3605 07 Calhoun St · New Orleans, LA 70125

$325,000

4 bd · 2.0 ba · 2,022 sqft · MultiFamily public records · 38 Days on market

Built 1953 $161/sqft · 10% below area Est $394k · 17% 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 +20.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.7/10.0
• 1% rule +5.5/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• 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

Classic Uptown Charm & Proven Performance on Calhoun Street! Nestled in a highly coveted Uptown location just steps from Tulane University, this classic New Orleans double offers a rare blend of historic character and critical structural upgrades. Boasting 4 bedrooms, 2 baths, and 2,200 sq. ft. of living space on a 30'x116' lot, and X-Flood Zone, this property is an exceptional find for investors or owner-occupants seeking a premier neighborhood. The building features a rare shotgun with hallway layout that preserves historic architectural flow while maximizing privacy. Inside, both units welcome you with airy, open-concept living and kitchen areas. The primary bedrooms are quietly si

Key facts

• Structural upgrades
• Shotgun layout
• Historic character

Tags

• UPTOWN LOCATION
• HISTORIC CHARACTER
• STRUCTURAL UPGRADES
• SHOTGUN LAYOUT
• OPEN-CONCEPT LIVING
• FULLY FENCED YARD

Property features AI

Finance

• Other: Virtual tour available
• Financial info: Two-unit property where tenants pay electricity, gas, and water

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-story; Raised foundation
• Construction: Aluminum siding; HardiPlank type; Shingle roof
• Exterior features: City lot with rectangular shape (30 x 116 x 29 x 114); Porch; Fence

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Dual system heating; Central air conditioning
• Interior features: Porch; Fence; Average condition

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $325k.

Deal economics

• At list price, monthly cash flow is $388 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $325k).
• Recommended offer: $315k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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 flat; 217 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,425/mo this rent would consume 67% of the median local household income ($61k/yr) (locally 1270% 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 $2k of loan paydown is wiped out by about $10k 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 38 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $175k; list at $325k implies a 86% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1953 — 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 $315,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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 1953 — 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: 1.05% ✓
• Cap rate: 7.97%
• Cash-on-cash: 5.99%
• DSCR: 1.27
• GRM: 7.9

CMA / ARV

• ARV (median comp): $393,738
• List price: $325,000
• Delta: -17.46%
• 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
3235 37 Vincennes Pl	0.08mi	4/2.0	2,072 (+2%)	1mo	$150,000	$72	91
6208 S Rocheblave St	0.22mi	4/4.0	2,000 (-1%)	0mo	$402,500	$201	80
6204 S Rocheblave St	0.22mi	4/4.0	2,000 (-1%)	0mo	$402,500	$201	79
2232-34 S Salcedo St	0.31mi	4/2.0	2,108 (+4%)	1mo	$391,237	$186	78
4325 27 Jena St	0.25mi	4/2.0	2,149 (+6%)	3mo	$307,500	$143	76
2625 27 Calhoun St	0.67mi	4/2.0	1,996 (-1%)	1mo	$372,500	$187	66
2900-02 Calhoun St	0.52mi	4/2.0	2,022 (0%)	13mo	$482,000	$238	65
7700 02 Spruce St	0.58mi	4/2.0	1,900 (-6%)	11mo	$260,000	$137	54
1729 31 Burdette St	0.72mi	4/2.0	2,217 (+10%)	2mo	$310,000	$140	49
8009 13 Nelson St	0.60mi	4/2.0	2,274 (+12%)	3mo	$410,000	$180	49
3619-25 Delachaise St	0.70mi	4/4.0	2,162 (+7%)	7mo	$315,000	$146	42
1505 07 S White St	0.65mi	5/2.0 (+1)	2,268 (+12%)	3mo	$144,900	$64	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 · 0.73% rent growth · sell at horizon

5-year hold

• IRR: -11.0%
• Equity multiple: 0.61×
• Total profit: $-35,536
• Equity at exit: $48,459

10-year hold

• IRR: -5.4%
• Equity multiple: 0.68×
• Total profit: $-28,764
• Equity at exit: $28,100

Cash invested: $91,000 (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 70125

• Home prices YoY: -16.3%
• Rents YoY: 0.7%
• Active inventory: 217
• Price-to-rent: 15.8×

Monthly cashflow live

• Estimated rent: $3,425 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$412 /mo · $4,944/yr
• Insurance: −$135
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$719
• Net cashflow: $388

Break-even live

Break-even rent $2,934

Max offer price $325,000

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,424
Total (2 units)			$3,425

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3737 Nashville Ave New Orleans, LA	4.0	2.0	2000	$3,400	$1.70	21d	1	0.14mi
4117 State Street Dr New Orleans, LA	3.0	1.0	1678	$1,550	$0.92	11d	1	0.19mi
2338 Audubon St New Orleans, LA	3.0	2.0	1935	$2,000	$1.03	3d	1	0.22mi
2117 S Lopez St New Orleans, LA	5.0	2.0	1920	$2,000	$1.04	23d	1	0.23mi
2308 Audubon St New Orleans, LA	4.0	1.5	1480	$3,050	$2.06	15d	1	0.25mi
3180 State Street Dr New Orleans, LA	3.0	2.0	1600	$1,900	$1.19	10d	1	0.29mi
5533 S Tonti St New Orleans, LA	4.0	4.0	3000	$3,000	$1.00	14d	1	0.31mi
2203 Broadway St New Orleans, LA	3.0	2.0	1491	$3,000	$2.01	21d	1	0.32mi
2201 Broadway St Unit 2 New Orleans, LA	4.0	2.0	2000	$3,000	$1.50	43d	1	0.33mi
3636 Upperline St New Orleans, LA	3.0	1.0	1600	$1,975	$1.23	23d	1	0.36mi
4400 Elba St New Orleans, LA	3.0	2.0	1600	$1,875	$1.17	23d	1	0.36mi
4403 Elba St New Orleans, LA	3.0	2.0	1400	$1,800	$1.29	3d	1	0.38mi
4401 Elba St New Orleans, LA	3.0	2.0	1400	$1,850	$1.32	23d	1	0.39mi
7325 Sycamore St New Orleans, LA	4.0	3.0	2500	$2,350	$0.94	23d	1	0.41mi
2010 Broadway St New Orleans, LA	4.0	2.0	1600	$2,400	$1.50	23d	1	0.44mi
4603 S Miro St New Orleans, LA	3.0	2.0	1650	$1,650	$1.00	23d	1	0.45mi
6326 S Johnson St Unit 1 New Orleans, LA	5.0	2.0	2013	$3,950	$1.96	43d	1	0.47mi
2014 Lowerline St New Orleans, LA	3.0	1.5	1600	$2,850	$1.78	14d	1	0.51mi
2201 Burdette St New Orleans, LA	3.0	1.5	1800	$2,695	$1.50	16d	1	0.51mi
5417 S Johnson St New Orleans, LA	3.0	3.0	1739	$2,900	$1.67	16d	1	0.52mi
2838 Palmer Ave New Orleans, LA	3.0	1.5	1500	$2,000	$1.33	16d	1	0.53mi
2834 Palmer Ave New Orleans, LA	3.0	2.0	1533	$2,800	$1.83	16d	1	0.54mi
2832 Palmer Ave Unit Up New Orleans, LA	4.0	2.0	1720	$2,900	$1.69	43d	1	0.55mi
2824 Calhoun St Unit A New Orleans, LA	3.0	2.0	1828	$3,900	$2.13	43d	1	0.55mi
2818 Palmer Ave New Orleans, LA	5.0	2.0	1832	$4,900	$2.67	43d	1	0.56mi
2116 Burdette St New Orleans, LA	3.0	1.0	1700	$1,975	$1.16	3d	1	0.56mi
2814 Palmer Ave New Orleans, LA	3.0	2.0	1500	$2,400	$1.60	16d	1	0.56mi
7933 Belfast St Unit Upper New Orleans, LA	3.0	2.0	1500	$2,400	$1.60	23d	1	0.57mi
2738 Calhoun St New Orleans, LA	4.0	2.0	1900	$4,800	$2.53	3d	1	0.60mi
7909 Sycamore St New Orleans, LA	3.0	2.0	2000	$2,400	$1.20	2d	1	0.60mi
7902 Sycamore St New Orleans, LA	4.0	2.0	1991	$3,200	$1.61	43d	1	0.60mi
1736 Pine St New Orleans, LA	5.0	2.0	1494	$4,500	$3.01	23d	1	0.60mi
7616 Cohn St Unit A New Orleans, LA	3.0	2.5	1492	$3,300	$2.21	16d	1	0.61mi
3350 Jena St New Orleans, LA	3.0	2.5	2200	$2,500	$1.14	43d	1	0.61mi
2308 Short St New Orleans, LA	3.0	2.0	1600	$2,800	$1.75	3d	1	0.62mi
1700 Broadway St New Orleans, LA	4.0	2.0	1500	$3,600	$2.40	16d	1	0.62mi
4442 S Johnson St Unit 4442 New Orleans, LA	4.0	4.5	3000	$4,500	$1.50	11d	1	0.62mi
2715 Palmer Ave New Orleans, LA	5.0	2.0	2184	$4,900	$2.24	43d	1	0.63mi
2703 Palmer Ave New Orleans, LA	5.0	2.0	2349	$5,500	$2.34	43d	1	0.63mi
7922 Colapissa St New Orleans, LA	4.0	2.0	1848	$2,400	$1.30	10d	1	0.64mi

Listing history 17 events

1. 2026-06-18
   days on market $325,000 Active 38 DOM
2. 2026-06-17
   days on market $325,000 Active 37 DOM
3. 2026-06-16
   days on market $325,000 Active 36 DOM
4. 2026-06-15
   days on market $325,000 Active 35 DOM
5. 2026-06-13
   days on market $325,000 Active 33 DOM
6. 2026-06-10
   days on market $325,000 Active 30 DOM
7. 2026-06-09
   days on market $325,000 Active 29 DOM
8. 2026-06-08
   days on market $325,000 Active 28 DOM
9. 2026-06-07
   days on market $325,000 Active 27 DOM
10. 2026-06-05
    days on market $325,000 Active 24 DOM
11. 2026-06-03
    days on market $325,000 Active 23 DOM
12. 2026-06-02
    pricedays on market $325,000 Active 22 DOM
13. 2026-06-01
    days on market $340,000 Active 21 DOM
14. 2026-05-31
    days on market $340,000 Active 20 DOM
15. 2026-05-11
    listed $340,000 Active 2004-char remark
16. 2007-12-10
    soldstatus $175,000
17. 1999-11-15
    soldstatus $42,000

ⓘ 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: $4,944 · $412/mo
• Projected year-2 tax: $4,944 · $412/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: $41,100
• − Mortgage interest: −$18,205
• − Property taxes: −$4,944
• − Insurance: −$2,422
• − Repairs & maintenance: −$3,288
• − Management: −$3,288
• − Depreciation: −$9,455
• Taxable loss: −$502
• Est. tax savings @ 24.0%: +$121
• After-tax cash flow: $4,771/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): 17,821
• Household income: $61,174
• Rent vs Own: 53.3% rent · 46.7% own
• Severe rent burden: 1270.0

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 0.63)
• Race & ethnicity: Black 51% White 32% Hispanic / Latino 9% Two or more races 9% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Romanian 1% Slovak 1%
• Foreign-born: 7% · Canada, China
• Languages at home: 90% English-only · Spanish 6% French/Haitian/Cajun 1% Chinese 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: ▼ -49.68%
• Current HPI: 255.5998
• Rent YoY: ▲ 0.73%
• 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

+673.8% since first listed

4 events — show timeline

• 2026-06-02 Price Changed $325,000 GSREIN
• 2026-05-11 Listed $340,000 GSREIN
• 2007-12-10 Sold (Public Records) $175,000 Public Records
• 1999-11-15 Sold (Public Records) $42,000 Public Records

Property tax history

+4.3%/yr

Latest (2026): $4,944 · +1.1% YoY. Source: county tax records.