4837 39 Burgundy St · New Orleans, LA 70117

$149,900

5 bd · 2.0 ba · 1,983 sqft · MultiFamily · 352 Days on market

Built 1955 Poor condition 5,174 sqft lot $76/sqft · 64% 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 +3.1/5.0
• Schools +1.6/10.0
• Condition / age +1.0/5.0
• 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

Welcome to an exceptional opportunity in the highly desirable Holy Cross neighborhood of New Orleans! This gutted duplex, ripe for renovation, offers endless possibilities for customization and investment. Nestled in a vibrant community known for its historic charm and close-knit feel, this property stands as a blank canvas awaiting your vision. Boasting a prime location, you'll be within walking distance of the scenic Mississippi River, local parks, and the bustling cultural scenes of the Bywater and Marigny districts. Whether you envision a stunning single-family home, a lucrative rental property, or a combination of both, this duplex offers the flexibility to create your dream living space. Don't miss your chance to own a piece of Holy Cross history and make your mark on this charming neighborhood. Contact me today to schedule a showng!

Key facts

• Walking distance
• Gutted duplex
• Prime location

Tags

• GUTTED DUPLEX
• PRIME LOCATION
• WALKING DISTANCE
• SCENIC MISSISSIPPI RIVER
• LOCAL PARKS
• BYWATER AND MARIGNY DISTRICTS

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $150k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 26.4% 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); 581 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $4,494/mo this rent would consume 118% of the median local household income ($46k/yr) (locally 1988% 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 + 2.5% rent growth), your $42k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 352 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 352 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 3.00% ✓
• Cap rate: 26.42%
• Cash-on-cash: 71.89%
• DSCR: 4.20
• GRM: 2.8

CMA / ARV

• ARV (median comp): $421,099
• List price: $149,900
• Delta: -64.40%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6004 06 Dauphine Sq	0.08mi	6/2.0 (+1)	1,976 (-0%)	4mo	$224,000	$113	87
5428 30 Dauphine St	0.07mi	4/2.0 (-1)	1,775 (-10%)	10mo	$185,000	$104	66
4708 10 Burgundy St	0.00mi	4/3.0 (-1)	2,165 (+9%)	12mo	$435,000	$201	66
930 32 St Ann St	0.49mi	4/4.0 (-1)	2,070 (+4%)	8mo	$575,000	$278	50
2010 A-D Dauphine St	0.54mi	4/4.0 (-1)	2,040 (+3%)	13mo	$415,000	$203	46
1722 24 St Ann St	0.71mi	4/3.5 (-1)	2,240 (+13%)	1mo	$410,000	$183	33
1504 06 St Ann St	0.60mi	4/4.0 (-1)	2,068 (+4%)	22mo	$360,000	$174	33

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: 71.0%
• Equity multiple: 4.18×
• Total profit: $133,622
• Equity at exit: $22,351

10-year hold

• IRR: 74.8%
• Equity multiple: 8.47×
• Total profit: $313,518
• Equity at exit: $12,961

Cash invested: $41,972 (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: 581
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $4,494 high
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$944
• Net cashflow: $2,514

Break-even live

Break-even rent $1,311

Max offer price $149,900

Occupancy floor 39%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,494
Total (2 units)			$4,494

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1011 Canal St Unit 1513939P New Orleans, LA	4.0	4.0	1765	$11,253	$6.38	24d	1	0.04mi
1011 Canal St Unit 1513926P New Orleans, LA	1.0–4.0	1.0–4.0	1016	$12,077	$11.88	2d	2	0.04mi
800 Gravier St Unit 1272312P New Orleans, LA	2.0–4.0	2.0–4.0	1673	$6,169	$3.69	15d	2	0.26mi
822 Perdido St Unit 1272370P New Orleans, LA	1.0–5.0	1.0–5.0	1447	$7,361	$5.09	3d	4	0.30mi
811 Burgundy St New Orleans, LA	4.0	2.5	2059	$5,000	$2.43	44d	1	0.52mi
822 Howard Ave Unit 1272354P New Orleans, LA	1.0–5.0	1.0–4.0	1749	$11,882	$6.79	2d	3	0.76mi
1418 Royal St Unit 1418 New Orleans, LA	4.0	2.0	1300	$2,450	$1.88	24d	1	0.96mi
1050 Annunciation St Unit 1272355P New Orleans, LA	2.0–5.0	2.0–4.0	1544	$4,490	$2.91	3d	3	1.02mi
326 S Dorgenois St Unit 326 New Orleans, LA	4.0	3.0	1510	$2,300	$1.52	2d	1	1.06mi
2651 Poydras St New Orleans, LA	1.0–4.0	1.0–2.0	1095	$2,545	$2.32	2d	16	1.22mi
632 Mandeville St Unit 2B New Orleans, LA	4.0	4.5	1337	$4,500	$3.37	17d	1	1.25mi
2738 Bienville St New Orleans, LA	4.0	3.0	1671	$2,200	$1.32	24d	1	1.26mi
2102 Josephine St New Orleans, LA	4.0	2.0	1286	$2,100	$1.63	24d	1	1.30mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$6,144	$3.88	3d	2	1.35mi
249 Vallette St New Orleans, LA	4.0	2.0	1734	$2,500	$1.44	16d	1	1.37mi
433 Homer St Unit 1 New Orleans, LA	4.0	2.0	1570	$1,850	$1.18	24d	1	1.38mi
2731 Saint Philip St Unit 2733 New Orleans, LA	4.0	2.0	2000	$2,600	$1.30	24d	1	1.41mi

Listing history 8 events

1. 2025-06-09
   listed $149,900 Active 851-char remark

   Show marketing remark (851 chars)

   Welcome to an exceptional opportunity in the highly desirable Holy Cross neighborhood of New Orleans! This gutted duplex, ripe for renovation, offers endless possibilities for customization and investment. Nestled in a vibrant community known for its historic charm and close-knit feel, this property stands as a blank canvas awaiting your vision. Boasting a prime location, you'll be within walking distance of the scenic Mississippi River, local parks, and the bustling cultural scenes of the Bywater and Marigny districts. Whether you envision a stunning single-family home, a lucrative rental property, or a combination of both, this duplex offers the flexibility to create your dream living space. Don't miss your chance to own a piece of Holy Cross history and make your mark on this charming neighborhood. Contact me today to schedule a showng!

2. 2019-04-05
   soldstatus $170,000 Closed 79-char remark

   Show marketing remark (79 chars)

   Great Investment property in Holy Cross neighborhood. Rent received $1070/unit.

3. 2019-02-04
   status Pending 79-char remark

   Show marketing remark (79 chars)

   Great Investment property in Holy Cross neighborhood. Rent received $1070/unit.

4. 2018-12-28
   listed $165,000 Active 79-char remark

   Show marketing remark (79 chars)

   Great Investment property in Holy Cross neighborhood. Rent received $1070/unit.

5. 2018-11-27
   soldstatus $793,500 Sold
6. 2018-11-27
   status Under Contract
7. 2018-11-03
   historical Pending Continue to Show
8. 2018-09-17
   listed $795,000 Active

ⓘ 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: $53,928
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$4,314
• − Management: −$4,314
• − Depreciation: −$4,361
• Taxable income: $29,544
• Est. tax owed @ 24.0%: −$7,091
• After-tax cash flow: $23,081/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

Poor 20/100 Gut rehab

This gutted duplex in the Holy Cross neighborhood requires extensive renovation to bring it up to move-in-ready condition. Significant repairs and updates are needed to improve its physical condition and increase its resale and rental value.

Repairs flagged

• Major Exterior siding — The exterior siding is completely missing, exposing the framing and requiring full replacement.
• Major Interior drywall — The interior is gutted with exposed framing, indicating a need for complete drywall installation.
• Major Flooring — The flooring is bare concrete, requiring full replacement with suitable flooring.
• Major HVAC system — The HVAC system is exposed and incomplete, requiring full replacement.
• Major Roof — The roof appears to be in poor condition, with visible damage and missing shingles, requiring full replacement.

Value-add opportunities

• Both Complete exterior renovation with new siding and paint — A new exterior will significantly improve the home's curb appeal and resale value.
• Both Interior drywall and finishing — A complete interior renovation will make the home move-in ready and increase both resale and rental value.
• Both HVAC system replacement — A new HVAC system will improve comfort and energy efficiency, enhancing both resale and rental value.
• Both Landscaping and curb appeal improvements — Enhancing the landscaping will improve the home's curb appeal and increase its resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · The exterior siding is completely missing, exposing the framing and requiring full replacement.	Major	$15,000–50,000
Interior drywall · The interior is gutted with exposed framing, indicating a need for complete drywall installation.	Major	$15,000–50,000
Flooring · The flooring is bare concrete, requiring full replacement with suitable flooring.	Major	$15,000–50,000
HVAC system · The HVAC system is exposed and incomplete, requiring full replacement.	Major	$15,000–50,000
Roof · The roof appears to be in poor condition, with visible damage and missing shingles, requiring full replacement.	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Complete exterior renovation with new siding and paint — A new exterior will significantly improve the home's curb appeal and resale value. ↑
• Both Interior drywall and finishing — A complete interior renovation will make the home move-in ready and increase both resale and rental value. ↑
• Both HVAC system replacement — A new HVAC system will improve comfort and energy efficiency, enhancing both resale and rental value. ↑
• Both Landscaping and curb appeal improvements — Enhancing the landscaping will improve the home's curb appeal and increase its resale and rental 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): 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

-81.1% since first listed

8 events — show timeline

• 2025-06-09 Listed $149,900 GSREIN
• 2019-04-05 Sold (MLS) $170,000 GSREIN
• 2019-02-04 Pending — GSREIN
• 2018-12-28 Listed $165,000 GSREIN
• 2018-11-27 Sold (MLS) $793,500 GSREIN
• 2018-11-27 Pending — GSREIN
• 2018-11-03 Contingent — GSREIN
• 2018-09-17 Listed $795,000 GSREIN