2068 Farragut St · New Orleans, LA 70114

$185,000

8 bd · 4.0 ba · 3,625 sqft · SingleFamily public records · 30 Days on market

Built 1970 $51/sqft · 12% below area Est $232k · 20% 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 +26.3/30.0
• ARV discount +15.0/15.0
• DSCR +9.0/10.0
• 1% rule +7.1/10.0
• 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

Listing remarks MLS

Property is currently being used as a Single Family Home and Storage with a single car garage. Renovate and leverage the nine 25 x 118 lots for a new construction project for a location that is prime for new construction. Investment opportunity double with quick and direct access to the Crescent City Connection. No utilities currently turned on. Broker/Owner

Key facts

• Storage
• Single car garage
• Single family home

Tags

• SINGLE FAMILY HOME
• STORAGE
• SINGLE CAR GARAGE
• NEW CONSTRUCTION PROJECT
• INVESTMENT OPPORTUNITY
• QUICK AND DIRECT ACCESS

Property features AI

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer
• Home design: Single-story; Slab foundation
• Construction: Brick construction
• Exterior features: City lot; Irregular-shaped lot

Interior

• Bathrooms: 4 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Average condition

What this means for you Summary

Snapshot

• This is a 8-bed/4.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $54 ($645/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $182k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.4% 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 (-0.7%/yr); 265 active listings in the ZIP; lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,247/mo this rent would consume 62% of the median local household income ($43k/yr) (locally 2240% 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.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 16 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 $60k; list at $185k implies a 208% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $182,225 (1.5% below list)

Questions for the listing agent

1. Built in 1970 — 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.21% ✓
• Cap rate: 9.41%
• Cash-on-cash: 11.13%
• DSCR: 1.50
• GRM: 6.9

CMA / ARV

• ARV (median comp): $232,336
• List price: $185,000
• Delta: -17.36%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -18.7%
• Equity multiple: 0.37×
• Total profit: $-32,833
• Equity at exit: $27,584

10-year hold

• IRR: -22.5%
• Equity multiple: 0.07×
• Total profit: $-48,388
• Equity at exit: $15,995

Cash invested: $51,800 (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 70114

• Rents YoY: -0.7%
• Active inventory: 265
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $2,247 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$248 /mo · $2,973/yr
• Insurance: −$77
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $54

Break-even live

Break-even rent $2,179

Max offer price $185,000

Occupancy floor 93%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $185,000 Active 30 DOM
2. 2026-06-17
   pricedays on market $185,000 Active 29 DOM

   Show marketing remark (553 chars)

   NINE contiguous 25' x 118' lots are available for a construction project in a prime location for new development. The seller is willing to provide potential plans for the plots. The existing structure on the property is being considered a teardown and has no utilities currently turned on. The property is being priced at land value. Each plot offers a view of downtown New Orleans and provides quick and direct access to the Crescent City Connection. For further details on the multifamily listing, please refer to listing #2553036. Listing Agent/Owner

3. 2026-06-16
   days on market $192,000 Active 28 DOM
4. 2026-06-15
   days on market $192,000 Active 27 DOM
5. 2026-06-13
   days on market $192,000 Active 25 DOM
6. 2026-06-10
   days on market $192,000 Active 22 DOM
7. 2026-06-09
   days on market $192,000 Active 21 DOM
8. 2026-06-08
   days on market $192,000 Active 20 DOM
9. 2026-06-07
   days on market $192,000 Active 19 DOM
10. 2026-06-05
    days on market $192,000 Active 16 DOM
11. 2026-06-03
    days on market $192,000 Active 15 DOM
12. 2026-06-02
    days on market $192,000 Active 14 DOM
13. 2026-06-01
    days on market $192,000 Active 13 DOM
14. 2026-05-31
    days on market $192,000 Active 12 DOM
15. 2026-04-14
    listed $192,000 Active
16. 2026-04-14
    listed $192,000 Active
17. 2026-02-09
    listed $200,000 Active
18. 2026-02-05
    listed $200,000 Active
19. 2025-09-17
    listed $200,000 Active
20. 2025-09-15
    listed $200,000 Active
21. 2025-08-25
    price $210,000
22. 2025-08-25
    price $210,000
23. 2025-08-25
    price $210,000
24. 2025-08-25
    price $210,000
25. 2025-08-11
    listed $215,000 Active
26. 2025-08-11
    listed $215,000 Active
27. 2025-08-11
    listed $210,000
28. 2025-07-22
    price $215,000
29. 2025-07-22
    price $215,000
30. 2025-07-22
    price $215,000
31. 2025-07-22
    price $215,000
32. 2025-05-12
    price $216,000
33. 2025-05-12
    price $216,000
34. 2025-05-12
    price $216,000
35. 2025-05-12
    price $216,000
36. 2025-05-05
    price $220,000
37. 2025-05-05
    price $220,000
38. 2025-05-05
    price $220,000
39. 2025-05-05
    price $220,000
40. 2025-04-28
    price $225,000
41. 2025-04-28
    price $225,000
42. 2025-04-27
    price $225,000
43. 2025-04-27
    price $225,000
44. 2025-03-15
    price $229,000
45. 2025-03-15
    price $229,000
46. 2025-03-15
    price $229,000
47. 2025-03-15
    price $229,000
48. 2025-02-20
    listed $249,000 Active
49. 2025-02-02
    price $249,000
50. 2025-02-02
    price $249,000

ⓘ 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: $2,973 · $248/mo
• Projected year-2 tax: $2,973 · $248/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 9/10 Extreme FEMA zone AE · 77% 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,967
• − Mortgage interest: −$10,363
• − Property taxes: −$2,973
• − Insurance: −$6,044
• − Repairs & maintenance: −$2,157
• − Management: −$2,157
• − Depreciation: −$5,382
• Taxable loss: −$2,109
• Est. tax savings @ 24.0%: +$506
• After-tax cash flow: $1,151/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): 22,659
• Household income: $43,493
• Rent vs Own: 58.8% rent · 41.2% own
• Severe rent burden: 2240.0

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 (72%)
• Race & ethnicity: Black 72% White 16% Hispanic / Latino 8% Two or more races 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Lithuanian 3% Slovak 1% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 6% 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: ▼ -98.56%
• Current HPI: 149.0172
• Rent YoY: ▼ -0.72%
• 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

+208.3% since first listed

47 events — show timeline

• 2026-06-17 Price Changed $185,000 AcadianaMLS
• 2026-06-17 Price Changed $185,000 AcadianaMLS
• 2026-06-17 Price Changed $185,000 GSREIN
• 2026-06-17 Price Changed $185,000 GSREIN
• 2026-05-19 Listed $192,000 GSREIN
• 2026-05-19 Listed $192,000 GSREIN
• 2026-05-19 Listed $192,000 AcadianaMLS
• 2026-05-19 Listed $192,000 AcadianaMLS
• 2026-04-14 Listed $192,000 AcadianaMLS
• 2026-04-14 Listed $192,000 AcadianaMLS
• 2026-02-09 Listed $200,000 AcadianaMLS
• 2026-02-05 Listed $200,000 AcadianaMLS
• 2025-09-17 Listed $200,000 AcadianaMLS
• 2025-09-15 Listed $200,000 AcadianaMLS
• 2025-08-25 Price Changed $210,000 AcadianaMLS
• 2025-08-25 Price Changed $210,000 AcadianaMLS
• 2025-08-25 Price Changed $210,000 GSREIN
• 2025-08-25 Price Changed $210,000 GSREIN
• 2025-08-11 Listed $215,000 AcadianaMLS
• 2025-08-11 Listed $210,000 AcadianaMLS
• 2025-08-11 Listed $215,000 AcadianaMLS
• 2025-07-22 Price Changed $215,000 AcadianaMLS
• 2025-07-22 Price Changed $215,000 AcadianaMLS
• 2025-07-22 Price Changed $215,000 GSREIN
• 2025-07-22 Price Changed $215,000 GSREIN
• 2025-05-12 Price Changed $216,000 AcadianaMLS
• 2025-05-12 Price Changed $216,000 AcadianaMLS
• 2025-05-12 Price Changed $216,000 GSREIN
• 2025-05-12 Price Changed $216,000 GSREIN
• 2025-05-05 Price Changed $220,000 AcadianaMLS
• 2025-05-05 Price Changed $220,000 AcadianaMLS
• 2025-05-05 Price Changed $220,000 GSREIN
• 2025-05-05 Price Changed $220,000 GSREIN
• 2025-04-28 Price Changed $225,000 AcadianaMLS
• 2025-04-28 Price Changed $225,000 GSREIN
• 2025-04-27 Price Changed $225,000 AcadianaMLS
• 2025-04-27 Price Changed $225,000 GSREIN
• 2025-03-15 Price Changed $229,000 AcadianaMLS
• 2025-03-15 Price Changed $229,000 AcadianaMLS
• 2025-03-15 Price Changed $229,000 GSREIN
• 2025-03-15 Price Changed $229,000 GSREIN
• 2025-02-20 Listed $249,000 AcadianaMLS
• 2025-02-02 Price Changed $249,000 AcadianaMLS
• 2025-02-02 Price Changed $249,000 GSREIN
• 2024-08-02 Listed $249,000 AcadianaMLS
• 2024-08-02 Listed $234,426 AcadianaMLS
• 2016-06-20 Sold (Public Records) $60,000 Public Records

Property tax history

+11.7%/yr

Latest (2026): $2,973 · +0.0% YoY. Source: county tax records.