1020-22 Gordon St · New Orleans, LA 70117

$149,000

4 bd · 2.0 ba · 1,188 sqft · MultiFamily public records · 6 Days on market

Built 1960 3,312 sqft lot $125/sqft · 32% above area Est $226k · 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

This well-maintained 4-bed, 2-bath duplex offers identical units on both sides, providing a great opportunity for owner-occupants or investors. Located in the Holy Cross Historic District, this property is just minutes from Bywater, OAB, St. Claude Arts District, and more. The area offers easy access to schools, shopping, and public transportation, while blending historic and cultural charm with modern amenities. With a strong rental demand and proximity to vibrant neighborhoods, this property is perfectly situated for both comfortable living and an excellent investment. Live in one unit and rent the other, or lease both for strong rental income potential.

Key facts

• Strong rental demand
• 3,312 sq ft lot
• Listed 6 days

Tags

• HOLY CROSS HISTORIC DISTRICT
• STRONG RENTAL DEMAND
• EASY ACCESS TO SCHOOLS
• EASY ACCESS TO SHOPPING

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $149k.

Deal economics

• At list price, monthly cash flow is $546 ($7k/yr) — positive. Per door: $273/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Cap rate 14.1% 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; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,481/mo this rent would consume 65% 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 $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 $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.
• Current owner paid $8k; list at $149k implies a 1816% gain — meaningful room to come down on a strong offer.

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 $149,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.67% ✓
• Cap rate: 14.13%
• Cash-on-cash: 27.98%
• DSCR: 2.24
• GRM: 5.0

CMA / ARV

• ARV (median comp): $226,333
• List price: $149,000
• Delta: -32.62%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4905-4907 Dauphine St	0.73mi	4/2.0	1,228 (+3%)	21mo	$60,000	$49	43

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: 6.0%
• Equity multiple: 1.23×
• Total profit: $9,641
• Equity at exit: $22,216

10-year hold

• IRR: 14.9%
• Equity multiple: 2.18×
• Total profit: $49,145
• Equity at exit: $12,883

Cash invested: $41,720 (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: 10.0×

Monthly cashflow live

• Estimated rent: $2,481 high
• Mortgage (P&I): −$781
• Tax from tax record: −$144 /mo · $1,727/yr
• Insurance: −$62
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$521
• Net cashflow: $546

Break-even live

Break-even rent $1,790

Max offer price $149,000

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,482
Total (2 units)			$2,481

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6038 N Rampart St New Orleans, LA	3.0	2.0	1080	$1,795	$1.66	23d	1	0.12mi
1201 Gordon St New Orleans, LA	3.0	2.5	1367	$1,900	$1.39	17d	1	0.12mi
1301 Lamanche St New Orleans, LA	3.0	2.0	1090	$1,600	$1.47	3d	1	0.21mi
1301 Lamanche St New Orleans, LA	3.0	2.0	1178	$1,600	$1.36	23d	1	0.21mi
1301 Lamanche St New Orleans, LA	3.0	2.0	1090	$1,600	$1.47	3d	1	0.21mi
1314 Lamanche St New Orleans, LA	4.0	1.0	1300	$2,100	$1.62	16d	1	0.24mi
5461 Saint Claude Ave New Orleans, LA	4.0	2.0	1250	$2,350	$1.88	23d	1	0.27mi
5459 Saint Claude Ave Unit 5461 New Orleans, LA	4.0	2.0	1454	$2,350	$1.62	23d	1	0.28mi
1327 Fats Domino Ave Unit B New Orleans, LA	4.0	2.0	1200	$2,200	$1.83	16d	1	0.28mi
1327 Fats Domino Ave Unit A New Orleans, LA	3.0	2.0	1200	$1,900	$1.58	3d	1	0.28mi
906 Flood St New Orleans, LA	3.0	3.0	1174	$1,700	$1.45	2d	1	0.29mi
18 Saint Claude Ct New Orleans, LA	3.0	1.0	864	$1,200	$1.39	12d	1	0.29mi
5900 N Derbigny St Unit 1 New Orleans, LA	3.0	2.0	1000	$1,950	$1.95	3d	1	0.45mi
1422 Andry St New Orleans, LA	3.0	2.0	1100	$1,400	$1.27	3d	1	0.46mi
1333 Angela Ave Arabi, LA	3.0	2.0	1090	$1,850	$1.70	2d	1	0.53mi
1714 Tricou St New Orleans, LA	3.0	2.0	1271	$1,900	$1.49	23d	1	0.54mi
816 Forstall St New Orleans, LA	3.0	1.0	850	$1,600	$1.88	23d	1	0.57mi
617 Forstall St New Orleans, LA	3.0	2.0	1262	$2,200	$1.74	3d	1	0.60mi
1824 Saint Maurice Ave New Orleans, LA	4.0	2.0	1500	$1,500	$1.00	23d	1	0.62mi
1925 Alabo St Unit A New Orleans, LA	3.0	2.0	1199	$1,500	$1.25	21d	1	0.63mi
619 Reynes St New Orleans, LA	3.0	2.0	1318	$2,100	$1.59	16d	1	0.66mi
1835 Andry St New Orleans, LA	3.0	2.0	918	$1,800	$1.96	23d	1	0.68mi
438 Friscoville Ave Arabi, LA	3.0	2.0	1500	$3,200	$2.13	2d	1	0.81mi
5618 N Tonti St New Orleans, LA	3.0	2.0	1128	$1,550	$1.37	23d	1	0.91mi
2012 Esteban St Arabi, LA	3.0	2.0	1466	$2,500	$1.71	10d	1	0.92mi
505 Center St Unit A Arabi, LA	3.0	1.0	811	$1,300	$1.60	44d	1	0.93mi
2301 Esteban St Arabi, LA	3.0	1.0	1102	$1,800	$1.63	14d	1	1.08mi
2539 Fats Domino Ave New Orleans, LA	3.0	2.0	1184	$1,850	$1.56	20d	1	1.13mi
4317 Urquhart St New Orleans, LA	3.0	2.0	1300	$1,650	$1.27	23d	1	1.21mi
4318 1/2 N Robertson St New Orleans, LA	3.0	1.0	1250	$1,150	$0.92	3d	1	1.23mi
4318 N Robertson St New Orleans, LA	3.0	1.0	1250	$1,150	$0.92	3d	1	1.23mi
310 Lynx Dr Arabi, LA	3.0	2.0	1050	$1,775	$1.69	23d	1	1.29mi
4230 N Claiborne Ave New Orleans, LA	3.0	2.5	1296	$1,750	$1.35	23d	1	1.29mi
1200 Southlawn Blvd New Orleans, LA	3.0	2.0	950	$1,725	$1.82	23d	1	1.32mi
4021 St Claude Ave New Orleans, LA	4.0	2.0	1016	$1,275	$1.25	3d	1	1.37mi
4222 N Johnson St New Orleans, LA	3.0	2.0	1100	$1,895	$1.72	23d	1	1.42mi
4217 N Johnson St New Orleans, LA	3.0	2.0	904	$1,650	$1.83	23d	1	1.44mi
1628 Bartholomew St New Orleans, LA	3.0	2.0	1050	$1,600	$1.52	23d	1	1.48mi

Listing history 10 events

1. 2026-06-18
   days on market $149,000 Active 6 DOM
2. 2026-06-17
   days on market $149,000 Active 5 DOM
3. 2026-06-16
   days on market $149,000 Active 4 DOM
4. 2026-06-15
   days on market $149,000 Active 3 DOM
5. 2026-06-13
   pricestatusdays on marketlisting id $149,000 Active 1 DOM
6. 2025-12-02
   price $152,500
7. 2025-11-07
   listed $154,900 Active
8. 2025-05-07
   price $154,900
9. 2025-02-09
   listed $155,000 Active
10. 1990-11-29
    soldstatus $7,776

ⓘ 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: $1,727 · $144/mo
• Projected year-2 tax: $1,727 · $144/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 · 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,772
• − Mortgage interest: −$8,346
• − Property taxes: −$1,727
• − Insurance: −$5,864
• − Repairs & maintenance: −$2,382
• − Management: −$2,382
• − Depreciation: −$4,335
• Taxable income: $4,737
• Est. tax owed @ 24.0%: −$1,137
• After-tax cash flow: $5,416/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

+1861.2% since first listed

5 events — show timeline

• 2025-12-02 Price Changed $152,500 AcadianaMLS
• 2025-11-07 Listed $154,900 AcadianaMLS
• 2025-05-07 Price Changed $154,900 AcadianaMLS
• 2025-02-09 Listed $155,000 AcadianaMLS
• 1990-11-29 Sold (Public Records) $7,776 Public Records

Property tax history

+2.8%/yr

Latest (2026): $1,727 · +1.1% YoY. Source: county tax records.