1556 N Tonti St · New Orleans, LA 70119

$230,000

3 bd · 1.0 ba · 1,872 sqft · MultiFamily public records · 309 Days on market

Built 1950 $123/sqft · 38% below area Est $373k · 38% under ↓ 2% since listing

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Why this score? — see what drove the C- 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 +18.2/30.0
• ARV discount +15.0/15.0
• DSCR +5.7/10.0
• 1% rule +4.3/10.0
• 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

LET'S MAKE A DEAL! Cozy home can provide cute living space with the option for income. Great front porch for people watching and keeping cool. Small back yard big enough for your furry friends. Shotgun style has 2 bedrooms and 1 bath each side. Washer dryer hookups on each side. Small shed in rear. Left side will not be shown until second visit due to occupant. Listed at appraised value.

Key facts

• Front porch
• Small shed
• Small back yard

Tags

• FRONT PORCH
• SMALL BACK YARD
• WASHER DRYER HOOKUPS
• SMALL SHED

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $230k.

Deal economics

• At list price, monthly cash flow is $141 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $215k (6.7% below list).
• Recommended offer: $202k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.4% 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 soft (-0.2%/yr); 381 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,147/mo this rent would consume 48% 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 $2k of loan paydown is wiped out by about $7k 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 309 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 4 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 1950 — 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 $202,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 309 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 0.93% ✗
• Cap rate: 7.38%
• Cash-on-cash: 3.87%
• DSCR: 1.17
• GRM: 8.9

CMA / ARV

• ARV (median comp): $372,640
• List price: $230,000
• Delta: -38.28%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1447 49 N Roman St	0.34mi	2/2.0 (-1)	1,783 (-5%)	2mo	$217,800	$122	66
1668 Paul Morphy St	0.38mi	4/2.0 (+1)	1,980 (+6%)	0mo	$285,000	$144	63
2520 22 D'abadie St	0.33mi	4/2.0 (+1)	1,632 (-13%)	3mo	$278,600	$171	52
2134 Annette St	0.53mi	4/4.0 (+1)	1,816 (-3%)	3mo	$210,000	$116	51
1614 16 Annette St	0.56mi	4/2.0 (+1)	1,998 (+7%)	4mo	$120,000	$60	50
2601 03 St Ann St	0.66mi	4/2.0 (+1)	1,946 (+4%)	5mo	$220,000	$113	49
1552 54 N Derbigny St	0.39mi	4/3.0 (+1)	1,681 (-10%)	5mo	$330,000	$196	48
917 N Prieur St	0.60mi	4/2.0 (+1)	1,700 (-9%)	4mo	$315,000	$185	44
1737 39 Duels St	0.64mi	4/2.0 (+1)	1,692 (-10%)	2mo	$200,000	$118	43
1682 84 N Dupre St	0.45mi	4/3.0 (+1)	2,114 (+13%)	2mo	$400,500	$189	43
2550 Dumaine St	0.60mi	2/2.0 (-1)	1,600 (-14%)	2mo	$300,000	$188	37
2714 16 New Orleans St	0.72mi	4/2.0 (+1)	1,623 (-13%)	4mo	$230,000	$142	32

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: -15.5%
• Equity multiple: 0.46×
• Total profit: $-34,548
• Equity at exit: $34,294

10-year hold

• IRR: -13.1%
• Equity multiple: 0.34×
• Total profit: $-42,762
• Equity at exit: $19,886

Cash invested: $64,400 (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 70119

• Home prices YoY: -34.8%
• Rents YoY: -0.2%
• Active inventory: 381
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,147 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$186 /mo · $2,236/yr
• Insurance: −$96
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$451
• Net cashflow: $141

Break-even live

Break-even rent $1,968

Max offer price $230,000

Occupancy floor 88%

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2329 Laharpe St New Orleans, LA	3.0	1.0	1250	$1,000	$0.80	20d	1	0.07mi
2331 Columbus St New Orleans, LA	3.0	1.0	1976	$1,850	$0.94	23d	1	0.11mi
2422 Columbus St New Orleans, LA	2.0	2.0	1550	$2,500	$1.61	21d	1	0.17mi
1232 N Dorgenois St New Orleans, LA	2.0	2.0	1323	$1,800	$1.36	23d	1	0.35mi
1831 N Miro St New Orleans, LA	3.0	2.0	1882	$2,500	$1.33	43d	1	0.42mi
2664 Lepage St New Orleans, LA	3.0	2.0	1750	$2,725	$1.56	43d	1	0.42mi
2641 Ursulines Ave Unit A New Orleans, LA	2.0	1.0	1350	$2,200	$1.63	17d	1	0.47mi
1472 N Claiborne Ave New Orleans, LA	3.0	1.0	1312	$1,900	$1.45	16d	1	0.48mi
1466 N White St New Orleans, LA	3.0	1.5	1500	$2,250	$1.50	3d	1	0.51mi
1433 Esplanade Ave New Orleans, LA	3.0	2.0	2411	$5,000	$2.07	2d	1	0.56mi
2129 Dumaine St New Orleans, LA	3.0	2.0	1226	$1,850	$1.51	3d	1	0.57mi
1936 N Johnson St Unit 36 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	23d	1	0.58mi
1938 N Johnson St Unit 38 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	23d	1	0.58mi
1423 N Villere St Unit A New Orleans, LA	2.0	3.0	1964	$2,500	$1.27	43d	1	0.59mi
2731 Saint Philip St Unit 2733 New Orleans, LA	4.0	2.0	2000	$2,600	$1.30	23d	1	0.59mi
1434 Annette St New Orleans, LA	2.0	1.0	1536	$1,700	$1.11	3d	1	0.59mi
1434 Annette St New Orleans, LA	2.0	1.0	1536	$1,700	$1.11	3d	1	0.59mi
914 N Broad St New Orleans, LA	2.0	2.0	1450	$2,200	$1.52	23d	1	0.61mi
1929 Dumaine St New Orleans, LA	3.0	1.0	1293	$1,500	$1.16	3d	1	0.61mi
2920 Pauger St New Orleans, LA	4.0	2.0	1882	$1,995	$1.06	23d	1	0.68mi
1823 Rosiere St New Orleans, LA	2.0	1.0	1400	$1,450	$1.04	23d	1	0.69mi
1821 Rosiere St New Orleans, LA	2.0	1.0	1400	$1,300	$0.93	23d	1	0.69mi
2130 N Broad St New Orleans, LA	2.0	1.0	1579	$1,350	$0.85	23d	1	0.69mi
3024 Esplanade Ave New Orleans, LA	3.0	2.5	2300	$4,500	$1.96	43d	1	0.70mi
1247 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	43d	1	0.70mi
1245 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	43d	1	0.70mi
1837 Touro St New Orleans, LA	3.0	1.0	1994	$2,000	$1.00	23d	1	0.74mi
1217 Kerlerec St Unit B New Orleans, LA	3.0	1.0	1300	$2,100	$1.62	3d	1	0.74mi
824 N Dupre St New Orleans, LA	3.0	2.0	1315	$2,250	$1.71	17d	1	0.75mi
2175 N Broad St New Orleans, LA	2.0	1.0	1500	$1,500	$1.00	16d	1	0.77mi
1901 Gentilly Blvd New Orleans, LA	3.0	2.5	2205	$4,000	$1.81	43d	1	0.84mi
1933 Industry St New Orleans, LA	3.0	2.0	1400	$1,595	$1.14	16d	1	0.86mi
1301 N Rampart St New Orleans, LA	2.0	2.0–2.5	2929	$7,750	$2.65	20d	2	0.86mi
1021 Henriette Delille St New Orleans, LA	3.0	2.0	2012	$2,250	$1.12	17d	1	0.87mi
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	3d	1	0.91mi
1908 Saint Louis St New Orleans, LA	3.0	3.0	1234	$2,300	$1.86	23d	1	0.91mi
1022 Barracks St New Orleans, LA	1.0–2.0	1.0–2.0	1233	$4,400	$3.57	43d	1	0.92mi
2220 N Prieur St New Orleans, LA	3.0	2.0	1334	$2,000	$1.50	23d	1	0.92mi
2033 Conti St New Orleans, LA	3.0	3.0	1249	$2,250	$1.80	14d	1	0.93mi
1136 Frenchmen St New Orleans, LA	2.0	1.0	1800	$1,650	$0.92	23d	1	0.94mi

Listing history 22 events

1. 2026-06-18
   days on market $230,000 Active 309 DOM
2. 2026-06-17
   days on market $230,000 Active 308 DOM
3. 2026-06-16
   days on market $230,000 Active 307 DOM
4. 2026-06-15
   days on market $230,000 Active 306 DOM
5. 2026-06-13
   days on market $230,000 Active 304 DOM
6. 2026-06-10
   days on market $230,000 Active 301 DOM
7. 2026-06-09
   days on market $230,000 Active 300 DOM
8. 2026-06-08
   days on market $230,000 Active 299 DOM
9. 2026-06-07
   days on market $230,000 Active 298 DOM
10. 2026-06-05
    days on market $230,000 Active 295 DOM
11. 2026-06-03
    days on market $230,000 Active 294 DOM
12. 2026-06-02
    days on market $230,000 Active 293 DOM
13. 2026-06-01
    days on market $230,000 Active 292 DOM
14. 2026-05-31
    days on market $230,000 Active 291 DOM
15. 2026-02-05
    price $230,000 390-char remark

    Show marketing remark (371 chars)

    Cozy home can provide cute living space with the option for income. Great front porch for people watching and keeping cool. Small back yard big enough for your furry friends. Shotgun style has 2 bedrooms and 1 bath each side. Washer dryer hookups on each side. Small shed in rear. Left side will not be shown until second visit due to occupant. Listed at appraised value.

16. 2026-02-05
    price $230,000 371-char remark

    Show marketing remark (371 chars)

    Cozy home can provide cute living space with the option for income. Great front porch for people watching and keeping cool. Small back yard big enough for your furry friends. Shotgun style has 2 bedrooms and 1 bath each side. Washer dryer hookups on each side. Small shed in rear. Left side will not be shown until second visit due to occupant. Listed at appraised value.

17. 2026-02-05
    price $230,000

    Show marketing remark (371 chars)

    Cozy home can provide cute living space with the option for income. Great front porch for people watching and keeping cool. Small back yard big enough for your furry friends. Shotgun style has 2 bedrooms and 1 bath each side. Washer dryer hookups on each side. Small shed in rear. Left side will not be shown until second visit due to occupant. Listed at appraised value.

18. 2026-02-05
    price $230,000

    Show marketing remark (371 chars)

    Cozy home can provide cute living space with the option for income. Great front porch for people watching and keeping cool. Small back yard big enough for your furry friends. Shotgun style has 2 bedrooms and 1 bath each side. Washer dryer hookups on each side. Small shed in rear. Left side will not be shown until second visit due to occupant. Listed at appraised value.

19. 2025-08-13
    listed $235,000 Active 390-char remark

    Show marketing remark (371 chars)

    Cozy home can provide cute living space with the option for income. Great front porch for people watching and keeping cool. Small back yard big enough for your furry friends. Shotgun style has 2 bedrooms and 1 bath each side. Washer dryer hookups on each side. Small shed in rear. Left side will not be shown until second visit due to occupant. Listed at appraised value.

20. 2025-08-13
    listed $235,000 Active 371-char remark

    Show marketing remark (371 chars)

    Cozy home can provide cute living space with the option for income. Great front porch for people watching and keeping cool. Small back yard big enough for your furry friends. Shotgun style has 2 bedrooms and 1 bath each side. Washer dryer hookups on each side. Small shed in rear. Left side will not be shown until second visit due to occupant. Listed at appraised value.

21. 2025-08-13
    listed $235,000 Active

    Show marketing remark (371 chars)

    Cozy home can provide cute living space with the option for income. Great front porch for people watching and keeping cool. Small back yard big enough for your furry friends. Shotgun style has 2 bedrooms and 1 bath each side. Washer dryer hookups on each side. Small shed in rear. Left side will not be shown until second visit due to occupant. Listed at appraised value.

22. 2025-08-13
    listed $235,000 Active

    Show marketing remark (371 chars)

    Cozy home can provide cute living space with the option for income. Great front porch for people watching and keeping cool. Small back yard big enough for your furry friends. Shotgun style has 2 bedrooms and 1 bath each side. Washer dryer hookups on each side. Small shed in rear. Left side will not be shown until second visit due to occupant. Listed at appraised value.

ⓘ 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: $2,236 · $186/mo
• Projected year-2 tax: $2,236 · $186/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: $25,764
• − Mortgage interest: −$12,884
• − Property taxes: −$2,236
• − Insurance: −$1,948
• − Repairs & maintenance: −$2,061
• − Management: −$2,061
• − Depreciation: −$6,691
• Taxable loss: −$2,116
• Est. tax savings @ 24.0%: +$508
• After-tax cash flow: $2,204/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

-2.1% since first listed

8 events — show timeline

• 2026-02-05 Price Changed $230,000 AcadianaMLS
• 2026-02-05 Price Changed $230,000 AcadianaMLS
• 2026-02-05 Price Changed $230,000 GSREIN
• 2026-02-05 Price Changed $230,000 GSREIN
• 2025-08-13 Listed $235,000 GSREIN
• 2025-08-13 Listed $235,000 GSREIN
• 2025-08-13 Listed $235,000 AcadianaMLS
• 2025-08-13 Listed $235,000 AcadianaMLS

Property tax history

+34.1%/yr

Latest (2026): $2,236 · +1.1% YoY. Source: county tax records.