2626 Louisiana Ave · New Orleans, LA 70115

$399,000

5 bd · 4.0 ba · 2,160 sqft · MultiFamily · 69 Days on market

Built 1925 3,841 sqft lot $185/sqft · at area comps Est $411k · at est.

---

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 +13.2/30.0
• ARV discount +8.8/15.0
• DSCR +4.0/10.0
• Livability +4.0/5.0
• 1% rule +3.7/10.0
• 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

Spacious, move-in-ready home offering 5 bedrooms, 4 full bathrooms, and 2,160 square feet of living space. An open and flowing floor plan creates a seamless connection between the main living areas — ideal for everyday living and effortless entertaining. Five generously sized bedrooms offer versatility — whether you need a dedicated home office, a guest suite, a playroom, or all of the above. Additional highlights include two primary suites with private baths and large walk in closets. Practical storage throughout. This property places you close to everything that matters — schools, dining, shopping, and major commuter routes.

Key facts

• Open floor plan
• Close to schools
• Close to dining

Tags

• OPEN FLOOR PLAN
• TWO PRIMARY SUITES
• PRIVATE BATHS
• LARGE WALK IN CLOSETS
• CLOSE TO SCHOOLS
• CLOSE TO DINING

What this means for you Summary

Snapshot

• This is a 5-bed/4.0-bath multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $-75 ($-903/yr) — negative.
• To cash-flow at today's rent, offer at most $388k (2.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $348k (12.8% below list).
• Recommended offer: $348k (12.8% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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.
• 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; 38 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% 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).
• At $3,479/mo this rent would consume 46% of the median local household income ($90k/yr) (locally 1756% 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 $12k 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 69 days — a 6% lower offer ($375k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 18y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1925 — 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→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $347,928 (12.8% 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 69 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Built in 1925 — 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. 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?
8. 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.
9. 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.
10. 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: 0.87% ✗
• Cap rate: 6.27%
• Cash-on-cash: -0.09%
• DSCR: 1.00
• GRM: 9.6

CMA / ARV

• ARV (median comp): $411,182
• List price: $399,000
• Delta: -2.96%
• 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
3505-07 07 Dryades St	0.54mi	5/3.5	2,214 (+2%)	2mo	$220,000	$99	67
2315 Peniston St	0.24mi	4/2.0 (-1)	2,115 (-2%)	7mo	$275,000	$130	66
3721 23 Willow St	0.20mi	6/2.0 (+1)	2,281 (+6%)	3mo	$117,000	$51	66
3619-25 Delachaise St	0.67mi	4/4.0 (-1)	2,162 (+0%)	7mo	$315,000	$146	58
4617 19 Clara St	0.46mi	6/2.0 (+1)	2,037 (-6%)	0mo	$140,000	$69	56
2113 15 Fourth St	0.51mi	5/3.0	2,379 (+10%)	0mo	$315,000	$132	55
2419 S Saratoga St	0.61mi	6/3.0 (+1)	2,280 (+6%)	0mo	$400,000	$175	53
4617-19 Clara St	0.59mi	6/2.0 (+1)	2,036 (-6%)	0mo	$140,000	$69	50
2122 24 Rev John Raphel Jr Way	0.68mi	4/4.0 (-1)	2,369 (+10%)	5mo	$199,900	$84	43
2712 14 S Johnson St	0.56mi	4/4.0 (-1)	1,870 (-13%)	6mo	$246,200	$132	41
2023 A B First St	0.68mi	6/4.5 (+1)	2,445 (+13%)	1mo	$485,000	$198	38
1917 Jena St	0.69mi	4/2.0 (-1)	1,857 (-14%)	1mo	$215,000	$116	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: -21.1%
• Equity multiple: 0.29×
• Total profit: $-79,549
• Equity at exit: $59,492

10-year hold

• IRR: -23.9%
• Equity multiple: -0.02×
• Total profit: $-114,466
• Equity at exit: $34,498

Cash invested: $111,720 (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: 9.6×

Monthly cashflow live

• Estimated rent: $3,479 high
• Mortgage (P&I): −$2,092
• Tax est. 1.5%: −$499 /mo · $5,985/yr
• Insurance: −$166
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$731
• Net cashflow: $-75

Break-even live

Break-even rent $3,575

Max offer price $388,115

Occupancy floor 97%

Sensitivity live

Price	-10% $201	-5% $63	+0% $-75	+5% $-213	+10% $-351
Rent	-10% $-350	-5% $-213	+0% $-75	+5% $62	+10% $200
Rate	-1.0pp $126	-0.5pp $26	base $-75	+0.5pp $-179	+1.0pp $-284

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2600 Peniston St New Orleans, LA	4.0	2.0	2342	$3,500	$1.49	45d	1	0.17mi
2608 Magnolia St New Orleans, LA	4.0	2.5	1950	$3,200	$1.64	45d	1	0.34mi
3200 Washington Ave Unit NA New Orleans, LA	4.0	3.0	2490	$3,400	$1.37	5d	1	0.43mi
4213 Dryades St New Orleans, LA	4.0	2.0	2000	$2,800	$1.40	25d	1	0.62mi
4442 S Johnson St Unit 4442 New Orleans, LA	4.0	4.5	3000	$4,500	$1.50	13d	1	0.66mi
1907 Napoleon Ave New Orleans, LA	4.0	2.0	2500	$2,800	$1.12	19d	1	0.67mi
3112 Upperline St New Orleans, LA	5.0	3.5	2800	$3,650	$1.30	25d	1	0.72mi
2625 Jefferson Ave New Orleans, LA	4.0	2.0	2000	$2,600	$1.30	45d	1	0.85mi
2519 Octavia St New Orleans, LA	4.0	2.0	1600	$3,900	$2.44	45d	1	0.92mi
5718 Cucullu St New Orleans, LA	4.0	3.0	1873	$2,500	$1.33	19d	1	1.00mi
2229 Joseph St New Orleans, LA	4.0	2.0	1830	$4,000	$2.19	19d	1	1.02mi
5533 S Tonti St New Orleans, LA	4.0	4.0	3000	$3,000	$1.00	16d	1	1.04mi
2117 S Lopez St New Orleans, LA	5.0	2.0	1920	$2,000	$1.04	25d	1	1.07mi
5819 Clara St New Orleans, LA	4.0	2.0	1596	$2,500	$1.57	45d	1	1.08mi
5832 Willow St New Orleans, LA	4.0	3.5	1400	$3,295	$2.35	45d	1	1.09mi
2322 Nashville Ave New Orleans, LA	4.0	2.0	2249	$2,750	$1.22	45d	1	1.10mi
5830 Clara St Unit 1 New Orleans, LA	4.0	2.0	2100	$4,500	$2.14	45d	1	1.11mi
2325 State St New Orleans, LA	5.0	3.0	1800	$4,000	$2.22	25d	1	1.13mi
3737 Nashville Ave New Orleans, LA	4.0	2.0	2000	$3,400	$1.70	23d	1	1.14mi
2703 Palmer Ave New Orleans, LA	5.0	2.0	2349	$5,500	$2.34	45d	1	1.15mi
2715 Palmer Ave New Orleans, LA	5.0	2.0	2184	$4,900	$2.24	45d	1	1.16mi
2211 State St New Orleans, LA	4.0	4.0	1650	$4,200	$2.55	19d	1	1.16mi
2832 Palmer Ave Unit Up New Orleans, LA	4.0	2.0	1720	$2,900	$1.69	45d	1	1.17mi
2818 Palmer Ave New Orleans, LA	5.0	2.0	1832	$4,900	$2.67	45d	1	1.18mi
2738 Calhoun St New Orleans, LA	4.0	2.0	1900	$4,800	$2.53	5d	1	1.23mi
6326 S Johnson St Unit 1 New Orleans, LA	5.0	2.0	2013	$3,950	$1.96	45d	1	1.23mi
2616 Calhoun St New Orleans, LA	4.0	2.5	2850	$2,500	$0.88	45d	1	1.24mi
6321 S Prieur St New Orleans, LA	6.0	2.0	1900	$4,200	$2.21	45d	1	1.25mi
1021 1st St New Orleans, LA	4.0	4.0	2621	$4,500	$1.72	5d	1	1.25mi
2227 29 Joseph St New Orleans, LA	4.0	2.0	1830	$4,000	$2.19	45d	1	1.28mi
1435 Euterpe St New Orleans, LA	4.0	3.5	2825	$16,000	$5.66	17d	1	1.29mi
4 Cromwell Pl New Orleans, LA	5.0	2.0	2600	$7,000	$2.69	45d	1	1.32mi
822 Howard Ave Unit 1272354P New Orleans, LA	1.0–5.0	1.0–4.0	1749	$11,882	$6.79	3d	3	1.36mi
2308 Audubon St New Orleans, LA	4.0	1.5	1480	$3,050	$2.06	17d	1	1.46mi
2651 Poydras St New Orleans, LA	1.0–4.0	1.0–2.0	1095	$2,545	$2.32	3d	16	1.46mi
7011 Jeannette St Unit A New Orleans, LA	5.0	3.0	2200	$5,000	$2.27	45d	1	1.48mi
2201 Broadway St Unit 2 New Orleans, LA	4.0	2.0	2000	$3,000	$1.50	45d	1	1.49mi
7015 Willow St New Orleans, LA	5.0	3.0	2000	$4,200	$2.10	45d	1	1.50mi

Listing history 22 events

1. 2026-06-21
   days on market $399,000 Active 69 DOM
2. 2026-06-18
   days on market $399,000 Active 66 DOM
3. 2026-06-17
   days on market $399,000 Active 65 DOM
4. 2026-06-16
   days on market $399,000 Active 64 DOM
5. 2026-06-15
   days on market $399,000 Active 63 DOM
6. 2026-06-13
   days on market $399,000 Active 61 DOM
7. 2026-06-10
   days on market $399,000 Active 58 DOM
8. 2026-06-09
   days on market $399,000 Active 57 DOM
9. 2026-06-08
   pricedays on market $399,000 Active 56 DOM
10. 2026-06-07
    days on market $419,000 Active 55 DOM
11. 2026-06-05
    days on market $419,000 Active 52 DOM
12. 2026-06-03
    days on market $419,000 Active 51 DOM
13. 2026-06-02
    days on market $419,000 Active 50 DOM
14. 2026-06-01
    days on market $419,000 Active 49 DOM
15. 2026-05-31
    days on market $419,000 Active 48 DOM
16. 2026-04-13
    listed $419,000 Active 652-char remark

    Show marketing remark (637 chars)

    Spacious, move-in-ready home offering 5 bedrooms, 4 full bathrooms, and 2,160 square feet of living space. An open and flowing floor plan creates a seamless connection between the main living areas -- ideal for everyday living and effortless entertaining. Five generously sized bedrooms offer versatility -- whether you need a dedicated home office, a guest suite, a playroom, or all of the above. Additional highlights include two primary suites with private baths and large walk in closets. Practical storage throughout. This property places you close to everything that matters -- schools, dining, shopping, and major commuter routes.

17. 2026-04-13
    listed $419,000 Active 637-char remark

    Show marketing remark (637 chars)

    Spacious, move-in-ready home offering 5 bedrooms, 4 full bathrooms, and 2,160 square feet of living space. An open and flowing floor plan creates a seamless connection between the main living areas -- ideal for everyday living and effortless entertaining. Five generously sized bedrooms offer versatility -- whether you need a dedicated home office, a guest suite, a playroom, or all of the above. Additional highlights include two primary suites with private baths and large walk in closets. Practical storage throughout. This property places you close to everything that matters -- schools, dining, shopping, and major commuter routes.

18. 2010-04-07
    listed $249,900
19. 2009-06-15
    listed $195,000
20. 2008-09-11
    listed $199,000
21. 2008-09-10
    listed $109,000
22. 2008-09-10
    listed $109,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 20 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: $41,751
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$2,792
• − Repairs & maintenance: −$3,340
• − Management: −$3,340
• − Depreciation: −$11,607
• Taxable loss: −$7,664
• Est. tax savings @ 24.0%: +$1,839
• After-tax cash flow: $937/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

+284.4% since first listed

7 events — show timeline

• 2026-04-13 Listed $419,000 AcadianaMLS
• 2026-04-13 Listed $419,000 GSREIN
• 2010-04-07 Listed $249,900 GSREIN
• 2009-06-15 Listed $195,000 GSREIN
• 2008-09-11 Listed $199,000 GSREIN
• 2008-09-10 Listed $109,000 GSREIN
• 2008-09-10 Listed $109,000 AcadianaMLS