5335 Burgundy St · New Orleans, LA 70117

$349,900

6 bd · 4.5 ba · 2,356 sqft · MultiFamily public records · 94 Days on market

Built 1980 6,838 sqft lot $149/sqft · 37% above area Est $256k · 37% 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 +29.2/30.0
• DSCR +10.0/10.0
• 1% rule +7.2/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Excellent house-hack or investment opportunity in the Holy Cross area! This triplex features three 2 bedroom / 1 bath units and offers the perfect setup for the owner-occupant or investor looking to generate strong rental income. Two units are currently leased at $1400/month, producing immediate income, while the third unit is vacant and ready for light cosmetic updates. Live in one unit and let the other two help pay your mortgage, or lease the third unit to bring total potential rents to approximately $4200/month. Located just minutes from the French Quarter, Bywater, and downtown New Orleans, with growing demand for multi-family housing in the area.

Key facts

• Three units
• Multi-family housing
• Triplex

Tags

• TRIPLEX
• THREE UNITS
• LIGHT COSMETIC UPDATES
• MULTI-FAMILY HOUSING

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $386/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $318k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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 rising (+2.5%/yr); 587 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $4,270/mo this rent would consume 112% 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 $2k of loan paydown is wiped out by about $10k 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 $98k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($318k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

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 $318,409 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% 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: 1.22% ✓
• Cap rate: 10.49%
• Cash-on-cash: 14.99%
• DSCR: 1.67
• GRM: 6.8

CMA / ARV

• ARV (median comp): $256,061
• List price: $349,900
• Delta: 36.65%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4820 22 Dauphine St	0.38mi	6/2.0	2,300 (-2%)	7mo	$205,000	$89	62
1135 37 Deslonde St	0.37mi	6/2.0	2,132 (-10%)	7mo	$215,000	$101	51
1008 10 Charbonnet St	0.29mi	6/2.0	2,016 (-14%)	16mo	$46,000	$23	39

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: 3.9%
• Equity multiple: 1.15×
• Total profit: $14,755
• Equity at exit: $52,171

10-year hold

• IRR: 13.0%
• Equity multiple: 2.01×
• Total profit: $98,645
• Equity at exit: $30,253

Cash invested: $97,972 (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: 587
• Price-to-rent: 20.5×

Monthly cashflow live

• Estimated rent: $4,270 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$169 /mo · $2,029/yr
• Insurance: −$146
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$897
• Net cashflow: $1,157

Break-even live

Break-even rent $2,805

Max offer price $349,900

Occupancy floor 68%

Sensitivity live

Price	-10% $1,355	-5% $1,256	+0% $1,157	+5% $1,058	+10% $959
Rent	-10% $820	-5% $988	+0% $1,157	+5% $1,326	+10% $1,494
Rate	-1.0pp $1,333	-0.5pp $1,246	base $1,157	+0.5pp $1,066	+1.0pp $974

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,269
Total (3 units)			$4,270

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1019 Center St Arabi, LA	5.0	3.0	1973	$5,888	$2.98	3d	1	1.22mi

Listing history 18 events

1. 2026-06-21
   days on market $349,900 Active 94 DOM
2. 2026-06-18
   days on market $349,900 Active 91 DOM
3. 2026-06-17
   days on market $349,900 Active 90 DOM
4. 2026-06-16
   days on market $349,900 Active 89 DOM
5. 2026-06-15
   days on market $349,900 Active 88 DOM
6. 2026-06-13
   days on market $349,900 Active 86 DOM
7. 2026-06-10
   days on market $349,900 Active 83 DOM
8. 2026-06-09
   days on market $349,900 Active 82 DOM
9. 2026-06-08
   days on market $349,900 Active 81 DOM
10. 2026-06-07
    days on market $349,900 Active 80 DOM
11. 2026-06-05
    days on market $349,900 Active 77 DOM
12. 2026-06-03
    days on market $349,900 Active 76 DOM
13. 2026-06-02
    days on market $349,900 Active 75 DOM
14. 2026-06-01
    days on market $349,900 Active 74 DOM
15. 2026-05-31
    days on market $349,900 Active 73 DOM
16. 2026-03-09
    listed $349,900 Active 660-char remark

    Show marketing remark (660 chars)

    Excellent house-hack or investment opportunity in the Holy Cross area! This triplex features three 2 bedroom / 1 bath units and offers the perfect setup for the owner-occupant or investor looking to generate strong rental income. Two units are currently leased at $1400/month, producing immediate income, while the third unit is vacant and ready for light cosmetic updates. Live in one unit and let the other two help pay your mortgage, or lease the third unit to bring total potential rents to approximately $4200/month. Located just minutes from the French Quarter, Bywater, and downtown New Orleans, with growing demand for multi-family housing in the area.

17. 2026-03-09
    listed $349,900 Active 660-char remark

    Show marketing remark (660 chars)

    Excellent house-hack or investment opportunity in the Holy Cross area! This triplex features three 2 bedroom / 1 bath units and offers the perfect setup for the owner-occupant or investor looking to generate strong rental income. Two units are currently leased at $1400/month, producing immediate income, while the third unit is vacant and ready for light cosmetic updates. Live in one unit and let the other two help pay your mortgage, or lease the third unit to bring total potential rents to approximately $4200/month. Located just minutes from the French Quarter, Bywater, and downtown New Orleans, with growing demand for multi-family housing in the area.

18. 2019-05-01
    listed $155,000

ⓘ 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: $2,029 · $169/mo
• Projected year-2 tax: $2,029 · $169/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 ≥108°F today · 22 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: $51,240
• − Mortgage interest: −$19,600
• − Property taxes: −$2,029
• − Insurance: −$2,547
• − Repairs & maintenance: −$4,099
• − Management: −$4,099
• − Depreciation: −$10,179
• Taxable income: $8,687
• Est. tax owed @ 24.0%: −$2,085
• After-tax cash flow: $11,800/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

+125.7% since first listed

3 events — show timeline

• 2026-03-09 Listed $349,900 GSREIN
• 2026-03-09 Listed $349,900 AcadianaMLS
• 2019-05-01 Listed $155,000 AcadianaMLS

Property tax history

-0.2%/yr

Latest (2026): $2,029 · +1.1% YoY. Source: county tax records.