7461 Bullard Ave · New Orleans, LA 70128

$119,900

3 bd · 2.5 ba · 1,598 sqft · SingleFamily public records · 38 Days on market

Built 1970 6,050 sqft lot Est $181k · 34% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

JUST REDUCED!! Great Opportunity to own a solid brick, 2-Story Cape Code styled home along Bullard Ave. near Lake Pontchartrain. This 3 Bedroom / 2.5 Bath home features a den with fireplace, breakfast area, galley kitchen, rear enclosed patio and detached shed. Will need a little TLC, but lots of potential for either the investor or owner occupant looking for a great price on a great home to improve!!! Sold in As-Is condition. Seller requires proof of funds or mortgage pre-approval letter with offers.

Key facts

• 6,050 sq ft lot
• Built 1970
• Listed 38 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $465 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.6% 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: 105 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $829 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 + 3.0% rent growth), your $34k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $116,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1970 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.42% ✓
• Cap rate: 11.61%
• Cash-on-cash: 19.00%
• DSCR: 1.85
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $180,574
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
30 Marywood Ct	0.20mi	3/2.0	1,610 (+1%)	4mo	$182,000	$113	85
7710 Wave Dr	0.42mi	3/2.0	1,611 (+1%)	6mo	$139,000	$86	72
7670 Inlet Ln	0.32mi	4/2.0 (+1)	1,640 (+3%)	5mo	$200,000	$122	69
7830 Wave Dr	0.45mi	3/2.0	1,670 (+4%)	4mo	$160,000	$96	66
7510 Branch Dr	0.37mi	3/2.0	1,702 (+6%)	5mo	$219,500	$129	66
11131 Morrison Rd	0.52mi	3/2.0	1,648 (+3%)	6mo	$80,000	$49	63
7921 Branch Dr	0.46mi	3/2.0	1,477 (-8%)	2mo	$50,000	$34	62
7649 Berg St	0.27mi	3/2.0	1,768 (+11%)	6mo	$90,000	$51	62
7524 Michigan St	0.35mi	3/2.0	1,420 (-11%)	2mo	$183,715	$129	62
7701 Lady Gray St	0.74mi	3/2.5	1,600 (+0%)	7mo	$200,000	$125	60
7050 W Renaissance	0.66mi	3/2.0	1,750 (+10%)	1mo	$220,000	$126	50
10831 Guildford Rd	0.74mi	4/2.0 (+1)	1,746 (+9%)	9mo	$125,000	$72	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.8%
• Equity multiple: 1.31×
• Total profit: $10,249
• Equity at exit: $17,877

10-year hold

• IRR: 17.1%
• Equity multiple: 2.41×
• Total profit: $47,307
• Equity at exit: $10,367

Cash invested: $33,572 (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 70128

• Home prices YoY: -5.9%
• Active inventory: 105
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,708 high
• Mortgage (P&I): −$629
• Tax from tax record: −$139 /mo · $1,669/yr
• Insurance: −$50
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$359
• Net cashflow: $465

Break-even live

Break-even rent $1,119

Max offer price $119,900

Occupancy floor 68%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11967 Curran Rd New Orleans, LA	3.0	2.0	1100	$1,750	$1.59	2d	1	0.14mi
6937 Barrington Ct New Orleans, LA	3.0	2.5	1306	$1,800	$1.38	23d	1	0.46mi
11040 Roger Dr Unit C New Orleans, LA	2.0	2.5	1505	$1,500	$1.00	23d	1	0.75mi
10951 Roger Dr Unit B New Orleans, LA	3.0	2.5	2048	$1,850	$0.90	23d	1	0.78mi
10821 Roger Dr Unit A New Orleans, LA	2.0	1.5	1200	$1,400	$1.17	23d	1	0.85mi
10704 Roger Dr Unit D New Orleans, LA	2.0	1.5	1050	$950	$0.90	23d	1	0.92mi
7937 Read Blvd New Orleans, LA	3.0	2.0	1100	$1,650	$1.50	23d	1	1.04mi
7501 Briarwood Dr New Orleans, LA	3.0	2.0	1500	$1,850	$1.23	23d	1	1.05mi
5754 Louis Prima Dr E New Orleans, LA	3.0	2.5	2069	$2,195	$1.06	23d	1	1.07mi
7500 Symmes Ave New Orleans, LA	4.0	2.0	1400	$2,100	$1.50	23d	1	1.18mi
14031 Linden St New Orleans, LA	3.0	2.0	1200	$1,400	$1.17	23d	1	1.37mi

Listing history 2 events

1. 2026-06-17
   remarks 506-char remark
2. 2026-06-17
   listed $119,900 Pending 38 DOM

ⓘ 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: $1,669 · $139/mo
• Projected year-2 tax: $1,669 · $139/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥107°F today · 21 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: $20,495
• − Mortgage interest: −$6,716
• − Property taxes: −$1,669
• − Insurance: −$1,397
• − Repairs & maintenance: −$1,640
• − Management: −$1,640
• − Depreciation: −$3,488
• Taxable income: $3,946
• Est. tax owed @ 24.0%: −$947
• After-tax cash flow: $4,633/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
• City population: 338,817
• Population (ZIP): 22,973

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: Predominantly Black (86%)
• Race & ethnicity: Black 86% Asian 5% White 4% Two or more races 3%
• Foreign-born: 4% · Vietnam, Canada
• Languages at home: 95% English-only · Vietnamese 4% Spanish 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: ▼ -15.51%
• Current HPI: 247.7131
• Rent YoY: —
• Metro: —
• 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

+34.9% since first listed

10 events — show timeline

• 2024-12-09 Sold (MLS) $107,950 GSREIN
• 2024-11-23 Pending — GSREIN
• 2024-10-23 Price Changed $119,900 AcadianaMLS
• 2024-10-23 Price Changed $119,900 GSREIN
• 2024-09-24 Listed $129,900 AcadianaMLS
• 2024-09-24 Listed $129,900 GSREIN
• 2003-09-25 Sold (MLS) $150,000 GSREIN
• 2003-05-15 Listed $159,900 AcadianaMLS
• 2003-05-15 Listed $159,900 GSREIN
• 1984-04-26 Sold (Public Records) $80,000 Public Records

Property tax history

+0.5%/yr

Latest (2026): $1,669 · +1.1% YoY. Source: county tax records.