5793-99 Tullis Dr · New Orleans, LA 70131

$385,000

12 bd · 6.0 ba · 5,220 sqft · MultiFamily · 138 Days on market

Built 1980

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Rent growth +0.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

This 4-unit multifamily property delivers strong in-place cash flow at $27,744 annual gross rent, with significant rent growth potential to $79,200+ annual gross rent. The property already meets DSCR loan thresholds and offers a clear path to strong returns once stabilized. This 4-plex totals 5,220 of livable sq ft, consisting of four 3BR / 1.5BA units averaging 1,305 SF for each unit. Currently, there are 2 units with term leases and 2 unit vacant. All units include in-unit laundry hookups, private yards, and off-street parking for two vehicles. 8 off-street parking spots available. Located in Tall Timbers subdivision, this asset provides a family-friendly layouts great for long-term tenants. With minimal deferred maintenance, and four separately deeded assets, investors gain both income stability and exit flexibility in one of New Orleans' most resilient rental markets.

Key facts

• Off street parking
• Private yards
• 3 parking spots

Tags

• IN UNIT LAUNDRY HOOKUPS
• PRIVATE YARDS
• OFF STREET PARKING
• MINIMAL DEFERRED MAINTENANCE
• FOUR SEPARATELY DEEDED ASSETS

What this means for you Summary

Snapshot

• This is a 4 × 3.0-bed/1.5-bath units multifamily listed at $385k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $492/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $385k).
• Recommended offer: $339k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.8% 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.
• Zoned schools: Benjamin Franklin Elem. Math And Science (math 12% / reading 23%, grade F, #479 of 646 statewide, top 75%, 747 students, 98% FRL, charter) — zoned schools average 98% FRL vs 68% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents falling (-9.2%/yr); 275 active listings in the ZIP; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $6,397/mo this rent would consume 123% of the median local household income ($62k/yr) (locally 707% 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 $3k of loan paydown is wiped out by about $12k 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 + 0.0% rent growth), your $108k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 138 days — a 12% lower offer ($339k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts; this cycle's ask is 22547% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $338,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 138 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: 1.66% ✓
• Cap rate: 13.75%
• Cash-on-cash: 26.64%
• DSCR: 2.19
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 10.9%
• Equity multiple: 1.41×
• Total profit: $44,469
• Equity at exit: $57,405

10-year hold

• IRR: 17.1%
• Equity multiple: 2.20×
• Total profit: $129,000
• Equity at exit: $33,288

Cash invested: $107,800 (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 70131

• Home prices YoY: -12.0%
• Rents YoY: -9.2%
• Active inventory: 275
• Price-to-rent: 20.1×

Monthly cashflow live

• Estimated rent: $6,397 high
• Mortgage (P&I): −$2,019
• Tax est. 1.5%: −$481 /mo · $5,775/yr
• Insurance: −$160
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,343
• Net cashflow: $1,966

Break-even live

Break-even rent $3,908

Max offer price $385,000

Occupancy floor 64%

Sensitivity live

Price	-10% $2,233	-5% $2,099	+0% $1,966	+5% $1,833	+10% $1,700
Rent	-10% $1,461	-5% $1,714	+0% $1,966	+5% $2,219	+10% $2,472
Rate	-1.0pp $2,160	-0.5pp $2,064	base $1,966	+0.5pp $1,867	+1.0pp $1,765

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

Units	Beds	Baths	Est. rent
▸ 4× units	3.0	1.5	$6,396
Total (4 units)			$6,397

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: $96,250
• Closing costs: $11,550
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-05-05
   historical $1,600
2. 2026-04-01
   status Pending 884-char remark

   Show marketing remark (884 chars)

   This 4-unit multifamily property delivers strong in-place cash flow at $27,744 annual gross rent, with significant rent growth potential to $79,200+ annual gross rent. The property already meets DSCR loan thresholds and offers a clear path to strong returns once stabilized. This 4-plex totals 5,220 of livable sq ft, consisting of four 3BR / 1.5BA units averaging 1,305 SF for each unit. Currently, there are 2 units with term leases and 2 unit vacant. All units include in-unit laundry hookups, private yards, and off-street parking for two vehicles. 8 off-street parking spots available. Located in Tall Timbers subdivision, this asset provides a family-friendly layouts great for long-term tenants. With minimal deferred maintenance, and four separately deeded assets, investors gain both income stability and exit flexibility in one of New Orleans' most resilient rental markets.

3. 2026-04-01
   price $385,000 884-char remark

   Show marketing remark (884 chars)

   This 4-unit multifamily property delivers strong in-place cash flow at $27,744 annual gross rent, with significant rent growth potential to $79,200+ annual gross rent. The property already meets DSCR loan thresholds and offers a clear path to strong returns once stabilized. This 4-plex totals 5,220 of livable sq ft, consisting of four 3BR / 1.5BA units averaging 1,305 SF for each unit. Currently, there are 2 units with term leases and 2 unit vacant. All units include in-unit laundry hookups, private yards, and off-street parking for two vehicles. 8 off-street parking spots available. Located in Tall Timbers subdivision, this asset provides a family-friendly layouts great for long-term tenants. With minimal deferred maintenance, and four separately deeded assets, investors gain both income stability and exit flexibility in one of New Orleans' most resilient rental markets.

4. 2026-04-01
   price $385,000

   Show marketing remark (884 chars)

   This 4-unit multifamily property delivers strong in-place cash flow at $27,744 annual gross rent, with significant rent growth potential to $79,200+ annual gross rent. The property already meets DSCR loan thresholds and offers a clear path to strong returns once stabilized. This 4-plex totals 5,220 of livable sq ft, consisting of four 3BR / 1.5BA units averaging 1,305 SF for each unit. Currently, there are 2 units with term leases and 2 unit vacant. All units include in-unit laundry hookups, private yards, and off-street parking for two vehicles. 8 off-street parking spots available. Located in Tall Timbers subdivision, this asset provides a family-friendly layouts great for long-term tenants. With minimal deferred maintenance, and four separately deeded assets, investors gain both income stability and exit flexibility in one of New Orleans' most resilient rental markets.

5. 2026-04-01
   status Pending

   Show marketing remark (884 chars)

   This 4-unit multifamily property delivers strong in-place cash flow at $27,744 annual gross rent, with significant rent growth potential to $79,200+ annual gross rent. The property already meets DSCR loan thresholds and offers a clear path to strong returns once stabilized. This 4-plex totals 5,220 of livable sq ft, consisting of four 3BR / 1.5BA units averaging 1,305 SF for each unit. Currently, there are 2 units with term leases and 2 unit vacant. All units include in-unit laundry hookups, private yards, and off-street parking for two vehicles. 8 off-street parking spots available. Located in Tall Timbers subdivision, this asset provides a family-friendly layouts great for long-term tenants. With minimal deferred maintenance, and four separately deeded assets, investors gain both income stability and exit flexibility in one of New Orleans' most resilient rental markets.

6. 2026-03-19
   price $1,600
7. 2026-02-26
   price $400,000 884-char remark

   Show marketing remark (884 chars)

   This 4-unit multifamily property delivers strong in-place cash flow at $27,744 annual gross rent, with significant rent growth potential to $79,200+ annual gross rent. The property already meets DSCR loan thresholds and offers a clear path to strong returns once stabilized. This 4-plex totals 5,220 of livable sq ft, consisting of four 3BR / 1.5BA units averaging 1,305 SF for each unit. Currently, there are 2 units with term leases and 2 unit vacant. All units include in-unit laundry hookups, private yards, and off-street parking for two vehicles. 8 off-street parking spots available. Located in Tall Timbers subdivision, this asset provides a family-friendly layouts great for long-term tenants. With minimal deferred maintenance, and four separately deeded assets, investors gain both income stability and exit flexibility in one of New Orleans' most resilient rental markets.

8. 2026-02-26
   price $400,000

   Show marketing remark (884 chars)

   This 4-unit multifamily property delivers strong in-place cash flow at $27,744 annual gross rent, with significant rent growth potential to $79,200+ annual gross rent. The property already meets DSCR loan thresholds and offers a clear path to strong returns once stabilized. This 4-plex totals 5,220 of livable sq ft, consisting of four 3BR / 1.5BA units averaging 1,305 SF for each unit. Currently, there are 2 units with term leases and 2 unit vacant. All units include in-unit laundry hookups, private yards, and off-street parking for two vehicles. 8 off-street parking spots available. Located in Tall Timbers subdivision, this asset provides a family-friendly layouts great for long-term tenants. With minimal deferred maintenance, and four separately deeded assets, investors gain both income stability and exit flexibility in one of New Orleans' most resilient rental markets.

9. 2026-02-13
   listed $1,700
10. 2026-01-01
    historical $1,650
11. 2025-11-16
    price $450,000
12. 2025-11-14
    listed $1,650

    Show marketing remark (884 chars)

    This 4-unit multifamily property delivers strong in-place cash flow at $27,744 annual gross rent, with significant rent growth potential to $79,200+ annual gross rent. The property already meets DSCR loan thresholds and offers a clear path to strong returns once stabilized. This 4-plex totals 5,220 of livable sq ft, consisting of four 3BR / 1.5BA units averaging 1,305 SF for each unit. Currently, there are 2 units with term leases and 2 unit vacant. All units include in-unit laundry hookups, private yards, and off-street parking for two vehicles. 8 off-street parking spots available. Located in Tall Timbers subdivision, this asset provides a family-friendly layouts great for long-term tenants. With minimal deferred maintenance, and four separately deeded assets, investors gain both income stability and exit flexibility in one of New Orleans' most resilient rental markets.

13. 2025-11-14
    listed $450,000 Active 884-char remark

    Show marketing remark (884 chars)

    This 4-unit multifamily property delivers strong in-place cash flow at $27,744 annual gross rent, with significant rent growth potential to $79,200+ annual gross rent. The property already meets DSCR loan thresholds and offers a clear path to strong returns once stabilized. This 4-plex totals 5,220 of livable sq ft, consisting of four 3BR / 1.5BA units averaging 1,305 SF for each unit. Currently, there are 2 units with term leases and 2 unit vacant. All units include in-unit laundry hookups, private yards, and off-street parking for two vehicles. 8 off-street parking spots available. Located in Tall Timbers subdivision, this asset provides a family-friendly layouts great for long-term tenants. With minimal deferred maintenance, and four separately deeded assets, investors gain both income stability and exit flexibility in one of New Orleans' most resilient rental markets.

14. 2025-11-14
    listed $450,000 Active

    Show marketing remark (884 chars)

    This 4-unit multifamily property delivers strong in-place cash flow at $27,744 annual gross rent, with significant rent growth potential to $79,200+ annual gross rent. The property already meets DSCR loan thresholds and offers a clear path to strong returns once stabilized. This 4-plex totals 5,220 of livable sq ft, consisting of four 3BR / 1.5BA units averaging 1,305 SF for each unit. Currently, there are 2 units with term leases and 2 unit vacant. All units include in-unit laundry hookups, private yards, and off-street parking for two vehicles. 8 off-street parking spots available. Located in Tall Timbers subdivision, this asset provides a family-friendly layouts great for long-term tenants. With minimal deferred maintenance, and four separately deeded assets, investors gain both income stability and exit flexibility in one of New Orleans' most resilient rental markets.

15. 2025-11-13
    price $450,000
16. 2025-09-04
    price $475,000
17. 2025-09-04
    price $475,000
18. 2025-04-18
    listed $525,000 Active

ⓘ 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 3/10 Moderate
• 🌡 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $76,764
• − Mortgage interest: −$21,566
• − Property taxes: −$5,775
• − Insurance: −$7,044
• − Repairs & maintenance: −$6,141
• − Management: −$6,141
• − Depreciation: −$11,200
• Taxable income: $18,897
• Est. tax owed @ 24.0%: −$4,535
• After-tax cash flow: $19,062/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): 25,151
• Household income: $62,389
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 707.0

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 0.57)
• Race & ethnicity: Black 62% White 20% Hispanic / Latino 11% Two or more races 6% Asian 4%
• Hispanic origin (detail): Mexican 2% Dominican 2%
• Common ancestry: Lithuanian 4% Hispanic 1%
• Foreign-born: 8% · Canada, Vietnam, China
• Languages at home: 86% English-only · Spanish 9% Vietnamese 2% 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: ▼ -28.08%
• Current HPI: 206.7552
• Rent YoY: ▼ -9.23%
• 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

-99.7% since first listed

18 events — show timeline

• 2026-05-05 Rental Removed $1,600 RAAMLS
• 2026-04-01 Pending — AcadianaMLS
• 2026-04-01 Price Changed $385,000 AcadianaMLS
• 2026-04-01 Price Changed $385,000 GSREIN
• 2026-04-01 Pending — GSREIN
• 2026-03-19 Price Changed $1,600 RAAMLS
• 2026-02-26 Price Changed $400,000 AcadianaMLS
• 2026-02-26 Price Changed $400,000 GSREIN
• 2026-02-13 Listed for Rent $1,700 RAAMLS
• 2026-01-01 Rental Removed $1,650 GSREIN
• 2025-11-16 Price Changed $450,000 AcadianaMLS
• 2025-11-14 Listed for Rent $1,650 GSREIN
• 2025-11-14 Listed $450,000 GSREIN
• 2025-11-14 Listed $450,000 AcadianaMLS
• 2025-11-13 Price Changed $450,000 GSREIN
• 2025-09-04 Price Changed $475,000 AcadianaMLS
• 2025-09-04 Price Changed $475,000 GSREIN
• 2025-04-18 Listed $525,000 AcadianaMLS