3531 33 Frenchmen St · New Orleans, LA 70122

$184,000

3 bd · 2.0 ba · 1,681 sqft · MultiFamily public records · 1 Days on market

Built 1971 5,018 sqft lot $109/sqft · 38% below area Est $296k · 38% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• 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

Investment opportunity! This double comes occupied and is an instant income producer. Tenants pay all their own utilities. There are private driveways for each side to use. Both tenants have their own yard. One side recently had the AC compressor upgraded. This property is located with ease of access to the interstate and is conveniently located to many of Gentilly's shops.

Key facts

• 5,018 sq ft lot
• 3 parking spots
• Built 1971

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $184k.

Deal economics

• At list price, monthly cash flow is $955 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $184k).
• Cap rate 13.0% 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 soft (-0.6%/yr); 332 active listings in the ZIP; 40 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 $2,838/mo this rent would consume 69% of the median local household income ($49k/yr) (locally 2150% 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 $1k of loan paydown is wiped out by about $6k 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 + 0.0% rent growth), your $52k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 20y 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 $65k; list at $184k implies a 183% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• 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 $184,000

Questions for the listing agent

1. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.54% ✓
• Cap rate: 12.96%
• Cash-on-cash: 23.80%
• DSCR: 2.06
• GRM: 5.4

CMA / ARV

• ARV (median comp): $296,321
• List price: $184,000
• Delta: -37.91%
• 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
3962-64 Pauger St	0.17mi	4/2.0 (+1)	1,740 (+4%)	9mo	$265,000	$152	74
2104 06 Benefit St	0.29mi	4/2.0 (+1)	1,824 (+8%)	1mo	$109,000	$60	66
3401 03 Frenchmen St	0.12mi	4/2.0 (+1)	1,856 (+10%)	10mo	$175,000	$94	64
2483 85 Verbena St	0.58mi	4/2.5 (+1)	1,680 (-0%)	4mo	$237,000	$141	62
3323 25 Clermont Dr	0.47mi	4/2.0 (+1)	1,828 (+9%)	6mo	$250,000	$137	54
2714 16 New Orleans St	0.74mi	4/2.0 (+1)	1,623 (-4%)	4mo	$230,000	$142	52
2633 35 Gladiolus St	0.74mi	4/2.0 (+1)	1,632 (-3%)	7mo	$226,000	$138	50
2883 85 Annette St	0.58mi	4/2.0 (+1)	1,726 (+3%)	17mo	$215,000	$125	49
2127-29 Mandolin St	0.52mi	4/2.0 (+1)	1,474 (-12%)	3mo	$230,000	$156	48
1938-1940 Industry St	0.64mi	4/2.0 (+1)	1,620 (-4%)	16mo	$264,000	$163	46
2555 Elder St	0.58mi	4/2.0 (+1)	1,785 (+6%)	18mo	$169,000	$95	43
4424 Annette St	0.69mi	4/3.5 (+1)	1,664 (-1%)	17mo	$230,000	$138	41

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: 11.6%
• Equity multiple: 1.44×
• Total profit: $22,758
• Equity at exit: $27,435

10-year hold

• IRR: 18.0%
• Equity multiple: 2.29×
• Total profit: $66,227
• Equity at exit: $15,909

Cash invested: $51,520 (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 70122

• Rents YoY: -0.6%
• Active inventory: 332
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $2,838 high
• Mortgage (P&I): −$965
• Tax from tax record: −$179 /mo · $2,145/yr
• Insurance: −$77
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$596
• Net cashflow: $955

Break-even live

Break-even rent $1,629

Max offer price $184,000

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,838
Total (2 units)			$2,838

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: $46,000
• Closing costs: $5,520
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3956 Pauger St New Orleans, LA	2.0	2.0	1200	$1,550	$1.29	24d	1	0.18mi
3327 Elysian Fields Ave New Orleans, LA	3.0	1.0	1200	$1,300	$1.08	24d	1	0.20mi
3515 Saint Anthony Ave New Orleans, LA	3.0	2.0	1366	$2,500	$1.83	24d	1	0.21mi
3907 Elysian Fields Ave New Orleans, LA	3.0	2.0	1652	$3,000	$1.82	24d	1	0.23mi
3540 Clermont Dr New Orleans, LA	3.0	2.0	1248	$1,975	$1.58	24d	1	0.37mi
2152 Abundance St Unit 2152 New Orleans, LA	3.0	2.0	1100	$1,599	$1.45	3d	1	0.44mi
3001 Marigny St New Orleans, LA	2.0	1.0	1250	$1,400	$1.12	24d	1	0.45mi
4304 Pauger St New Orleans, LA	2.0	1.0	1345	$1,450	$1.08	3d	1	0.52mi
2338 40 Annette St New Orleans, LA	3.0	1.0	1150	$1,385	$1.20	20d	1	0.55mi
2509 Sage St New Orleans, LA	3.0	1.0	1250	$1,650	$1.32	21d	1	0.56mi
1816 Benefit St New Orleans, LA	2.0	1.0	1148	$1,300	$1.13	16d	1	0.56mi
3607 Havana St New Orleans, LA	3.0	2.0	1693	$1,488	$0.88	17d	1	0.57mi
3624 Havana St New Orleans, LA	3.0	1.0	1388	$1,875	$1.35	16d	1	0.60mi
2048 Florida Ave New Orleans, LA	2.0	1.0	1200	$2,000	$1.67	17d	1	0.62mi
3718 Franklin Ave New Orleans, LA	2.0	1.0	1601	$1,800	$1.12	12d	1	0.62mi
1933 Industry St New Orleans, LA	3.0	2.0	1400	$1,595	$1.14	16d	1	0.64mi
2817 Annette St New Orleans, LA	3.0	1.0	1100	$1,350	$1.23	24d	1	0.66mi
2647 Myrtle St Unit 2647 New Orleans, LA	4.0	2.0	1445	$2,550	$1.76	44d	1	0.69mi
1656 Pleasure St New Orleans, LA	2.0	1.0	1190	$1,350	$1.13	24d	1	0.71mi
4618 Marigny St New Orleans, LA	3.0	1.0	1320	$1,900	$1.44	24d	1	0.71mi
2646 Elder St New Orleans, LA	3.0	3.0	1284	$2,200	$1.71	17d	1	0.72mi
2644 Elder St New Orleans, LA	3.0	3.0	1284	$2,200	$1.71	17d	1	0.72mi
3021 Republic St New Orleans, LA	4.0	2.0	1125	$2,200	$1.96	24d	1	0.75mi
2175 N Broad St New Orleans, LA	2.0	1.0	1500	$1,500	$1.00	16d	1	0.77mi
2739 Bay St Unit B New Orleans, LA	4.0	2.0	1400	$1,800	$1.29	20d	1	0.84mi
4736 Saint Anthony Ave New Orleans, LA	3.0	1.0	1100	$1,800	$1.64	16d	1	0.84mi
2130 N Broad St New Orleans, LA	2.0	1.0	1579	$1,350	$0.85	24d	1	0.84mi
2910 Bruxelles St New Orleans, LA	3.0	2.0	1074	$1,600	$1.49	3d	1	0.88mi
2310 George Nick Connor Dr New Orleans, LA	3.0	2.0	1050	$1,600	$1.52	24d	1	0.92mi
4815 Warrington Dr New Orleans, LA	3.0	2.0	1652	$2,150	$1.30	16d	1	0.96mi
2338 Annette St Unit 1 New Orleans, LA	3.0	1.0	1150	$1,400	$1.22	20d	1	0.98mi
2311 Saint Anthony St Unit 1A New Orleans, LA	2.0	1.0	1100	$1,450	$1.32	24d	1	0.99mi
2920 Pauger St New Orleans, LA	4.0	2.0	1882	$1,995	$1.06	24d	1	1.04mi
1486 Mandolin St New Orleans, LA	3.0	2.0	1497	$1,900	$1.27	3d	1	1.06mi
1901 Gentilly Blvd New Orleans, LA	3.0	2.5	2205	$4,000	$1.81	44d	1	1.07mi
2229 Saint Roch Ave New Orleans, LA	2.0	1.5	1200	$1,600	$1.33	20d	1	1.08mi
4114 Duplessis St New Orleans, LA	2.0	2.0	1200	$1,800	$1.50	24d	1	1.10mi
2115 Elysian Fields Ave Unit 2115 New Orleans, LA	3.0	1.0	1100	$1,450	$1.32	24d	1	1.11mi
3015 Castiglione St New Orleans, LA	2.0	1.0	1075	$1,500	$1.40	24d	1	1.11mi
1818 Paul Morphy St Unit B New Orleans, LA	3.0	2.0	1065	$1,800	$1.69	24d	1	1.11mi

Listing history 11 events

1. 2026-05-14
   status Pending 376-char remark

   Show marketing remark (376 chars)

   Investment opportunity! This double comes occupied and is an instant income producer. Tenants pay all their own utilities. There are private driveways for each side to use. Both tenants have their own yard. One side recently had the AC compressor upgraded. This property is located with ease of access to the interstate and is conveniently located to many of Gentilly's shops.

2. 2026-05-14
   listed $184,000 Active 376-char remark

   Show marketing remark (376 chars)

   Investment opportunity! This double comes occupied and is an instant income producer. Tenants pay all their own utilities. There are private driveways for each side to use. Both tenants have their own yard. One side recently had the AC compressor upgraded. This property is located with ease of access to the interstate and is conveniently located to many of Gentilly's shops.

3. 2026-05-14
   listed $184,000 376-char remark

   Show marketing remark (376 chars)

   Investment opportunity! This double comes occupied and is an instant income producer. Tenants pay all their own utilities. There are private driveways for each side to use. Both tenants have their own yard. One side recently had the AC compressor upgraded. This property is located with ease of access to the interstate and is conveniently located to many of Gentilly's shops.

4. 2026-03-11
   price $184,000
5. 2026-03-11
   price $184,000
6. 2025-11-11
   listed $189,000 Active
7. 2014-01-28
   listed $165,000
8. 2014-01-28
   listed $165,000
9. 2006-12-27
   soldstatus $65,000
10. 2006-08-14
    listed $80,000
11. 2006-08-14
    listed $80,000

ⓘ 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: $2,145 · $179/mo
• Projected year-2 tax: $2,145 · $179/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: $34,056
• − Mortgage interest: −$10,307
• − Property taxes: −$2,145
• − Insurance: −$1,718
• − Repairs & maintenance: −$2,724
• − Management: −$2,724
• − Depreciation: −$5,353
• Taxable income: $9,085
• Est. tax owed @ 24.0%: −$2,180
• After-tax cash flow: $9,282/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): 35,253
• Household income: $49,455
• Rent vs Own: 40.5% rent · 59.5% own
• Severe rent burden: 2150.0

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: Predominantly Black (69%)
• Race & ethnicity: Black 69% White 18% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Lithuanian 4% Italian 2% Slovak 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Chinese 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: ▼ -222.37%
• Current HPI: 231.9921
• Rent YoY: ▼ -0.61%
• 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

+130.0% since first listed

11 events — show timeline

• 2026-05-14 Pending — GSREIN
• 2026-05-14 Listed $184,000 AcadianaMLS
• 2026-05-14 Listed $184,000 GSREIN
• 2026-03-11 Price Changed $184,000 AcadianaMLS
• 2026-03-11 Price Changed $184,000 GSREIN
• 2025-11-11 Listed $189,000 AcadianaMLS
• 2014-01-28 Listed $165,000 GSREIN
• 2014-01-28 Listed $165,000 AcadianaMLS
• 2006-12-27 Sold (MLS) $65,000 GSREIN
• 2006-08-14 Listed $80,000 GSREIN
• 2006-08-14 Listed $80,000 AcadianaMLS

Property tax history

+1.4%/yr

Latest (2026): $2,145 · +1.1% YoY. Source: county tax records.