137-39 S Scott St · New Orleans, LA 70119

$495,000

6 bd · 2.0 ba · 3,592 sqft · MultiFamily public records · 187 Days on market

Built 1950 3,920 sqft lot $138/sqft · 8% below area Est $540k · 8% under

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Why this score? — see what drove the D 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 +13.1/30.0
• ARV discount +11.2/15.0
• Livability +4.0/5.0
• DSCR +3.9/10.0
• 1% rule +3.1/10.0
• Rent growth +2.5/5.0
• 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: 2 units. confirmed

Listing remarks MLS

CALLING ALL DESIGNERS, INVESTORS & CONTRACTORS! A rare Mid-City opportunity just one block off the Canal Streetcar line and surrounded by some of New Orleans' most iconic dining--Venezia, Mandina's, Angelo Brocato's, Cafe Minh, and more. See preliminary drawings in the photos section. This townhouse-style duplex has already undergone the hardest work--full gut, structural updates, framing, and major system upgrades--and is now ready for your vision and finishing touches. Enjoy classic New Orleans architecture with front and rear balconies plus a deep front porch. The interior has been professionally framed with treated lumber, featuring fire blocking on both sides, re-pointed and capped chimneys, new sheet metal around fireplaces, and beautifully salvaged original flooring on the 137 side. Staircases have been reinforced with steel plates and 2x6 mounts, and the foundation was fully repaired with new piers, sills, and 3/4" decking throughout. Additional upgrades include: A+ structural rating 3-year-old roof with new flashings, gutters, and downspouts All new plumbing (water, gas, and sewer) - passed inspection Washer/dryer hookups on each side New electrical throughout Four warrantied 1-ton HVAC units + ductwork in warehouse, ready for install New windows already installed on the 137 side Electric-gate wiring in place Many irreplaceable original elements--doors, mantels, bricks, shutters, and more--have been carefully saved and are included with the sale so you can preserve the property's historic charm. Top-tier craftsmanship everywhere you look. This is a once-in-a-lifetime chance to restore a Mid-City classic and bring this beauty back into commerce. The location is unbeatable--walkable, vibrant, and surrounded by everything that makes New Orleans one of the most sought-after cities to live and invest in. Don't miss out on this exceptional opportunity!

Key facts

• Deep front porch
• 3,920 sq ft lot
• Garage

Tags

• FRONT AND REAR BALCONIES
• DEEP FRONT PORCH
• PROFESSIONALLY FRAMED INTERIOR
• FIRE BLOCKING ON BOTH SIDES
• RE-POINTED AND CAPPED CHIMNEYS
• SALVAGED ORIGINAL FLOORING

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $495k.

Deal economics

• At list price, monthly cash flow is $-86 ($-1k/yr) — negative. Per door: $-43/mo.
• To cash-flow at today's rent, offer at most $480k (3.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $400k (19.2% below list).
• Recommended offer: $400k (19.2% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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 (-0.2%/yr); 381 active listings in the ZIP; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $4,001/mo this rent would consume 90% of the median local household income ($53k/yr) (locally 3381% 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 $3k of loan paydown is wiped out by about $15k 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 187 days — a 12% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 11y 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 $330k; list at $495k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1950 — 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 $400,100 (19.2% 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 187 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 0.81% ✗
• Cap rate: 6.24%
• Cash-on-cash: -0.17%
• DSCR: 0.99
• GRM: 10.3

CMA / ARV

• ARV (median comp): $539,621
• List price: $495,000
• Delta: -8.27%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
231 33 S Telemachus St	0.14mi	6/2.0	3,623 (+1%)	18mo	$390,000	$108	77
422-24 S Clark St	0.34mi	6/6.0	3,490 (-3%)	5mo	$340,000	$97	59
3514 16 Baudin St	0.35mi	6/6.0	3,485 (-3%)	6mo	$520,000	$149	58
325 S Lopez St	0.51mi	5/5.0 (-1)	3,520 (-2%)	5mo	$330,000	$94	52
855 57 Wilson Dr	0.62mi	6/4.0	3,406 (-5%)	3mo	$650,000	$191	52
124 N Solomon St	0.29mi	5/5.0 (-1)	3,796 (+6%)	12mo	$494,000	$130	50
332 33 S Norman C Francis Pkwy	0.41mi	6/4.0	3,200 (-11%)	6mo	$259,000	$81	49
4523-25 Iberville St	0.55mi	7/4.0 (+1)	3,624 (+1%)	17mo	$400,000	$110	46
809 11 Solomon Pl	0.63mi	6/4.0	3,482 (-3%)	18mo	$740,000	$213	42
633-35 N Carrollton Ave	0.49mi	7/4.5 (+1)	3,943 (+10%)	14mo	$720,000	$183	34
3100 02 Palmyra St	0.56mi	6/5.0	4,009 (+12%)	16mo	$575,000	$143	29
4313 St Ann St	0.69mi	5/4.0 (-1)	3,111 (-13%)	19mo	$705,000	$227	17

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: -20.8%
• Equity multiple: 0.30×
• Total profit: $-97,476
• Equity at exit: $73,806

10-year hold

• IRR: -22.3%
• Equity multiple: 0.01×
• Total profit: $-137,455
• Equity at exit: $42,799

Cash invested: $138,600 (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 70119

• Home prices YoY: -34.8%
• Rents YoY: -0.2%
• Active inventory: 381
• Price-to-rent: 20.6×

Monthly cashflow live

• Estimated rent: $4,001 high
• Mortgage (P&I): −$2,596
• Tax from tax record: −$378 /mo · $4,542/yr
• Insurance: −$206
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$840
• Net cashflow: $-86

Break-even live

Break-even rent $4,110

Max offer price $479,766

Occupancy floor 97%

Sensitivity live

Price	-10% $194	-5% $54	+0% $-86	+5% $-226	+10% $-366
Rent	-10% $-402	-5% $-244	+0% $-86	+5% $72	+10% $230
Rate	-1.0pp $163	-0.5pp $40	base $-86	+0.5pp $-215	+1.0pp $-345

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,000
Total (2 units)			$4,001

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: $123,750
• Closing costs: $14,850
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2025-11-20
   listed $499,000 Active 1896-char remark

   Show marketing remark (1896 chars)

   CALLING ALL DESIGNERS, INVESTORS & CONTRACTORS! A rare Mid-City opportunity just one block off the Canal Streetcar line and surrounded by some of New Orleans' most iconic dining--Venezia, Mandina's, Angelo Brocato's, Cafe Minh, and more. See preliminary drawings in the photos section. This townhouse-style duplex has already undergone the hardest work--full gut, structural updates, framing, and major system upgrades--and is now ready for your vision and finishing touches. Enjoy classic New Orleans architecture with front and rear balconies plus a deep front porch. The interior has been professionally framed with treated lumber, featuring fire blocking on both sides, re-pointed and capped chimneys, new sheet metal around fireplaces, and beautifully salvaged original flooring on the 137 side. Staircases have been reinforced with steel plates and 2x6 mounts, and the foundation was fully repaired with new piers, sills, and 3/4" decking throughout. Additional upgrades include: A+ structural rating 3-year-old roof with new flashings, gutters, and downspouts All new plumbing (water, gas, and sewer) - passed inspection Washer/dryer hookups on each side New electrical throughout Four warrantied 1-ton HVAC units + ductwork in warehouse, ready for install New windows already installed on the 137 side Electric-gate wiring in place Many irreplaceable original elements--doors, mantels, bricks, shutters, and more--have been carefully saved and are included with the sale so you can preserve the property's historic charm. Top-tier craftsmanship everywhere you look. This is a once-in-a-lifetime chance to restore a Mid-City classic and bring this beauty back into commerce. The location is unbeatable--walkable, vibrant, and surrounded by everything that makes New Orleans one of the most sought-after cities to live and invest in. Don't miss out on this exceptional opportunity!

2. 2025-02-06
   listed $500,000 Active
3. 2023-02-16
   listed $650,000
4. 2022-07-08
   price $650,000
5. 2022-06-01
   price $750,000
6. 2022-03-17
   listed $650,000
7. 2015-04-21
   soldstatus $330,000
8. 2015-04-17
   soldstatus $330,000
9. 2015-02-05
   listed $379,000
10. 2015-02-05
    listed $379,000

ⓘ 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: $4,542 · $378/mo
• Projected year-2 tax: $4,542 · $378/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: $48,012
• − Mortgage interest: −$27,728
• − Property taxes: −$4,542
• − Insurance: −$3,272
• − Repairs & maintenance: −$3,841
• − Management: −$3,841
• − Depreciation: −$14,400
• Taxable loss: −$9,612
• Est. tax savings @ 24.0%: +$2,307
• After-tax cash flow: $1,272/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): 37,253
• Household income: $53,143
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 3381.0

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 0.64)
• Race & ethnicity: Black 44% White 40% Two or more races 10% Hispanic / Latino 9% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Slovak 2% Romanian 1%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 6% French/Haitian/Cajun 1% Other Indo-European 0%

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: ▼ -135.38%
• Current HPI: 253.1929
• Rent YoY: ▼ -0.20%
• 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

+31.7% since first listed

10 events — show timeline

• 2025-11-20 Listed $499,000 AcadianaMLS
• 2025-02-06 Listed $500,000 AcadianaMLS
• 2023-02-16 Listed $650,000 AcadianaMLS
• 2022-07-08 Price Changed $650,000 GSREIN
• 2022-06-01 Price Changed $750,000 GSREIN
• 2022-03-17 Listed $650,000 AcadianaMLS
• 2015-04-21 Sold (Public Records) $330,000 Public Records
• 2015-04-17 Sold (MLS) $330,000 GSREIN
• 2015-02-05 Listed $379,000 AcadianaMLS
• 2015-02-05 Listed $379,000 GSREIN

Property tax history

+4.7%/yr

Latest (2026): $4,542 · +1.0% YoY. Source: county tax records.