2139 Elysian Fields Ave · New Orleans, LA 70117

$78,000

5 bd · 3.0 ba · 2,352 sqft · MultiFamily public records · 130 Days on market

Built 1940 $33/sqft · 76% below area

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Why this score? — see what drove the B- 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• 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

Excellent redevelopment opportunity on Elysian Fields Avenue. Formerly used as a law office, this property has remained unused since Hurricane Katrina and is being sold strictly for lot value. The existing structure will require a full TEARDOWN or substantial redevelopment and is not being marketed for occupancy. The property has been rezoned to residential, making it well-suited for new construction or a custom residential project. The listing price is based on recent comparable lot sales along Elysian Fields, providing a solid entry point for investors and builders looking to capitalize on the area's continued growth and redevelopment activity. A true blank slate in a high-visibility corridor with strong redevelopment momentum nearby. Buyer to perform all due diligence regarding zoning, permitted uses, and building requirements.

Key facts

• Parking
• Built 1940
• Listed 130 days

Tags

• REDEVELOPMENT OPPORTUNITY
• REZONED TO RESIDENTIAL
• HIGH VISIBILITY CORRIDOR

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $78k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $78k).
• Recommended offer: $69k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.1% 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 (+2.5%/yr); 581 active listings in the ZIP; 7 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 $2,195/mo this rent would consume 58% of the median local household income ($46k/yr) (locally 1988% 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 $539 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 130 days — a 12% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $15k; list at $78k implies a 420% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1940 — 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 $68,640 (12.0% below list)

Questions for the listing agent

1. It's been on market 130 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 1940 — 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: 2.81% ✓
• Cap rate: 24.11%
• Cash-on-cash: 63.64%
• DSCR: 3.83
• GRM: 3.0

CMA / ARV

• ARV (median comp): $330,547
• List price: $78,000
• Delta: -76.40%
• 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
2530 32 N Galvez St	0.45mi	5/3.0	2,402 (+2%)	8mo	$214,900	$89	69
2024 26 St Anthony St	0.33mi	6/4.0 (+1)	2,482 (+6%)	6mo	$350,000	$141	61
1810 Allen St	0.53mi	4/4.0 (-1)	2,390 (+2%)	4mo	$265,000	$111	61
3033 35 Pauger St	0.27mi	6/4.0 (+1)	2,057 (-12%)	1mo	$295,000	$143	57
1966 N Prieur St	0.35mi	6/4.0 (+1)	2,166 (-8%)	6mo	$308,000	$142	56
2329-2331 Saint Anthony St	0.33mi	6/2.0 (+1)	2,156 (-8%)	8mo	$130,000	$60	55
2825-27 Spain St	0.57mi	6/4.0 (+1)	2,496 (+6%)	7mo	$385,000	$154	48
1902 04 Agriculture St	0.71mi	6/3.0 (+1)	2,524 (+7%)	5mo	$102,000	$40	45
1612 14 Saint Roch Ave	0.45mi	6/4.0 (+1)	2,660 (+13%)	6mo	$500,000	$188	43
1946 Hope St	0.66mi	6/4.0 (+1)	2,132 (-9%)	4mo	$289,000	$136	42
1636-.5 N Miro St	0.70mi	6/5.0 (+1)	2,459 (+4%)	9mo	$300,000	$122	39
2117 19 Marais St	0.69mi	4/2.0 (-1)	2,084 (-11%)	5mo	$295,000	$142	36

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 · 2.49% rent growth · sell at horizon

5-year hold

• IRR: 58.1%
• Equity multiple: 3.56×
• Total profit: $55,874
• Equity at exit: $11,630

10-year hold

• IRR: 62.8%
• Equity multiple: 7.14×
• Total profit: $134,036
• Equity at exit: $6,744

Cash invested: $21,840 (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 70117

• Rents YoY: 2.5%
• Active inventory: 581
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $2,195 high
• Mortgage (P&I): −$409
• Tax from tax record: −$134 /mo · $1,611/yr
• Insurance: −$32
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$461
• Net cashflow: $1,092

Break-even live

Break-even rent $813

Max offer price $78,000

Occupancy floor 45%

Sensitivity live

Price	-10% $1,136	-5% $1,114	+0% $1,092	+5% $1,070	+10% $1,048
Rent	-10% $918	-5% $1,005	+0% $1,092	+5% $1,179	+10% $1,265
Rate	-1.0pp $1,131	-0.5pp $1,112	base $1,092	+0.5pp $1,072	+1.0pp $1,051

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: $19,500
• Closing costs: $2,340
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	3d	1	0.08mi
2920 Pauger St New Orleans, LA	4.0	2.0	1882	$1,995	$1.06	24d	1	0.28mi
3228 Pauger St New Orleans, LA	5.0	2.0	1600	$2,100	$1.31	24d	1	0.36mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$6,144	$3.88	3d	2	0.85mi
1860 Burgundy St New Orleans, LA	4.0	4.0	3000	$3,500	$1.17	24d	1	0.97mi
811 Burgundy St New Orleans, LA	4.0	2.5	2059	$5,000	$2.43	44d	1	1.43mi
3302 Metropolitan St New Orleans, LA	4.0	2.5	1700	$2,200	$1.29	17d	1	1.47mi

Listing history 19 events

1. 2026-06-18
   days on market $78,000 Active 130 DOM
2. 2026-06-17
   days on market $78,000 Active 129 DOM
3. 2026-06-16
   days on market $78,000 Active 128 DOM
4. 2026-06-15
   days on market $78,000 Active 127 DOM
5. 2026-06-13
   days on market $78,000 Active 125 DOM
6. 2026-06-10
   days on market $78,000 Active 122 DOM
7. 2026-06-09
   days on market $78,000 Active 121 DOM
8. 2026-06-08
   days on market $78,000 Active 120 DOM
9. 2026-06-07
   days on market $78,000 Active 119 DOM
10. 2026-06-05
    days on market $78,000 Active 116 DOM
11. 2026-06-03
    days on market $78,000 Active 115 DOM
12. 2026-06-02
    days on market $78,000 Active 114 DOM
13. 2026-06-01
    days on market $78,000 Active 113 DOM
14. 2026-05-31
    days on market $78,000 Active 112 DOM
15. 2026-03-15
    price $78,000 842-char remark

    Show marketing remark (848 chars)

    Excellent redevelopment opportunity on Elysian Fields Avenue. Formerly used as a law office, this property has remained unused since Hurricane Katrina and is being sold strictly for lot value. The existing structure will require a full TEARDOWN or substantial redevelopment and is not being marketed for occupancy. The property has been rezoned to residential, making it well-suited for new construction or a custom residential project. The listing price is based on recent comparable lot sales along Elysian Fields, providing a solid entry point for investors and builders looking to capitalize on the area’s continued growth and redevelopment activity. A true blank slate in a high-visibility corridor with strong redevelopment momentum nearby. Buyer to perform all due diligence regarding zoning, permitted uses, and building requirements.

16. 2026-03-15
    price $78,000 848-char remark

    Show marketing remark (848 chars)

    Excellent redevelopment opportunity on Elysian Fields Avenue. Formerly used as a law office, this property has remained unused since Hurricane Katrina and is being sold strictly for lot value. The existing structure will require a full TEARDOWN or substantial redevelopment and is not being marketed for occupancy. The property has been rezoned to residential, making it well-suited for new construction or a custom residential project. The listing price is based on recent comparable lot sales along Elysian Fields, providing a solid entry point for investors and builders looking to capitalize on the area’s continued growth and redevelopment activity. A true blank slate in a high-visibility corridor with strong redevelopment momentum nearby. Buyer to perform all due diligence regarding zoning, permitted uses, and building requirements.

17. 2026-02-08
    listed $108,000 Active 842-char remark

    Show marketing remark (848 chars)

    Excellent redevelopment opportunity on Elysian Fields Avenue. Formerly used as a law office, this property has remained unused since Hurricane Katrina and is being sold strictly for lot value. The existing structure will require a full TEARDOWN or substantial redevelopment and is not being marketed for occupancy. The property has been rezoned to residential, making it well-suited for new construction or a custom residential project. The listing price is based on recent comparable lot sales along Elysian Fields, providing a solid entry point for investors and builders looking to capitalize on the area’s continued growth and redevelopment activity. A true blank slate in a high-visibility corridor with strong redevelopment momentum nearby. Buyer to perform all due diligence regarding zoning, permitted uses, and building requirements.

18. 2026-02-08
    listed $108,000 Active 848-char remark

    Show marketing remark (848 chars)

    Excellent redevelopment opportunity on Elysian Fields Avenue. Formerly used as a law office, this property has remained unused since Hurricane Katrina and is being sold strictly for lot value. The existing structure will require a full TEARDOWN or substantial redevelopment and is not being marketed for occupancy. The property has been rezoned to residential, making it well-suited for new construction or a custom residential project. The listing price is based on recent comparable lot sales along Elysian Fields, providing a solid entry point for investors and builders looking to capitalize on the area’s continued growth and redevelopment activity. A true blank slate in a high-visibility corridor with strong redevelopment momentum nearby. Buyer to perform all due diligence regarding zoning, permitted uses, and building requirements.

19. 1981-02-04
    soldstatus $15,000

ⓘ 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: $1,611 · $134/mo
• Projected year-2 tax: $1,611 · $134/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: $26,340
• − Mortgage interest: −$4,369
• − Property taxes: −$1,611
• − Insurance: −$1,188
• − Repairs & maintenance: −$2,107
• − Management: −$2,107
• − Depreciation: −$2,269
• Taxable income: $12,689
• Est. tax owed @ 24.0%: −$3,045
• After-tax cash flow: $10,056/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): 25,652
• Household income: $45,764
• Rent vs Own: 47.8% rent · 52.2% own
• Severe rent burden: 1988.0

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: Majority Black (60%)
• Race & ethnicity: Black 60% White 30% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Lithuanian 5% Italian 1% Romanian 1%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% French/Haitian/Cajun 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: ▼ -177.22%
• Current HPI: 184.6061
• Rent YoY: ▲ 2.49%
• 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

+420.0% since first listed

5 events — show timeline

• 2026-03-15 Price Changed $78,000 AcadianaMLS
• 2026-03-15 Price Changed $78,000 GSREIN
• 2026-02-08 Listed $108,000 GSREIN
• 2026-02-08 Listed $108,000 AcadianaMLS
• 1981-02-04 Sold (Public Records) $15,000 Public Records

Property tax history

+13.1%/yr

Latest (2026): $1,611 · +1.1% YoY. Source: county tax records.