1332-34 Independence St · New Orleans, LA 70117

$165,000

3 bd · 2.0 ba · 1,768 sqft · MultiFamily public records · 121 Days on market

Built 1900 3,036 sqft lot $93/sqft · 33% below area Est $323k · 49% under ↓ 15% 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 +8.1/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Charming and spacious shotgun-style home located just blocks from the river, offering a rare opportunity for renovation and customization. The property features two large units, each with generous layouts that can be reimagined as income producing rentals, a multi generational residence, or converted into a single family home. Whether you're an investor or a homeowner looking to build equity, this is a versatile space full of potential. A shed in the backyard adds valuable storage or workshop space, and the deep lot offers room for outdoor living or future improvements. Situated in a neighborhood blocks from the riverfront, local parks, and amenities, this home is positioned for long-term value and growth. Bring your vision and make this property your own!

Key facts

• Two large units
• Shed in the backyard
• Deep lot

Tags

• SHOTGUN-STYLE HOME
• TWO LARGE UNITS
• SHED IN THE BACKYARD
• DEEP LOT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $588 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.1% 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); 587 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,161/mo this rent would consume 57% 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 $5k 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 $46k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 121 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 4 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1900 — 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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 121 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 1900 — 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 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: 1.31% ✓
• Cap rate: 11.05%
• Cash-on-cash: 17.01%
• DSCR: 1.76
• GRM: 6.4

CMA / ARV

• ARV (median comp): $322,759
• List price: $165,000
• Delta: -48.88%
• 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
1537-1539 Louisa St	0.30mi	4/2.0 (+1)	1,778 (+1%)	6mo	$329,000	$185	75
3129 31 N Claiborne Ave	0.38mi	4/2.0 (+1)	1,806 (+2%)	3mo	$267,150	$148	72
3313 15 St Claude Ave	0.25mi	4/3.0 (+1)	1,850 (+5%)	1mo	$320,000	$173	71
816-18 Alvar St	0.40mi	3/2.5	1,814 (+3%)	5mo	$435,000	$240	71
4205 07 Burgundy St	0.45mi	3/2.0	1,812 (+2%)	7mo	$475,000	$262	69
3824 26 Royal St	0.51mi	4/2.0 (+1)	1,599 (-10%)	1mo	$232,500	$145	55
4323 25 N Derbigny St	0.46mi	4/2.0 (+1)	1,925 (+9%)	5mo	$195,000	$101	55
727 Montegut St	0.64mi	4/2.0 (+1)	1,670 (-6%)	4mo	$155,000	$93	53
939 Piety St	0.35mi	4/2.5 (+1)	2,022 (+14%)	1mo	$409,000	$202	52
2630 N Rampart St	0.75mi	4/2.0 (+1)	1,680 (-5%)	4mo	$387,500	$231	48
2929 Saint Claude Ave	0.52mi	4/2.0 (+1)	1,507 (-15%)	1mo	$155,000	$103	45
827-829 St Ferdinand St	0.72mi	4/2.0 (+1)	2,019 (+14%)	2mo	$450,000	$223	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: 5.4%
• Equity multiple: 1.21×
• Total profit: $9,645
• Equity at exit: $24,602

10-year hold

• IRR: 14.4%
• Equity multiple: 2.13×
• Total profit: $52,240
• Equity at exit: $14,266

Cash invested: $46,200 (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: 587
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $2,161 high
• Mortgage (P&I): −$865
• Tax from tax record: −$119 /mo · $1,423/yr
• Insurance: −$69
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$454
• Net cashflow: $588

Break-even live

Break-even rent $1,417

Max offer price $165,000

Occupancy floor 68%

Sensitivity live

Price	-10% $682	-5% $635	+0% $588	+5% $542	+10% $495
Rent	-10% $418	-5% $503	+0% $588	+5% $674	+10% $759
Rate	-1.0pp $671	-0.5pp $630	base $588	+0.5pp $545	+1.0pp $502

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	4d	1	0.05mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	4d	1	0.05mi
1323 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	4d	1	0.05mi
1437 Gallier St New Orleans, LA	3.0	2.0	1451	$1,875	$1.29	22d	1	0.12mi
5624-5626 Saint Claude ST New Orleans, LA	4.0	3.0	1521	$2,300	$1.51	25d	1	0.22mi
1119 Bartholomew St Unit 1119 New Orleans, LA	2.0	2.0	1410	$2,500	$1.77	45d	1	0.23mi
1411 France St New Orleans, LA	3.0	2.0	1525	$2,000	$1.31	25d	1	0.28mi
3221 Saint Claude Ave New Orleans, LA	3.0	1.0	1900	$1,650	$0.87	25d	1	0.31mi
1403 Lesseps St New Orleans, LA	3.0	3.0	1700	$1,800	$1.06	13d	1	0.34mi
4230 N Claiborne Ave New Orleans, LA	3.0	2.5	1296	$1,750	$1.35	25d	1	0.35mi
4317 Urquhart St New Orleans, LA	3.0	2.0	1300	$1,650	$1.27	25d	1	0.36mi
4318 1/2 N Robertson St New Orleans, LA	3.0	1.0	1250	$1,150	$0.92	4d	1	0.37mi
4318 N Robertson St New Orleans, LA	3.0	1.0	1250	$1,150	$0.92	4d	1	0.37mi
1231 Feliciana St New Orleans, LA	3.0	2.5	1869	$2,750	$1.47	45d	1	0.45mi
1835 Louisa St New Orleans, LA	3.0	2.5	1800	$2,350	$1.31	4d	1	0.46mi
1839 Louisa St New Orleans, LA	3.0	2.0	1500	$2,095	$1.40	17d	1	0.47mi
740 Mazant St New Orleans, LA	2.0	2.0	1750	$2,200	$1.26	25d	1	0.48mi
2019 Gallier St New Orleans, LA	4.0	2.0	1400	$2,200	$1.57	25d	1	0.49mi
3134 Burgundy St New Orleans, LA	3.0	2.0	1887	$2,900	$1.54	25d	1	0.50mi
3900 Royal St Unit 2A New Orleans, LA	2.0	2.0	1300	$3,000	$2.31	4d	1	0.51mi
2028 Desire St New Orleans, LA	3.0	1.0	1300	$1,300	$1.00	25d	1	0.54mi
3431 Chartres St #6 New Orleans, LA	2.0	2.5	1262	$2,750	$2.18	16d	1	0.56mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	25d	1	0.56mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	45d	1	0.56mi
1034 Montegut St Unit 1034 New Orleans, LA	2.0	2.0	1415	$3,400	$2.40	45d	1	0.56mi
522 Montegut St New Orleans, LA	1.0–2.0	1.0–2.0	1256	$3,500	$2.79	3d	12	0.79mi
2331 Feliciana St New Orleans, LA	3.0	2.0	1250	$1,850	$1.48	25d	1	0.85mi
1239 Saint Roch Ave New Orleans, LA	2.0	2.0	1500	$2,150	$1.43	4d	1	0.91mi
2320 N Rampart St New Orleans, LA	3.0	3.0	2317	$3,700	$1.60	45d	1	1.07mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$2,165	$1.37	4d	2	1.08mi
632 Mandeville St Unit 2B New Orleans, LA	4.0	4.5	1337	$4,500	$3.37	18d	1	1.08mi
2322 Burgundy St Unit C New Orleans, LA	3.0	2.0	1250	$2,200	$1.76	25d	1	1.08mi
619 Reynes St New Orleans, LA	3.0	2.0	1318	$2,100	$1.59	17d	1	1.10mi
617 Forstall St New Orleans, LA	3.0	2.0	1262	$2,200	$1.74	4d	1	1.15mi
2228 Arts St New Orleans, LA	3.0	2.0	2270	$1,675	$0.74	4d	1	1.17mi
119 Vallette St New Orleans, LA	3.0	2.5	1500	$2,100	$1.40	25d	1	1.23mi
1136 Frenchmen St New Orleans, LA	2.0	1.0	1800	$1,650	$0.92	25d	1	1.28mi
336 Elmira Ave New Orleans, LA	3.0	1.0	1250	$1,825	$1.46	25d	1	1.28mi
2115 Mandeville St New Orleans, LA	3.0	2.0	1400	$1,650	$1.18	25d	1	1.29mi
2220 N Prieur St New Orleans, LA	3.0	2.0	1334	$2,000	$1.50	25d	1	1.29mi

Listing history 19 events

1. 2026-06-21
   days on market $165,000 Active 121 DOM
2. 2026-06-18
   days on market $165,000 Active 118 DOM
3. 2026-06-17
   days on market $165,000 Active 117 DOM
4. 2026-06-16
   days on market $165,000 Active 116 DOM
5. 2026-06-15
   days on market $165,000 Active 115 DOM
6. 2026-06-13
   days on market $165,000 Active 113 DOM
7. 2026-06-10
   days on market $165,000 Active 110 DOM
8. 2026-06-09
   days on market $165,000 Active 109 DOM
9. 2026-06-08
   days on market $165,000 Active 108 DOM
10. 2026-06-07
    days on market $165,000 Active 107 DOM
11. 2026-06-05
    days on market $165,000 Active 104 DOM
12. 2026-06-03
    days on market $165,000 Active 103 DOM
13. 2026-06-02
    days on market $165,000 Active 102 DOM
14. 2026-06-01
    days on market $165,000 Active 101 DOM
15. 2026-05-31
    days on market $165,000 Active 100 DOM
16. 2026-02-18
    listed $165,000 Active 766-char remark

    Show marketing remark (766 chars)

    Charming and spacious shotgun-style home located just blocks from the river, offering a rare opportunity for renovation and customization. The property features two large units, each with generous layouts that can be reimagined as income producing rentals, a multi generational residence, or converted into a single family home. Whether you're an investor or a homeowner looking to build equity, this is a versatile space full of potential. A shed in the backyard adds valuable storage or workshop space, and the deep lot offers room for outdoor living or future improvements. Situated in a neighborhood blocks from the riverfront, local parks, and amenities, this home is positioned for long-term value and growth. Bring your vision and make this property your own!

17. 2026-02-18
    listed $165,000 Active 766-char remark

    Show marketing remark (766 chars)

    Charming and spacious shotgun-style home located just blocks from the river, offering a rare opportunity for renovation and customization. The property features two large units, each with generous layouts that can be reimagined as income producing rentals, a multi generational residence, or converted into a single family home. Whether you're an investor or a homeowner looking to build equity, this is a versatile space full of potential. A shed in the backyard adds valuable storage or workshop space, and the deep lot offers room for outdoor living or future improvements. Situated in a neighborhood blocks from the riverfront, local parks, and amenities, this home is positioned for long-term value and growth. Bring your vision and make this property your own!

18. 2025-07-15
    listed $180,000 Active
19. 2025-02-06
    listed $195,000 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: $1,423 · $119/mo
• Projected year-2 tax: $1,423 · $119/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 3/10 Moderate
• 🌡 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: $25,934
• − Mortgage interest: −$9,243
• − Property taxes: −$1,423
• − Insurance: −$1,622
• − Repairs & maintenance: −$2,075
• − Management: −$2,075
• − Depreciation: −$4,800
• Taxable income: $4,696
• Est. tax owed @ 24.0%: −$1,127
• After-tax cash flow: $5,932/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

-15.4% since first listed

4 events — show timeline

• 2026-02-18 Listed $165,000 AcadianaMLS
• 2026-02-18 Listed $165,000 GSREIN
• 2025-07-15 Listed $180,000 AcadianaMLS
• 2025-02-06 Listed $195,000 AcadianaMLS

Property tax history

+2.6%/yr

Latest (2026): $1,423 · +1.1% YoY. Source: county tax records.