8801-03 Belfast St · New Orleans, LA 70118

$80,000

4 bd · 2.0 ba · 1,482 sqft · MultiFamily public records · 200 Days on market

Built 1991

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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 +2.7/5.0
• 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

This blank canvas was completely gutted and is ready for a full transformation--that can bring your dream home to life. Located in the up-and-coming Hollygrove neighborhood, this property is part of a tax sale and offers a rare opportunity for savvy investors or future homeowners. A lien is currently on the property but will be cleared at closing, ensuring a smooth path to ownership. Don't miss your chance to re imagine and rebuild in one of New Orleans' hidden gem neighborhoods! Corner with rear yard access.

Key facts

• Built 1991
• Listed 200 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $80k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 30.9% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,713/mo this rent would consume 51% 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 $553 of loan paydown is wiped out by about $2k 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 $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 200 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $60k (43%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $62k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• 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 $70,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 200 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 3.39% ✓
• Cap rate: 30.85%
• Cash-on-cash: 87.72%
• DSCR: 4.90
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $195,624
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8628 30 Apple St	0.13mi	4/2.0	1,558 (+5%)	6mo	$205,000	$132	81
8517 19 Forshey St	0.44mi	4/2.0	1,512 (+2%)	8mo	$219,000	$145	70
8839-37 Colapissa St	0.27mi	4/2.0	1,568 (+6%)	10mo	$120,000	$77	69
3315-17 Leonidas St	0.44mi	4/2.0	1,488 (+0%)	12mo	$249,000	$167	69
3316 18 Joliet St	0.46mi	4/2.0	1,512 (+2%)	8mo	$220,000	$146	68
3322 24 Joliet St	0.46mi	4/2.0	1,488 (+0%)	12mo	$229,000	$154	68
3328-30 Joliet St	0.47mi	4/2.0	1,488 (+0%)	12mo	$249,000	$167	68
1832 Eagle St	0.58mi	3/3.0 (-1)	1,512 (+2%)	0mo	$90,000	$60	60
2717 A Cherry St	0.32mi	4/2.0	1,704 (+15%)	2mo	$187,000	$110	59
8316 18 S Claiborne Ave	0.40mi	4/2.0	1,610 (+9%)	10mo	$125,000	$78	59
1826 28 General Ogden St	0.60mi	4/2.0	1,333 (-10%)	5mo	$158,000	$119	51
8828 Hickory St	0.65mi	3/2.5 (-1)	1,687 (+14%)	4mo	$169,000	$100	36

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: 82.2%
• Equity multiple: 4.65×
• Total profit: $81,716
• Equity at exit: $11,928

10-year hold

• IRR: 85.1%
• Equity multiple: 8.98×
• Total profit: $178,814
• Equity at exit: $6,917

Cash invested: $22,400 (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: 4.9×

Monthly cashflow live

• Estimated rent: $2,713 high
• Mortgage (P&I): −$420
• Tax from tax record: −$53 /mo · $635/yr
• Insurance: −$33
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$570
• Net cashflow: $1,571

Break-even live

Break-even rent $724

Max offer price $80,000

Occupancy floor 37%

Sensitivity live

Price	-10% $1,616	-5% $1,594	+0% $1,571	+5% $1,548	+10% $1,526
Rent	-10% $1,357	-5% $1,464	+0% $1,571	+5% $1,678	+10% $1,785
Rate	-1.0pp $1,611	-0.5pp $1,591	base $1,571	+0.5pp $1,550	+1.0pp $1,529

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,712
Total (2 units)			$2,713

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8812 Apple St New Orleans, LA	3.0	2.0	1085	$1,650	$1.52	17d	1	0.09mi
2527 Eagle St New Orleans, LA	3.0	2.0	1571	$2,200	$1.40	24d	1	0.10mi
8610 Apricot St New Orleans, LA	3.0	2.0	1000	$2,200	$2.20	11d	1	0.12mi
8709 Pritchard Pl New Orleans, LA	3.0	2.0	1000	$1,500	$1.50	22d	1	0.15mi
2616 Cambronne St Unit 2618 New Orleans, LA	3.0	1.0	1200	$1,475	$1.23	24d	1	0.26mi
2616 Cambronne St New Orleans, LA	4.0	1.0	996	$1,350	$1.36	24d	1	0.26mi
8405 Apricot St New Orleans, LA	3.0	2.0	1058	$1,795	$1.70	4d	1	0.27mi
8405 Apricot St New Orleans, LA	3.0	2.0	1058	$1,795	$1.70	4d	1	0.27mi
8929 Colapissa St New Orleans, LA	3.0	1.0	1300	$1,400	$1.08	24d	1	0.30mi
9107 Fig St New Orleans, LA	3.0	3.0	1230	$2,000	$1.63	4d	1	0.30mi
2305 Joliet St New Orleans, LA	3.0	2.0	1451	$2,500	$1.72	44d	1	0.36mi
8514 Forshey St New Orleans, LA	3.0	1.0	1030	$1,600	$1.55	24d	1	0.42mi
8816 Olive St New Orleans, LA	3.0	2.0	1200	$1,800	$1.50	24d	1	0.45mi
8816 Olive St Unit A-B New Orleans, LA	3.0	2.0	1200	$1,800	$1.50	17d	1	0.45mi
1916 Eagle St New Orleans, LA	3.0	2.0	1000	$1,250	$1.25	4d	1	0.53mi
1916 Eagle St New Orleans, LA	3.0	2.0	1000	$1,250	$1.25	24d	1	0.53mi
912 Monticello Ave New Orleans, LA	3.0	2.0	1750	$2,500	$1.43	44d	1	0.54mi
8502 Edinburgh St New Orleans, LA	3.0	2.0	1456	$1,800	$1.24	4d	1	0.55mi
8426 Spruce St New Orleans, LA	3.0	2.0	1700	$3,000	$1.76	44d	1	0.56mi
7933 Belfast St Unit Upper New Orleans, LA	3.0	2.0	1500	$2,400	$1.60	24d	1	0.57mi
1836 General Ogden St New Orleans, LA	3.0	2.0	1368	$1,675	$1.22	24d	1	0.57mi
9438 Forshey St New Orleans, LA	3.0	2.0	1274	$2,000	$1.57	24d	1	0.59mi
2231 S Carrollton Ave Unit D New Orleans, LA	3.0	2.0	1600	$2,495	$1.56	24d	1	0.60mi
8815 Palm St New Orleans, LA	3.0	2.0	1195	$2,100	$1.76	24d	1	0.61mi
2308 Short St New Orleans, LA	3.0	2.0	1600	$2,800	$1.75	4d	1	0.62mi
2102 S Carrollton Ave Unit NA New Orleans, LA	3.0	2.0	1800	$2,250	$1.25	11d	1	0.62mi
2102 S Carrollton Ave New Orleans, LA	3.0	2.0	1800	$2,250	$1.25	12d	1	0.62mi
7922 Colapissa St New Orleans, LA	4.0	2.0	1848	$2,400	$1.30	11d	1	0.63mi
2101 S Carrollton Ave New Orleans, LA	4.0	2.0	1800	$2,400	$1.33	24d	1	0.66mi
8635 Green St New Orleans, LA	3.0	1.0	950	$950	$1.00	15d	1	0.68mi
8609 Green St New Orleans, LA	3.0	2.0	1009	$1,800	$1.78	18d	1	0.70mi
8626 Green St New Orleans, LA	3.0	1.5	1450	$1,500	$1.03	18d	1	0.71mi
3317 Short St New Orleans, LA	3.0	2.0	900	$1,600	$1.78	24d	1	0.71mi
2116 Burdette St New Orleans, LA	3.0	1.0	1700	$1,975	$1.16	4d	1	0.78mi
2201 Burdette St New Orleans, LA	3.0	1.5	1800	$2,695	$1.50	18d	1	0.78mi
2835 Pine St Unit 2835 New Orleans, LA	3.0	2.0	1219	$2,995	$2.46	44d	1	0.81mi
2833 Pine St Unit 2833 New Orleans, LA	3.0	2.0	1219	$3,200	$2.63	20d	1	0.81mi
9528 Stroelitz St New Orleans, LA	3.0	2.0	1174	$2,100	$1.79	12d	1	0.82mi
8728 Jeannette St New Orleans, LA	3.0	2.0	1511	$1,995	$1.32	4d	1	0.84mi
1526 Dante St New Orleans, LA	3.0	3.0	1446	$3,000	$2.07	18d	1	0.85mi

Listing history 13 events

1. 2026-04-15
   status Pending 514-char remark

   Show marketing remark (514 chars)

   This blank canvas was completely gutted and is ready for a full transformation--that can bring your dream home to life. Located in the up-and-coming Hollygrove neighborhood, this property is part of a tax sale and offers a rare opportunity for savvy investors or future homeowners. A lien is currently on the property but will be cleared at closing, ensuring a smooth path to ownership. Don't miss your chance to re imagine and rebuild in one of New Orleans' hidden gem neighborhoods! Corner with rear yard access.

2. 2026-04-15
   status Pending

   Show marketing remark (514 chars)

   This blank canvas was completely gutted and is ready for a full transformation--that can bring your dream home to life. Located in the up-and-coming Hollygrove neighborhood, this property is part of a tax sale and offers a rare opportunity for savvy investors or future homeowners. A lien is currently on the property but will be cleared at closing, ensuring a smooth path to ownership. Don't miss your chance to re imagine and rebuild in one of New Orleans' hidden gem neighborhoods! Corner with rear yard access.

3. 2026-04-02
   status Active 514-char remark

   Show marketing remark (514 chars)

   This blank canvas was completely gutted and is ready for a full transformation--that can bring your dream home to life. Located in the up-and-coming Hollygrove neighborhood, this property is part of a tax sale and offers a rare opportunity for savvy investors or future homeowners. A lien is currently on the property but will be cleared at closing, ensuring a smooth path to ownership. Don't miss your chance to re imagine and rebuild in one of New Orleans' hidden gem neighborhoods! Corner with rear yard access.

4. 2026-04-02
   status Active

   Show marketing remark (514 chars)

   This blank canvas was completely gutted and is ready for a full transformation--that can bring your dream home to life. Located in the up-and-coming Hollygrove neighborhood, this property is part of a tax sale and offers a rare opportunity for savvy investors or future homeowners. A lien is currently on the property but will be cleared at closing, ensuring a smooth path to ownership. Don't miss your chance to re imagine and rebuild in one of New Orleans' hidden gem neighborhoods! Corner with rear yard access.

5. 2026-04-01
   historical
6. 2026-01-08
   price $80,000 514-char remark

   Show marketing remark (514 chars)

   This blank canvas was completely gutted and is ready for a full transformation--that can bring your dream home to life. Located in the up-and-coming Hollygrove neighborhood, this property is part of a tax sale and offers a rare opportunity for savvy investors or future homeowners. A lien is currently on the property but will be cleared at closing, ensuring a smooth path to ownership. Don't miss your chance to re imagine and rebuild in one of New Orleans' hidden gem neighborhoods! Corner with rear yard access.

7. 2026-01-08
   price $80,000

   Show marketing remark (514 chars)

   This blank canvas was completely gutted and is ready for a full transformation--that can bring your dream home to life. Located in the up-and-coming Hollygrove neighborhood, this property is part of a tax sale and offers a rare opportunity for savvy investors or future homeowners. A lien is currently on the property but will be cleared at closing, ensuring a smooth path to ownership. Don't miss your chance to re imagine and rebuild in one of New Orleans' hidden gem neighborhoods! Corner with rear yard access.

8. 2025-10-21
   price $130,000 514-char remark

   Show marketing remark (514 chars)

   This blank canvas was completely gutted and is ready for a full transformation--that can bring your dream home to life. Located in the up-and-coming Hollygrove neighborhood, this property is part of a tax sale and offers a rare opportunity for savvy investors or future homeowners. A lien is currently on the property but will be cleared at closing, ensuring a smooth path to ownership. Don't miss your chance to re imagine and rebuild in one of New Orleans' hidden gem neighborhoods! Corner with rear yard access.

9. 2025-10-21
   price $130,000

   Show marketing remark (514 chars)

   This blank canvas was completely gutted and is ready for a full transformation--that can bring your dream home to life. Located in the up-and-coming Hollygrove neighborhood, this property is part of a tax sale and offers a rare opportunity for savvy investors or future homeowners. A lien is currently on the property but will be cleared at closing, ensuring a smooth path to ownership. Don't miss your chance to re imagine and rebuild in one of New Orleans' hidden gem neighborhoods! Corner with rear yard access.

10. 2025-09-16
    listed $140,000 Active 514-char remark

    Show marketing remark (514 chars)

    This blank canvas was completely gutted and is ready for a full transformation--that can bring your dream home to life. Located in the up-and-coming Hollygrove neighborhood, this property is part of a tax sale and offers a rare opportunity for savvy investors or future homeowners. A lien is currently on the property but will be cleared at closing, ensuring a smooth path to ownership. Don't miss your chance to re imagine and rebuild in one of New Orleans' hidden gem neighborhoods! Corner with rear yard access.

11. 2025-09-16
    listed $140,000 Active

    Show marketing remark (514 chars)

    This blank canvas was completely gutted and is ready for a full transformation--that can bring your dream home to life. Located in the up-and-coming Hollygrove neighborhood, this property is part of a tax sale and offers a rare opportunity for savvy investors or future homeowners. A lien is currently on the property but will be cleared at closing, ensuring a smooth path to ownership. Don't miss your chance to re imagine and rebuild in one of New Orleans' hidden gem neighborhoods! Corner with rear yard access.

12. 1999-02-22
    soldstatus $62,000
13. 1991-04-12
    soldstatus $25,000

ⓘ 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: $635 · $53/mo
• Projected year-2 tax: $635 · $53/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 (shaded) · 77% 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: $32,556
• − Mortgage interest: −$4,481
• − Property taxes: −$635
• − Insurance: −$1,198
• − Repairs & maintenance: −$2,604
• − Management: −$2,604
• − Depreciation: −$2,327
• Taxable income: $18,706
• Est. tax owed @ 24.0%: −$4,489
• After-tax cash flow: $14,363/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): 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

+220.0% since first listed

13 events — show timeline

• 2026-04-15 Pending — AcadianaMLS
• 2026-04-15 Pending — GSREIN
• 2026-04-02 Relisted — AcadianaMLS
• 2026-04-02 Relisted — GSREIN
• 2026-04-01 Listing Removed — GSREIN
• 2026-01-08 Price Changed $80,000 AcadianaMLS
• 2026-01-08 Price Changed $80,000 GSREIN
• 2025-10-21 Price Changed $130,000 AcadianaMLS
• 2025-10-21 Price Changed $130,000 GSREIN
• 2025-09-16 Listed $140,000 GSREIN
• 2025-09-16 Listed $140,000 AcadianaMLS
• 1999-02-22 Sold (Public Records) $62,000 Public Records
• 1991-04-12 Sold (Public Records) $25,000 Public Records

Property tax history

+6.6%/yr

Latest (2026): $635 · +1.1% YoY. Source: county tax records.