2229-31 Baronne St · New Orleans, LA 70113

$350,000

None bd · None ba · 2,848 sqft · MultiFamily · 357 Days on market

Poor condition 3,813 sqft lot $123/sqft · 23% below area Est $452k · 23% under ↓ 7% since listing

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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 +25.1/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +8.2/10.0
• 1% rule +6.6/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Schools +1.6/10.0
• Condition / age +1.0/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Uptown Investor Alert - Classic Camelback Double in Historic Central City. Packed with historic charm and strong income potential, this classic New Orleans camelback-style double is a rare opportunity. Timeless architecture, it's the perfect canvas for savvy investors to restore and maximize value. The first floor features a traditional shotgun layout with the kitchen located at the rear, while the second floor offers two independent bedrooms and a full bath. Soaring ceilings and wood floors add timeless appeal to both units. Each residence includes a private, fenced yard and is separately metered--tenants are responsible for their own water, electric, and gas. Conveniently located just blocks from St. Charles Avenue, with easy access to the streetcar line, parade routes, Downtown, the French Quarter, and vibrant Uptown. Two Adjacent properties for sale as well. Motivated Seller open to discounted package pricing for buyers acquiring all three properties. Lots of potential here. Start your investment portfolio today and buy all three properties! See 2225-27 Baronne St., 2233-35 Baronne St. Vacant since IDA. Zoned HU-RM1--Historic Urban Multi-Family Residential District. Needs work. Desirable Flood Zone X. All three of these properties may be approved for Federal and State Historic Tax Credits, to be verified by Buyer. See attached MLS Documents for more information.

Key facts

• Income potential
• Historic charm
• Private fenced yard

Tags

• HISTORIC CHARM
• INCOME POTENTIAL
• CAMELBACK STYLE DOUBLE
• TRADITIONAL SHOTGUN LAYOUT
• PRIVATE FENCED YARD
• SEPARATELY METERED

What this means for you Summary

Snapshot

• This is a multifamily listed at $350k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $711 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $308k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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 rising fast (+6.0%/yr); 137 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $4,046/mo this rent would consume 123% of the median local household income ($39k/yr) (locally 714% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $37k of equity ($2k loan paydown + $35k appreciation (10.0% local appreciation)).
• Orleans County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 6.0% rent growth), your $98k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$60k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 357 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major 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 $308,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 357 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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 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: 1.16% ✓
• Cap rate: 8.96%
• Cash-on-cash: 9.52%
• DSCR: 1.42
• GRM: 7.2

CMA / ARV

• ARV (median comp): $451,993
• List price: $350,000
• Delta: -22.57%
• 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
1921 23 Josephine St	0.16mi	4/3.0	2,900 (+2%)	7mo	$199,900	$69	84
1204 06 Race St	0.55mi	6/5.0	2,878 (+1%)	2mo	$960,000	$334	71
2023 A B First St	0.12mi	6/4.5	2,445 (-14%)	1mo	$485,000	$198	70
1226-28 Carondelet St	0.60mi	—/—	2,730 (-4%)	1mo	$200,000	$73	64
2812-14 Philip St	0.63mi	8/6.0	2,786 (-2%)	3mo	$376,000	$135	64
1226 28 Carondelet St	0.61mi	4/4.0	2,730 (-4%)	1mo	$200,000	$73	64
1370-72 Magazine St	0.70mi	5/5.5	2,944 (+3%)	3mo	$843,000	$286	60
2121 St Andrew St	0.28mi	6/4.0	2,430 (-15%)	3mo	$414,000	$170	60
2309 11 Louisiana Ave	0.67mi	6/4.0	2,904 (+2%)	7mo	$424,500	$146	60
1113 15 Thalia St	0.72mi	4/4.0	3,023 (+6%)	3mo	$1,360,000	$450	54
2909 1st St	0.69mi	5/3.0	2,654 (-7%)	3mo	$75,000	$28	54
2808-2810 Philip St	0.63mi	10/6.0	3,266 (+15%)	3mo	$470,000	$144	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 5.98% rent growth · sell at horizon

5-year hold

• IRR: 32.0%
• Equity multiple: 3.54×
• Total profit: $248,505
• Equity at exit: $315,308

10-year hold

• IRR: 28.6%
• Equity multiple: 8.40×
• Total profit: $724,983
• Equity at exit: $679,973

Cash invested: $98,000 (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 70113

• Rents YoY: 6.0%
• Active inventory: 137
• Price-to-rent: 14.4×

Monthly cashflow live

• Estimated rent: $4,046 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$850
• Net cashflow: $711

Break-even live

Break-even rent $3,146

Max offer price $350,000

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,046
Total (2 units)			$4,046

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2301 Dryades St New Orleans, LA	3.0	3.0	2070	$3,000	$1.45	3d	1	0.08mi
2625 Baronne St Unit 1 New Orleans, LA	3.0	1.5	2100	$2,600	$1.24	44d	1	0.27mi
1441 Washington Ave Unit A New Orleans, LA	2.0	2.5	2027	$3,500	$1.73	12d	1	0.45mi
3212 Danneel St New Orleans, LA	3.0	2.0	1945	$2,000	$1.03	24d	1	0.58mi
1201 Baronne St #2 New Orleans, LA	2.0	2.5	1998	$1,850	$0.93	17d	1	0.61mi
2028 Magazine St New Orleans, LA	3.0	2.5	2600	$7,000	$2.69	17d	1	0.61mi
3314 Carondelet St Unit A New Orleans, LA	3.0	2.0	3500	$3,000	$0.86	24d	1	0.66mi
822 Howard Ave Unit 1272354P New Orleans, LA	1.0–5.0	1.0–4.0	1749	$3,985	$2.28	2d	3	0.76mi
875 O'Keefe Ave #301 New Orleans, LA	3.0	2.5	2029	$4,500	$2.22	17d	1	0.81mi
801 Saint Joseph St #1 New Orleans, LA	2.0	2.5	2400	$14,000	$5.83	44d	1	0.83mi
1229 Annunciation St New Orleans, LA	3.0	3.0	3517	$5,500	$1.56	3d	1	0.85mi
2517 Saint Thomas St New Orleans, LA	3.0	3.0	2010	$4,000	$1.99	3d	1	0.94mi
1000 Girod St Ph 2 New Orleans, LA	3.0	3.5	2008	$4,800	$2.39	44d	1	0.94mi
1636 Peniston St Unit B New Orleans, LA	3.0	2.0	1950	$1,700	$0.87	20d	1	0.96mi
1050 Annunciation St Unit 1272355P New Orleans, LA	2.0–5.0	2.0–4.0	1544	$1,488	$0.96	3d	3	0.97mi
530 2nd St New Orleans, LA	3.0	2.5	2050	$5,250	$2.56	44d	1	0.98mi
3035 Delachaise St New Orleans, LA	3.0	1.0	1968	$1,750	$0.89	2d	1	1.03mi
912 Louisiana Ave New Orleans, LA	2.0	3.5	2175	$4,250	$1.95	44d	1	1.06mi
713 Camp St #400 New Orleans, LA	2.0	2.0	1935	$4,750	$2.45	44d	1	1.06mi
4027 S Derbigny St New Orleans, LA	3.0	2.0	2950	$1,950	$0.66	24d	1	1.09mi
4101 Saint Charles Ave New Orleans, LA	2.0	3.0	2300	$5,700	$2.48	24d	1	1.13mi
419 Carondelet St Unit PHB New Orleans, LA	3.0	2.5	2546	$5,700	$2.24	3d	1	1.19mi
822 Perdido St Unit 1272370P New Orleans, LA	1.0–5.0	1.0–5.0	1447	$3,201	$2.21	3d	4	1.20mi
4435 Loyola Ave New Orleans, LA	3.0	2.0	1973	$2,900	$1.47	16d	1	1.27mi
2308 Jena St New Orleans, LA	3.0	2.5	2550	$3,300	$1.29	44d	1	1.29mi
800 Gravier St Unit 1272312P New Orleans, LA	2.0–4.0	2.0–4.0	1673	$2,349	$1.40	14d	2	1.31mi
4229 Coliseum St New Orleans, LA	3.0	1.0	2000	$1,950	$0.97	17d	1	1.33mi
210 Baronne St New Orleans, LA	1.0–2.0	1.0–2.5	1530	$5,000	$3.27	2d	26	1.35mi
431 Gravier St Unit 2 New Orleans, LA	2.0	2.0	2100	$4,000	$1.90	44d	1	1.37mi
431 Gravier St Ste 4 New Orleans, LA	3.0	2.0	2100	$3,700	$1.76	44d	1	1.37mi
3350 Jena St New Orleans, LA	3.0	2.5	2200	$2,500	$1.14	44d	1	1.44mi

Listing history 16 events

1. 2026-06-18
   days on market $350,000 Active 357 DOM
2. 2026-06-17
   days on market $350,000 Active 356 DOM
3. 2026-06-16
   days on market $350,000 Active 355 DOM
4. 2026-06-15
   days on market $350,000 Active 354 DOM
5. 2026-06-13
   days on market $350,000 Active 352 DOM
6. 2026-06-10
   days on market $350,000 Active 349 DOM
7. 2026-06-09
   days on market $350,000 Active 348 DOM
8. 2026-06-08
   days on market $350,000 Active 347 DOM
9. 2026-06-07
   days on market $350,000 Active 346 DOM
10. 2026-06-05
    days on market $350,000 Active 343 DOM
11. 2026-06-03
    days on market $350,000 Active 342 DOM
12. 2026-06-02
    days on market $350,000 Active 341 DOM
13. 2026-06-01
    days on market $350,000 Active 340 DOM
14. 2026-05-31
    days on market $350,000 Active 339 DOM
15. 2025-10-07
    price $350,000 1388-char remark

    Show marketing remark (1388 chars)

    Uptown Investor Alert - Classic Camelback Double in Historic Central City. Packed with historic charm and strong income potential, this classic New Orleans camelback-style double is a rare opportunity. Timeless architecture, it's the perfect canvas for savvy investors to restore and maximize value. The first floor features a traditional shotgun layout with the kitchen located at the rear, while the second floor offers two independent bedrooms and a full bath. Soaring ceilings and wood floors add timeless appeal to both units. Each residence includes a private, fenced yard and is separately metered--tenants are responsible for their own water, electric, and gas. Conveniently located just blocks from St. Charles Avenue, with easy access to the streetcar line, parade routes, Downtown, the French Quarter, and vibrant Uptown. Two Adjacent properties for sale as well. Motivated Seller open to discounted package pricing for buyers acquiring all three properties. Lots of potential here. Start your investment portfolio today and buy all three properties! See 2225-27 Baronne St., 2233-35 Baronne St. Vacant since IDA. Zoned HU-RM1--Historic Urban Multi-Family Residential District. Needs work. Desirable Flood Zone X. All three of these properties may be approved for Federal and State Historic Tax Credits, to be verified by Buyer. See attached MLS Documents for more information.

16. 2025-06-26
    listed $375,000 Active 1388-char remark

    Show marketing remark (1388 chars)

    Uptown Investor Alert - Classic Camelback Double in Historic Central City. Packed with historic charm and strong income potential, this classic New Orleans camelback-style double is a rare opportunity. Timeless architecture, it's the perfect canvas for savvy investors to restore and maximize value. The first floor features a traditional shotgun layout with the kitchen located at the rear, while the second floor offers two independent bedrooms and a full bath. Soaring ceilings and wood floors add timeless appeal to both units. Each residence includes a private, fenced yard and is separately metered--tenants are responsible for their own water, electric, and gas. Conveniently located just blocks from St. Charles Avenue, with easy access to the streetcar line, parade routes, Downtown, the French Quarter, and vibrant Uptown. Two Adjacent properties for sale as well. Motivated Seller open to discounted package pricing for buyers acquiring all three properties. Lots of potential here. Start your investment portfolio today and buy all three properties! See 2225-27 Baronne St., 2233-35 Baronne St. Vacant since IDA. Zoned HU-RM1--Historic Urban Multi-Family Residential District. Needs work. Desirable Flood Zone X. All three of these properties may be approved for Federal and State Historic Tax Credits, to be verified by Buyer. See attached MLS Documents for more information.

ⓘ 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 7/10 Severe FEMA zone X · 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $48,552
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$2,548
• − Repairs & maintenance: −$3,884
• − Management: −$3,884
• − Depreciation: −$10,182
• Taxable income: $3,199
• Est. tax owed @ 24.0%: −$768
• After-tax cash flow: $7,766/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.

Condition & rehab AI · 12 photos

Poor 20/100 Extensive rehab

This multi-family property requires extensive renovations to bring it up to modern standards, significantly increasing its resale and rental value.

Repairs flagged

• Major kitchen cabinets — Dated and worn
• Major bathroom fixtures — Worn and outdated
• Major flooring — Worn and in need of replacement
• Major interior walls — Peeling paint and exposed drywall
• Major exterior siding — Worn and in need of repainting
• Major windows — Worn frames and screens
• Major HVAC system — No visible damage, but likely outdated

Value-add opportunities

• Resale New kitchen cabinets and countertops — Modernizes the space and adds value
• Resale New flooring throughout — Improves the overall appearance and adds value
• Both Paint and repainting of interior and exterior — Enhances curb appeal and interior aesthetics
• Both New windows and screens — Improves energy efficiency and adds value
• Rental HVAC system upgrade — Improves tenant comfort and reduces maintenance costs

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Dated and worn	Major	$15,000–50,000
bathroom fixtures · Worn and outdated	Major	$15,000–50,000
flooring · Worn and in need of replacement	Major	$15,000–50,000
interior walls · Peeling paint and exposed drywall	Major	$15,000–50,000
exterior siding · Worn and in need of repainting	Major	$15,000–50,000
windows · Worn frames and screens	Major	$15,000–50,000
HVAC system · No visible damage, but likely outdated	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Resale New kitchen cabinets and countertops — Modernizes the space and adds value ↑
• Resale New flooring throughout — Improves the overall appearance and adds value ↑
• Both Paint and repainting of interior and exterior — Enhances curb appeal and interior aesthetics ↑
• Both New windows and screens — Improves energy efficiency and adds value ↑
• Rental HVAC system upgrade — Improves tenant comfort and reduces maintenance costs ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 9,387
• Household income: $39,333
• Rent vs Own: 75.4% rent · 24.6% own
• Severe rent burden: 714.0

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 61% White 20% Hispanic / Latino 13% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 2% Portuguese 1% Slovak 1%
• Foreign-born: 13% · Canada, Vietnam, China
• Languages at home: 86% English-only · Spanish 11% Other Indo-European 1% Vietnamese 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: ▲ 65.92%
• Current HPI: 229.3968
• Rent YoY: ▲ 5.98%
• 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

-6.7% since first listed

2 events — show timeline

• 2025-10-07 Price Changed $350,000 AcadianaMLS
• 2025-06-26 Listed $375,000 AcadianaMLS