3704 Cherry St · New Orleans, LA 70118

$148,000

2 bd · 2.0 ba · 1,593 sqft · SingleFamily public records · 352 Days on market

Built 1948 $93/sqft · 16% below area Est $177k · 16% 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 +14.9/15.0
• DSCR +8.9/10.0
• 1% rule +7.0/10.0
• 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

Listing remarks MLS

Best Price in Area. .. .. .$148,000.. .. .Unique property nestled in well established neighborhood. Central unit less than two years old. Some TLC needed. .. .. walking distance to New Orleans Country Club and Longue Vue House & Gardens. Also in area of International School of La. , Xavier University, I-10 and bus transportation. near Orleans/Metairie line. .. .Hurry!!!!! Priced to Sell!!!!!!

Key facts

• Unique property
• 2 parking spots
• Built 1948

Tags

• UNIQUE PROPERTY
• WELL ESTABLISHED NEIGHBORHOOD
• AREA OF XAVIER UNIVERSITY
• NEAR ORLEANS METAIRIE LINE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $148k.

Deal economics

• At list price, monthly cash flow is $318 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $148k).
• Recommended offer: $130k (12.0% 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 flat; 279 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• This rent runs 34% of the median local income ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 352 days — a 12% lower offer ($130k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 29y 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 $62k; list at $148k implies a 139% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1948 — 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 $130,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 352 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.20% ✓
• Cap rate: 9.41%
• Cash-on-cash: 11.12%
• DSCR: 1.49
• GRM: 6.9

CMA / ARV

• ARV (median comp): $177,087
• List price: $148,000
• Delta: -16.43%
• 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
3424 Camphor St	0.24mi	2/2.5	1,491 (-6%)	8mo	$199,000	$133	69
3418 Camphor St	0.25mi	3/2.0 (+1)	1,528 (-4%)	10mo	$189,000	$124	68
8534 Palm St	0.50mi	3/2.0 (+1)	1,600 (+0%)	9mo	$265,000	$166	63
3024 Hollygrove St	0.49mi	3/2.0 (+1)	1,533 (-4%)	5mo	$299,000	$195	62
8719 Fig St	0.60mi	3/2.0 (+1)	1,540 (-3%)	1mo	$70,000	$45	61
2828 Mistletoe St	0.57mi	3/2.0 (+1)	1,670 (+5%)	2mo	$287,000	$172	58
4635 Banks St	0.71mi	3/2.0 (+1)	1,638 (+3%)	1mo	$492,000	$300	56
2939 Leonidas St	0.70mi	3/2.0 (+1)	1,516 (-5%)	0mo	$155,500	$103	54
8501 Palmetto St	0.54mi	3/2.5 (+1)	1,552 (-3%)	12mo	$267,500	$172	53
8525 Pritchard Pl	0.73mi	3/3.5 (+1)	1,624 (+2%)	16mo	$310,000	$191	38
8521 Edinburgh St	0.52mi	3/2.0 (+1)	1,358 (-15%)	10mo	$235,000	$173	37
8308 Forshey St	0.72mi	3/2.0 (+1)	1,440 (-10%)	12mo	$307,500	$214	35

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 · 0.97% rent growth · sell at horizon

5-year hold

• IRR: -4.8%
• Equity multiple: 0.82×
• Total profit: $-7,254
• Equity at exit: $22,067

10-year hold

• IRR: 2.2%
• Equity multiple: 1.14×
• Total profit: $5,958
• Equity at exit: $12,796

Cash invested: $41,440 (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 70118

• Rents YoY: 1.0%
• Active inventory: 279
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,781 high
• Mortgage (P&I): −$776
• Tax est. 1.5%: −$185 /mo · $2,220/yr
• Insurance: −$62
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$374
• Net cashflow: $318

Break-even live

Break-even rent $1,379

Max offer price $148,000

Occupancy floor 77%

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: $37,000
• Closing costs: $4,440
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9528 Stroelitz St New Orleans, LA	3.0	2.0	1174	$2,100	$1.79	11d	1	0.18mi
4211 Hamilton St Unit NA New Orleans, LA	2.0	1.0	1400	$1,100	$0.79	11d	1	0.34mi
4211 Hamilton St New Orleans, LA	2.0	1.0	1400	$1,100	$0.79	14d	1	0.34mi
8815 Palm St New Orleans, LA	3.0	2.0	1195	$2,100	$1.76	23d	1	0.35mi
9438 Forshey St New Orleans, LA	3.0	2.0	1274	$2,000	$1.57	23d	1	0.36mi
8816 Olive St Unit A-B New Orleans, LA	3.0	2.0	1200	$1,800	$1.50	16d	1	0.41mi
8816 Olive St New Orleans, LA	3.0	2.0	1200	$1,800	$1.50	23d	1	0.41mi
109 Avenue E Metairie, LA	3.0	3.5	2068	$3,000	$1.45	44d	1	0.44mi
119 Avenue E Metairie, LA	2.0	1.0	1500	$1,800	$1.20	44d	1	0.45mi
8929 Colapissa St New Orleans, LA	3.0	1.0	1300	$1,400	$1.08	23d	1	0.50mi
9107 Fig St New Orleans, LA	3.0	3.0	1230	$2,000	$1.63	3d	1	0.52mi
8502 Edinburgh St New Orleans, LA	3.0	2.0	1456	$1,800	$1.24	3d	1	0.57mi
115 Grenadine St Unit 3 Metairie, LA	1.0	1.0	1050	$1,500	$1.43	14d	1	0.66mi
321 S St Patrick St Unit C New Orleans, LA	2.0	1.0	1200	$1,450	$1.21	23d	1	0.69mi
321 S St Patrick St Unit C New Orleans, LA	2.0	1.0	1200	$1,500	$1.25	11d	1	0.69mi
9309 Belfast St Rm A New Orleans, LA	1.0	1.0	1220	$1,200	$0.98	23d	1	0.71mi
419 S Murat St New Orleans, LA	2.0	2.0	1200	$1,850	$1.54	21d	1	0.72mi
4506 Banks St New Orleans, LA	2.0	2.0	1350	$2,000	$1.48	23d	1	0.74mi
337 S Murat St Unit 4501 New Orleans, LA	3.0	2.0	1150	$2,000	$1.74	23d	1	0.77mi
9129 Nelson St New Orleans, LA	2.0	1.5	1434	$1,900	$1.32	23d	1	0.85mi
8329 Pritchard Pl Unit B New Orleans, LA	1.0	1.5	1500	$1,600	$1.07	11d	1	0.85mi
310 Hector Ave Metairie, LA	2.0	1.0	1050	$1,750	$1.67	43d	1	0.86mi
8812 Apple St New Orleans, LA	3.0	2.0	1085	$1,650	$1.52	16d	1	0.87mi
9122 Nelson St New Orleans, LA	2.0	2.0	1100	$1,550	$1.41	23d	1	0.87mi
8405 Apricot St New Orleans, LA	3.0	2.0	1058	$1,795	$1.70	2d	1	0.87mi
8405 Apricot St New Orleans, LA	3.0	2.0	1058	$1,795	$1.70	3d	1	0.87mi
2527 Eagle St New Orleans, LA	3.0	2.0	1571	$2,200	$1.40	23d	1	0.89mi
9215 S Claiborne Ave New Orleans, LA	2.0	2.0	1100	$2,000	$1.82	11d	1	0.91mi
335 Virginia St New Orleans, LA	2.0	1.0	1200	$1,650	$1.38	14d	1	0.95mi
2616 Cambronne St Unit 2618 New Orleans, LA	3.0	1.0	1200	$1,475	$1.23	23d	1	0.97mi
647 S Pierce St New Orleans, LA	3.0	2.0	1550	$3,175	$2.05	14d	1	1.01mi
613 S Pierce St New Orleans, LA	3.0	1.0	1200	$1,500	$1.25	17d	1	1.03mi
615 S Pierce St New Orleans, LA	3.0	1.0	1200	$1,500	$1.25	17d	1	1.03mi
8537 S Claiborne Ave New Orleans, LA	2.0	1.0	1450	$1,400	$0.97	3d	1	1.03mi
4020 Baudin St New Orleans, LA	3.0	2.0	1100	$1,550	$1.41	3d	1	1.03mi
4044 Banks St New Orleans, LA	2.0	2.0	1053	$1,600	$1.52	21d	1	1.04mi
4624 Conti St New Orleans, LA	2.0	1.0	1200	$1,300	$1.08	23d	1	1.06mi
4600 S Carrollton Ave Unit 1B New Orleans, LA	2.0	2.0	1072	$1,500	$1.40	23d	1	1.08mi
2 Azalea Ct Metairie, LA	2.0	1.0	1100	$1,650	$1.50	43d	1	1.09mi
2305 Joliet St New Orleans, LA	3.0	2.0	1451	$2,500	$1.72	43d	1	1.15mi

Listing history 8 events

1. 2025-12-02
   status Active 403-char remark

   Show marketing remark (403 chars)

   Best Price in Area. .. .. .$148,000.. .. .Unique property nestled in well established neighborhood. Central unit less than two years old. Some TLC needed. .. .. walking distance to New Orleans Country Club and Longue Vue House & Gardens. Also in area of International School of La. , Xavier University, I-10 and bus transportation. near Orleans/Metairie line. .. .Hurry!!!!! Priced to Sell!!!!!!

2. 2025-11-28
   historical 403-char remark

   Show marketing remark (403 chars)

   Best Price in Area. .. .. .$148,000.. .. .Unique property nestled in well established neighborhood. Central unit less than two years old. Some TLC needed. .. .. walking distance to New Orleans Country Club and Longue Vue House & Gardens. Also in area of International School of La. , Xavier University, I-10 and bus transportation. near Orleans/Metairie line. .. .Hurry!!!!! Priced to Sell!!!!!!

3. 2025-05-27
   listed $148,000 Active 389-char remark

   Show marketing remark (403 chars)

   Best Price in Area. .. .. .$148,000.. .. .Unique property nestled in well established neighborhood. Central unit less than two years old. Some TLC needed. .. .. walking distance to New Orleans Country Club and Longue Vue House & Gardens. Also in area of International School of La. , Xavier University, I-10 and bus transportation. near Orleans/Metairie line. .. .Hurry!!!!! Priced to Sell!!!!!!

4. 2025-05-27
   listed $148,000 Active 403-char remark

   Show marketing remark (403 chars)

   Best Price in Area. .. .. .$148,000.. .. .Unique property nestled in well established neighborhood. Central unit less than two years old. Some TLC needed. .. .. walking distance to New Orleans Country Club and Longue Vue House & Gardens. Also in area of International School of La. , Xavier University, I-10 and bus transportation. near Orleans/Metairie line. .. .Hurry!!!!! Priced to Sell!!!!!!

5. 2023-12-04
   listed $174,000
6. 2023-05-31
   listed $195,000
7. 1997-11-18
   soldstatus $62,000
8. 1997-04-15
   listed $67,000

ⓘ 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) · 60% 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: $21,369
• − Mortgage interest: −$8,290
• − Property taxes: −$2,220
• − Insurance: −$1,538
• − Repairs & maintenance: −$1,710
• − Management: −$1,710
• − Depreciation: −$4,305
• Taxable income: $1,597
• Est. tax owed @ 24.0%: −$383
• After-tax cash flow: $3,428/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): 36,072
• Household income: $63,750
• Rent vs Own: 51.5% rent · 48.5% own
• Severe rent burden: 2237.0

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 0.65)
• Race & ethnicity: White 47% Black 34% Hispanic / Latino 11% Two or more races 11% Asian 4%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Italian 2% Romanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 86% English-only · Spanish 7% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -210.46%
• Current HPI: 282.9629
• Rent YoY: ▲ 0.97%
• 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

+120.9% since first listed

8 events — show timeline

• 2025-12-02 Relisted — GSREIN
• 2025-11-28 Listing Removed — GSREIN
• 2025-05-27 Listed $148,000 GSREIN
• 2025-05-27 Listed $148,000 AcadianaMLS
• 2023-12-04 Listed $174,000 AcadianaMLS
• 2023-05-31 Listed $195,000 AcadianaMLS
• 1997-11-18 Sold (Public Records) $62,000 Public Records
• 1997-04-15 Listed $67,000 AcadianaMLS

Property tax history

+7.1%/yr

Latest (2026): $98 · +0.0% YoY. Source: county tax records.