1915-17 Pleasure St · New Orleans, LA 70122

$279,997

6 bd · 4.0 ba · 2,400 sqft · MultiFamily · 97 Days on market

Good condition 4,791 sqft lot $117/sqft · 11% below area Est $314k · 11% under

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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 +25.9/30.0
• ARV discount +12.4/15.0
• DSCR +8.7/10.0
• 1% rule +6.9/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.3/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Turnkey Gentilly Duplex - Recently Renovated. Dillard University is one street over, making it especially attractive for student housing, faculty, or long-term tenants seeking convenience and community. Whether you're looking to house-hack, expand your portfolio. This duplex checks all the boxes. 3BR/2BA + 2BR/1BA

Key facts

• Recently renovated
• 4,791 sq ft lot
• Parking

Tags

• TURNKEY GENTILLY DUPLEX
• RECENTLY RENOVATED
• DILLARD UNIVERSITY PROXIMITY

What this means for you Summary

Snapshot

• This is a 2 × 3.0-bed/2.0-bath units multifamily listed at $280k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $622 ($7k/yr) — positive. Per door: $311/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $280k).
• Recommended offer: $255k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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 soft (-0.6%/yr); 332 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,321/mo this rent would consume 81% of the median local household income ($49k/yr) (locally 2150% 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 $8k 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.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($255k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major 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 $254,797 (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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.19% ✓
• Cap rate: 9.24%
• Cash-on-cash: 10.54%
• DSCR: 1.47
• GRM: 7.0

CMA / ARV

• ARV (median comp): $314,198
• List price: $279,997
• Delta: -10.89%
• 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
1525 27 Lafreniere St	0.08mi	6/4.0	2,474 (+3%)	15mo	$423,000	$171	79
3340 Saint Anthony Ave	0.09mi	5/3.0 (-1)	2,196 (-8%)	1mo	$120,000	$55	72
3407 09 Frenchmen St	0.33mi	5/4.0 (-1)	2,370 (-1%)	11mo	$195,000	$82	68
1902 04 Agriculture St	0.38mi	6/3.0	2,524 (+5%)	5mo	$102,000	$40	66
3036-38 Allen St	0.23mi	5/4.0 (-1)	2,500 (+4%)	21mo	$347,900	$139	60
2303 05 Abundance St	0.34mi	6/4.0	2,596 (+8%)	21mo	$399,000	$154	54
2825-27 Spain St	0.73mi	6/4.0	2,496 (+4%)	7mo	$385,000	$154	53
1946 Hope St	0.60mi	6/4.0	2,132 (-11%)	4mo	$289,000	$136	50
3521 Gibson St	0.61mi	6/4.0	2,619 (+9%)	11mo	$410,000	$157	47
3328 30 Allen St	0.08mi	5/6.0 (-1)	2,750 (+15%)	17mo	$450,000	$164	45
3324 26 Allen St	0.08mi	5/6.0 (-1)	2,750 (+15%)	19mo	$460,000	$167	43
2918 New Orleans St	0.35mi	5/2.5 (-1)	2,137 (-11%)	15mo	$210,000	$98	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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -5.4%
• Equity multiple: 0.80×
• Total profit: $-15,389
• Equity at exit: $41,748

10-year hold

• IRR: 0.1%
• Equity multiple: 1.00×
• Total profit: $379
• Equity at exit: $24,209

Cash invested: $78,399 (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 70122

• Rents YoY: -0.6%
• Active inventory: 332
• Price-to-rent: 14.1×

Monthly cashflow live

• Estimated rent: $3,321 high
• Mortgage (P&I): −$1,468
• Tax est. 1.5%: −$350 /mo · $4,200/yr
• Insurance: −$117
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$697
• Net cashflow: $622

Break-even live

Break-even rent $2,533

Max offer price $279,997

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3.0	2	$3,322
Total (2 units)			$3,321

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: $69,999
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3228 Pauger St New Orleans, LA	5.0	2.0	1600	$2,100	$1.31	24d	1	0.70mi

Listing history 5 events

1. 2026-02-18
   listed $279,997 Active 315-char remark

   Show marketing remark (315 chars)

   Turnkey Gentilly Duplex - Recently Renovated. Dillard University is one street over, making it especially attractive for student housing, faculty, or long-term tenants seeking convenience and community. Whether you're looking to house-hack, expand your portfolio. This duplex checks all the boxes. 3BR/2BA + 2BR/1BA

2. 2024-05-22
   historical $1,100
3. 2024-05-21
   listed $1,100
4. 2024-04-05
   historical $1,100
5. 2024-03-19
   listed $1,100

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

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 · 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: $39,852
• − Mortgage interest: −$15,684
• − Property taxes: −$4,200
• − Insurance: −$2,197
• − Repairs & maintenance: −$3,188
• − Management: −$3,188
• − Depreciation: −$8,145
• Taxable income: $3,249
• Est. tax owed @ 24.0%: −$780
• After-tax cash flow: $6,686/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 · 12 photos

Good 75/100 Cosmetic rehab

This recently renovated Gentilly Duplex is move-in ready and well-maintained, with modern updates and a great location.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace light fixtures — Modernizes and improves energy efficiency
• Both Install smart home devices — Attracts tech-savvy tenants and buyers

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace light fixtures — Modernizes and improves energy efficiency ↑
• Both Install smart home devices — Attracts tech-savvy tenants and buyers ↑

ⓘ 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): 35,253
• Household income: $49,455
• Rent vs Own: 40.5% rent · 59.5% own
• Severe rent burden: 2150.0

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 (69%)
• Race & ethnicity: Black 69% White 18% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Lithuanian 4% Italian 2% Slovak 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Chinese 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: ▼ -222.37%
• Current HPI: 231.9921
• Rent YoY: ▼ -0.61%
• 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

+25354.3% since first listed

5 events — show timeline

• 2026-02-18 Listed $279,997 AcadianaMLS
• 2024-05-22 Rental Removed $1,100 GSREIN
• 2024-05-21 Listed for Rent $1,100 GSREIN
• 2024-04-05 Rental Removed $1,100 GSREIN
• 2024-03-19 Listed for Rent $1,100 GSREIN