3902 04 Louisiana Avenue Pkwy · New Orleans, LA 70125

$274,900

6 bd · 4.0 ba · 2,010 sqft · MultiFamily · 262 Days on market

Built 2010 $137/sqft · 23% below area Est $357k · 23% 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 +7.2/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Great Location East Broadmoor area, around S Board, Washington just waiting for you. Don't let this opportunity pass you by. This Shotgun Camelback style duplex features Living room, kitchen 3 bedroom and 2 full baths. Each side has open living room and kitchen followed by laundry room, downstairs bathroom and 1 bedroom with outside yard access, upstairs features 2 bedroom with 1 full bath.

Key facts

• Open living room
• Outside yard access
• Parking

Tags

• SHOTGUN CAMELBACK STYLE DUPLEX
• OPEN LIVING ROOM
• OUTSIDE YARD ACCESS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $321 ($4k/yr) — positive. Per door: $160/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $242k (12.0% 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; 217 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% of comp listings sitting > 30 days — soft ceiling on asking rent; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,351/mo this rent would consume 66% of the median local household income ($61k/yr) (locally 1270% 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 262 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 24y ago; this cycle's ask has dropped $45k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $175k; list at $275k implies a 57% 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 $241,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 262 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.22% ✓
• Cap rate: 9.56%
• Cash-on-cash: 11.65%
• DSCR: 1.52
• GRM: 6.8

CMA / ARV

• ARV (median comp): $357,088
• List price: $274,900
• Delta: -23.02%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3725-27 Willow St	0.65mi	6/4.0	1,996 (-1%)	12mo	$299,000	$150	58
1505 07 S White St	0.26mi	5/2.0 (-1)	2,268 (+13%)	3mo	$144,900	$64	51
3721 23 Willow St	0.66mi	6/2.0	2,281 (+14%)	3mo	$117,000	$51	37

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 · 0.73% rent growth · sell at horizon

5-year hold

• IRR: -11.5%
• Equity multiple: 0.59×
• Total profit: $-31,274
• Equity at exit: $40,988

10-year hold

• IRR: -6.7%
• Equity multiple: 0.62×
• Total profit: $-28,984
• Equity at exit: $23,768

Cash invested: $76,972 (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 70125

• Home prices YoY: -16.3%
• Rents YoY: 0.7%
• Active inventory: 217
• Price-to-rent: 13.7×

Monthly cashflow live

• Estimated rent: $3,351 high
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,124/yr
• Insurance: −$115
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$704
• Net cashflow: $321

Break-even live

Break-even rent $2,945

Max offer price $274,900

Occupancy floor 85%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,350
Total (2 units)			$3,351

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: $68,725
• Closing costs: $8,247
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2117 S Lopez St New Orleans, LA	5.0	2.0	1920	$2,000	$1.04	23d	1	0.38mi
3112 Upperline St New Orleans, LA	5.0	3.5	2800	$3,650	$1.30	23d	1	0.61mi
6326 S Johnson St Unit 1 New Orleans, LA	5.0	2.0	2013	$3,950	$1.96	43d	1	0.88mi
2818 Palmer Ave New Orleans, LA	5.0	2.0	1832	$4,900	$2.67	43d	1	0.89mi
6321 S Prieur St New Orleans, LA	6.0	2.0	1900	$4,200	$2.21	43d	1	0.91mi
2703 Palmer Ave New Orleans, LA	5.0	2.0	2349	$5,500	$2.34	43d	1	0.93mi
2715 Palmer Ave New Orleans, LA	5.0	2.0	2184	$4,900	$2.24	43d	1	0.93mi
2325 State St New Orleans, LA	5.0	3.0	1800	$4,000	$2.22	23d	1	1.09mi
1736 Pine St New Orleans, LA	5.0	2.0	1494	$4,500	$3.01	23d	1	1.16mi
1609 Broadway St New Orleans, LA	5.0	2.0	1776	$5,000	$2.82	43d	1	1.16mi
7011 Jeannette St Unit A New Orleans, LA	5.0	3.0	2200	$5,000	$2.27	43d	1	1.17mi
7015 Willow St New Orleans, LA	5.0	3.0	2000	$4,200	$2.10	43d	1	1.22mi
1519 Pine St New Orleans, LA	5.0	3.0	3000	$4,000	$1.33	23d	1	1.24mi
4 Cromwell Pl New Orleans, LA	5.0	2.0	2600	$7,000	$2.69	43d	1	1.40mi

Listing history 31 events

1. 2026-06-18
   days on market $274,900 Active 262 DOM
2. 2026-06-17
   days on market $274,900 Active 261 DOM
3. 2026-06-16
   days on market $274,900 Active 260 DOM
4. 2026-06-15
   days on market $274,900 Active 259 DOM
5. 2026-06-13
   days on market $274,900 Active 257 DOM
6. 2026-06-10
   days on market $274,900 Active 254 DOM
7. 2026-06-09
   days on market $274,900 Active 253 DOM
8. 2026-06-08
   days on market $274,900 Active 252 DOM
9. 2026-06-05
   days on market $274,900 Active 251 DOM
10. 2026-06-03
    days on market $274,900 Active 250 DOM
11. 2026-06-02
    days on market $274,900 Active 249 DOM
12. 2026-06-01
    days on market $274,900 Active 248 DOM
13. 2026-05-31
    days on market $274,900 Active 247 DOM
14. 2026-05-16
    price $274,900 393-char remark

    Show marketing remark (393 chars)

    Great Location East Broadmoor area, around S Board, Washington just waiting for you. Don't let this opportunity pass you by. This Shotgun Camelback style duplex features Living room, kitchen 3 bedroom and 2 full baths. Each side has open living room and kitchen followed by laundry room, downstairs bathroom and 1 bedroom with outside yard access, upstairs features 2 bedroom with 1 full bath.

15. 2026-03-17
    price $284,900 393-char remark

    Show marketing remark (393 chars)

    Great Location East Broadmoor area, around S Board, Washington just waiting for you. Don't let this opportunity pass you by. This Shotgun Camelback style duplex features Living room, kitchen 3 bedroom and 2 full baths. Each side has open living room and kitchen followed by laundry room, downstairs bathroom and 1 bedroom with outside yard access, upstairs features 2 bedroom with 1 full bath.

16. 2026-02-20
    price $294,900 393-char remark

    Show marketing remark (393 chars)

    Great Location East Broadmoor area, around S Board, Washington just waiting for you. Don't let this opportunity pass you by. This Shotgun Camelback style duplex features Living room, kitchen 3 bedroom and 2 full baths. Each side has open living room and kitchen followed by laundry room, downstairs bathroom and 1 bedroom with outside yard access, upstairs features 2 bedroom with 1 full bath.

17. 2025-12-23
    price $299,900 393-char remark

    Show marketing remark (393 chars)

    Great Location East Broadmoor area, around S Board, Washington just waiting for you. Don't let this opportunity pass you by. This Shotgun Camelback style duplex features Living room, kitchen 3 bedroom and 2 full baths. Each side has open living room and kitchen followed by laundry room, downstairs bathroom and 1 bedroom with outside yard access, upstairs features 2 bedroom with 1 full bath.

18. 2025-12-23
    price $262,500 393-char remark

    Show marketing remark (393 chars)

    Great Location East Broadmoor area, around S Board, Washington just waiting for you. Don't let this opportunity pass you by. This Shotgun Camelback style duplex features Living room, kitchen 3 bedroom and 2 full baths. Each side has open living room and kitchen followed by laundry room, downstairs bathroom and 1 bedroom with outside yard access, upstairs features 2 bedroom with 1 full bath.

19. 2025-11-07
    price $299,900 393-char remark

    Show marketing remark (393 chars)

    Great Location East Broadmoor area, around S Board, Washington just waiting for you. Don't let this opportunity pass you by. This Shotgun Camelback style duplex features Living room, kitchen 3 bedroom and 2 full baths. Each side has open living room and kitchen followed by laundry room, downstairs bathroom and 1 bedroom with outside yard access, upstairs features 2 bedroom with 1 full bath.

20. 2025-09-25
    listed $319,900 Active 393-char remark

    Show marketing remark (393 chars)

    Great Location East Broadmoor area, around S Board, Washington just waiting for you. Don't let this opportunity pass you by. This Shotgun Camelback style duplex features Living room, kitchen 3 bedroom and 2 full baths. Each side has open living room and kitchen followed by laundry room, downstairs bathroom and 1 bedroom with outside yard access, upstairs features 2 bedroom with 1 full bath.

21. 2025-01-16
    price $299,000
22. 2024-12-05
    price $319,000
23. 2022-11-26
    historical
24. 2022-07-06
    listed $339,000
25. 2022-03-01
    listed $279,000
26. 2005-07-26
    soldstatus $175,000
27. 2005-05-06
    listed $174,500
28. 2005-05-06
    listed $174,500
29. 2002-07-11
    soldstatus $102,500
30. 2002-04-15
    listed $125,000
31. 2002-04-15
    listed $125,000

ⓘ 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 9/10 Extreme FEMA zone AE · 78% 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,212
• − Mortgage interest: −$15,399
• − Property taxes: −$4,124
• − Insurance: −$6,493
• − Repairs & maintenance: −$3,217
• − Management: −$3,217
• − Depreciation: −$7,997
• Taxable loss: −$234
• Est. tax savings @ 24.0%: +$56
• After-tax cash flow: $3,908/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): 17,821
• Household income: $61,174
• Rent vs Own: 53.3% rent · 46.7% own
• Severe rent burden: 1270.0

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 0.63)
• Race & ethnicity: Black 51% White 32% Hispanic / Latino 9% Two or more races 9% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Romanian 1% Slovak 1%
• Foreign-born: 7% · Canada, China
• Languages at home: 90% English-only · Spanish 6% French/Haitian/Cajun 1% Chinese 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: ▼ -49.68%
• Current HPI: 255.5998
• Rent YoY: ▲ 0.73%
• 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

+119.9% since first listed

18 events — show timeline

• 2026-05-16 Price Changed $274,900 GSREIN
• 2026-03-17 Price Changed $284,900 GSREIN
• 2026-02-20 Price Changed $294,900 GSREIN
• 2025-12-23 Price Changed $299,900 GSREIN
• 2025-12-23 Price Changed $262,500 GSREIN
• 2025-11-07 Price Changed $299,900 GSREIN
• 2025-09-25 Listed $319,900 GSREIN
• 2025-01-16 Price Changed $299,000 GSREIN
• 2024-12-05 Price Changed $319,000 GSREIN
• 2022-11-26 Rental Removed — RENT.
• 2022-07-06 Listed $339,000 AcadianaMLS
• 2022-03-01 Listed $279,000 AcadianaMLS
• 2005-07-26 Sold (MLS) $175,000 GSREIN
• 2005-05-06 Listed $174,500 GSREIN
• 2005-05-06 Listed $174,500 AcadianaMLS
• 2002-07-11 Sold (MLS) $102,500 GSREIN
• 2002-04-15 Listed $125,000 AcadianaMLS
• 2002-04-15 Listed $125,000 GSREIN