2820-22 Milan St · New Orleans, LA 70115

$304,999

6 bd · 2.0 ba · 1,830 sqft · MultiFamily public records · 91 Days on market

Built 1967 3,598 sqft lot $167/sqft · 12% below area Est $322k · 5% under

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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 +20.6/30.0
• ARV discount +9.9/15.0
• DSCR +6.6/10.0
• 1% rule +5.1/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• 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

Beautifully updated double in prime New Orleans location! Each spacious 2BR/1BA unit features large rooms with 9-ft ceilings, fresh paint, wood vinyl floors, warm wood kitchen cabinets, granite counters, stainless steel appliances, and a glamour mirror in the bathroom. Enjoy your own laundry shed with washer, dryer, and storage. Relax on the inviting front porch or entertain in the large backyard with custom pavers. Just blocks from Ochsner Baptist on Napoleon Ave, and all the shopping, dining, and conveniences Uptown has to offer, & the Trader Joe's opening on Freret soon. Major updates & improvements including HVAC Central both units, New Updated Electrical Panel, Roof, and more in 2018,2019,2020, 2021. Good for owner-occupant or investment!

Key facts

• 9-ft ceilings
• Large rooms
• Wood vinyl floors

Tags

• LARGE ROOMS
• 9-FT CEILINGS
• WOOD VINYL FLOORS
• WARM WOOD KITCHEN CABINETS
• GRANITE COUNTERS
• STAINLESS STEEL APPLIANCES

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $305k.

Deal economics

• At list price, monthly cash flow is $-17 ($-208/yr) — negative.
• To cash-flow at today's rent, offer at most $302k (1.0% below list).
• Meets the 1% rule at list price ($3k rent vs $305k).
• Recommended offer: $278k (9.0% 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 (-1.4%/yr); 280 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 69% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• This rent runs 41% of the median local income ($90k/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 $2k of loan paydown is wiped out by about $9k 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 91 days — a 9% lower offer ($278k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 10y ago 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.
• Current owner paid $235k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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 $277,549 (9.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.01% ✓
• Cap rate: 7.90%
• Cash-on-cash: 5.75%
• DSCR: 1.26
• GRM: 8.3

CMA / ARV

• ARV (median comp): $322,289
• List price: $304,999
• Delta: -5.36%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4617 19 Clara St	0.19mi	6/2.0	2,037 (+11%)	0mo	$140,000	$69	72
4617-19 Clara St	0.31mi	6/2.0	2,036 (+11%)	0mo	$140,000	$69	66
4522 S Liberty St	0.46mi	5/3.0 (-1)	1,831 (+0%)	8mo	$253,000	$138	63
3725-27 Willow St	0.14mi	6/4.0	1,996 (+9%)	12mo	$299,000	$150	60
3528 30 Toledano St	0.59mi	5/2.0 (-1)	1,700 (-7%)	2mo	$133,000	$78	54
2308-10 Marengo St	0.35mi	5/3.0 (-1)	2,086 (+14%)	20mo	$445,000	$213	35
1837 Peniston St	0.68mi	5/3.0 (-1)	2,024 (+11%)	23mo	$324,000	$160	22

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: -20.6%
• Equity multiple: 0.31×
• Total profit: $-59,289
• Equity at exit: $45,476

10-year hold

• IRR: -24.5%
• Equity multiple: -0.02×
• Total profit: $-86,860
• Equity at exit: $26,371

Cash invested: $85,400 (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 70115

• Rents YoY: -1.4%
• Active inventory: 280
• Price-to-rent: 16.5×

Monthly cashflow live

• Estimated rent: $3,077 high
• Mortgage (P&I): −$1,599
• Tax from tax record: −$295 /mo · $3,541/yr
• Insurance: −$127
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$646
• Net cashflow: $-17

Break-even live

Break-even rent $3,099

Max offer price $301,937

Occupancy floor 96%

Sensitivity live

Price	-10% $155	-5% $69	+0% $-17	+5% $-104	+10% $-190
Rent	-10% $-260	-5% $-139	+0% $-17	+5% $104	+10% $226
Rate	-1.0pp $136	-0.5pp $60	base $-17	+0.5pp $-96	+1.0pp $-177

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,076
Total (2 units)			$3,077

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: $76,250
• Closing costs: $9,150
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2325 State St New Orleans, LA	5.0	3.0	1800	$4,000	$2.22	25d	1	0.83mi
2703 Palmer Ave New Orleans, LA	5.0	2.0	2349	$5,500	$2.34	45d	1	0.84mi
2117 S Lopez St New Orleans, LA	5.0	2.0	1920	$2,000	$1.04	25d	1	0.85mi
2715 Palmer Ave New Orleans, LA	5.0	2.0	2184	$4,900	$2.24	45d	1	0.85mi
2818 Palmer Ave New Orleans, LA	5.0	2.0	1832	$4,900	$2.67	45d	1	0.87mi
6326 S Johnson St Unit 1 New Orleans, LA	5.0	2.0	2013	$3,950	$1.96	45d	1	0.93mi
6321 S Prieur St New Orleans, LA	6.0	2.0	1900	$4,200	$2.21	45d	1	0.94mi
4 Cromwell Pl New Orleans, LA	5.0	2.0	2600	$7,000	$2.69	45d	1	1.04mi
7011 Jeannette St Unit A New Orleans, LA	5.0	3.0	2200	$5,000	$2.27	45d	1	1.18mi
7015 Willow St New Orleans, LA	5.0	3.0	2000	$4,200	$2.10	45d	1	1.19mi
1609 Broadway St New Orleans, LA	5.0	2.0	1776	$5,000	$2.82	45d	1	1.22mi
1736 Pine St New Orleans, LA	5.0	2.0	1494	$4,500	$3.01	25d	1	1.29mi
939 Broadway St New Orleans, LA	5.0	3.0	1900	$4,000	$2.11	5d	1	1.39mi

Listing history 35 events

1. 2026-02-18
   listed $304,999 Active 761-char remark

   Show marketing remark (761 chars)

   Beautifully updated double in prime New Orleans location! Each spacious 2BR/1BA unit features large rooms with 9-ft ceilings, fresh paint, wood vinyl floors, warm wood kitchen cabinets, granite counters, stainless steel appliances, and a glamour mirror in the bathroom. Enjoy your own laundry shed with washer, dryer, and storage. Relax on the inviting front porch or entertain in the large backyard with custom pavers. Just blocks from Ochsner Baptist on Napoleon Ave, and all the shopping, dining, and conveniences Uptown has to offer, & the Trader Joe's opening on Freret soon. Major updates & improvements including HVAC Central both units, New Updated Electrical Panel, Roof, and more in 2018,2019,2020, 2021. Good for owner-occupant or investment!

2. 2026-02-11
   listed $304,999 Active 764-char remark

   Show marketing remark (764 chars)

   Beautifully updated double in prime New Orleans location! Each spacious 2BR/1BA unit features large rooms with 9-ft ceilings, fresh paint, wood vinyl floors, warm wood kitchen cabinets, granite counters, stainless steel appliances, and a glamour mirror in the bathroom. Enjoy your own laundry shed with washer, dryer, and storage. Relax on the inviting front porch or entertain in the large backyard with custom pavers. Just blocks from Ochsner Baptist on Napoleon Ave, and all the shopping, dining, and conveniences Uptown has to offer, & the Trader Joe's opening on Freret soon. Major updates & improvements including HVAC Central both units, New Updated Electrical Panel, Roof, and more in 2018,2019,2020, 2021. Good for owner-occupant or investment!

3. 2025-08-15
   listed $324,000 Active
4. 2025-05-12
   price $324,000
5. 2025-05-12
   price $324,000
6. 2025-04-28
   price $329,000
7. 2025-04-28
   price $329,000
8. 2025-04-07
   price $334,000
9. 2025-04-07
   price $334,000
10. 2025-03-07
    price $339,000
11. 2025-03-06
    price $339,000
12. 2025-01-20
    listed $345,000 Active
13. 2017-10-30
    soldstatus $235,000
14. 2017-08-21
    listed $249,000
15. 2017-06-16
    historical
16. 2017-03-15
    listed $250,000 Active
17. 2017-03-15
    listed $250,000
18. 2017-03-12
    historical
19. 2017-02-13
    status Active
20. 2017-02-12
    historical
21. 2016-12-29
    status Active
22. 2016-12-07
    historical Pending Continue to Show
23. 2016-11-21
    listed $250,000 Active
24. 2016-11-11
    listed $250,000
25. 2016-10-05
    historical
26. 2016-08-16
    price $239,000
27. 2016-07-06
    listed $248,000 Active
28. 2016-07-06
    listed $239,000
29. 2016-05-21
    historical
30. 2016-04-03
    price $265,900
31. 2016-03-23
    price $299,990
32. 2016-03-23
    listed $29,990 Active
33. 2016-03-23
    listed $265,900
34. 1993-10-08
    soldstatus $25,000
35. 1984-09-11
    soldstatus $40,000

ⓘ 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: $3,541 · $295/mo
• Projected year-2 tax: $3,541 · $295/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 AE · 78% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥109°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: $36,924
• − Mortgage interest: −$17,085
• − Property taxes: −$3,541
• − Insurance: −$6,643
• − Repairs & maintenance: −$2,954
• − Management: −$2,954
• − Depreciation: −$8,873
• Taxable loss: −$5,126
• Est. tax savings @ 24.0%: +$1,230
• After-tax cash flow: $1,022/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): 31,183
• Household income: $90,182
• Rent vs Own: 45.7% rent · 54.3% own
• Severe rent burden: 1756.0

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 0.58)
• Race & ethnicity: White 59% Black 26% Two or more races 8% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Lithuanian 8% Italian 3% Slovak 3%
• Foreign-born: 5% · Canada, China
• Languages at home: 91% English-only · Spanish 4% 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: ▼ -272.08%
• Current HPI: 287.2138
• Rent YoY: ▼ -1.42%
• 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

+662.5% since first listed

35 events — show timeline

• 2026-02-18 Listed $304,999 AcadianaMLS
• 2026-02-11 Listed $304,999 GSREIN
• 2025-08-15 Listed $324,000 AcadianaMLS
• 2025-05-12 Price Changed $324,000 AcadianaMLS
• 2025-05-12 Price Changed $324,000 GSREIN
• 2025-04-28 Price Changed $329,000 AcadianaMLS
• 2025-04-28 Price Changed $329,000 GSREIN
• 2025-04-07 Price Changed $334,000 AcadianaMLS
• 2025-04-07 Price Changed $334,000 GSREIN
• 2025-03-07 Price Changed $339,000 AcadianaMLS
• 2025-03-06 Price Changed $339,000 GSREIN
• 2025-01-20 Listed $345,000 AcadianaMLS
• 2017-10-30 Sold (Public Records) $235,000 Public Records
• 2017-08-21 Listed $249,000 AcadianaMLS
• 2017-06-16 Listing Removed — GSREIN
• 2017-03-15 Listed $250,000 GSREIN
• 2017-03-15 Listed $250,000 AcadianaMLS
• 2017-03-12 Listing Removed — GSREIN
• 2017-02-13 Relisted — GSREIN
• 2017-02-12 Listing Removed — GSREIN
• 2016-12-29 Relisted — GSREIN
• 2016-12-07 Contingent — GSREIN
• 2016-11-21 Listed $250,000 GSREIN
• 2016-11-11 Listed $250,000 AcadianaMLS
• 2016-10-05 Listing Removed — GSREIN
• 2016-08-16 Price Changed $239,000 GSREIN
• 2016-07-06 Listed $248,000 GSREIN
• 2016-07-06 Listed $239,000 AcadianaMLS
• 2016-05-21 Listing Removed — GSREIN
• 2016-04-03 Price Changed $265,900 GSREIN
• 2016-03-23 Price Changed $299,990 GSREIN
• 2016-03-23 Listed $29,990 GSREIN
• 2016-03-23 Listed $265,900 AcadianaMLS
• 1993-10-08 Sold (Public Records) $25,000 Public Records
• 1984-09-11 Sold (Public Records) $40,000 Public Records

Property tax history

+7.6%/yr

Latest (2026): $3,541 · +1.1% YoY. Source: county tax records.