2531 Leonidas St · New Orleans, LA 70118

$220,000

4 bd · 2.0 ba · 2,880 sqft · SingleFamily public records · 134 Days on market

Built 1920 $76/sqft · 34% below area Est $279k · 21% under ↓ 27% since listing

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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 +9.4/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This property offers strong potential for renovation or investment. The upper-level unit has been fully gutted and is ready for finishing, providing a blank canvas for customization. The roof was replaced in 2023. Classic architectural details and a desirable location enhance the appeal, making this an excellent opportunity for investors or owner-occupants seeking to add value.

Key facts

• Fully gutted
• Ready for finishing
• Roof replaced

Tags

• FULLY GUTTED
• READY FOR FINISHING
• BLANK CANVAS FOR CUSTOMIZATION
• ROOF REPLACED

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $194k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.6% 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: Rents flat; 279 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,157/mo this rent would consume 59% of the median local household income ($64k/yr) (locally 2237% 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 $7k 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 + 1.0% rent growth), your $62k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 134 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $36k (14%) 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; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• 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 $193,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 134 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.44% ✓
• Cap rate: 12.56%
• Cash-on-cash: 22.39%
• DSCR: 2.00
• GRM: 5.8

CMA / ARV

• ARV (median comp): $278,536
• List price: $220,000
• Delta: -21.02%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8220 Apricot St	0.26mi	4/3.0	2,882 (+0%)	3mo	$537,500	$187	82
2708 S Carrollton Ave	0.33mi	4/2.5	2,784 (-3%)	10mo	$615,000	$221	69
2112 Dublin St	0.40mi	4/2.5	2,978 (+3%)	11mo	$785,000	$264	65
59 Fontainebleau Dr	0.61mi	4/3.0	2,890 (+0%)	4mo	$775,000	$268	64
8915 S Claiborne Ave	0.25mi	5/3.0 (+1)	2,729 (-5%)	8mo	$72,000	$26	63
8241 Hickory St	0.56mi	4/5.0	2,861 (-1%)	7mo	$470,000	$164	55
71 Neron Pl	0.69mi	4/2.5	3,012 (+5%)	6mo	$833,000	$277	53
7904 Sycamore St	0.54mi	5/3.5 (+1)	3,172 (+10%)	1mo	$880,000	$277	46
7831 Nelson St	0.49mi	4/3.0	3,124 (+8%)	16mo	$615,000	$197	46
8239 Green St	0.62mi	5/4.5 (+1)	3,077 (+7%)	7mo	$575,000	$187	39
2121 Burdette St	0.63mi	4/2.5	2,500 (-13%)	10mo	$607,500	$243	39
8001 Hickory St	0.66mi	3/2.5 (-1)	2,496 (-13%)	13mo	$867,500	$348	29

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 · 0.97% rent growth · sell at horizon

5-year hold

• IRR: 11.3%
• Equity multiple: 1.44×
• Total profit: $26,970
• Equity at exit: $32,803

10-year hold

• IRR: 18.7%
• Equity multiple: 2.42×
• Total profit: $87,301
• Equity at exit: $19,022

Cash invested: $61,600 (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 70118

• Rents YoY: 1.0%
• Active inventory: 279
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $3,157 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$100 /mo · $1,194/yr
• Insurance: −$92
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$663
• Net cashflow: $1,083

Break-even live

Break-even rent $1,787

Max offer price $220,000

Occupancy floor 61%

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2251 Cambronne St Unit A New Orleans, LA	3.0	1.5	1945	$2,495	$1.28	23d	1	0.27mi
7909 Sycamore St New Orleans, LA	3.0	2.0	2000	$2,400	$1.20	3d	1	0.54mi
7902 Sycamore St New Orleans, LA	4.0	2.0	1991	$3,200	$1.61	43d	1	0.56mi
1539 Dante St New Orleans, LA	3.0	2.0	2672	$3,500	$1.31	43d	1	0.74mi
7325 Sycamore St New Orleans, LA	4.0	3.0	2500	$2,350	$0.94	23d	1	0.74mi
2338 Audubon St New Orleans, LA	3.0	2.0	1935	$2,000	$1.03	3d	1	0.82mi
2201 Broadway St Unit 2 New Orleans, LA	4.0	2.0	2000	$3,000	$1.50	43d	1	0.84mi
8906 Plum St New Orleans, LA	3.0	2.0	2000	$2,800	$1.40	43d	1	0.93mi
1519 Pine St New Orleans, LA	5.0	3.0	3000	$4,000	$1.33	23d	1	1.08mi
1131 Fern St New Orleans, LA	4.0	2.0	2427	$3,600	$1.48	17d	1	1.10mi
3737 Nashville Ave New Orleans, LA	4.0	2.0	2000	$3,400	$1.70	21d	1	1.13mi
1030 Short St Unit D New Orleans, LA	3.0	1.0	2000	$3,000	$1.50	23d	1	1.13mi
109 Avenue E Metairie, LA	3.0	3.5	2068	$3,000	$1.45	44d	1	1.17mi
7011 Jeannette St Unit A New Orleans, LA	5.0	3.0	2200	$5,000	$2.27	43d	1	1.18mi
6326 S Johnson St Unit 1 New Orleans, LA	5.0	2.0	2013	$3,950	$1.96	43d	1	1.20mi
7000 Jeannette St New Orleans, LA	3.0	3.0	2390	$3,250	$1.36	3d	1	1.21mi
7015 Willow St New Orleans, LA	5.0	3.0	2000	$4,200	$2.10	43d	1	1.24mi
5533 S Tonti St New Orleans, LA	4.0	4.0	3000	$3,000	$1.00	14d	1	1.26mi
2616 Calhoun St New Orleans, LA	4.0	2.5	2850	$2,500	$0.88	43d	1	1.35mi
2715 Palmer Ave New Orleans, LA	5.0	2.0	2184	$4,900	$2.24	43d	1	1.37mi
2703 Palmer Ave New Orleans, LA	5.0	2.0	2349	$5,500	$2.34	43d	1	1.38mi
4120 Erato St New Orleans, LA	3.0	2.0	2250	$1,750	$0.78	23d	1	1.41mi
6465 Oakland Dr New Orleans, LA	3.0	2.5	2864	$4,000	$1.40	3d	1	1.41mi
2432 Calhoun St Unit A New Orleans, LA	3.0	2.0	1983	$4,400	$2.22	21d	1	1.45mi
2432 Calhoun St New Orleans, LA	4.0	2.0	3300	$4,400	$1.33	17d	1	1.45mi
810 Pine St New Orleans, LA	4.0	1.5	2000	$3,200	$1.60	43d	1	1.47mi
808 Pine St New Orleans, LA	4.0	1.5	2000	$3,200	$1.60	43d	1	1.47mi
7816 Saint Charles Ave New Orleans, LA	3.0	2.0	2000	$2,850	$1.43	17d	1	1.48mi
7800 Saint Charles Ave Unit B New Orleans, LA	3.0	2.0	2000	$2,700	$1.35	3d	1	1.48mi
228 Fairway Dr New Orleans, LA	3.0	2.5	2300	$4,300	$1.87	3d	1	1.49mi
228 Fairway Dr New Orleans, LA	3.0	2.5	2300	$4,300	$1.87	3d	1	1.49mi

Listing history 22 events

1. 2026-06-18
   days on market $220,000 Active 134 DOM
2. 2026-06-17
   days on market $220,000 Active 133 DOM
3. 2026-06-16
   days on market $220,000 Active 132 DOM
4. 2026-06-15
   days on market $220,000 Active 131 DOM
5. 2026-06-13
   days on market $220,000 Active 129 DOM
6. 2026-06-10
   days on market $220,000 Active 126 DOM
7. 2026-06-09
   days on market $220,000 Active 125 DOM
8. 2026-06-08
   days on market $220,000 Active 124 DOM
9. 2026-06-07
   days on market $220,000 Active 123 DOM
10. 2026-06-05
    days on market $220,000 Active 120 DOM
11. 2026-06-03
    days on market $220,000 Active 119 DOM
12. 2026-06-02
    days on market $220,000 Active 118 DOM
13. 2026-06-01
    days on market $220,000 Active 117 DOM
14. 2026-05-31
    days on market $220,000 Active 116 DOM
15. 2026-02-02
    listed $255,900 Active 380-char remark

    Show marketing remark (380 chars)

    This property offers strong potential for renovation or investment. The upper-level unit has been fully gutted and is ready for finishing, providing a blank canvas for customization. The roof was replaced in 2023. Classic architectural details and a desirable location enhance the appeal, making this an excellent opportunity for investors or owner-occupants seeking to add value.

16. 2026-02-02
    listed $255,900 Active 380-char remark

    Show marketing remark (380 chars)

    This property offers strong potential for renovation or investment. The upper-level unit has been fully gutted and is ready for finishing, providing a blank canvas for customization. The roof was replaced in 2023. Classic architectural details and a desirable location enhance the appeal, making this an excellent opportunity for investors or owner-occupants seeking to add value.

17. 2025-12-20
    price $260,000
18. 2025-12-20
    price $260,000
19. 2025-11-25
    listed $300,000 Active
20. 2025-09-04
    price $300,000
21. 2025-09-04
    price $300,000
22. 2025-08-11
    listed $350,000 Active

ⓘ 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: $1,194 · $100/mo
• Projected year-2 tax: $1,210 · $101/mo
• Expected delta: +$16/yr (+$1/mo · 1.3%)

ⓘ 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) · 76% 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 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,885
• − Mortgage interest: −$12,323
• − Property taxes: −$1,194
• − Insurance: −$1,898
• − Repairs & maintenance: −$3,031
• − Management: −$3,031
• − Depreciation: −$6,400
• Taxable income: $10,008
• Est. tax owed @ 24.0%: −$2,402
• After-tax cash flow: $10,591/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): 36,072
• Household income: $63,750
• Rent vs Own: 51.5% rent · 48.5% own
• Severe rent burden: 2237.0

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: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 47% Black 34% Hispanic / Latino 11% Two or more races 11% Asian 4%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Italian 2% Romanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 86% English-only · Spanish 7% French/Haitian/Cajun 2% Other Indo-European 2%

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: ▼ -210.46%
• Current HPI: 282.9629
• Rent YoY: ▲ 0.97%
• 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

-26.9% since first listed

8 events — show timeline

• 2026-02-02 Listed $255,900 GSREIN
• 2026-02-02 Listed $255,900 AcadianaMLS
• 2025-12-20 Price Changed $260,000 AcadianaMLS
• 2025-12-20 Price Changed $260,000 GSREIN
• 2025-11-25 Listed $300,000 AcadianaMLS
• 2025-09-04 Price Changed $300,000 AcadianaMLS
• 2025-09-04 Price Changed $300,000 GSREIN
• 2025-08-11 Listed $350,000 AcadianaMLS

Property tax history

-2.3%/yr

Latest (2026): $1,194 · +1.0% YoY. Source: county tax records.