632 N Alexander St · New Orleans, LA 70119

$420,000

4 bd · 4.0 ba · 2,372 sqft · MultiFamily public records · 8 Days on market

Built 1928 Est $434k · at est.

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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 +29.1/30.0
• DSCR +10.0/10.0
• ARV discount +9.0/15.0
• 1% rule +7.6/10.0
• 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

Fabulous opportunity in Mid City close to City Park and Lafitte Greenway. Four-plex with one bedroom and one bathroom in each unit. Great for homeowner or investor!

Key facts

• Built 1928
• Listed 8 days

Property features AI

Finance

• Other: Tenant pays electricity and gas; owner pays water

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: 2-story property; Raised foundation; Shingle roof
• Construction: Raised foundation; Shingle roofing
• Exterior features: City lot; Rectangular lot; Lot dimensions approximately 34 x 125

Interior

• Bathrooms: Four full bathrooms
• Heating & cooling: Window unit heating; Window unit cooling
• Interior features: Average condition

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $420k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $420k).
• Cap rate 10.4% 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.
• Zoned schools: Benjamin Franklin Elem. Math And Science (math 12% / reading 23%, grade F, #479 of 646 statewide, top 75%, 747 students, 98% FRL, charter) — zoned schools average 98% FRL vs 68% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.2%/yr); 381 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $5,306/mo this rent would consume 120% of the median local household income ($53k/yr) (locally 3381% 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 $3k of loan paydown is wiped out by about $13k 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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 28y 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 $119k; list at $420k implies a 253% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe 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 $420,000

Questions for the listing agent

1. Built in 1928 — 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: 1.26% ✓
• Cap rate: 10.44%
• Cash-on-cash: 14.80%
• DSCR: 1.66
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $434,076
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
600 N Murat St	0.08mi	4/2.5	2,296 (-3%)	16mo	$220,000	$96	72
4727-29 Bienville St	0.34mi	4/2.0	2,326 (-2%)	3mo	$528,000	$227	70
827 29 Roosevelt Pl	0.45mi	4/3.0	2,484 (+5%)	3mo	$430,000	$173	65
623 25 N Hennessey St	0.04mi	4/2.0	2,018 (-15%)	2mo	$370,000	$183	63
816 N Carrollton Ave	0.33mi	4/4.0	2,700 (+14%)	8mo	$385,000	$143	55
939-941A Picheloup Pl	0.43mi	4/3.0	2,073 (-13%)	3mo	$435,000	$210	52
906 Wilson Dr	0.56mi	4/4.0	2,160 (-9%)	8mo	$441,855	$205	52
312 S Cortez St	0.75mi	5/3.5 (+1)	2,509 (+6%)	2mo	$576,000	$230	47
129-31 N Genois St	0.68mi	4/2.0	2,159 (-9%)	1mo	$325,000	$151	45
120-22 S Alexander St	0.44mi	4/2.0	2,577 (+9%)	16mo	$465,000	$180	44
3834 36 Bienville St	0.49mi	4/2.0	2,164 (-9%)	15mo	$370,000	$171	42
930 32 Harding Dr	0.61mi	5/2.5 (+1)	2,549 (+8%)	23mo	$579,000	$227	29

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: 1.0%
• Equity multiple: 1.04×
• Total profit: $4,534
• Equity at exit: $62,623

10-year hold

• IRR: 7.5%
• Equity multiple: 1.49×
• Total profit: $57,413
• Equity at exit: $36,314

Cash invested: $117,600 (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 70119

• Home prices YoY: -34.8%
• Rents YoY: -0.2%
• Active inventory: 381
• Price-to-rent: 26.4×

Monthly cashflow live

• Estimated rent: $5,306 high
• Mortgage (P&I): −$2,203
• Tax from tax record: −$364 /mo · $4,370/yr
• Insurance: −$175
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,114
• Net cashflow: $1,384

Break-even live

Break-even rent $3,555

Max offer price $420,000

Occupancy floor 69%

Sensitivity live

Price	-10% $1,621	-5% $1,502	+0% $1,384	+5% $1,265	+10% $1,146
Rent	-10% $964	-5% $1,174	+0% $1,384	+5% $1,593	+10% $1,803
Rate	-1.0pp $1,595	-0.5pp $1,490	base $1,384	+0.5pp $1,275	+1.0pp $1,164

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$5,304
Total (4 units)			$5,306

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: $105,000
• Closing costs: $12,600
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4227 Saint Ann St New Orleans, LA	3.0	2.0	1900	$2,800	$1.47	5d	1	0.15mi
4901 Iberville St New Orleans, LA	4.0	2.5	2256	$3,500	$1.55	46d	1	0.48mi
3700 Orleans Ave New Orleans, LA	1.0–3.0	1.0–2.0	1081	$2,945	$2.72	5d	48	0.49mi
4600 S Carrollton Ave Unit 2B New Orleans, LA	4.0	2.0	2097	$2,850	$1.36	25d	1	0.58mi
979 Navarre Ave New Orleans, LA	3.0	2.5	1926	$2,200	$1.14	25d	1	0.59mi
5373 Canal Blvd New Orleans, LA	3.0	2.0	1800	$4,200	$2.33	46d	1	0.75mi
5373 Canal Blvd New Orleans, LA	3.0	2.0	1800	$6,800	$3.78	19d	1	0.75mi
3825 Baudin St New Orleans, LA	3.0	3.5	1680	$2,000	$1.19	25d	1	0.80mi
6465 Oakland Dr New Orleans, LA	3.0	2.5	2864	$4,000	$1.40	5d	1	0.84mi
3232 Grand Rte Saint John St New Orleans, LA	3.0	3.0	2800	$5,000	$1.79	25d	1	0.88mi
305 S Norman C Francis Pkwy New Orleans, LA	3.0	1.5	1730	$2,600	$1.50	19d	1	0.89mi
305 S Norman C Francis Pkwy New Orleans, LA	3.0	1.5	1730	$2,500	$1.45	16d	1	0.89mi
5622 Canal Blvd Unit Upper New Orleans, LA	3.0	2.0	1736	$2,100	$1.21	5d	1	1.01mi
3024 Esplanade Ave New Orleans, LA	3.0	2.5	2300	$4,500	$1.96	46d	1	1.02mi
700 Florida Blvd New Orleans, LA	3.0	2.5	1850	$1,950	$1.05	18d	1	1.03mi
227 S Gayoso St Unit 2h New Orleans, LA	3.0	2.0	1800	$2,500	$1.39	46d	1	1.12mi
5923 General Haig St New Orleans, LA	3.0	2.5	2057	$2,800	$1.36	46d	1	1.13mi
2738 Bienville St New Orleans, LA	4.0	3.0	1671	$2,200	$1.32	25d	1	1.20mi
2731 Saint Philip St Unit 2733 New Orleans, LA	4.0	2.0	2000	$2,600	$1.30	25d	1	1.22mi
2664 Lepage St New Orleans, LA	3.0	2.0	1750	$2,725	$1.56	46d	1	1.29mi
228 Fairway Dr New Orleans, LA	3.0	2.5	2300	$4,300	$1.87	5d	1	1.37mi
228 Fairway Dr New Orleans, LA	3.0	2.5	2300	$4,300	$1.87	5d	1	1.37mi

Listing history 7 events

1. 2026-06-02
   statusdays on market $420,000 Pending 8 DOM
2. 2026-06-01
   days on market $420,000 Active 7 DOM
3. 2026-05-31
   days on market $420,000 Active 6 DOM
4. 2026-05-22
   listed $420,000 Active

   Show marketing remark (164 chars)

   Fabulous opportunity in Mid City close to City Park and Lafitte Greenway. Four-plex with one bedroom and one bathroom in each unit. Great for homeowner or investor!

5. 2026-05-22
   listed $420,000 Active 164-char remark

   Show marketing remark (164 chars)

   Fabulous opportunity in Mid City close to City Park and Lafitte Greenway. Four-plex with one bedroom and one bathroom in each unit. Great for homeowner or investor!

6. 1999-03-24
   soldstatus $119,000
7. 1998-10-15
   listed $134,000

ⓘ 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: $4,370 · $364/mo
• Projected year-2 tax: $4,370 · $364/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 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: $63,672
• − Mortgage interest: −$23,527
• − Property taxes: −$4,370
• − Insurance: −$2,898
• − Repairs & maintenance: −$5,094
• − Management: −$5,094
• − Depreciation: −$12,218
• Taxable income: $10,472
• Est. tax owed @ 24.0%: −$2,513
• After-tax cash flow: $14,090/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): 37,253
• Household income: $53,143
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 3381.0

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 0.64)
• Race & ethnicity: Black 44% White 40% Two or more races 10% Hispanic / Latino 9% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Slovak 2% Romanian 1%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 6% French/Haitian/Cajun 1% Other Indo-European 0%

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: ▼ -135.38%
• Current HPI: 253.1929
• Rent YoY: ▼ -0.20%
• 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

+213.4% since first listed

4 events — show timeline

• 2026-05-22 Listed $420,000 AcadianaMLS
• 2026-05-22 Listed $420,000 GSREIN
• 1999-03-24 Sold (MLS) $119,000 GSREIN
• 1998-10-15 Listed $134,000 GSREIN

Property tax history

+3.9%/yr

Latest (2026): $4,370 · +1.1% YoY. Source: county tax records.