230-232 16th St · New Orleans, LA 70124

$448,000

4 bd · 2.0 ba · 1,825 sqft · MultiFamily public records · 49 Days on market

Built 1968 5,998 sqft lot $245/sqft · 16% below area Est $544k · 18% under · waterfront

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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 +20.5/30.0
• ARV discount +15.0/15.0
• DSCR +6.5/10.0
• 1% rule +4.9/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Are you looking for a prime investment rental? This property offers an ideal location minutes off I-10 with quick access to both downtown and the lakefront, situated within an excellent educational area. The property features two distinct units: - Unit 232: This is a 3/2ba larger, beautifully FURNISHED unit that is move-in ready. It includes 2025 appliances, a full inventory list and features a large fenced backyard with a deck, for outside entertaining. - Unit 230: This unit 2/1ba comes unfurnished but includes all essential appliances, including a washer and dryer. Both units benefit from a three-year-old roof, new AC systems after Ida, and covered off-street parking each unit accommodating two or more cars. Please let me know if you would like more information or to schedule a viewing.

Key facts

• New ac systems
• Three year old roof
• 5,998 sq ft lot

Tags

• LARGE FENCED BACKYARD
• DECK FOR OUTSIDE ENTERTAINING
• THREE YEAR OLD ROOF
• NEW AC SYSTEMS
• COVERED OFF STREET PARKING

Property features AI

Finance

• Financial info: Two units total; Unit 232 (approx. 1,116 area) — Rent: $2,000; Unit 230 (approx. 750 area) — Rent: $1,600
• HOA & community: Association: LAKEVIEW

Exterior

• Parking: Covered carport with two parking spaces
• Utilities: Public water; Public sewer
• Home design: Single-story building; Brick construction; Asphalt shingle roof; Slab foundation
• Construction: Built with brick exterior; Asphalt shingle roof; Slab foundation
• Exterior features: Fenced yard; City lot, rectangular (approx. 50 x 120)

Interior

• Kitchen: Washer/Dryer included (appliance listed)
• Bedrooms: Unit 232: 3 bedrooms; Unit 230: 2 bedrooms
• Bathrooms: 3 full bathrooms total across the property; Unit 232: 2 full bathrooms; Unit 230: 1 full bathroom
• Interior features: Excellent condition; Two-unit building (multifamily)
• Laundry & utility: Washer/Dryer included; Tenants pay electricity, gas, and water

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/?-bath units multifamily listed at $448k.

Deal economics

• At list price, monthly cash flow is $528 ($6k/yr) — positive. Per door: $176/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $443k (1.0% below list).
• Recommended offer: $435k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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.
• 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 (-0.4%/yr); 226 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• This rent runs 44% of the median local income ($121k/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 $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

• It's been on market 49 days — a 3% lower offer ($435k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 25y ago; this cycle's ask is 23793% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

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 $434,560 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. 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: 0.99% ✗
• Cap rate: 7.88%
• Cash-on-cash: 5.68%
• DSCR: 1.25
• GRM: 8.4

CMA / ARV

• ARV (median comp): $544,009
• List price: $448,000
• Delta: -17.65%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
300 02 20th St	0.13mi	4/2.0	1,900 (+4%)	15mo	$357,500	$188	75
6139 41 Fleur De Lis Drive Dr	0.05mi	4/3.0	1,706 (-6%)	22mo	$418,000	$245	65
231-233 14th St	0.03mi	5/4.5 (+1)	1,958 (+7%)	11mo	$425,000	$217	62
6350 Colbert St	0.50mi	4/4.0	1,937 (+6%)	3mo	$422,000	$218	56
6569 71 Avenue A	0.68mi	4/2.0	1,917 (+5%)	20mo	$376,000	$196	44
6375 Catina St	0.47mi	3/3.0 (-1)	1,985 (+9%)	16mo	$445,000	$224	42

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: -11.8%
• Equity multiple: 0.59×
• Total profit: $-51,980
• Equity at exit: $66,798

10-year hold

• IRR: -7.6%
• Equity multiple: 0.58×
• Total profit: $-52,225
• Equity at exit: $38,735

Cash invested: $125,440 (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 70124

• Rents YoY: -0.4%
• Active inventory: 226
• Price-to-rent: 25.3×

Monthly cashflow live

• Estimated rent: $4,434 high
• Mortgage (P&I): −$2,349
• Tax from tax record: −$373 /mo · $4,471/yr
• Insurance: −$187
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$931
• Net cashflow: $528

Break-even live

Break-even rent $3,766

Max offer price $448,000

Occupancy floor 83%

Sensitivity live

Price	-10% $781	-5% $655	+0% $528	+5% $401	+10% $274
Rent	-10% $178	-5% $353	+0% $528	+5% $703	+10% $878
Rate	-1.0pp $753	-0.5pp $642	base $528	+0.5pp $412	+1.0pp $294

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	—	$4,434
Total (3 units)			$4,434

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: $112,000
• Closing costs: $13,440
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
318 18th St New Orleans, LA	3.0	2.0	1600	$2,320	$1.45	25d	1	0.12mi
428 16th St New Orleans, LA	3.0	2.0	1682	$2,350	$1.40	19d	1	0.18mi
6121 W End Blvd New Orleans, LA	3.0	2.0	1350	$1,900	$1.41	21d	1	0.20mi
6180 Milne Blvd New Orleans, LA	3.0	2.5	1785	$2,400	$1.34	4d	1	0.31mi
6256 Bellaire Dr Unit 6254 New Orleans, LA	3.0	2.0	1510	$1,850	$1.23	22d	1	0.32mi
6344 Milne Blvd New Orleans, LA	3.0	2.0	1450	$2,500	$1.72	16d	1	0.45mi
6118 Canal Blvd New Orleans, LA	3.0	2.0	1960	$2,800	$1.43	18d	1	0.55mi
6509 West End Blvd New Orleans, LA	4.0	2.0	1750	$2,600	$1.49	25d	1	0.56mi
431 Tacoma St New Orleans, LA	3.0	2.0	2019	$4,300	$2.13	18d	1	0.60mi
6552 Milne Blvd New Orleans, LA	4.0	2.0	2436	$2,400	$0.99	19d	1	0.67mi
6558 Bellaire Dr New Orleans, LA	3.0	2.5	1700	$1,900	$1.12	4d	1	0.68mi
6369 Canal Blvd New Orleans, LA	3.0	2.0	2000	$2,600	$1.30	16d	1	0.70mi
422 36th St New Orleans, LA	3.0	2.0	1400	$2,250	$1.61	25d	1	0.70mi
1421 Carrollton Ave Metairie, LA	3.0	2.0	1300	$1,650	$1.27	45d	1	0.76mi
504 Nursery Ave Metairie, LA	3.0	2.0	1267	$2,500	$1.97	16d	1	0.78mi
309 Lilac St Metairie, LA	3.0	2.5	1750	$1,745	$1.00	45d	1	0.79mi
700 Florida Blvd New Orleans, LA	3.0	2.5	1850	$1,950	$1.05	18d	1	0.79mi
5622 Canal Blvd Unit Upper New Orleans, LA	3.0	2.0	1736	$2,100	$1.21	5d	1	0.79mi
849 Rosa Ave Unit 1 Metairie, LA	4.0	3.0	2392	$2,650	$1.11	25d	1	0.85mi
312 W Esplanade Ave Metairie, LA	3.0	2.5	1400	$1,600	$1.14	45d	1	0.86mi
644 Oaklawn Dr Metairie, LA	3.0	2.0	1504	$2,300	$1.53	16d	1	0.90mi
517 Rosa Ave Metairie, LA	3.0	2.0	1900	$2,100	$1.11	6d	1	0.90mi
375 Aris Ave Metairie, LA	4.0	2.0	1480	$2,100	$1.42	25d	1	0.91mi
6431 Marshal Foch St New Orleans, LA	3.0	2.0	1600	$2,100	$1.31	4d	1	0.95mi
6760 Bellaire Dr New Orleans, LA	4.0	2.5	2000	$2,750	$1.38	45d	1	0.96mi
1117 Andrews Ave Metairie, LA	3.0	2.0	1770	$2,600	$1.47	45d	1	0.98mi
6819 Fleur de Lis Dr New Orleans, LA	3.0	2.0	1500	$2,595	$1.73	45d	1	0.99mi
5923 General Haig St New Orleans, LA	3.0	2.5	2057	$2,800	$1.36	45d	1	1.01mi
6866 Milne Blvd New Orleans, LA	4.0	2.5	1700	$2,795	$1.64	45d	1	1.03mi
6845 Louisville St New Orleans, LA	4.0	2.0	1600	$3,500	$2.19	18d	1	1.06mi
5373 Canal Blvd New Orleans, LA	3.0	2.0	1800	$4,200	$2.33	45d	1	1.09mi
5373 Canal Blvd New Orleans, LA	3.0	2.0	1800	$6,800	$3.78	19d	1	1.09mi
5458 General Diaz St New Orleans, LA	3.0	2.0	1289	$2,000	$1.55	18d	1	1.13mi
209 Rosa Ave Metairie, LA	3.0	2.5	2400	$2,000	$0.83	16d	1	1.15mi
437 Elmeer Ave Metairie, LA	3.0	2.0	2041	$3,950	$1.94	23d	1	1.17mi
979 Navarre Ave New Orleans, LA	3.0	2.5	1926	$2,200	$1.14	25d	1	1.28mi
400 Metairie-Hammond Hwy Unit 4A Metairie, LA	3.0	2.5	2316	$6,300	$2.72	16d	1	1.31mi
6817 General Haig St New Orleans, LA	3.0	2.5	2281	$3,200	$1.40	45d	1	1.35mi
228 Fairway Dr New Orleans, LA	3.0	2.5	2300	$4,300	$1.87	4d	1	1.36mi
228 Fairway Dr New Orleans, LA	3.0	2.5	2300	$4,300	$1.87	5d	1	1.36mi

Listing history 18 events

1. 2026-06-10
   days on market $448,000 Active 49 DOM
2. 2026-06-09
   days on market $448,000 Active 48 DOM

   Show marketing remark (799 chars)

   Are you looking for a prime investment rental? This property offers an ideal location minutes off I-10 with quick access to both downtown and the lakefront, situated within an excellent educational area. The property features two distinct units: - Unit 232: This is a 3/2ba larger, beautifully FURNISHED unit that is move-in ready. It includes 2025 appliances, a full inventory list and features a large fenced backyard with a deck, for outside entertaining. - Unit 230: This unit 2/1ba comes unfurnished but includes all essential appliances, including a washer and dryer. Both units benefit from a three-year-old roof, new AC systems after Ida, and covered off-street parking each unit accommodating two or more cars. Please let me know if you would like more information or to schedule a viewing.

3. 2026-06-08
   days on market $448,000 Active 47 DOM
4. 2026-06-07
   days on market $448,000 Active 46 DOM
5. 2026-06-05
   days on market $448,000 Active 43 DOM
6. 2026-06-03
   days on market $448,000 Active 42 DOM
7. 2026-06-02
   days on market $448,000 Active 41 DOM
8. 2026-06-01
   days on market $448,000 Active 40 DOM
9. 2026-05-31
   days on market $448,000 Active 39 DOM
10. 2026-04-14
    listed $448,000 Active 799-char remark

    Show marketing remark (799 chars)

    Are you looking for a prime investment rental? This property offers an ideal location minutes off I-10 with quick access to both downtown and the lakefront, situated within an excellent educational area. The property features two distinct units: - Unit 232: This is a 3/2ba larger, beautifully FURNISHED unit that is move-in ready. It includes 2025 appliances, a full inventory list and features a large fenced backyard with a deck, for outside entertaining. - Unit 230: This unit 2/1ba comes unfurnished but includes all essential appliances, including a washer and dryer. Both units benefit from a three-year-old roof, new AC systems after Ida, and covered off-street parking each unit accommodating two or more cars. Please let me know if you would like more information or to schedule a viewing.

11. 2026-04-14
    listed $448,000 Active 799-char remark

    Show marketing remark (799 chars)

    Are you looking for a prime investment rental? This property offers an ideal location minutes off I-10 with quick access to both downtown and the lakefront, situated within an excellent educational area. The property features two distinct units: - Unit 232: This is a 3/2ba larger, beautifully FURNISHED unit that is move-in ready. It includes 2025 appliances, a full inventory list and features a large fenced backyard with a deck, for outside entertaining. - Unit 230: This unit 2/1ba comes unfurnished but includes all essential appliances, including a washer and dryer. Both units benefit from a three-year-old roof, new AC systems after Ida, and covered off-street parking each unit accommodating two or more cars. Please let me know if you would like more information or to schedule a viewing.

12. 2013-07-08
    soldstatus $253,000
13. 2008-04-10
    soldstatus $120,000
14. 2001-05-09
    soldstatus $167,000
15. 2001-05-07
    soldstatus $167,000

    Show marketing remark (122 chars)

    SOLD "AS IS" W/ WAIVER OF REDHIBITION TO BE INCLUDED IN THE CLOSING DOCUMENTS. ALL MEASUREMENTS ARE APPROXIMATE.

16. 2001-03-09
    listed $166,600

    Show marketing remark (122 chars)

    SOLD "AS IS" W/ WAIVER OF REDHIBITION TO BE INCLUDED IN THE CLOSING DOCUMENTS. ALL MEASUREMENTS ARE APPROXIMATE.

17. 2001-03-09
    listed $166,600

    Show marketing remark (122 chars)

    SOLD "AS IS" W/ WAIVER OF REDHIBITION TO BE INCLUDED IN THE CLOSING DOCUMENTS. ALL MEASUREMENTS ARE APPROXIMATE.

18. 1992-01-28
    soldstatus $28,000

ⓘ 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: $4,471 · $373/mo
• Projected year-2 tax: $4,471 · $373/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) · 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: $53,208
• − Mortgage interest: −$25,095
• − Property taxes: −$4,471
• − Insurance: −$3,038
• − Repairs & maintenance: −$4,257
• − Management: −$4,257
• − Depreciation: −$13,033
• Taxable loss: −$941
• Est. tax savings @ 24.0%: +$226
• After-tax cash flow: $6,560/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): 21,778
• Household income: $121,228
• Rent vs Own: 22.4% rent · 77.6% own
• Severe rent burden: 332.0

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: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 14% Two or more races 13% Black 5% Asian 2%
• Hispanic origin (detail): Mexican 2% Cuban 4%
• Common ancestry: Lithuanian 18% Slovak 2% Italian 2%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 91% English-only · Spanish 4% French/Haitian/Cajun 1% Other Indo-European 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: ▼ -227.84%
• Current HPI: 181.5835
• Rent YoY: ▼ -0.37%
• 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

-93.3% since first listed

12 events — show timeline

• 2026-06-18 Listed for Rent $1,875 GSREIN
• 2026-06-09 Sold (MLS) $422,500 AcadianaMLS
• 2026-06-09 Sold (MLS) $422,500 GSREIN
• 2026-04-14 Listed $448,000 AcadianaMLS
• 2026-04-14 Listed $448,000 GSREIN
• 2013-07-08 Sold (Public Records) $253,000 Public Records
• 2008-04-10 Sold (Public Records) $120,000 Public Records
• 2001-05-09 Sold (Public Records) $167,000 Public Records
• 2001-05-07 Sold (MLS) $167,000 GSREIN
• 2001-03-09 Listed $166,600 AcadianaMLS
• 2001-03-09 Listed $166,600 GSREIN
• 1992-01-28 Sold (Public Records) $28,000 Public Records

Property tax history

+1.3%/yr

Latest (2026): $4,471 · +1.1% YoY. Source: county tax records.