1924 26 Esplanade Ave · New Orleans, LA 70116

$615,000

15 bd · 12.0 ba · 3,009 sqft · MultiFamily · 97 Days on market

Built 1890 Good condition $204/sqft · 34% above area Est $460k · 34% over ↓ 3% since listing

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Why this score? — see what drove the C+ 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
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

JAZZ FEST SPECIAL Triplex Gem — A Timeless New Orleans Classic on Esplanade Avenue Discover a beautifully maintained 1890’s triplex tucked beneath majestic oaks in the heart of Esplanade Ridge. This historic property offers a unique blend of vintage charm and modern convenience, clad in durable Hardie plank and backing up to Bayou Road. Each of the three units features central air and heat, recessed lighting, and abundant natural light. The two lower units (1924 & 1926) boast original and prefinished wood floors, marble-tiled baths, ceiling fans, and direct access to a spacious, gated backyard—a great spot for entertaining or to build a garden. The storm doors enhances backyard access. Unit 1926 includes a decorative fireplace mantle, full kitchen with range/oven, microwave, dishwasher. The second downstairs unit (1924) includes granite countertops, washer/dryer hookups, and two bedrooms. Upstairs, the third unit spans the entire camelback level, accessed via the rear staircase, and offers soaring 11.5-ft ceilings, original wood floors, a full kitchen with dishwasher, washer/dryer, and oversized windows. Zoned and sized for investment or residence, with potential for a curb cut and gated off-street parking, this property blends flexibility, character, and location—all just minutes from the French Quarter and City Park. Don’t miss this rare opportunity to own a piece of New Orleans history on one of its most iconic avenues.

Key facts

• Historic property
• Gated backyard
• Central air and heat

Tags

• HISTORIC PROPERTY
• GATED BACKYARD
• DECORATIVE FIREPLACE MANTLE
• GRANITE COUNTERTOPS
• OVERSIZED WINDOWS
• CENTRAL AIR AND HEAT

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/4.0-bath units multifamily listed at $615k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $5k ($61k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $615k).
• Recommended offer: $560k (9.0% below list) — sets the bar for market timing.
• Cap rate 16.2% 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; 350 active listings in the ZIP; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $11,784/mo this rent would consume 270% of the median local household income ($52k/yr) (locally 1001% 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 $4k of loan paydown is wiped out by about $18k 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 + 0.2% rent growth), your $172k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($560k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $559,650 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.92% ✓
• Cap rate: 16.16%
• Cash-on-cash: 35.26%
• DSCR: 2.57
• GRM: 4.3

CMA / ARV

• ARV (median comp): $459,993
• List price: $615,000
• Delta: 33.70%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.18% rent growth · sell at horizon

5-year hold

• IRR: 27.6%
• Equity multiple: 2.10×
• Total profit: $190,227
• Equity at exit: $91,698

10-year hold

• IRR: 33.4%
• Equity multiple: 3.64×
• Total profit: $455,162
• Equity at exit: $53,174

Cash invested: $172,200 (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 70116

• Home prices YoY: -34.5%
• Rents YoY: 0.2%
• Active inventory: 350
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $11,784 high
• Mortgage (P&I): −$3,225
• Tax est. 1.5%: −$769 /mo · $9,225/yr
• Insurance: −$256
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,475
• Net cashflow: $5,059

Break-even live

Break-even rent $5,380

Max offer price $615,000

Occupancy floor 52%

Sensitivity live

Price	-10% $5,484	-5% $5,272	+0% $5,059	+5% $4,847	+10% $4,634
Rent	-10% $4,128	-5% $4,594	+0% $5,059	+5% $5,525	+10% $5,990
Rate	-1.0pp $5,369	-0.5pp $5,216	base $5,059	+0.5pp $4,900	+1.0pp $4,738

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	4	$11,784
Total (3 units)			$11,784

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: $153,750
• Closing costs: $18,450
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-06
   historical Active Under Contract 1482-char remark

   Show marketing remark (1482 chars)

   JAZZ FEST SPECIAL Triplex Gem — A Timeless New Orleans Classic on Esplanade Avenue Discover a beautifully maintained 1890’s triplex tucked beneath majestic oaks in the heart of Esplanade Ridge. This historic property offers a unique blend of vintage charm and modern convenience, clad in durable Hardie plank and backing up to Bayou Road. Each of the three units features central air and heat, recessed lighting, and abundant natural light. The two lower units (1924 & 1926) boast original and prefinished wood floors, marble-tiled baths, ceiling fans, and direct access to a spacious, gated backyard—a great spot for entertaining or to build a garden. The storm doors enhances backyard access. Unit 1926 includes a decorative fireplace mantle, full kitchen with range/oven, microwave, dishwasher. The second downstairs unit (1924) includes granite countertops, washer/dryer hookups, and two bedrooms. Upstairs, the third unit spans the entire camelback level, accessed via the rear staircase, and offers soaring 11.5-ft ceilings, original wood floors, a full kitchen with dishwasher, washer/dryer, and oversized windows. Zoned and sized for investment or residence, with potential for a curb cut and gated off-street parking, this property blends flexibility, character, and location—all just minutes from the French Quarter and City Park. Don’t miss this rare opportunity to own a piece of New Orleans history on one of its most iconic avenues.

2. 2026-03-23
   price $615,000 1482-char remark

   Show marketing remark (1482 chars)

   JAZZ FEST SPECIAL Triplex Gem — A Timeless New Orleans Classic on Esplanade Avenue Discover a beautifully maintained 1890’s triplex tucked beneath majestic oaks in the heart of Esplanade Ridge. This historic property offers a unique blend of vintage charm and modern convenience, clad in durable Hardie plank and backing up to Bayou Road. Each of the three units features central air and heat, recessed lighting, and abundant natural light. The two lower units (1924 & 1926) boast original and prefinished wood floors, marble-tiled baths, ceiling fans, and direct access to a spacious, gated backyard—a great spot for entertaining or to build a garden. The storm doors enhances backyard access. Unit 1926 includes a decorative fireplace mantle, full kitchen with range/oven, microwave, dishwasher. The second downstairs unit (1924) includes granite countertops, washer/dryer hookups, and two bedrooms. Upstairs, the third unit spans the entire camelback level, accessed via the rear staircase, and offers soaring 11.5-ft ceilings, original wood floors, a full kitchen with dishwasher, washer/dryer, and oversized windows. Zoned and sized for investment or residence, with potential for a curb cut and gated off-street parking, this property blends flexibility, character, and location—all just minutes from the French Quarter and City Park. Don’t miss this rare opportunity to own a piece of New Orleans history on one of its most iconic avenues.

3. 2026-02-12
   listed $635,000 Active 1482-char remark

   Show marketing remark (1482 chars)

   JAZZ FEST SPECIAL Triplex Gem — A Timeless New Orleans Classic on Esplanade Avenue Discover a beautifully maintained 1890’s triplex tucked beneath majestic oaks in the heart of Esplanade Ridge. This historic property offers a unique blend of vintage charm and modern convenience, clad in durable Hardie plank and backing up to Bayou Road. Each of the three units features central air and heat, recessed lighting, and abundant natural light. The two lower units (1924 & 1926) boast original and prefinished wood floors, marble-tiled baths, ceiling fans, and direct access to a spacious, gated backyard—a great spot for entertaining or to build a garden. The storm doors enhances backyard access. Unit 1926 includes a decorative fireplace mantle, full kitchen with range/oven, microwave, dishwasher. The second downstairs unit (1924) includes granite countertops, washer/dryer hookups, and two bedrooms. Upstairs, the third unit spans the entire camelback level, accessed via the rear staircase, and offers soaring 11.5-ft ceilings, original wood floors, a full kitchen with dishwasher, washer/dryer, and oversized windows. Zoned and sized for investment or residence, with potential for a curb cut and gated off-street parking, this property blends flexibility, character, and location—all just minutes from the French Quarter and City Park. Don’t miss this rare opportunity to own a piece of New Orleans history on one of its most iconic avenues.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $141,408
• − Mortgage interest: −$34,450
• − Property taxes: −$9,225
• − Insurance: −$3,075
• − Repairs & maintenance: −$11,313
• − Management: −$11,313
• − Depreciation: −$17,891
• Taxable income: $54,142
• Est. tax owed @ 24.0%: −$12,994
• After-tax cash flow: $47,717/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This triplex is in good condition with well-maintained interiors and exteriors. It offers a blend of vintage charm and modern convenience, making it a great investment opportunity.

Value-add opportunities

• Resale Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and make the home look more inviting to potential buyers.
• Resale Updating the flooring in the bathrooms — Upgrading the flooring in the bathrooms can add value and make the space more appealing to potential buyers.
• Resale Installing new windows — New windows can improve energy efficiency and increase the home's value.

Renovation cost estimate screening

Value-add ROI direction

• Resale Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and make the home look more inviting to potential buyers. ↑
• Resale Updating the flooring in the bathrooms — Upgrading the flooring in the bathrooms can add value and make the space more appealing to potential buyers. ↑
• Resale Installing new windows — New windows can improve energy efficiency and increase the home's value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 10,404
• Household income: $52,306
• Rent vs Own: 52.5% rent · 47.5% own
• Severe rent burden: 1001.0

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 0.63)
• Race & ethnicity: White 45% Black 40% Hispanic / Latino 10% Two or more races 8%
• Hispanic origin (detail): Mexican 1% Cuban 3%
• Common ancestry: Lithuanian 6% Slovak 3% Romanian 3%
• Foreign-born: 5% · Canada
• Languages at home: 90% English-only · Spanish 6% French/Haitian/Cajun 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: ▼ -144.83%
• Current HPI: 275.5453
• Rent YoY: ▲ 0.18%
• 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

-3.1% since first listed

3 events — show timeline

• 2026-05-06 Contingent — GSREIN
• 2026-03-23 Price Changed $615,000 GSREIN
• 2026-02-12 Listed $635,000 GSREIN