631 33 Reynes St · New Orleans, LA 70117

$89,000

2 bd · 2.0 ba · 1,050 sqft · MultiFamily public records · 68 Days on market

Built 1920 $85/sqft · 37% below area Est $149k · 40% under ↓ 10% 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
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

** NEW PRICE ** This cute double is in need of TLC! Resting in the historic Holy Cross, some well placed repairs and updates will have you churning rent in no time. This is in Fair to average condition - a must see. Priced to sell, succession has been completed and property will be sold as-is. The utilities have been off for some time.

Key facts

• Built 1920
• Listed 67 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $89k.

Deal economics

• At list price, monthly cash flow is $615 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $89k).
• Recommended offer: $84k (6.0% below list) — sets the bar for market timing.
• Cap rate 15.5% 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.
• 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 22d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• This rent runs 42% of the median local income ($46k/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 $615 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 + 2.5% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (10%) 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 $83,660 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% 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 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: 1.81% ✓
• Cap rate: 15.48%
• Cash-on-cash: 32.80%
• DSCR: 2.46
• GRM: 4.6

CMA / ARV

• ARV (median comp): $148,764
• List price: $89,000
• Delta: -40.17%
• 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
4125 Burgundy St	0.73mi	2/2.0	1,125 (+7%)	15mo	$420,000	$373	42

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: 23.5%
• Equity multiple: 1.96×
• Total profit: $23,959
• Equity at exit: $13,270

10-year hold

• IRR: 31.1%
• Equity multiple: 3.73×
• Total profit: $68,143
• Equity at exit: $7,695

Cash invested: $24,920 (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: 4.6×

Monthly cashflow live

• Estimated rent: $1,608 high
• Mortgage (P&I): −$467
• Tax from tax record: −$85 /mo · $1,022/yr
• Insurance: −$37
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$338
• Net cashflow: $615

Break-even live

Break-even rent $830

Max offer price $89,000

Occupancy floor 57%

Sensitivity live

Price	-10% $665	-5% $640	+0% $615	+5% $590	+10% $564
Rent	-10% $488	-5% $551	+0% $615	+5% $678	+10% $742
Rate	-1.0pp $660	-0.5pp $637	base $615	+0.5pp $592	+1.0pp $568

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
619 Reynes St New Orleans, LA	3.0	2.0	1318	$2,100	$1.59	17d	1	0.02mi
617 Forstall St New Orleans, LA	3.0	2.0	1262	$2,200	$1.74	4d	1	0.08mi
4950 Dauphine St New Orleans, LA	1.0	1.0	612	$1,750	$2.86	11d	16	0.11mi
816 Forstall St New Orleans, LA	3.0	1.0	850	$1,600	$1.88	24d	1	0.15mi
4801 Dauphine St Unit B New Orleans, LA	2.0	1.0	875	$1,100	$1.26	24d	1	0.20mi
5109 Burgundy St New Orleans, LA	2.0	1.0	1122	$1,474	$1.31	18d	1	0.21mi
920 Forstall St New Orleans, LA	2.0	1.0	800	$1,600	$2.00	24d	1	0.22mi
918 Forstall St New Orleans, LA	2.0	1.0	800	$2,290	$2.86	24d	1	0.22mi
4826 N Rampart St Unit 4826 New Orleans, LA	2.0	1.0	850	$1,200	$1.41	24d	1	0.26mi
5434 Chartres St New Orleans, LA	2.0	1.0	800	$1,150	$1.44	24d	1	0.30mi
5450 Burgundy St New Orleans, LA	2.0	1.0	1474	$1,250	$0.85	24d	1	0.36mi
906 Flood St New Orleans, LA	3.0	3.0	1174	$1,700	$1.45	3d	1	0.39mi
1137 Deslonde St New Orleans, LA	2.0	1.0	1017	$1,500	$1.47	24d	1	0.40mi
18 Saint Claude Ct New Orleans, LA	3.0	1.0	864	$1,200	$1.39	12d	1	0.42mi
1304 Jourdan Ave New Orleans, LA	2.0	2.0	890	$959	$1.08	17d	6	0.52mi
924 Kentucky St New Orleans, LA	2.0	1.0	1102	$1,700	$1.54	4d	1	0.55mi
4318 N Rampart St New Orleans, LA	2.0	1.0	750	$1,100	$1.47	24d	1	0.63mi
1422 Andry St New Orleans, LA	3.0	2.0	1100	$1,400	$1.27	4d	1	0.64mi
6019 Royal St New Orleans, LA	2.0	1.0	790	$1,200	$1.52	24d	1	0.64mi
5805 Saint Claude Ave New Orleans, LA	2.0	1.0	800	$1,200	$1.50	24d	1	0.65mi
4543 Urquhart St Unit B New Orleans, LA	2.0	1.0	700	$1,150	$1.64	12d	1	0.66mi
4545 Urquhart St Unit B New Orleans, LA	2.0	1.0	700	$1,150	$1.64	24d	1	0.66mi
623 France St New Orleans, LA	2.0	2.0	982	$2,600	$2.65	44d	1	0.67mi
1449 Andry St New Orleans, LA	2.0	1.0	833	$1,300	$1.56	24d	1	0.68mi
1327 Fats Domino Ave Unit A New Orleans, LA	3.0	2.0	1200	$1,900	$1.58	4d	1	0.69mi
1301 Lamanche St New Orleans, LA	3.0	2.0	1178	$1,600	$1.36	24d	1	0.70mi
1301 Lamanche St New Orleans, LA	3.0	2.0	1090	$1,600	$1.47	4d	1	0.70mi
1301 Lamanche St New Orleans, LA	3.0	2.0	1090	$1,600	$1.47	4d	1	0.70mi
1233 Poland Ave New Orleans, LA	2.0	2.0	1200	$2,250	$1.88	24d	1	0.71mi
6002 Saint Claude Ave New Orleans, LA	2.0	2.0	965	$1,275	$1.32	22d	1	0.72mi
6038 N Rampart St New Orleans, LA	3.0	2.0	1080	$1,795	$1.66	24d	1	0.72mi
4317 Urquhart St New Orleans, LA	3.0	2.0	1300	$1,650	$1.27	24d	1	0.77mi
1201 Gordon St New Orleans, LA	3.0	2.5	1367	$1,900	$1.39	18d	1	0.78mi
2612 14 Urquhart St New Orleans, LA	1.0	1.0	900	$1,200	$1.33	21d	1	0.79mi
4318 1/2 N Robertson St New Orleans, LA	3.0	1.0	1250	$1,150	$0.92	4d	1	0.84mi
1319 France St New Orleans, LA	2.0	1.0	923	$975	$1.06	22d	1	0.84mi
3903 Royal St Unit 3903 New Orleans, LA	2.0	1.0	1205	$1,300	$1.08	15d	1	0.84mi
4318 N Robertson St New Orleans, LA	3.0	1.0	1250	$1,150	$0.92	4d	1	0.84mi
3900 Royal St Unit 2A New Orleans, LA	2.0	2.0	1300	$3,000	$2.31	4d	1	0.85mi
716 Delery St Unit 716 New Orleans, LA	2.0	1.0	900	$1,200	$1.33	24d	1	0.85mi

Listing history 6 events

1. 2026-04-29
   price $89,000 337-char remark

   Show marketing remark (337 chars)

   ** NEW PRICE ** This cute double is in need of TLC! Resting in the historic Holy Cross, some well placed repairs and updates will have you churning rent in no time. This is in Fair to average condition - a must see. Priced to sell, succession has been completed and property will be sold as-is. The utilities have been off for some time.

2. 2026-04-28
   price $89,000 344-char remark

   Show marketing remark (344 chars)

   * * NEW PRICE * * This cute double is in need of TLC! Resting in the historic Holy Cross, some well placed repairs and updates will have you churning rent in no time. This is in Fair to average condition - a must see. Priced to sell, succession has been completed and property will be sold as-is. The utilities have been off for some time.

3. 2026-04-06
   price $92,000 337-char remark

   Show marketing remark (344 chars)

   * * NEW PRICE * * This cute double is in need of TLC! Resting in the historic Holy Cross, some well placed repairs and updates will have you churning rent in no time. This is in Fair to average condition - a must see. Priced to sell, succession has been completed and property will be sold as-is. The utilities have been off for some time.

4. 2026-04-06
   price $92,000 344-char remark

   Show marketing remark (344 chars)

   * * NEW PRICE * * This cute double is in need of TLC! Resting in the historic Holy Cross, some well placed repairs and updates will have you churning rent in no time. This is in Fair to average condition - a must see. Priced to sell, succession has been completed and property will be sold as-is. The utilities have been off for some time.

5. 2026-03-19
   listed $99,000 Active 337-char remark

   Show marketing remark (344 chars)

   * * NEW PRICE * * This cute double is in need of TLC! Resting in the historic Holy Cross, some well placed repairs and updates will have you churning rent in no time. This is in Fair to average condition - a must see. Priced to sell, succession has been completed and property will be sold as-is. The utilities have been off for some time.

6. 2026-03-19
   listed $99,000 Active 344-char remark

   Show marketing remark (344 chars)

   * * NEW PRICE * * This cute double is in need of TLC! Resting in the historic Holy Cross, some well placed repairs and updates will have you churning rent in no time. This is in Fair to average condition - a must see. Priced to sell, succession has been completed and property will be sold as-is. The utilities have been off for some time.

ⓘ 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: $1,022 · $85/mo
• Projected year-2 tax: $1,022 · $85/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) · 75% 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: $19,294
• − Mortgage interest: −$4,985
• − Property taxes: −$1,022
• − Insurance: −$1,242
• − Repairs & maintenance: −$1,544
• − Management: −$1,544
• − Depreciation: −$2,589
• Taxable income: $6,368
• Est. tax owed @ 24.0%: −$1,528
• After-tax cash flow: $5,849/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

-10.1% since first listed

6 events — show timeline

• 2026-04-29 Price Changed $89,000 AcadianaMLS
• 2026-04-28 Price Changed $89,000 GSREIN
• 2026-04-06 Price Changed $92,000 AcadianaMLS
• 2026-04-06 Price Changed $92,000 GSREIN
• 2026-03-19 Listed $99,000 GSREIN
• 2026-03-19 Listed $99,000 AcadianaMLS

Property tax history

+4.6%/yr

Latest (2026): $1,022 · +1.1% YoY. Source: county tax records.