2346 48 Annunication St · New Orleans, LA 70130

$269,000

6 bd · 2.0 ba · 2,050 sqft · MultiFamily public records · 37 Days on market

Built 1929 $131/sqft · 40% below area Est $459k · 41% 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 +26.7/30.0
• ARV discount +15.0/15.0
• DSCR +9.2/10.0
• 1% rule +7.6/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• 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

POOR CONDITION, ONE SIDE OCCUPIED, ONE SIDE IN VERY POOR CONDITION, SHOTGUN DOUBLE COTTAGE 1 BLOCK TO IRISH CHANNEL. INVESTMENT OPPORTUNITY, YOUR CHANCE TO RENOVATE A CLASSIC DOUBLE. THIS PROPERTY OFFERS DUAL RENTAL POTENTIAL OR THE PERFECT FIX AND FLIP PROJECT. WITH STRONG RENTAL DEMAND AND EXCELLENT RESALE POTENTIAL THIS PROPERTY IS IDEAL FOR INVESTOR, DEVELOPERS, RENOVATORS OR FAMILIES,,BRING YOUR VISION TO LIFE. PRIME LOCATION ONE BLOCK TO BUSLING ;MAGAZINE ST, WALKING DISTANCE TO ST. CHARLES STREETCAR LINE. X FLOOD ZONE

Key facts

• Strong rental demand
• Prime location
• Built 1929

Tags

• INVESTMENT OPPORTUNITY
• DUAL RENTAL POTENTIAL
• STRONG RENTAL DEMAND
• EXCELLENT RESALE POTENTIAL
• PRIME LOCATION

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-story; Raised foundation
• Construction: Wood siding; Asphalt shingle roof
• Exterior features: Porch; City lot with a rectangular shape

Interior

• Bathrooms: 2 full bathrooms
• Interior features: Property reported in poor condition
• Laundry & utility: Tenants responsible for electricity and gas; owner pays water

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $269k.

Deal economics

• At list price, monthly cash flow is $665 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $269k).
• Recommended offer: $261k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.6% 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 flat; 309 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,379/mo this rent would consume 51% of the median local household income ($80k/yr) (locally 841% 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 37 days — a 3% lower offer ($261k) 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 $64k; list at $269k implies a 324% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major 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 $260,930 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1929 — 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. 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.
6. 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.
7. 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: 1.26% ✓
• Cap rate: 9.56%
• Cash-on-cash: 11.66%
• DSCR: 1.52
• GRM: 6.6

CMA / ARV

• ARV (median comp): $459,395
• List price: $269,000
• Delta: -41.44%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
842 Toledano St	0.69mi	5/3.0 (-1)	2,150 (+5%)	5mo	$590,000	$274	47

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 · 0.95% rent growth · sell at horizon

5-year hold

• IRR: -2.9%
• Equity multiple: 0.90×
• Total profit: $-7,900
• Equity at exit: $40,109

10-year hold

• IRR: 4.3%
• Equity multiple: 1.28×
• Total profit: $21,364
• Equity at exit: $23,258

Cash invested: $75,320 (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 70130

• Rents YoY: 0.9%
• Active inventory: 309
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $3,379 medium
• Mortgage (P&I): −$1,411
• Tax from tax record: −$415 /mo · $4,976/yr
• Insurance: −$112
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$710
• Net cashflow: $665

Break-even live

Break-even rent $2,537

Max offer price $269,000

Occupancy floor 75%

Sensitivity live

Price	-10% $818	-5% $742	+0% $665	+5% $589	+10% $513
Rent	-10% $398	-5% $532	+0% $665	+5% $799	+10% $932
Rate	-1.0pp $801	-0.5pp $734	base $665	+0.5pp $596	+1.0pp $525

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: $67,250
• Closing costs: $8,070
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1050 Annunciation St Unit 1272355P New Orleans, LA	2.0–5.0	2.0–4.0	1544	$4,490	$2.91	4d	3	1.16mi
822 Howard Ave Unit 1272354P New Orleans, LA	1.0–5.0	1.0–4.0	1749	$11,882	$6.79	3d	3	1.26mi

Listing history 18 events

1. 2026-06-21
   days on market $269,000 Active 37 DOM
2. 2026-06-18
   days on market $269,000 Active 34 DOM
3. 2026-06-17
   days on market $269,000 Active 33 DOM
4. 2026-06-16
   days on market $269,000 Active 32 DOM
5. 2026-06-15
   days on market $269,000 Active 31 DOM
6. 2026-06-13
   days on market $269,000 Active 29 DOM
7. 2026-06-10
   days on market $269,000 Active 26 DOM
8. 2026-06-09
   days on market $269,000 Active 25 DOM
9. 2026-06-08
   days on market $269,000 Active 24 DOM
10. 2026-06-07
    days on market $269,000 Active 23 DOM
11. 2026-06-05
    days on market $269,000 Active 20 DOM
12. 2026-06-03
    days on market $269,000 Active 19 DOM
13. 2026-06-02
    days on market $269,000 Active 18 DOM
14. 2026-06-01
    days on market $269,000 Active 17 DOM
15. 2026-05-31
    days on market $269,000 Active 16 DOM
16. 2026-05-12
    listed $269,000 Active 533-char remark

    Show marketing remark (530 chars)

    POOR CONDITION, ONE SIDE OCCUPIED, ONE SIDE IN VERY POOR CONDITION, SHOTGUN DOUBLE COTTAGE 1 BLOCK TO IRISH CHANNEL. INVESTMENT OPPORTUNITY, YOUR CHANCE TO RENOVATE A CLASSIC DOUBLE. THIS PROPERTY OFFERS DUAL RENTAL POTENTIAL OR THE PERFECT FIX AND FLIP PROJECT. WITH STRONG RENTAL DEMAND AND EXCELLENT RESALE POTENTIAL THIS PROPERTY IS IDEAL FOR INVESTOR, DEVELOPERS, RENOVATORS OR FAMILIES,,BRING YOUR VISION TO LIFE. PRIME LOCATION ONE BLOCK TO BUSLING ;MAGAZINE ST, WALKING DISTANCE TO ST. CHARLES STREETCAR LINE. X FLOOD ZONE

17. 2026-05-12
    listed $269,000 Active 530-char remark

    Show marketing remark (530 chars)

    POOR CONDITION, ONE SIDE OCCUPIED, ONE SIDE IN VERY POOR CONDITION, SHOTGUN DOUBLE COTTAGE 1 BLOCK TO IRISH CHANNEL. INVESTMENT OPPORTUNITY, YOUR CHANCE TO RENOVATE A CLASSIC DOUBLE. THIS PROPERTY OFFERS DUAL RENTAL POTENTIAL OR THE PERFECT FIX AND FLIP PROJECT. WITH STRONG RENTAL DEMAND AND EXCELLENT RESALE POTENTIAL THIS PROPERTY IS IDEAL FOR INVESTOR, DEVELOPERS, RENOVATORS OR FAMILIES,,BRING YOUR VISION TO LIFE. PRIME LOCATION ONE BLOCK TO BUSLING ;MAGAZINE ST, WALKING DISTANCE TO ST. CHARLES STREETCAR LINE. X FLOOD ZONE

18. 1983-07-11
    soldstatus $63,500

ⓘ 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: $4,976 · $415/mo
• Projected year-2 tax: $4,976 · $415/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 7/10 Severe FEMA zone X · 74% 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,546
• − Mortgage interest: −$15,068
• − Property taxes: −$4,976
• − Insurance: −$2,142
• − Repairs & maintenance: −$3,244
• − Management: −$3,244
• − Depreciation: −$7,825
• Taxable income: $4,046
• Est. tax owed @ 24.0%: −$971
• After-tax cash flow: $7,014/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): 12,560
• Household income: $80,212
• Rent vs Own: 61.9% rent · 38.1% own
• Severe rent burden: 841.0

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 0.59)
• Race & ethnicity: White 57% Black 28% Hispanic / Latino 10% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Lithuanian 8% Italian 3% Slovak 2%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 89% English-only · Spanish 5% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -162.98%
• Current HPI: 206.2364
• Rent YoY: ▲ 0.95%
• 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

+323.6% since first listed

3 events — show timeline

• 2026-05-12 Listed $269,000 AcadianaMLS
• 2026-05-12 Listed $269,000 GSREIN
• 1983-07-11 Sold (Public Records) $63,500 Public Records

Property tax history

+4.8%/yr

Latest (2026): $4,976 · +129.3% YoY. Source: county tax records.