2003 Spain St · New Orleans, LA 70117

$129,000

5 bd · 2.0 ba · 2,448 sqft · MultiFamily public records · 129 Days on market

Built 1960 $53/sqft · 55% below area

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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
• Rent growth +3.1/5.0
• 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

Prime investment opportunity in St. Roch - Renovation-Ready Duplex. Situated on a corner lot and includes a private driveway for convenient off-street parking. Fully gutted and ready for completion. Upgrades include roof (2021), framing, and windows. Zoned HU-RD2

Key facts

• Fully gutted
• Private driveway
• Corner lot

Tags

• RENOVATION READY DUPLEX
• PRIVATE DRIVEWAY
• CORNER LOT
• FULLY GUTTED
• UPGRADES INCLUDE ROOF
• UPGRADES INCLUDE FRAMING

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $129k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $763/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $129k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 21.1% vs local median 4.3% 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 rising (+2.5%/yr); 588 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $892 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.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 20y ago; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $49k; list at $129k implies a 163% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe 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 $113,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 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. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. 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: 2.34% ✓
• Cap rate: 21.10%
• Cash-on-cash: 52.87%
• DSCR: 3.35
• GRM: 3.6

CMA / ARV

• ARV (median comp): $283,835
• List price: $129,000
• Delta: -54.55%
• 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
2530 32 N Galvez St	0.25mi	5/3.0	2,402 (-2%)	8mo	$214,900	$89	74
2024 26 St Anthony St	0.52mi	6/4.0 (+1)	2,482 (+1%)	6mo	$350,000	$141	55
1612 14 Saint Roch Ave	0.26mi	6/4.0 (+1)	2,660 (+9%)	6mo	$500,000	$188	55
1827 29 Frenchmen St	0.31mi	5/3.0	2,160 (-12%)	9mo	$360,000	$167	54
1618 20 Touro St	0.46mi	4/2.0 (-1)	2,624 (+7%)	10mo	$92,500	$35	53
1810 Allen St	0.67mi	4/4.0 (-1)	2,390 (-2%)	4mo	$265,000	$111	49
2825-27 Spain St	0.66mi	6/4.0 (+1)	2,496 (+2%)	7mo	$385,000	$154	47
2009 11 Montegut St	0.65mi	6/2.0 (+1)	2,256 (-8%)	7mo	$37,500	$17	46
2535-37 N Rampart St	0.71mi	5/2.0	2,700 (+10%)	7mo	$350,000	$130	44
2329-2331 Saint Anthony St	0.56mi	6/2.0 (+1)	2,156 (-12%)	8mo	$130,000	$60	42
1966 N Prieur St	0.48mi	6/4.0 (+1)	2,166 (-12%)	6mo	$308,000	$142	40
2117 19 Marais St	0.62mi	4/2.0 (-1)	2,084 (-15%)	5mo	$295,000	$142	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 · 2.49% rent growth · sell at horizon

5-year hold

• IRR: 47.9%
• Equity multiple: 3.07×
• Total profit: $74,713
• Equity at exit: $19,234

10-year hold

• IRR: 53.3%
• Equity multiple: 6.09×
• Total profit: $183,979
• Equity at exit: $11,154

Cash invested: $36,120 (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 70117

• Rents YoY: 2.5%
• Active inventory: 588
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $3,013 high
• Mortgage (P&I): −$676
• Tax from tax record: −$59 /mo · $702/yr
• Insurance: −$54
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$633
• Net cashflow: $1,525

Break-even live

Break-even rent $1,083

Max offer price $129,000

Occupancy floor 44%

Sensitivity live

Price	-10% $1,598	-5% $1,562	+0% $1,525	+5% $1,489	+10% $1,452
Rent	-10% $1,287	-5% $1,406	+0% $1,525	+5% $1,644	+10% $1,763
Rate	-1.0pp $1,590	-0.5pp $1,558	base $1,525	+0.5pp $1,492	+1.0pp $1,458

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$3,014
Total (2 units)			$3,013

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	5d	1	0.20mi
2920 Pauger St New Orleans, LA	4.0	2.0	1882	$1,995	$1.06	26d	1	0.48mi
3228 Pauger St New Orleans, LA	5.0	2.0	1600	$2,100	$1.31	26d	1	0.59mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$6,144	$3.88	5d	2	0.71mi
1860 Burgundy St New Orleans, LA	4.0	4.0	3000	$3,500	$1.17	26d	1	0.90mi
3400 Royal St New Orleans, LA	4.0	3.5	3300	$6,900	$2.09	46d	1	1.32mi
811 Burgundy St New Orleans, LA	4.0	2.5	2059	$5,000	$2.43	46d	1	1.39mi
3302 Metropolitan St New Orleans, LA	4.0	2.5	1700	$2,200	$1.29	19d	1	1.41mi

Listing history 33 events

1. 2026-06-22
   days on market $129,000 Active 129 DOM
2. 2026-06-21
   days on market $129,000 Active 128 DOM
3. 2026-06-18
   days on market $129,000 Active 125 DOM
4. 2026-06-17
   days on market $129,000 Active 124 DOM
5. 2026-06-16
   days on market $129,000 Active 123 DOM
6. 2026-06-15
   days on market $129,000 Active 122 DOM
7. 2026-06-13
   days on market $129,000 Active 120 DOM
8. 2026-06-10
   days on market $129,000 Active 117 DOM
9. 2026-06-09
   days on market $129,000 Active 116 DOM
10. 2026-06-08
    days on market $129,000 Active 115 DOM
11. 2026-06-07
    days on market $129,000 Active 114 DOM
12. 2026-06-05
    days on market $129,000 Active 111 DOM
13. 2026-06-03
    days on market $129,000 Active 110 DOM
14. 2026-06-02
    days on market $129,000 Active 109 DOM
15. 2026-06-01
    days on market $129,000 Active 108 DOM
16. 2026-05-31
    days on market $129,000 Active 107 DOM
17. 2026-04-29
    price $129,000 263-char remark

    Show marketing remark (269 chars)

    Prime investment opportunity in St. Roch – Renovation-Ready Duplex. Situated on a corner lot and includes a private driveway for convenient off-street parking. Fully gutted and ready for completion. Upgrades include roof (2021), framing, and windows. Zoned HU-RD2

18. 2026-04-29
    price $129,000 269-char remark

    Show marketing remark (269 chars)

    Prime investment opportunity in St. Roch – Renovation-Ready Duplex. Situated on a corner lot and includes a private driveway for convenient off-street parking. Fully gutted and ready for completion. Upgrades include roof (2021), framing, and windows. Zoned HU-RD2

19. 2026-03-02
    price $139,000 263-char remark

    Show marketing remark (269 chars)

    Prime investment opportunity in St. Roch – Renovation-Ready Duplex. Situated on a corner lot and includes a private driveway for convenient off-street parking. Fully gutted and ready for completion. Upgrades include roof (2021), framing, and windows. Zoned HU-RD2

20. 2026-03-02
    price $139,000 269-char remark

    Show marketing remark (269 chars)

    Prime investment opportunity in St. Roch – Renovation-Ready Duplex. Situated on a corner lot and includes a private driveway for convenient off-street parking. Fully gutted and ready for completion. Upgrades include roof (2021), framing, and windows. Zoned HU-RD2

21. 2026-02-13
    listed $149,000 Active 263-char remark

    Show marketing remark (269 chars)

    Prime investment opportunity in St. Roch – Renovation-Ready Duplex. Situated on a corner lot and includes a private driveway for convenient off-street parking. Fully gutted and ready for completion. Upgrades include roof (2021), framing, and windows. Zoned HU-RD2

22. 2026-02-13
    listed $149,000 Active 269-char remark

    Show marketing remark (269 chars)

    Prime investment opportunity in St. Roch – Renovation-Ready Duplex. Situated on a corner lot and includes a private driveway for convenient off-street parking. Fully gutted and ready for completion. Upgrades include roof (2021), framing, and windows. Zoned HU-RD2

23. 2025-07-01
    price $205,000
24. 2025-07-01
    price $205,000
25. 2025-07-01
    listed $205,000 Active
26. 2025-06-19
    listed $149,000 Active
27. 2025-03-20
    listed $150,000 Active
28. 2025-03-20
    listed $150,000 Active
29. 2019-10-10
    soldstatus $49,000
30. 2006-12-12
    soldstatus $25,750
31. 2006-03-29
    listed $23,900
32. 2006-03-29
    listed $23,900
33. 1977-08-15
    soldstatus $23,000

ⓘ 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: $702 · $59/mo
• Projected year-2 tax: $710 · $59/mo
• Expected delta: +$7/yr (+$1/mo · 1.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 · 22 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: $36,156
• − Mortgage interest: −$7,226
• − Property taxes: −$702
• − Insurance: −$1,442
• − Repairs & maintenance: −$2,892
• − Management: −$2,892
• − Depreciation: −$3,753
• Taxable income: $17,248
• Est. tax owed @ 24.0%: −$4,139
• After-tax cash flow: $14,161/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): 25,652
• Household income: $45,764
• Rent vs Own: 47.8% rent · 52.2% own
• Severe rent burden: 1988.0

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: Majority Black (60%)
• Race & ethnicity: Black 60% White 30% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Lithuanian 5% Italian 1% Romanian 1%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% 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: ▼ -177.22%
• Current HPI: 184.6061
• Rent YoY: ▲ 2.49%
• 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

+460.9% since first listed

17 events — show timeline

• 2026-04-29 Price Changed $129,000 AcadianaMLS
• 2026-04-29 Price Changed $129,000 GSREIN
• 2026-03-02 Price Changed $139,000 AcadianaMLS
• 2026-03-02 Price Changed $139,000 GSREIN
• 2026-02-13 Listed $149,000 GSREIN
• 2026-02-13 Listed $149,000 AcadianaMLS
• 2025-07-01 Price Changed $205,000 AcadianaMLS
• 2025-07-01 Price Changed $205,000 GSREIN
• 2025-07-01 Listed $205,000 AcadianaMLS
• 2025-06-19 Listed $149,000 AcadianaMLS
• 2025-03-20 Listed $150,000 AcadianaMLS
• 2025-03-20 Listed $150,000 AcadianaMLS
• 2019-10-10 Sold (Public Records) $49,000 Public Records
• 2006-12-12 Sold (MLS) $25,750 GSREIN
• 2006-03-29 Listed $23,900 AcadianaMLS
• 2006-03-29 Listed $23,900 GSREIN
• 1977-08-15 Sold (Public Records) $23,000 Public Records

Property tax history

-3.2%/yr

Latest (2026): $702 · +1.1% YoY. Source: county tax records.