2009-11 Josephine St · New Orleans, LA 70113

$215,000

6 bd · 2.0 ba · 2,178 sqft · MultiFamily public records · 66 Days on market

Built 1943 $99/sqft · 32% below area Est $291k · 26% under

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Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0

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

Just blocks from St Charles, this shotgun home features hard wood floors, fenced court yard, central air and heat, laundry connections on both sides and rear storage. 2009 has a closet in the large bedroom and a closet in the hallway. WD connections are located in the kitchen 2011 does not have any closets, WD located in hallway and bathroom is larger. 2011 includes a range appliances in 2009 belong to tenant.

Key facts

• Hard wood floors
• Laundry connections
• Fenced court yard

Tags

• HARD WOOD FLOORS
• FENCED COURT YARD
• CENTRAL AIR AND HEAT
• LAUNDRY CONNECTIONS
• REAR STORAGE
• RANGE APPLIANCES

🏷️ Possibly a rental listed for sale. The $215,000 price doesn't fit this home's estimated sale value (~$290,531) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• Recommended offer: $202k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.1% 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 fast (+6.0%/yr); 137 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).

Forward outlook

• In year one you build about $23k of equity ($1k loan paydown + $22k appreciation (10.0% local appreciation)).
• Orleans County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 6.0% rent growth), your $60k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 21y ago; this cycle's ask has dropped $60k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $177k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1943 — 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 $202,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1943 — 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: 1.51% ✓
• Cap rate: 13.05%
• Cash-on-cash: 24.13%
• DSCR: 2.07
• GRM: 5.5

CMA / ARV

• ARV (median comp): $290,531
• List price: $215,000
• Delta: -26.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2013 15 St Andrew St	0.08mi	6/2.0	2,084 (-4%)	6mo	$252,000	$121	84
2419 S Saratoga St	0.25mi	6/3.0	2,280 (+5%)	0mo	$400,000	$175	76
2121 St Andrew St	0.10mi	6/4.0	2,430 (+12%)	3mo	$414,000	$170	65
1917 19 Josephine St	0.04mi	6/6.0	2,369 (+9%)	7mo	$375,000	$158	61
2023 A B First St	0.22mi	6/4.5	2,445 (+12%)	1mo	$485,000	$198	58
2113 15 Fourth St	0.37mi	5/3.0 (-1)	2,379 (+9%)	0mo	$315,000	$132	58
2005 07 First St	0.29mi	6/4.5	2,366 (+9%)	15mo	$440,000	$186	49
2404 Simon Bolivar Ave	0.31mi	5/4.0 (-1)	2,296 (+5%)	24mo	$195,000	$85	44
2712 Josephine St	0.45mi	6/4.0	2,494 (+14%)	19mo	$353,000	$142	31
2821-2823 First St	0.55mi	6/4.0	2,462 (+13%)	20mo	$363,000	$147	28
1023-25 Richard St	0.74mi	5/4.0 (-1)	2,450 (+12%)	15mo	$710,000	$290	19

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 5.98% rent growth · sell at horizon

5-year hold

• IRR: 43.0%
• Equity multiple: 4.32×
• Total profit: $199,985
• Equity at exit: $193,689

10-year hold

• IRR: 38.3%
• Equity multiple: 10.21×
• Total profit: $554,517
• Equity at exit: $417,698

Cash invested: $60,200 (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 70113

• Rents YoY: 6.0%
• Active inventory: 137
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $3,240 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$132 /mo · $1,581/yr
• Insurance: −$90
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$680
• Net cashflow: $1,144

Break-even live

Break-even rent $1,792

Max offer price $215,000

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,240
Total (2 units)			$3,240

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
822 Howard Ave Unit 1272354P New Orleans, LA	1.0–5.0	1.0–4.0	1749	$11,882	$6.79	1d	3	0.63mi
1050 Annunciation St Unit 1272355P New Orleans, LA	2.0–5.0	2.0–4.0	1544	$4,490	$2.91	3d	3	0.93mi
822 Perdido St Unit 1272370P New Orleans, LA	1.0–5.0	1.0–5.0	1447	$7,361	$5.09	3d	4	1.04mi
3112 Upperline St New Orleans, LA	5.0	3.5	2800	$3,650	$1.30	23d	1	1.46mi

Listing history 37 events

1. 2026-06-18
   days on market $215,000 Active 66 DOM
2. 2026-06-17
   days on market $215,000 Active 65 DOM
3. 2026-06-16
   days on market $215,000 Active 64 DOM
4. 2026-06-15
   days on market $215,000 Active 63 DOM
5. 2026-06-13
   days on market $215,000 Active 61 DOM
6. 2026-06-10
   days on market $215,000 Active 58 DOM
7. 2026-06-09
   days on market $215,000 Active 57 DOM
8. 2026-06-08
   days on market $215,000 Active 56 DOM
9. 2026-06-07
   days on market $215,000 Active 55 DOM
10. 2026-06-05
    days on market $215,000 Active 52 DOM
11. 2026-06-03
    days on market $215,000 Active 51 DOM
12. 2026-06-02
    remarks 466-char remark
13. 2026-06-02
    pricedays on market $215,000 Active 50 DOM
14. 2026-06-01
    days on market $230,000 Active 49 DOM
15. 2026-05-31
    days on market $230,000 Active 48 DOM
16. 2026-05-18
    price $230,000 413-char remark

    Show marketing remark (413 chars)

    Just blocks from St Charles, this shotgun home features hard wood floors, fenced court yard, central air and heat, laundry connections on both sides and rear storage. 2009 has a closet in the large bedroom and a closet in the hallway. WD connections are located in the kitchen 2011 does not have any closets, WD located in hallway and bathroom is larger. 2011 includes a range appliances in 2009 belong to tenant.

17. 2026-05-18
    price $230,000 413-char remark

    Show marketing remark (413 chars)

    Just blocks from St Charles, this shotgun home features hard wood floors, fenced court yard, central air and heat, laundry connections on both sides and rear storage. 2009 has a closet in the large bedroom and a closet in the hallway. WD connections are located in the kitchen 2011 does not have any closets, WD located in hallway and bathroom is larger. 2011 includes a range appliances in 2009 belong to tenant.

18. 2026-05-07
    price $250,000 413-char remark

    Show marketing remark (413 chars)

    Just blocks from St Charles, this shotgun home features hard wood floors, fenced court yard, central air and heat, laundry connections on both sides and rear storage. 2009 has a closet in the large bedroom and a closet in the hallway. WD connections are located in the kitchen 2011 does not have any closets, WD located in hallway and bathroom is larger. 2011 includes a range appliances in 2009 belong to tenant.

19. 2026-05-07
    price $250,000 413-char remark

    Show marketing remark (413 chars)

    Just blocks from St Charles, this shotgun home features hard wood floors, fenced court yard, central air and heat, laundry connections on both sides and rear storage. 2009 has a closet in the large bedroom and a closet in the hallway. WD connections are located in the kitchen 2011 does not have any closets, WD located in hallway and bathroom is larger. 2011 includes a range appliances in 2009 belong to tenant.

20. 2026-04-25
    price $260,000 413-char remark

    Show marketing remark (413 chars)

    Just blocks from St Charles, this shotgun home features hard wood floors, fenced court yard, central air and heat, laundry connections on both sides and rear storage. 2009 has a closet in the large bedroom and a closet in the hallway. WD connections are located in the kitchen 2011 does not have any closets, WD located in hallway and bathroom is larger. 2011 includes a range appliances in 2009 belong to tenant.

21. 2026-04-24
    price $260,000 413-char remark

    Show marketing remark (413 chars)

    Just blocks from St Charles, this shotgun home features hard wood floors, fenced court yard, central air and heat, laundry connections on both sides and rear storage. 2009 has a closet in the large bedroom and a closet in the hallway. WD connections are located in the kitchen 2011 does not have any closets, WD located in hallway and bathroom is larger. 2011 includes a range appliances in 2009 belong to tenant.

22. 2026-04-13
    listed $275,000 Active 413-char remark

    Show marketing remark (413 chars)

    Just blocks from St Charles, this shotgun home features hard wood floors, fenced court yard, central air and heat, laundry connections on both sides and rear storage. 2009 has a closet in the large bedroom and a closet in the hallway. WD connections are located in the kitchen 2011 does not have any closets, WD located in hallway and bathroom is larger. 2011 includes a range appliances in 2009 belong to tenant.

23. 2026-04-13
    listed $275,000 Active 413-char remark

    Show marketing remark (413 chars)

    Just blocks from St Charles, this shotgun home features hard wood floors, fenced court yard, central air and heat, laundry connections on both sides and rear storage. 2009 has a closet in the large bedroom and a closet in the hallway. WD connections are located in the kitchen 2011 does not have any closets, WD located in hallway and bathroom is larger. 2011 includes a range appliances in 2009 belong to tenant.

24. 2019-02-08
    soldstatus $177,000
25. 2018-11-17
    listed $185,000
26. 2016-02-24
    soldstatus $140,000
27. 2015-10-14
    listed $140,000
28. 2010-10-22
    listed $69,000
29. 2010-10-22
    listed $69,000
30. 2009-09-17
    listed $99,000
31. 2009-09-17
    listed $99,000
32. 2007-05-01
    listed $119,900
33. 2007-05-01
    listed $119,900
34. 2005-06-01
    soldstatus $67,500
35. 2005-04-19
    listed $72,000
36. 2005-04-19
    listed $72,000
37. 1983-10-27
    soldstatus $45,000

ⓘ 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: $1,581 · $132/mo
• Projected year-2 tax: $1,581 · $132/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 · 75% 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,880
• − Mortgage interest: −$12,043
• − Property taxes: −$1,581
• − Insurance: −$1,872
• − Repairs & maintenance: −$3,110
• − Management: −$3,110
• − Depreciation: −$6,255
• Taxable income: $10,908
• Est. tax owed @ 24.0%: −$2,618
• After-tax cash flow: $11,114/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): 9,387
• Household income: $39,333
• Rent vs Own: 75.4% rent · 24.6% own
• Severe rent burden: 714.0

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 0.57)
• Race & ethnicity: Black 61% White 20% Hispanic / Latino 13% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 2% Portuguese 1% Slovak 1%
• Foreign-born: 13% · Canada, Vietnam, China
• Languages at home: 86% English-only · Spanish 11% Other Indo-European 1% Vietnamese 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: ▲ 65.92%
• Current HPI: 229.3968
• Rent YoY: ▲ 5.98%
• 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

+411.1% since first listed

22 events — show timeline

• 2026-05-18 Price Changed $230,000 AcadianaMLS
• 2026-05-18 Price Changed $230,000 GSREIN
• 2026-05-07 Price Changed $250,000 AcadianaMLS
• 2026-05-07 Price Changed $250,000 GSREIN
• 2026-04-25 Price Changed $260,000 AcadianaMLS
• 2026-04-24 Price Changed $260,000 GSREIN
• 2026-04-13 Listed $275,000 GSREIN
• 2026-04-13 Listed $275,000 AcadianaMLS
• 2019-02-08 Sold (Public Records) $177,000 Public Records
• 2018-11-17 Listed $185,000 AcadianaMLS
• 2016-02-24 Sold (Public Records) $140,000 Public Records
• 2015-10-14 Listed $140,000 AcadianaMLS
• 2010-10-22 Listed $69,000 GSREIN
• 2010-10-22 Listed $69,000 AcadianaMLS
• 2009-09-17 Listed $99,000 GSREIN
• 2009-09-17 Listed $99,000 AcadianaMLS
• 2007-05-01 Listed $119,900 GSREIN
• 2007-05-01 Listed $119,900 AcadianaMLS
• 2005-06-01 Sold (MLS) $67,500 GSREIN
• 2005-04-19 Listed $72,000 AcadianaMLS
• 2005-04-19 Listed $72,000 GSREIN
• 1983-10-27 Sold (Public Records) $45,000 Public Records

Property tax history

+0.1%/yr

Latest (2026): $1,581 · -5.2% YoY. Source: county tax records.