507 Elmira Ave · New Orleans, LA 70114

$87,000

2 bd · 1.0 ba · 1,216 sqft · SingleFamily public records · 11 Days on market

Built 1920 3,837 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity awaits in this one bedroom, one bath home with flex room that could be used as bedroom (no closet).Front porch to enjoy morning coffee or evening beverages. Work is required to make this home move in ready but could be worth the effort. Whether you decide to customize this home for yourself or rent it out, this house could be a great option.

Key facts

• Front porch
• Flex room
• 3,837 sq ft lot

Tags

• FLEX ROOM
• FRONT PORCH

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $87k.

Deal economics

• At list price, monthly cash flow is $411 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $87k).
• Cap rate 12.9% 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 soft (-0.7%/yr); 265 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); lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• This rent runs 45% of the median local income ($43k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $601 of loan paydown is wiped out by about $3k 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 + 0.0% rent growth), your $24k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 18y 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.
• Current owner paid $30k; list at $87k implies a 190% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.3% of price; flood insurance adds $66/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major 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 $87,000

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.87% ✓
• Cap rate: 12.88%
• Cash-on-cash: 23.53%
• DSCR: 2.05
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $224,960
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
613 Pacific Ave	0.11mi	2/1.0	1,246 (+2%)	2mo	$215,000	$173	89
532 Elmira Ave	0.05mi	2/2.0	1,300 (+7%)	1mo	$350,000	$269	82
609 Olivier St	0.19mi	2/1.0	1,076 (-12%)	3mo	$135,000	$125	69
319 Elmira Ave	0.15mi	3/1.0 (+1)	1,310 (+8%)	12mo	$235,000	$179	65
250 Wagner St	0.52mi	3/2.0 (+1)	1,174 (-4%)	7mo	$212,000	$181	55
329 Whitney Ave	0.40mi	2/2.0	1,123 (-8%)	12mo	$299,000	$266	55
404 Delaronde St	0.38mi	2/2.0	1,065 (-12%)	6mo	$305,000	$286	53
141 Lavergne St	0.38mi	2/2.0	1,340 (+10%)	11mo	$435,000	$325	52
1401 Nunez St	0.69mi	3/2.0 (+1)	1,213 (-0%)	8mo	$175,000	$144	51
143 Pelican Ave	0.45mi	2/2.0	1,352 (+11%)	7mo	$250,000	$185	50
704 Sumner St	0.62mi	3/1.5 (+1)	1,127 (-7%)	12mo	$265,000	$235	42
800 Whitney Ave	0.48mi	3/2.0 (+1)	1,069 (-12%)	16mo	$170,000	$159	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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 8.2%
• Equity multiple: 1.31×
• Total profit: $7,530
• Equity at exit: $12,972

10-year hold

• IRR: 14.0%
• Equity multiple: 1.93×
• Total profit: $22,674
• Equity at exit: $7,522

Cash invested: $24,360 (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 70114

• Rents YoY: -0.7%
• Active inventory: 265
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,623 high
• Mortgage (P&I): −$456
• Tax from tax record: −$312 /mo · $3,746/yr
• Insurance: −$36
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$341
• Net cashflow: $411

Break-even live

Break-even rent $1,103

Max offer price $87,000

Occupancy floor 70%

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: $21,750
• Closing costs: $2,610
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
537 Pacific Ave New Orleans, LA	2.0	1.0	750	$1,400	$1.87	3d	1	0.08mi
537 Pacific Ave New Orleans, LA	2.0	1.0	750	$1,400	$1.87	3d	1	0.08mi
336 Elmira Ave New Orleans, LA	3.0	1.0	1250	$1,825	$1.46	24d	1	0.10mi
540 Pacific Ave New Orleans, LA	1.0	1.0	900	$1,200	$1.33	24d	1	0.10mi
325 Elmira Ave Unit 325 New Orleans, LA	3.0	1.5	1050	$1,525	$1.45	24d	1	0.12mi
611 Pacific Ave New Orleans, LA	1.0	1.0	765	$1,799	$2.35	24d	1	0.12mi
724 Evelina St Unit B New Orleans, LA	2.0	1.0	1000	$1,600	$1.60	17d	1	0.12mi
329 Belleville St New Orleans, LA	2.0	1.0	1014	$1,500	$1.48	24d	1	0.13mi
543 Atlantic Ave New Orleans, LA	2.0	2.5	1430	$2,200	$1.54	24d	1	0.13mi
625 Atlantic Ave New Orleans, LA	2.0	1.0	780	$1,400	$1.79	17d	1	0.17mi
601 Vallette St New Orleans, LA	2.0	1.0	815	$1,600	$1.96	3d	1	0.17mi
620 Opelousas Ave Unit 103 New Orleans, LA	2.0	1.5	1000	$1,650	$1.65	3d	1	0.19mi
733 Elmira Ave New Orleans, LA	2.0	1.0	864	$1,100	$1.27	24d	1	0.22mi
119 Vallette St New Orleans, LA	3.0	2.5	1500	$2,100	$1.40	24d	1	0.28mi
429 Pelican Ave New Orleans, LA	2.0	1.0	734	$1,490	$2.03	17d	1	0.30mi
909 Atlantic Ave New Orleans, LA	2.0	1.0	741	$1,200	$1.62	24d	1	0.34mi
740 Thayer Unit 2A New Orleans, LA	2.0	2.0	950	$1,350	$1.42	24d	1	0.35mi
311 Delaronde St New Orleans, LA	2.0	1.0	1120	$1,740	$1.55	24d	1	0.37mi
335 Whitney Ave New Orleans, LA	2.0	1.0	1100	$1,575	$1.43	24d	1	0.38mi
519 Bouny St New Orleans, LA	2.0	1.0	950	$1,400	$1.47	24d	1	0.39mi
521 Bouny St New Orleans, LA	2.0	1.0	950	$1,400	$1.47	24d	1	0.39mi
435 Homer St New Orleans, LA	1.0	1.0	950	$1,100	$1.16	24d	1	0.42mi
500 Powder St Unit B New Orleans, LA	2.0	1.0	1085	$1,600	$1.47	24d	1	0.44mi
807 Whitney Ave Unit 1 New Orleans, LA	3.0	2.0	1262	$1,500	$1.19	3d	1	0.45mi
507 Newton St New Orleans, LA	2.0	2.0	1150	$1,400	$1.22	24d	1	0.45mi
810 Whitney Ave New Orleans, LA	2.0	1.0	900	$1,250	$1.39	12d	1	0.49mi
606 Drum St New Orleans, LA	3.0	2.0	1131	$2,350	$2.08	24d	1	0.51mi
1140 Teche St Apt B New Orleans, LA	3.0	1.0	1100	$1,850	$1.68	24d	1	0.59mi
1136 Brooklyn Ave New Orleans, LA	3.0	1.0	913	$1,600	$1.75	24d	1	0.63mi
701 Behrman Ave New Orleans, LA	3.0	2.0	1368	$2,300	$1.68	3d	1	0.64mi
718 Majestic Pl New Orleans, LA	3.0	2.0	1164	$1,785	$1.53	21d	1	0.69mi
1108 Sumner St New Orleans, LA	3.0	1.5	1197	$1,500	$1.25	12d	1	0.76mi
522 Montegut St New Orleans, LA	1.0–2.0	1.0–2.0	1256	$3,500	$2.79	2d	12	0.80mi
3431 Chartres St #6 New Orleans, LA	2.0	2.5	1262	$2,750	$2.18	15d	1	0.82mi
625 Louisa St New Orleans, LA	2.0	1.0	1162	$2,400	$2.07	24d	1	0.83mi
718 Congress St Unit 718 New Orleans, LA	2.0	1.0	1000	$1,490	$1.49	20d	1	0.91mi
3900 Royal St Unit 2A New Orleans, LA	2.0	2.0	1300	$3,000	$2.31	3d	1	0.93mi
3060 Dauphine St New Orleans, LA	1.0–2.0	1.0–2.0	804	$1,995	$2.48	3d	1	0.93mi
2617 Chartres St New Orleans, LA	2.0	1.5	1059	$2,100	$1.98	24d	1	0.93mi
513 Mandeville St New Orleans, LA	1.0	1.0	850	$1,450	$1.71	3d	1	0.93mi

Listing history 21 events

1. 2026-04-20
   status Pending 355-char remark

   Show marketing remark (355 chars)

   Opportunity awaits in this one bedroom, one bath home with flex room that could be used as bedroom (no closet).Front porch to enjoy morning coffee or evening beverages. Work is required to make this home move in ready but could be worth the effort. Whether you decide to customize this home for yourself or rent it out, this house could be a great option.

2. 2026-04-20
   status Pending

   Show marketing remark (355 chars)

   Opportunity awaits in this one bedroom, one bath home with flex room that could be used as bedroom (no closet).Front porch to enjoy morning coffee or evening beverages. Work is required to make this home move in ready but could be worth the effort. Whether you decide to customize this home for yourself or rent it out, this house could be a great option.

3. 2026-04-08
   listed $87,000 Active 355-char remark

   Show marketing remark (355 chars)

   Opportunity awaits in this one bedroom, one bath home with flex room that could be used as bedroom (no closet).Front porch to enjoy morning coffee or evening beverages. Work is required to make this home move in ready but could be worth the effort. Whether you decide to customize this home for yourself or rent it out, this house could be a great option.

4. 2026-04-08
   listed $87,000 Active

   Show marketing remark (355 chars)

   Opportunity awaits in this one bedroom, one bath home with flex room that could be used as bedroom (no closet).Front porch to enjoy morning coffee or evening beverages. Work is required to make this home move in ready but could be worth the effort. Whether you decide to customize this home for yourself or rent it out, this house could be a great option.

5. 2025-06-27
   listed $87,000 Active
6. 2025-06-27
   listed $87,000
7. 2022-09-01
   price $187,000
8. 2022-08-18
   price $200,000
9. 2022-08-09
   price $218,500
10. 2022-08-04
    price $228,500
11. 2022-07-25
    price $235,000
12. 2022-07-12
    price $250,000
13. 2022-05-25
    listed $187,000
14. 2018-08-13
    historical
15. 2018-06-08
    price $189,000
16. 2018-04-19
    price $209,000
17. 2018-04-04
    listed $189,000
18. 2018-04-04
    listed $219,500 Active
19. 2008-06-22
    listed $179,900
20. 2008-06-22
    listed $179,900
21. 1998-12-18
    soldstatus $30,000

ⓘ 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: $3,746 · $312/mo
• Projected year-2 tax: $3,746 · $312/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 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 · 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: $19,480
• − Mortgage interest: −$4,873
• − Property taxes: −$3,746
• − Insurance: −$1,232
• − Repairs & maintenance: −$1,558
• − Management: −$1,558
• − Depreciation: −$2,531
• Taxable income: $3,980
• Est. tax owed @ 24.0%: −$955
• After-tax cash flow: $3,980/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): 22,659
• Household income: $43,493
• Rent vs Own: 58.8% rent · 41.2% own
• Severe rent burden: 2240.0

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: Predominantly Black (72%)
• Race & ethnicity: Black 72% White 16% Hispanic / Latino 8% Two or more races 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Lithuanian 3% Slovak 1% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 6% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -98.56%
• Current HPI: 149.0172
• Rent YoY: ▼ -0.72%
• 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

+190.0% since first listed

21 events — show timeline

• 2026-04-20 Pending — AcadianaMLS
• 2026-04-20 Pending — GSREIN
• 2026-04-08 Listed $87,000 GSREIN
• 2026-04-08 Listed $87,000 AcadianaMLS
• 2025-06-27 Listed $87,000 AcadianaMLS
• 2025-06-27 Listed $87,000 AcadianaMLS
• 2022-09-01 Price Changed $187,000 GSREIN
• 2022-08-18 Price Changed $200,000 GSREIN
• 2022-08-09 Price Changed $218,500 GSREIN
• 2022-08-04 Price Changed $228,500 GSREIN
• 2022-07-25 Price Changed $235,000 GSREIN
• 2022-07-12 Price Changed $250,000 GSREIN
• 2022-05-25 Listed $187,000 AcadianaMLS
• 2018-08-13 Listing Removed — GSREIN
• 2018-06-08 Price Changed $189,000 GSREIN
• 2018-04-19 Price Changed $209,000 GSREIN
• 2018-04-04 Listed $219,500 GSREIN
• 2018-04-04 Listed $189,000 AcadianaMLS
• 2008-06-22 Listed $179,900 GSREIN
• 2008-06-22 Listed $179,900 AcadianaMLS
• 1998-12-18 Sold (Public Records) $30,000 Public Records

Property tax history

+10.4%/yr

Latest (2026): $3,746 · +0.0% YoY. Source: county tax records.