2478 N Prieur St · New Orleans, LA 70117

$150,000

3 bd · 2.0 ba · 1,300 sqft · MultiFamily public records · 22 Days on market

Built 1930 Est $136k · 10% over

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Why this score? — see what drove the D+ 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 +22.2/30.0
• DSCR +7.1/10.0
• 1% rule +5.8/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• ARV discount +3.0/15.0
• 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

WELCOME TO NEW MARIGNY LIVING WITH SPACE, CHARACTER AND OPPORTUNITY. THIS FORMER DOUBLE, NOW CONVERTED INTO A SPACIOUS SINGLE FAMILY HOME, OFFERS 3 BEDROOMS AND 2 BATHROOMS WITH AN OPEN FLOOR PLAN DESIGNED FOR COMFORTABLE EVERYDAY LIVING. SITUATED ON A CORNER LOT AT 2476-78 N PRIEUR ST, THIS PROPERTY FEATURES PRIVATE BEDROOMS, A FENCED YARD AND A WELCOMING FRONT PORCH, GREAT FOR RELAXING AND ENJOYING THE NEIGHBORHOOD ATMOSPHERE. THE HOME STILL SHOWCASES CHARMING ORIGINAL AWNINGS THAT ADD CHARACTER AND A TOUCH OF CLASSIC NEW ORLEANS STYLE. WITH A LITTLE TLC, THIS PROPERTY HAS THE POTENTIAL TO TRULY SHINE. WHETHER YOU'RE LOOKING FOR A PRIMARY RESIDENCE, INVESTMENT OPPORTUNITY, OR A HOME TO PERSONALIZE AND MAKE YOUR OWN. LOCATED NEAR LOCAL RESTAURANTS, CULTURE AND WHAT NEW ORLEANS HAS TO OFFER. BRING YOUR VISION AND UNLOCK THE POSSIBILITIES.

Key facts

• Fenced yard
• Original awnings
• Front porch

Tags

• CORNER LOT
• FENCED YARD
• FRONT PORCH
• ORIGINAL AWNINGS

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-story; Raised foundation; Corner city lot (29 x 73)
• Construction: Shingle roof
• Exterior features: Fenced yard; Front porch

Interior

• Kitchen: Oven; Range; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Window unit heating; Window unit cooling
• Interior features: Average condition
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $177 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.2% 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 rising (+2.5%/yr); 581 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• This rent runs 42% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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; built in 1930 — 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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $147,750 (1.5% below list)

Questions for the listing agent

1. Built in 1930 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 1.08% ✓
• Cap rate: 8.24%
• Cash-on-cash: 6.96%
• DSCR: 1.31
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $136,500
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2215 17 N Galvez St	0.40mi	4/2.0 (+1)	1,300 (0%)	5mo	$107,000	$82	72
2334 36 N Miro St	0.30mi	2/2.0 (-1)	1,230 (-5%)	3mo	$76,500	$62	70
2901-03 N Rocheblave St	0.50mi	2/2.0 (-1)	1,344 (+3%)	5mo	$40,000	$30	62
2124-2126 N Villere St	0.57mi	2/2.0 (-1)	1,320 (+2%)	10mo	$160,000	$121	57
2245 47 N Galvez St	0.35mi	4/2.0 (+1)	1,337 (+3%)	20mo	$141,000	$105	57
2467/2469 N Tonti St	0.31mi	4/2.0 (+1)	1,475 (+14%)	2mo	$175,000	$119	56
2755 N Rocheblave St	0.41mi	4/2.0 (+1)	1,408 (+8%)	8mo	$105,000	$75	55
1721 17 Arts St	0.09mi	4/2.0 (+1)	1,494 (+15%)	14mo	$220,000	$147	54
1332 Port St	0.39mi	3/2.0	1,475 (+14%)	6mo	$181,000	$123	54
1441 Spain St	0.34mi	3/3.0	1,193 (-8%)	17mo	$254,081	$213	52
2421 Port St	0.54mi	4/4.0 (+1)	1,344 (+3%)	7mo	$40,000	$30	51
2209 11 Marigny St	0.40mi	2/2.0 (-1)	1,454 (+12%)	8mo	$110,000	$76	50

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: -9.0%
• Equity multiple: 0.67×
• Total profit: $-13,788
• Equity at exit: $22,365

10-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-576
• Equity at exit: $12,969

Cash invested: $42,000 (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: 7.7×

Monthly cashflow live

• Estimated rent: $1,620 high
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$340
• Net cashflow: $177

Break-even live

Break-even rent $1,396

Max offer price $150,000

Occupancy floor 84%

Sensitivity live

Price	-10% $281	-5% $229	+0% $177	+5% $125	+10% $73
Rent	-10% $49	-5% $113	+0% $177	+5% $241	+10% $305
Rate	-1.0pp $253	-0.5pp $215	base $177	+0.5pp $138	+1.0pp $99

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1809 Saint Roch Ave New Orleans, LA	3.0	1.0	949	$1,195	$1.26	17d	1	0.08mi
1922 Painters St New Orleans, LA	3.0	1.0	920	$1,700	$1.85	4d	1	0.09mi
1924 Painters St New Orleans, LA	3.0	1.0	920	$1,700	$1.85	4d	1	0.09mi
2519 N Derbigny St New Orleans, LA	3.0	1.0	994	$1,300	$1.31	22d	1	0.13mi
2522 N Galvez St New Orleans, LA	3.0	2.0	1105	$1,675	$1.52	24d	1	0.15mi
2524 N Galvez St New Orleans, LA	3.0	2.5	1102	$1,800	$1.63	17d	1	0.15mi
1638 Music St New Orleans, LA	2.0	1.0	900	$1,085	$1.21	15d	1	0.16mi
1636 Music St New Orleans, LA	3.0	1.0	900	$1,185	$1.32	16d	1	0.16mi
2515 N Galvez St Unit 2515 New Orleans, LA	4.0	2.0	1200	$1,900	$1.58	24d	1	0.17mi
2515 N Galvez St New Orleans, LA	4.0	2.0	1200	$1,200	$1.00	11d	1	0.17mi
2120 Saint Roch Ave Unit 2120 New Orleans, LA	2.0	1.0	1000	$1,650	$1.65	24d	1	0.22mi
2003 Almonaster Ave New Orleans, LA	3.0	2.0	988	$1,600	$1.62	24d	1	0.25mi
2229 Saint Roch Ave New Orleans, LA	2.0	1.5	1200	$1,600	$1.33	21d	1	0.27mi
2024 Mandeville St New Orleans, LA	2.0	2.0	1072	$1,950	$1.82	24d	1	0.27mi
1726 Mandeville St New Orleans, LA	2.0	1.0	920	$1,300	$1.41	24d	1	0.27mi
2556 N Tonti St New Orleans, LA	3.0	2.0	1100	$1,850	$1.68	16d	1	0.28mi
2222 Saint Roch Ave New Orleans, LA	3.0	1.0	900	$1,200	$1.33	24d	1	0.28mi
2115 Mandeville St New Orleans, LA	3.0	2.0	1400	$1,650	$1.18	24d	1	0.28mi
2269 N Derbigny St New Orleans, LA	2.0	2.0	1000	$1,675	$1.68	20d	1	0.29mi
2269 N Derbigny St New Orleans, LA	2.0	2.0	1000	$1,665	$1.67	17d	1	0.29mi
2238 Painters St New Orleans, LA	2.0	1.0	896	$1,300	$1.45	24d	1	0.29mi
2271 N Derbigny St New Orleans, LA	2.0	2.0	1000	$1,585	$1.58	17d	1	0.29mi
2010 Saint Ferdinand St New Orleans, LA	2.0	1.0	909	$1,650	$1.82	24d	1	0.33mi
2220 N Prieur St New Orleans, LA	3.0	2.0	1334	$2,000	$1.50	24d	1	0.34mi
1710 Marigny St New Orleans, LA	3.0	2.0	1120	$1,750	$1.56	24d	1	0.35mi
1601 Marigny St Unit 1603 New Orleans, LA	3.0	2.0	988	$1,099	$1.11	4d	1	0.36mi
1603 Marigny St New Orleans, LA	3.0	2.0	988	$1,099	$1.11	4d	1	0.36mi
2219 Almonaster Ave Unit A New Orleans, LA	2.0	1.0	950	$1,500	$1.58	24d	1	0.38mi
2406 Saint Roch Ave New Orleans, LA	2.0	1.0	1000	$1,600	$1.60	17d	1	0.39mi
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	4d	1	0.40mi
2423 Saint Roch Ave New Orleans, LA	2.0	1.0	925	$1,350	$1.46	24d	1	0.41mi
2115 Elysian Fields Ave Unit 2115 New Orleans, LA	3.0	1.0	1100	$1,450	$1.32	24d	1	0.41mi
1910 Elysian Fields Ave New Orleans, LA	3.0	1.0	1000	$1,450	$1.45	24d	1	0.42mi
1239 Saint Roch Ave New Orleans, LA	2.0	2.0	1500	$2,150	$1.43	4d	1	0.44mi
1226 Port St New Orleans, LA	3.0	1.0	1023	$1,650	$1.61	24d	1	0.48mi
2027 Feliciana St New Orleans, LA	2.0	1.0	1104	$1,100	$1.00	16d	1	0.55mi
2114 Feliciana St Unit A New Orleans, LA	3.0	2.0	1134	$1,500	$1.32	16d	1	0.55mi
2114 Feliciana St Unit A New Orleans, LA	3.0	2.0	1134	$1,500	$1.32	24d	1	0.55mi
1327 Frenchmen St Unit B New Orleans, LA	2.0	2.5	1175	$1,900	$1.62	24d	1	0.59mi
1320 Feliciana St New Orleans, LA	2.0	2.0	1200	$2,000	$1.67	24d	1	0.60mi

Listing history 16 events

1. 2026-06-18
   days on market $150,000 Active 22 DOM
2. 2026-06-17
   days on market $150,000 Active 21 DOM
3. 2026-06-16
   days on market $150,000 Active 20 DOM
4. 2026-06-15
   days on market $150,000 Active 19 DOM
5. 2026-06-13
   days on market $150,000 Active 17 DOM
6. 2026-06-10
   days on market $150,000 Active 14 DOM
7. 2026-06-09
   days on market $150,000 Active 13 DOM
8. 2026-06-08
   days on market $150,000 Active 12 DOM
9. 2026-06-07
   days on market $150,000 Active 11 DOM
10. 2026-06-05
    days on market $150,000 Active 8 DOM
11. 2026-06-03
    days on market $150,000 Active 7 DOM
12. 2026-06-02
    days on market $150,000 Active 6 DOM
13. 2026-06-01
    days on market $150,000 Active 5 DOM
14. 2026-05-31
    days on market $150,000 Active 4 DOM
15. 2026-05-22
    listed $150,000 Active

    Show marketing remark (850 chars)

    WELCOME TO NEW MARIGNY LIVING WITH SPACE, CHARACTER AND OPPORTUNITY. THIS FORMER DOUBLE, NOW CONVERTED INTO A SPACIOUS SINGLE FAMILY HOME, OFFERS 3 BEDROOMS AND 2 BATHROOMS WITH AN OPEN FLOOR PLAN DESIGNED FOR COMFORTABLE EVERYDAY LIVING. SITUATED ON A CORNER LOT AT 2476-78 N PRIEUR ST, THIS PROPERTY FEATURES PRIVATE BEDROOMS, A FENCED YARD AND A WELCOMING FRONT PORCH, GREAT FOR RELAXING AND ENJOYING THE NEIGHBORHOOD ATMOSPHERE. THE HOME STILL SHOWCASES CHARMING ORIGINAL AWNINGS THAT ADD CHARACTER AND A TOUCH OF CLASSIC NEW ORLEANS STYLE. WITH A LITTLE TLC, THIS PROPERTY HAS THE POTENTIAL TO TRULY SHINE. WHETHER YOU'RE LOOKING FOR A PRIMARY RESIDENCE, INVESTMENT OPPORTUNITY, OR A HOME TO PERSONALIZE AND MAKE YOUR OWN. LOCATED NEAR LOCAL RESTAURANTS, CULTURE AND WHAT NEW ORLEANS HAS TO OFFER. BRING YOUR VISION AND UNLOCK THE POSSIBILITIES.

16. 2026-05-22
    listed $150,000 Active 850-char remark

    Show marketing remark (850 chars)

    WELCOME TO NEW MARIGNY LIVING WITH SPACE, CHARACTER AND OPPORTUNITY. THIS FORMER DOUBLE, NOW CONVERTED INTO A SPACIOUS SINGLE FAMILY HOME, OFFERS 3 BEDROOMS AND 2 BATHROOMS WITH AN OPEN FLOOR PLAN DESIGNED FOR COMFORTABLE EVERYDAY LIVING. SITUATED ON A CORNER LOT AT 2476-78 N PRIEUR ST, THIS PROPERTY FEATURES PRIVATE BEDROOMS, A FENCED YARD AND A WELCOMING FRONT PORCH, GREAT FOR RELAXING AND ENJOYING THE NEIGHBORHOOD ATMOSPHERE. THE HOME STILL SHOWCASES CHARMING ORIGINAL AWNINGS THAT ADD CHARACTER AND A TOUCH OF CLASSIC NEW ORLEANS STYLE. WITH A LITTLE TLC, THIS PROPERTY HAS THE POTENTIAL TO TRULY SHINE. WHETHER YOU'RE LOOKING FOR A PRIMARY RESIDENCE, INVESTMENT OPPORTUNITY, OR A HOME TO PERSONALIZE AND MAKE YOUR OWN. LOCATED NEAR LOCAL RESTAURANTS, CULTURE AND WHAT NEW ORLEANS HAS TO OFFER. BRING YOUR VISION AND UNLOCK THE POSSIBILITIES.

ⓘ 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 8/10 Severe FEMA zone X (shaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 22 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: $19,446
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$1,547
• − Repairs & maintenance: −$1,556
• − Management: −$1,556
• − Depreciation: −$4,364
• Taxable loss: −$229
• Est. tax savings @ 24.0%: +$55
• After-tax cash flow: $2,180/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): 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

+0.0% since first listed

2 events — show timeline

• 2026-05-22 Listed $150,000 AcadianaMLS
• 2026-05-22 Listed $150,000 GSREIN

Property tax history

+0.8%/yr

Latest (2026): $81 · +0.0% YoY. Source: county tax records.