8120 22 Apple St · New Orleans, LA 70118

$270,000

9 bd · 3.6 ba · 3,387 sqft · MultiFamily · 247 Days on market

Built 1920 Good condition 4,647 sqft lot $80/sqft · 21% below area Est $343k · 21% under ↓ 18% 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
• Condition / age +3.8/5.0
• Rent growth +2.7/5.0
• 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: 3 units. confirmed

Listing remarks MLS

This spacious triplex offers exceptional potential with 8 total bedrooms across three units. The master unit features a charming screened front porch, original wood floors, a rear patio deck, and direct access to a large backyard. With its versatile layout, this property suits owner-occupants seeking rental income or investors looking for strong returns in a high-demand neighborhood.

Key facts

• Screened front porch
• Versatile layout
• Large backyard

Tags

• SCREENED FRONT PORCH
• ORIGINAL WOOD FLOORS
• REAR PATIO DECK
• LARGE BACKYARD
• VERSATILE LAYOUT
• HIGH-DEMAND NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.2-bath units multifamily listed at $270k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $707/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $270k).
• Recommended offer: $238k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.7% 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; 279 active listings in the ZIP; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $5,045/mo this rent would consume 95% of the median local household income ($64k/yr) (locally 2237% 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.
• At projected returns (-3.0% appreciation + 1.0% rent growth), your $76k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 247 days — a 12% lower offer ($238k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $237,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 247 days. Have you received any prior offers? Is the seller open to a 12% 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 1920 — 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: 1.87% ✓
• Cap rate: 15.71%
• Cash-on-cash: 33.65%
• DSCR: 2.50
• GRM: 4.5

CMA / ARV

• ARV (median comp): $342,504
• List price: $270,000
• Delta: -21.17%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3008-10 Monroe St	0.29mi	8/— (-1)	2,928 (-14%)	24mo	$150,000	$51	39
7709-11 Sycamore St	0.72mi	8/4.0 (-1)	3,776 (+12%)	14mo	$445,000	$118	29
3624 Eagle St	0.71mi	8/4.0 (-1)	2,976 (-12%)	22mo	$225,000	$76	22

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 · 0.97% rent growth · sell at horizon

5-year hold

• IRR: 26.6%
• Equity multiple: 2.07×
• Total profit: $81,225
• Equity at exit: $40,258

10-year hold

• IRR: 33.0%
• Equity multiple: 3.71×
• Total profit: $205,083
• Equity at exit: $23,345

Cash invested: $75,600 (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 70118

• Rents YoY: 1.0%
• Active inventory: 279
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $5,045 high
• Mortgage (P&I): −$1,416
• Tax est. 1.5%: −$338 /mo · $4,050/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,059
• Net cashflow: $2,120

Break-even live

Break-even rent $2,362

Max offer price $270,000

Occupancy floor 53%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.2	$5,046
Total (3 units)			$5,045

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: $67,500
• Closing costs: $8,100
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $270,000 Active 247 DOM
2. 2026-06-17
   days on market $270,000 Active 246 DOM
3. 2026-06-16
   days on market $270,000 Active 245 DOM
4. 2026-06-15
   days on market $270,000 Active 244 DOM
5. 2026-06-13
   days on market $270,000 Active 242 DOM
6. 2026-06-10
   days on market $270,000 Active 239 DOM
7. 2026-06-09
   days on market $270,000 Active 238 DOM
8. 2026-06-08
   days on market $270,000 Active 237 DOM
9. 2026-06-07
   days on market $270,000 Active 236 DOM
10. 2026-06-05
    days on market $270,000 Active 233 DOM
11. 2026-06-03
    days on market $270,000 Active 232 DOM
12. 2026-06-02
    days on market $270,000 Active 231 DOM
13. 2026-06-01
    days on market $270,000 Active 230 DOM
14. 2026-05-31
    days on market $270,000 Active 229 DOM
15. 2026-04-02
    price $270,000 386-char remark

    Show marketing remark (386 chars)

    This spacious triplex offers exceptional potential with 8 total bedrooms across three units. The master unit features a charming screened front porch, original wood floors, a rear patio deck, and direct access to a large backyard. With its versatile layout, this property suits owner-occupants seeking rental income or investors looking for strong returns in a high-demand neighborhood.

16. 2026-03-03
    price $300,000 386-char remark

    Show marketing remark (386 chars)

    This spacious triplex offers exceptional potential with 8 total bedrooms across three units. The master unit features a charming screened front porch, original wood floors, a rear patio deck, and direct access to a large backyard. With its versatile layout, this property suits owner-occupants seeking rental income or investors looking for strong returns in a high-demand neighborhood.

17. 2026-01-20
    price $310,000 386-char remark

    Show marketing remark (386 chars)

    This spacious triplex offers exceptional potential with 8 total bedrooms across three units. The master unit features a charming screened front porch, original wood floors, a rear patio deck, and direct access to a large backyard. With its versatile layout, this property suits owner-occupants seeking rental income or investors looking for strong returns in a high-demand neighborhood.

18. 2025-10-28
    price $320,000 386-char remark

    Show marketing remark (386 chars)

    This spacious triplex offers exceptional potential with 8 total bedrooms across three units. The master unit features a charming screened front porch, original wood floors, a rear patio deck, and direct access to a large backyard. With its versatile layout, this property suits owner-occupants seeking rental income or investors looking for strong returns in a high-demand neighborhood.

19. 2025-09-08
    listed $330,000 Active 386-char remark

    Show marketing remark (386 chars)

    This spacious triplex offers exceptional potential with 8 total bedrooms across three units. The master unit features a charming screened front porch, original wood floors, a rear patio deck, and direct access to a large backyard. With its versatile layout, this property suits owner-occupants seeking rental income or investors looking for strong returns in a high-demand neighborhood.

ⓘ 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: $60,540
• − Mortgage interest: −$15,124
• − Property taxes: −$4,050
• − Insurance: −$1,350
• − Repairs & maintenance: −$4,843
• − Management: −$4,843
• − Depreciation: −$7,855
• Taxable income: $22,475
• Est. tax owed @ 24.0%: −$5,394
• After-tax cash flow: $20,042/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 spacious triplex is in good condition with cosmetic updates needed to enhance its curb appeal and functionality.

Repairs flagged

• Minor kitchen cabinets — can be replaced with modern ones
• Minor bathroom fixtures — can be updated with modern ones

Value-add opportunities

• Resale modern kitchen cabinets — enhances curb appeal and functionality
• Resale modern bathroom fixtures — enhances curb appeal and functionality
• Both landscaping — improves curb appeal and adds value
• Rental HVAC system — improves tenant satisfaction and reduces maintenance costs

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · can be replaced with modern ones	Minor	$500–3,000
bathroom fixtures · can be updated with modern ones	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale modern kitchen cabinets — enhances curb appeal and functionality ↑
• Resale modern bathroom fixtures — enhances curb appeal and functionality ↑
• Both landscaping — improves curb appeal and adds value ↑
• Rental HVAC system — improves tenant satisfaction and reduces maintenance costs ↑

ⓘ 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): 36,072
• Household income: $63,750
• Rent vs Own: 51.5% rent · 48.5% own
• Severe rent burden: 2237.0

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 0.65)
• Race & ethnicity: White 47% Black 34% Hispanic / Latino 11% Two or more races 11% Asian 4%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Italian 2% Romanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 86% English-only · Spanish 7% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -210.46%
• Current HPI: 282.9629
• Rent YoY: ▲ 0.97%
• 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

-18.2% since first listed

5 events — show timeline

• 2026-04-02 Price Changed $270,000 GSREIN
• 2026-03-03 Price Changed $300,000 GSREIN
• 2026-01-20 Price Changed $310,000 GSREIN
• 2025-10-28 Price Changed $320,000 GSREIN
• 2025-09-08 Listed $330,000 GSREIN