1333 31 Elmira Ave · New Orleans, LA 70114

$210,000

4 bd · 2.0 ba · 1,456 sqft · MultiFamily public records · 48 Days on market

Built 1937 3,598 sqft lot $144/sqft · 32% above area Est $159k · 32% over ↓ 5% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0
• 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

Looking for a smart investment opportunity in the heart of the Westbank? This property offers a strong combination of homeownership and income potential. A double that features 2 bedrooms and 1 bathroom on each side--giving you the option to live in one unit while renting out the other. Generate rental income to help offset your mortgage or add this property to your portfolio as a solid income-producing asset. Whether you're stepping into homeownership or expanding your investments, this property delivers flexibility and opportunity. Don't miss your chance to secure a property with built-in earning potential in New Orleans!

Key facts

• 3,598 sq ft lot
• 2 parking spots
• Built 1937

Property features AI

Finance

• Financial info: Two-unit property; Tenants pay electricity and gas; Owner pays water

Exterior

• Parking: Driveway with two parking spaces
• Utilities: Public water; Public sewer
• Home design: Single-story building
• Construction: Vinyl siding; Shingle roof; Raised foundation; Average condition
• Exterior features: Porch; Outside city limits; Rectangular lot; Lot dimensions approximately 30 x 120

Interior

• Bedrooms: Two bedrooms in Unit 1331; Two bedrooms in Unit 1333
• Bathrooms: One full bathroom in Unit 1331; One full bathroom in Unit 1333; Two full bathrooms total (property)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Porch

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $621 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $210k).
• Recommended offer: $204k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.3% 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 (-0.7%/yr); 265 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,929/mo this rent would consume 81% of the median local household income ($43k/yr) (locally 2240% 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 $1k of loan paydown is wiped out by about $6k 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 48 days — a 3% lower offer ($204k) 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 $427/mo; built in 1937 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $203,700 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1937 — 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. 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: 1.39% ✓
• Cap rate: 12.28%
• Cash-on-cash: 21.37%
• DSCR: 1.95
• GRM: 6.0

CMA / ARV

• ARV (median comp): $158,965
• List price: $210,000
• Delta: 32.10%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1427 De Armas St	0.38mi	4/2.0	1,600 (+10%)	3mo	$80,000	$50	63
321 Diana St	0.34mi	4/2.0	1,634 (+12%)	8mo	$216,600	$133	57
1031 33 Nunez St	0.30mi	4/1.0	1,352 (-7%)	21mo	$107,500	$80	52
841 Elmira Ave	0.35mi	3/3.0 (-1)	1,500 (+3%)	22mo	$214,000	$143	51
1100 02 Hendee St	0.57mi	4/2.0	1,521 (+4%)	22mo	$174,490	$115	48
733 Whitney Ave	0.58mi	3/3.0 (-1)	1,500 (+3%)	22mo	$144,000	$96	40
612/614 Wagner St	0.72mi	4/2.0	1,617 (+11%)	13mo	$317,500	$196	37
505 07 Seguin St	0.70mi	4/2.0	1,657 (+14%)	10mo	$299,000	$180	36
542 Wagner St	0.74mi	4/2.0	1,596 (+10%)	20mo	$60,000	$38	33
618-20 Seguin St	0.62mi	4/4.0	1,649 (+13%)	13mo	$392,800	$238	30
1400 02 Behrman Ave	0.66mi	4/2.0	1,673 (+15%)	17mo	$160,000	$96	30

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: -1.3%
• Equity multiple: 0.95×
• Total profit: $-2,884
• Equity at exit: $31,312

10-year hold

• IRR: 4.4%
• Equity multiple: 1.27×
• Total profit: $16,008
• Equity at exit: $18,157

Cash invested: $58,800 (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 70114

• Rents YoY: -0.7%
• Active inventory: 265
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $2,929 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$78 /mo · $934/yr
• Insurance: −$88
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$615
• Net cashflow: $621

Break-even live

Break-even rent $2,143

Max offer price $210,000

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,930
Total (2 units)			$2,929

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
718 Majestic Pl New Orleans, LA	3.0	2.0	1164	$1,785	$1.53	21d	1	0.10mi
606 Drum St New Orleans, LA	3.0	2.0	1131	$2,350	$2.08	23d	1	0.17mi
513 Park Blvd New Orleans, LA	3.0	2.0	1600	$2,300	$1.44	3d	1	0.20mi
1140 Teche St Apt B New Orleans, LA	3.0	1.0	1100	$1,850	$1.68	23d	1	0.26mi
400 Park Blvd Unit A New Orleans, LA	4.0	1.5	1275	$2,200	$1.73	23d	1	0.26mi
1136 Brooklyn Ave New Orleans, LA	3.0	1.0	913	$1,600	$1.75	23d	1	0.32mi
433 Homer St Unit 1 New Orleans, LA	4.0	2.0	1570	$1,850	$1.18	23d	1	0.36mi
807 Whitney Ave Unit 1 New Orleans, LA	3.0	2.0	1262	$1,500	$1.19	3d	1	0.55mi
527 Atlantic Ave New Orleans, LA	3.0	2.0	1800	$2,050	$1.14	23d	1	0.58mi
1414 Sumner St New Orleans, LA	3.0	2.0	1800	$1,450	$0.81	16d	1	0.62mi
1108 Sumner St New Orleans, LA	3.0	1.5	1197	$1,500	$1.25	11d	1	0.63mi
336 Elmira Ave New Orleans, LA	3.0	1.0	1250	$1,825	$1.46	23d	1	0.72mi
325 Elmira Ave Unit 325 New Orleans, LA	3.0	1.5	1050	$1,525	$1.45	23d	1	0.74mi
701 Behrman Ave New Orleans, LA	3.0	2.0	1368	$2,300	$1.68	3d	1	0.78mi
1010 Isbell St Gretna, LA	3.0	1.0	1300	$1,350	$1.04	43d	1	0.78mi
249 Vallette St New Orleans, LA	4.0	2.0	1734	$2,500	$1.44	16d	1	0.79mi
119 Vallette St New Orleans, LA	3.0	2.5	1500	$2,100	$1.40	23d	1	0.87mi
1625 Lauradale Dr New Orleans, LA	3.0	2.0	1029	$1,700	$1.65	3d	1	0.95mi
1684 Lauradale Dr New Orleans, LA	4.0	2.0	1571	$2,000	$1.27	23d	1	0.99mi
2320 Mardi Gras Blvd New Orleans, LA	4.0	2.5	1600	$2,500	$1.56	1d	1	1.04mi
1050 Annunciation St Unit 1272355P New Orleans, LA	2.0–5.0	2.0–4.0	1544	$3,489	$2.26	3d	3	1.19mi
1719 Pace Blvd New Orleans, LA	3.0	1.0	1178	$2,000	$1.70	11d	1	1.28mi
1420 Annunciation St New Orleans, LA	1.0–3.0	1.0–2.0	1019	$2,390	$2.35	1d	78	1.33mi
1774 Pace Blvd New Orleans, LA	4.0	2.5	1574	$2,000	$1.27	23d	1	1.33mi
535 Decatur St Unit 3 New Orleans, LA	3.0	2.0	1600	$2,800	$1.75	11d	1	1.34mi
1622 Jo Ann Pl New Orleans, LA	3.0	1.5	1301	$1,500	$1.15	2d	1	1.38mi
1417 Annunciation St Unit 1417 New Orleans, LA	3.0	2.0	1200	$1,996	$1.66	21d	1	1.38mi
515 Saint Ann St Unit 3 New Orleans, LA	3.0	2.0	1644	$3,600	$2.19	44d	1	1.39mi
1200 Southlawn Blvd New Orleans, LA	3.0	2.0	950	$1,725	$1.82	23d	1	1.40mi
527 Saint Ann St Unit 3 New Orleans, LA	3.0	2.0	1687	$3,500	$2.07	43d	1	1.41mi
2002 Pace Blvd Unit 103 New Orleans, LA	3.0	2.0	1000	$1,500	$1.50	14d	1	1.42mi
3000 Americus St New Orleans, LA	3.0	2.0	1280	$1,400	$1.09	23d	1	1.43mi
913 Milton St Gretna, LA	3.0	1.0	1061	$2,800	$2.64	43d	1	1.44mi
921 Race St Unit C New Orleans, LA	3.0	2.0	1570	$3,000	$1.91	10d	1	1.44mi
751 Chartres St New Orleans, LA	2.0–3.0	2.0	1461	$3,450	$2.36	43d	1	1.45mi
1501 Clio St Unit 1A New Orleans, LA	3.0	2.0	1200	$2,800	$2.33	11d	1	1.48mi
800 Gravier St Unit 1272312P New Orleans, LA	2.0–4.0	2.0–4.0	1673	$6,169	$3.69	14d	2	1.49mi

Listing history 16 events

1. 2026-06-18
   days on market $210,000 Active 48 DOM
2. 2026-06-17
   days on market $210,000 Active 47 DOM
3. 2026-06-16
   days on market $210,000 Active 46 DOM
4. 2026-06-15
   days on market $210,000 Active 45 DOM
5. 2026-06-13
   days on market $210,000 Active 43 DOM
6. 2026-06-10
   days on market $210,000 Active 40 DOM
7. 2026-06-09
   days on market $210,000 Active 39 DOM
8. 2026-06-08
   days on market $210,000 Active 38 DOM
9. 2026-06-07
   days on market $210,000 Active 37 DOM
10. 2026-06-05
    days on market $210,000 Active 34 DOM
11. 2026-06-03
    days on market $210,000 Active 33 DOM
12. 2026-06-02
    days on market $210,000 Active 32 DOM
13. 2026-06-01
    days on market $210,000 Active 31 DOM
14. 2026-05-31
    days on market $210,000 Active 30 DOM
15. 2026-05-01
    listed $220,000 Active 642-char remark

    Show marketing remark (631 chars)

    Looking for a smart investment opportunity in the heart of the Westbank? This property offers a strong combination of homeownership and income potential. A double that features 2 bedrooms and 1 bathroom on each side--giving you the option to live in one unit while renting out the other. Generate rental income to help offset your mortgage or add this property to your portfolio as a solid income-producing asset. Whether you're stepping into homeownership or expanding your investments, this property delivers flexibility and opportunity. Don't miss your chance to secure a property with built-in earning potential in New Orleans!

16. 2026-05-01
    listed $220,000 Active 631-char remark

    Show marketing remark (631 chars)

    Looking for a smart investment opportunity in the heart of the Westbank? This property offers a strong combination of homeownership and income potential. A double that features 2 bedrooms and 1 bathroom on each side--giving you the option to live in one unit while renting out the other. Generate rental income to help offset your mortgage or add this property to your portfolio as a solid income-producing asset. Whether you're stepping into homeownership or expanding your investments, this property delivers flexibility and opportunity. Don't miss your chance to secure a property with built-in earning potential in New Orleans!

ⓘ 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: $934 · $78/mo
• Projected year-2 tax: $1,155 · $96/mo
• Expected delta: +$221/yr (+$18/mo · 23.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,148
• − Mortgage interest: −$11,763
• − Property taxes: −$934
• − Insurance: −$6,169
• − Repairs & maintenance: −$2,812
• − Management: −$2,812
• − Depreciation: −$6,109
• Taxable income: $4,549
• Est. tax owed @ 24.0%: −$1,092
• After-tax cash flow: $6,357/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): 22,659
• Household income: $43,493
• Rent vs Own: 58.8% rent · 41.2% own
• Severe rent burden: 2240.0

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 Black (72%)
• Race & ethnicity: Black 72% White 16% Hispanic / Latino 8% Two or more races 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Lithuanian 3% Slovak 1% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 6% French/Haitian/Cajun 2% 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: ▼ -98.56%
• Current HPI: 149.0172
• Rent YoY: ▼ -0.72%
• 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

-4.5% since first listed

4 events — show timeline

• 2026-05-29 Price Changed $210,000 AcadianaMLS
• 2026-05-29 Price Changed $210,000 GSREIN
• 2026-05-01 Listed $220,000 GSREIN
• 2026-05-01 Listed $220,000 AcadianaMLS

Property tax history

+23.1%/yr

Latest (2026): $934 · -9.0% YoY. Source: county tax records.