1,502 · +1.1% YoY. Source: county tax records.