826 N Robertson St · New Orleans, LA 70116

$149,000

4 bd · 2.0 ba · 2,436 sqft · MultiFamily public records · 4 Days on market

Built 1923 $61/sqft · 62% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• 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

Unlock the potential of this historic Treme diamond-in-the-rough! Perfectly positioned just steps from the French Quarter and the jazz-filled pathways of Armstrong Park, this gutted multi-family structure is the ultimate canvas for an investor, developer, or historic preservationist.

Key facts

• French quarter
• Ultimate canvas
• Historic treme

Tags

• HISTORIC TREME
• FRENCH QUARTER
• GUTTED MULTI-FAMILY STRUCTURE
• ULTIMATE CANVAS

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: No public sewer available; No public water available
• Home design: 2-story property; Raised foundation
• Construction: Hardboard exterior; Shingle roof; Built with raised foundation
• Exterior features: City lot; Rectangular lot; Lot dimensions approximately 36 x 64

Interior

• Bathrooms: 2 full bathrooms
• Interior features: Property in poor condition

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $149k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $149k).
• Cap rate 19.1% 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 flat; 350 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,412/mo this rent would consume 78% 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 $1k of loan paydown is wiped out by about $4k 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 $42k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 3y 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.
• Current owner paid $4k; list at $149k implies a 3211% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $149,000

Questions for the listing agent

1. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 2.29% ✓
• Cap rate: 19.11%
• Cash-on-cash: 45.77%
• DSCR: 3.04
• GRM: 3.6

CMA / ARV

• ARV (median comp): $392,224
• List price: $149,000
• Delta: -62.01%
• 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
1722 24 St Ann St	0.14mi	4/3.5	2,240 (-8%)	1mo	$410,000	$183	73
1315 17 Saint Philip St	0.18mi	4/4.0	2,290 (-6%)	14mo	$405,000	$177	62
1124-1126 Henriette Delille St	0.32mi	4/2.0	2,071 (-15%)	2mo	$157,000	$76	59
605-607 Toulouse St	0.66mi	3/3.0 (-1)	2,350 (-4%)	2mo	$957,500	$407	53
1113 15 Dauphine St	0.48mi	5/4.0 (+1)	2,383 (-2%)	12mo	$610,000	$256	51
1501-03 Governor Nicholls St	0.26mi	3/4.0 (-1)	2,680 (+10%)	10mo	$700,000	$261	50
1815 17 Laharpe St	0.64mi	4/2.0	2,226 (-9%)	12mo	$335,000	$150	46
1331 Columbus St	0.52mi	5/4.0 (+1)	2,323 (-5%)	14mo	$365,000	$157	43
930 32 St Ann St	0.40mi	4/4.0	2,070 (-15%)	8mo	$575,000	$278	41
1933 Bayou Rd	0.42mi	5/4.0 (+1)	2,800 (+15%)	3mo	$480,000	$171	40
4708 10 Burgundy St	0.66mi	4/3.0	2,165 (-11%)	12mo	$435,000	$201	37
2328 30 Bienville St	0.67mi	5/3.5 (+1)	2,115 (-13%)	2mo	$400,000	$189	34

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 · 0.18% rent growth · sell at horizon

5-year hold

• IRR: 24.9%
• Equity multiple: 1.98×
• Total profit: $40,986
• Equity at exit: $22,216

10-year hold

• IRR: 30.5%
• Equity multiple: 3.30×
• Total profit: $96,155
• Equity at exit: $12,883

Cash invested: $41,720 (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: 3.6×

Monthly cashflow live

• Estimated rent: $3,412 high
• Mortgage (P&I): −$781
• Tax from tax record: −$261 /mo · $3,133/yr
• Insurance: −$62
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$717
• Net cashflow: $1,165

Break-even live

Break-even rent $1,938

Max offer price $149,000

Occupancy floor 61%

Sensitivity live

Price	-10% $1,249	-5% $1,207	+0% $1,165	+5% $1,123	+10% $1,080
Rent	-10% $895	-5% $1,030	+0% $1,165	+5% $1,300	+10% $1,434
Rate	-1.0pp $1,240	-0.5pp $1,203	base $1,165	+0.5pp $1,126	+1.0pp $1,087

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1021 Henriette Delille St New Orleans, LA	3.0	2.0	2012	$2,250	$1.12	17d	1	0.25mi
1433 Esplanade Ave New Orleans, LA	3.0	2.0	2411	$5,000	$2.07	2d	1	0.34mi
1000 Saint Philip St New Orleans, LA	3.0	2.5	2650	$4,800	$1.81	44d	1	0.38mi
618 N Rampart St #204 New Orleans, LA	3.0	2.5	1904	$4,500	$2.36	44d	1	0.38mi
811 Burgundy St New Orleans, LA	4.0	2.5	2059	$5,000	$2.43	44d	1	0.38mi
324 N Roman St New Orleans, LA	3.0	3.0	2100	$2,500	$1.19	44d	1	0.43mi
839 Dumaine St New Orleans, LA	3.0	4.0	2740	$6,500	$2.37	44d	1	0.46mi
928 Kerlerec St New Orleans, LA	3.0	3.5	1684	$2,750	$1.63	3d	1	0.56mi
928 Kerlerec St New Orleans, LA	3.0	3.5	1684	$2,750	$1.63	3d	1	0.56mi
939 Iberville St New Orleans, LA	1.0–3.0	1.0	1502	$3,800	$2.53	12d	7	0.64mi
1860 Burgundy St New Orleans, LA	4.0	4.0	3000	$3,500	$1.17	24d	1	0.64mi
751 Chartres St New Orleans, LA	2.0–3.0	2.0	1461	$3,450	$2.36	44d	1	0.65mi
1011 Canal St Unit 1513926P New Orleans, LA	1.0–4.0	1.0–4.0	1016	$12,077	$11.88	2d	2	0.66mi
1011 Canal St Unit 1513939P New Orleans, LA	4.0	4.0	1765	$11,253	$6.38	24d	1	0.66mi
527 Saint Ann St Unit 3 New Orleans, LA	3.0	2.0	1687	$3,500	$2.07	44d	1	0.70mi
515 Saint Ann St Unit 3 New Orleans, LA	3.0	2.0	1644	$3,600	$2.19	45d	1	0.71mi
535 Decatur St Unit 3 New Orleans, LA	3.0	2.0	1600	$2,800	$1.75	12d	1	0.76mi
2331 Columbus St New Orleans, LA	3.0	1.0	1976	$1,850	$0.94	24d	1	0.77mi
2731 Saint Philip St Unit 2733 New Orleans, LA	4.0	2.0	2000	$2,600	$1.30	24d	1	0.87mi
800 Gravier St Unit 1272312P New Orleans, LA	2.0–4.0	2.0–4.0	1673	$6,169	$3.69	15d	2	0.93mi
2738 Bienville St New Orleans, LA	4.0	3.0	1671	$2,200	$1.32	24d	1	0.97mi
1936 N Johnson St Unit 36 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	24d	1	0.98mi
1938 N Johnson St Unit 38 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	24d	1	0.98mi
2320 N Rampart St New Orleans, LA	3.0	3.0	2317	$3,700	$1.60	44d	1	0.98mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$4,154	$2.63	3d	2	0.98mi
822 Perdido St Unit 1272370P New Orleans, LA	1.0–5.0	1.0–5.0	1447	$5,974	$4.13	3d	4	0.99mi
2664 Lepage St New Orleans, LA	3.0	2.0	1750	$2,725	$1.56	44d	1	0.99mi
419 Carondelet St Unit PHB New Orleans, LA	3.0	2.5	2546	$5,700	$2.24	3d	1	1.01mi
431 Gravier St Ste 4 New Orleans, LA	3.0	2.0	2100	$3,700	$1.76	44d	1	1.03mi
1831 N Miro St New Orleans, LA	3.0	2.0	1882	$2,500	$1.33	44d	1	1.03mi
1837 Touro St New Orleans, LA	3.0	1.0	1994	$2,000	$1.00	24d	1	1.04mi
518 S Rampart St New Orleans, LA	3.0	2.0	1853	$3,995	$2.16	3d	1	1.07mi
2920 Pauger St New Orleans, LA	4.0	2.0	1882	$1,995	$1.06	24d	1	1.17mi
1000 Girod St Ph 2 New Orleans, LA	3.0	3.5	2008	$4,800	$2.39	44d	1	1.20mi
3024 Esplanade Ave New Orleans, LA	3.0	2.5	2300	$4,500	$1.96	44d	1	1.21mi
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	3d	1	1.26mi
227 S Gayoso St Unit 2h New Orleans, LA	3.0	2.0	1800	$2,500	$1.39	44d	1	1.26mi
803 Baronne St New Orleans, LA	3.0	2.0	1791	$3,525	$1.97	3d	1	1.30mi
3232 Grand Rte Saint John St New Orleans, LA	3.0	3.0	2800	$5,000	$1.79	24d	1	1.33mi
875 O'Keefe Ave #301 New Orleans, LA	3.0	2.5	2029	$4,500	$2.22	17d	1	1.34mi

Listing history 11 events

1. 2026-05-06
   status Pending 284-char remark

   Show marketing remark (284 chars)

   Unlock the potential of this historic Treme diamond-in-the-rough! Perfectly positioned just steps from the French Quarter and the jazz-filled pathways of Armstrong Park, this gutted multi-family structure is the ultimate canvas for an investor, developer, or historic preservationist.

2. 2026-05-06
   status Pending 284-char remark

   Show marketing remark (284 chars)

   Unlock the potential of this historic Treme diamond-in-the-rough! Perfectly positioned just steps from the French Quarter and the jazz-filled pathways of Armstrong Park, this gutted multi-family structure is the ultimate canvas for an investor, developer, or historic preservationist.

3. 2026-05-02
   listed $149,000 Active 284-char remark

   Show marketing remark (284 chars)

   Unlock the potential of this historic Treme diamond-in-the-rough! Perfectly positioned just steps from the French Quarter and the jazz-filled pathways of Armstrong Park, this gutted multi-family structure is the ultimate canvas for an investor, developer, or historic preservationist.

4. 2026-05-02
   listed $149,000 Active 284-char remark

   Show marketing remark (284 chars)

   Unlock the potential of this historic Treme diamond-in-the-rough! Perfectly positioned just steps from the French Quarter and the jazz-filled pathways of Armstrong Park, this gutted multi-family structure is the ultimate canvas for an investor, developer, or historic preservationist.

5. 2024-12-17
   price $225,000
6. 2024-12-12
   price $225,000
7. 2024-04-09
   listed $255,000 Active
8. 2023-09-18
   listed $235,000
9. 2023-01-13
   listed $250,000
10. 1997-12-12
    soldstatus $4,500
11. 1986-01-06
    soldstatus $20,000

ⓘ 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: $3,133 · $261/mo
• Projected year-2 tax: $3,133 · $261/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 AE · 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: $40,950
• − Mortgage interest: −$8,346
• − Property taxes: −$3,133
• − Insurance: −$5,864
• − Repairs & maintenance: −$3,276
• − Management: −$3,276
• − Depreciation: −$4,335
• Taxable income: $12,721
• Est. tax owed @ 24.0%: −$3,053
• After-tax cash flow: $10,925/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): 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

+645.0% since first listed

11 events — show timeline

• 2026-05-06 Pending — AcadianaMLS
• 2026-05-06 Pending — GSREIN
• 2026-05-02 Listed $149,000 GSREIN
• 2026-05-02 Listed $149,000 AcadianaMLS
• 2024-12-17 Price Changed $225,000 AcadianaMLS
• 2024-12-12 Price Changed $225,000 GSREIN
• 2024-04-09 Listed $255,000 AcadianaMLS
• 2023-09-18 Listed $235,000 AcadianaMLS
• 2023-01-13 Listed $250,000 AcadianaMLS
• 1997-12-12 Sold (Public Records) $4,500 Public Records
• 1986-01-06 Sold (Public Records) $20,000 Public Records

Property tax history

+14.8%/yr

Latest (2026): $3,133 · +1.1% YoY. Source: county tax records.