3120 22 Law St · New Orleans, LA 70117

$215,000

3 bd · 2.0 ba · 1,440 sqft · MultiFamily public records · 59 Days on market

Built 2013 $149/sqft · 5% above area Est $205k · 5% over

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Why this score? — see what drove the C+ 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 +27.8/30.0
• DSCR +9.8/10.0
• 1% rule +6.9/10.0
• ARV discount +5.2/15.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

INVESTOR OPPORTUNITY OR OWNER OCCUPANT IN THE UPPER 9TH WARD! THIS RAISED DOUBLE OFFERS 2 UNITS, EACH FEATURING 2 BEDROOMS AND 1 BATH ,MAKING IT GREAT FOR GENERATING RENTAL INCOME OR LIVING IN 1 UNIT WHILE THE OTHER HELPS OFFSET YOUR MORTGAGE. EACH UNIT HAS AN OPEN CONCEPT LIVING AREA, CREATING A COMFORTABLE FLOW FOR EVERYDAY LIVING AND ENTERTAINING. BEDROOMS ARE PRIVATELY SITUATED AND YOU'LL LOVE THE EASY MAINTENANCE OF HAVING NO CARPET. SITS ON A DEEP LOT WHICH CAN ALLOW FOR GARDENING AND/OR EXPANSION. THE PROPERTY HAS SEPERATE DRIVEWAYS FOR PARKING MULTIPLE VEHICLES OFF STREET. SELLER INSTALLED APPLIANCES WILL REMAIN, MAKING THIS A TRUE MOVE IN OR RENT READY OPPORTUNITY. CONVIENTLY LOCATED WITH QUICK ACCESS TO INTERSTATES HEADING TO DOWNTOWN NEW ORLEANS OR ST BERNARD PARISH. WHETHER YOU'RE LOOKING TO EXPAND YOUR PORTFOLIO OR START YOUR REAL ESTATE JOURNEY, THIS PROPERTY CHECKS ALL THE BOXES. DON'T MISS OUT ON THIS PRIME OPPORTUNITY, SCHEDULE A SHOWING TODAY.

Key facts

• Deep lot
• Separate driveways
• Quick access

Tags

• OPEN CONCEPT LIVING AREA
• DEEP LOT
• SEPARATE DRIVEWAYS
• INSTALLED APPLIANCES
• QUICK ACCESS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $229 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• Recommended offer: $209k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.0% 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 (+2.5%/yr); 581 active listings in the ZIP; 40 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).
• At $2,565/mo this rent would consume 67% of the median local household income ($46k/yr) (locally 1988% 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 $1k of loan paydown is wiped out by about $6k 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 59 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y ago; this cycle's ask is 14476% 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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $208,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.19% ✓
• Cap rate: 9.95%
• Cash-on-cash: 13.07%
• DSCR: 1.58
• GRM: 7.0

CMA / ARV

• ARV (median comp): $204,691
• List price: $215,000
• Delta: 5.04%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2336 38 Louisa St	0.16mi	4/2.0 (+1)	1,404 (-2%)	8mo	$214,900	$153	77
2421 Feliciana St	0.12mi	4/2.0 (+1)	1,572 (+9%)	2mo	$113,900	$72	72
2326 28 Desire St	0.24mi	4/2.0 (+1)	1,376 (-4%)	11mo	$130,000	$94	68
3025 27 Laussat Pl	0.14mi	3/2.0	1,570 (+9%)	14mo	$137,500	$88	67
2901-03 N Rocheblave St	0.36mi	2/2.0 (-1)	1,344 (-7%)	5mo	$40,000	$30	63
2755 N Rocheblave St	0.54mi	4/2.0 (+1)	1,408 (-2%)	8mo	$105,000	$75	59
2421 Port St	0.34mi	4/4.0 (+1)	1,344 (-7%)	7mo	$40,000	$30	54
2105 07 Arts St	0.73mi	4/3.0 (+1)	1,598 (+11%)	3mo	$265,000	$166	36

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: -9.7%
• Equity multiple: 0.65×
• Total profit: $-21,326
• Equity at exit: $32,057

10-year hold

• IRR: -1.0%
• Equity multiple: 0.93×
• Total profit: $-4,163
• Equity at exit: $18,589

Cash invested: $60,200 (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: 581
• Price-to-rent: 14.0×

Monthly cashflow live

• Estimated rent: $2,565 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$154 /mo · $1,843/yr
• Insurance: −$90
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$539
• Net cashflow: $229

Break-even live

Break-even rent $2,275

Max offer price $215,000

Occupancy floor 86%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,566
Total (2 units)			$2,565

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3135 N Dorgenois St New Orleans, LA	2.0	2.0	960	$1,440	$1.50	23d	1	0.06mi
3137 N Dorgenois St New Orleans, LA	2.0	2.0	960	$1,440	$1.50	16d	1	0.07mi
2421 Louisa St New Orleans, LA	2.0	1.0	1050	$1,300	$1.24	11d	1	0.14mi
2423 Louisa St New Orleans, LA	2.0	1.0	1050	$1,300	$1.24	11d	1	0.14mi
2509 Piety St New Orleans, LA	2.0	2.0	1056	$1,450	$1.37	23d	1	0.15mi
2331 Feliciana St New Orleans, LA	3.0	2.0	1250	$1,850	$1.48	23d	1	0.19mi
2114 Feliciana St Unit A New Orleans, LA	3.0	2.0	1134	$1,500	$1.32	15d	1	0.35mi
2114 Feliciana St Unit A New Orleans, LA	3.0	2.0	1134	$1,500	$1.32	23d	1	0.35mi
2129 Desire St Unit 1B New Orleans, LA	3.0	1.0	1105	$1,200	$1.09	3d	1	0.38mi
2129 Desire St Unit 1B New Orleans, LA	3.0	1.0	1105	$1,200	$1.09	2d	1	0.38mi
2027 Feliciana St New Orleans, LA	2.0	1.0	1104	$1,100	$1.00	15d	1	0.41mi
2028 Desire St New Orleans, LA	3.0	1.0	1300	$1,300	$1.00	23d	1	0.44mi
2219 Almonaster Ave Unit A New Orleans, LA	2.0	1.0	950	$1,500	$1.58	23d	1	0.46mi
1942 Piety St New Orleans, LA	3.0	1.0	1100	$1,500	$1.36	23d	1	0.47mi
2019 Gallier St New Orleans, LA	4.0	2.0	1400	$2,200	$1.57	23d	1	0.49mi
3915 N Rocheblave St New Orleans, LA	2.0	2.0	1005	$1,700	$1.69	15d	1	0.49mi
3915 N Rocheblave St New Orleans, LA	2.0	2.0	1005	$1,700	$1.69	23d	1	0.50mi
2010 Saint Ferdinand St New Orleans, LA	2.0	1.0	909	$1,650	$1.82	23d	1	0.52mi
1839 Louisa St New Orleans, LA	3.0	2.0	1500	$2,095	$1.40	15d	1	0.53mi
1904 Desire St New Orleans, LA	3.0	1.0	1200	$1,400	$1.17	10d	1	0.54mi
1835 Louisa St New Orleans, LA	3.0	2.5	1800	$2,350	$1.31	3d	1	0.54mi
1822 Piety St New Orleans, LA	3.0	1.5	1200	$1,500	$1.25	15d	1	0.57mi
2003 Almonaster Ave New Orleans, LA	3.0	2.0	988	$1,600	$1.62	23d	1	0.59mi
3302 Metropolitan St New Orleans, LA	4.0	2.5	1700	$2,200	$1.29	16d	1	0.60mi
3125 Industrial Ct New Orleans, LA	2.0	2.5	1100	$1,450	$1.32	23d	1	0.62mi
3316 Metropolitan St New Orleans, LA	3.0	2.0	1184	$1,700	$1.44	23d	1	0.63mi
2238 Painters St New Orleans, LA	2.0	1.0	896	$1,300	$1.45	23d	1	0.66mi
2661 Abundance St New Orleans, LA	2.0	1.0	1000	$1,400	$1.40	23d	1	0.68mi
1715 Gallier St Unit B New Orleans, LA	2.0	1.0	1000	$1,099	$1.10	23d	1	0.69mi
1713 Gallier St Unit B New Orleans, LA	2.0	1.0	1000	$1,099	$1.10	23d	1	0.69mi
2556 N Tonti St New Orleans, LA	3.0	2.0	1100	$1,850	$1.68	15d	1	0.70mi
2524 N Galvez St New Orleans, LA	3.0	2.5	1102	$1,800	$1.63	16d	1	0.71mi
2522 N Galvez St New Orleans, LA	3.0	2.0	1105	$1,675	$1.52	23d	1	0.71mi
2515 N Galvez St New Orleans, LA	4.0	2.0	1200	$1,200	$1.00	10d	1	0.72mi
2515 N Galvez St Unit 2515 New Orleans, LA	4.0	2.0	1200	$1,900	$1.58	23d	1	0.72mi
1922 Painters St New Orleans, LA	3.0	1.0	920	$1,700	$1.85	3d	1	0.74mi
1924 Painters St New Orleans, LA	3.0	1.0	920	$1,700	$1.85	3d	1	0.74mi
4217 N Johnson St New Orleans, LA	3.0	2.0	904	$1,650	$1.83	23d	1	0.78mi
4222 N Johnson St New Orleans, LA	3.0	2.0	1100	$1,895	$1.72	23d	1	0.81mi
5624-5626 Saint Claude ST New Orleans, LA	4.0	3.0	1521	$2,300	$1.51	23d	1	0.82mi

Listing history 21 events

1. 2026-06-18
   days on market $215,000 Active 59 DOM
2. 2026-06-17
   days on market $215,000 Active 58 DOM
3. 2026-06-16
   days on market $215,000 Active 57 DOM
4. 2026-06-15
   days on market $215,000 Active 56 DOM
5. 2026-06-13
   days on market $215,000 Active 54 DOM
6. 2026-06-10
   days on market $215,000 Active 51 DOM
7. 2026-06-09
   days on market $215,000 Active 50 DOM
8. 2026-06-08
   days on market $215,000 Active 49 DOM
9. 2026-06-07
   days on market $215,000 Active 48 DOM
10. 2026-06-05
    days on market $215,000 Active 45 DOM
11. 2026-06-03
    days on market $215,000 Active 44 DOM
12. 2026-06-02
    days on market $215,000 Active 43 DOM
13. 2026-06-01
    days on market $215,000 Active 42 DOM
14. 2026-05-31
    days on market $215,000 Active 41 DOM
15. 2026-04-30
    listed $1,475
16. 2026-04-20
    listed $215,000 Active 975-char remark

    Show marketing remark (976 chars)

    INVESTOR OPPORTUNITY OR OWNER OCCUPANT IN THE UPPER 9TH WARD! THIS RAISED DOUBLE OFFERS 2 UNITS, EACH FEATURING 2 BEDROOMS AND 1 BATH , MAKING IT GREAT FOR GENERATING RENTAL INCOME OR LIVING IN 1 UNIT WHILE THE OTHER HELPS OFFSET YOUR MORTGAGE. EACH UNIT HAS AN OPEN CONCEPT LIVING AREA, CREATING A COMFORTABLE FLOW FOR EVERYDAY LIVING AND ENTERTAINING. BEDROOMS ARE PRIVATELY SITUATED AND YOU'LL LOVE THE EASY MAINTENANCE OF HAVING NO CARPET. SITS ON A DEEP LOT WHICH CAN ALLOW FOR GARDENING AND/OR EXPANSION. THE PROPERTY HAS SEPERATE DRIVEWAYS FOR PARKING MULTIPLE VEHICLES OFF STREET. SELLER INSTALLED APPLIANCES WILL REMAIN, MAKING THIS A TRUE MOVE IN OR RENT READY OPPORTUNITY. CONVIENTLY LOCATED WITH QUICK ACCESS TO INTERSTATES HEADING TO DOWNTOWN NEW ORLEANS OR ST BERNARD PARISH. WHETHER YOU'RE LOOKING TO EXPAND YOUR PORTFOLIO OR START YOUR REAL ESTATE JOURNEY, THIS PROPERTY CHECKS ALL THE BOXES. DON'T MISS OUT ON THIS PRIME OPPORTUNITY, SCHEDULE A SHOWING TODAY.

17. 2026-04-20
    listed $215,000 Active 976-char remark

    Show marketing remark (976 chars)

    INVESTOR OPPORTUNITY OR OWNER OCCUPANT IN THE UPPER 9TH WARD! THIS RAISED DOUBLE OFFERS 2 UNITS, EACH FEATURING 2 BEDROOMS AND 1 BATH , MAKING IT GREAT FOR GENERATING RENTAL INCOME OR LIVING IN 1 UNIT WHILE THE OTHER HELPS OFFSET YOUR MORTGAGE. EACH UNIT HAS AN OPEN CONCEPT LIVING AREA, CREATING A COMFORTABLE FLOW FOR EVERYDAY LIVING AND ENTERTAINING. BEDROOMS ARE PRIVATELY SITUATED AND YOU'LL LOVE THE EASY MAINTENANCE OF HAVING NO CARPET. SITS ON A DEEP LOT WHICH CAN ALLOW FOR GARDENING AND/OR EXPANSION. THE PROPERTY HAS SEPERATE DRIVEWAYS FOR PARKING MULTIPLE VEHICLES OFF STREET. SELLER INSTALLED APPLIANCES WILL REMAIN, MAKING THIS A TRUE MOVE IN OR RENT READY OPPORTUNITY. CONVIENTLY LOCATED WITH QUICK ACCESS TO INTERSTATES HEADING TO DOWNTOWN NEW ORLEANS OR ST BERNARD PARISH. WHETHER YOU'RE LOOKING TO EXPAND YOUR PORTFOLIO OR START YOUR REAL ESTATE JOURNEY, THIS PROPERTY CHECKS ALL THE BOXES. DON'T MISS OUT ON THIS PRIME OPPORTUNITY, SCHEDULE A SHOWING TODAY.

18. 2025-05-22
    price $225,000
19. 2025-05-22
    price $225,000
20. 2025-03-14
    listed $230,000 Active
21. 2024-04-06
    listed $230,000

ⓘ 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: $1,843 · $154/mo
• Projected year-2 tax: $1,843 · $154/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 AE · 77% 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,780
• − Mortgage interest: −$12,043
• − Property taxes: −$1,843
• − Insurance: −$6,194
• − Repairs & maintenance: −$2,462
• − Management: −$2,462
• − Depreciation: −$6,255
• Taxable loss: −$480
• Est. tax savings @ 24.0%: +$115
• After-tax cash flow: $2,865/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

-99.4% since first listed

7 events — show timeline

• 2026-04-30 Listed for Rent $1,475 RAAMLS
• 2026-04-20 Listed $215,000 GSREIN
• 2026-04-20 Listed $215,000 AcadianaMLS
• 2025-05-22 Price Changed $225,000 AcadianaMLS
• 2025-05-22 Price Changed $225,000 GSREIN
• 2025-03-14 Listed $230,000 AcadianaMLS
• 2024-04-06 Listed $230,000 AcadianaMLS

Property tax history

+22.1%/yr

Latest (2026): $1,843 · +1.1% YoY. Source: county tax records.