2600 02 Annette St · New Orleans, LA 70119

$279,000

4 bd · 2.0 ba · 2,184 sqft · MultiFamily public records · 22 Days on market

Built 1945 3,841 sqft lot Est $242k · 15% over

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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 +27.0/30.0
• DSCR +9.3/10.0
• 1% rule +6.4/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• ARV discount +0.7/15.0
• 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

Investment opportunity in the heart of New Orleans! This well-maintained multifamily property features two spacious units, each offering 3 bedrooms and 2 full bathrooms. Great for investors or owner-occupants looking to generate rental income, this income-producing property is currently tenant occupied and offers strong cash flow potential. Each unit boasts an open and functional layout, generous living space, and inviting front porch charm that captures the character of the area. Situated on a desirable corner lot in an X flood zone, this property also includes the convenience of local dining, shopping, and entertainment. Whether you’re looking to expand your investment portfolio or

Key facts

• Two spacious units
• Desirable corner lot
• Inviting front porch

Tags

• MULTIFAMILY PROPERTY
• TWO SPACIOUS UNITS
• OPEN AND FUNCTIONAL LAYOUT
• GENEROUS LIVING SPACE
• INVITING FRONT PORCH
• DESIRABLE CORNER LOT

Property features AI

Finance

• Other: Tenant is responsible for electricity, gas, and water (multi-unit)

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Single-story; Raised foundation
• Construction: Vinyl siding; Shingle roof; Built on raised foundation
• Exterior features: Front porch

Interior

• Bathrooms: 4 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Very good condition

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2-bath units multifamily listed at $279k.

Deal economics

• At list price, monthly cash flow is $712 ($9k/yr) — positive. Per door: $356/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $279k).
• Recommended offer: $275k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.6% 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 (-0.2%/yr); 381 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,168/mo this rent would consume 72% 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 $2k of loan paydown is wiped out by about $8k 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 22 days — a 2% lower offer ($275k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 19y 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 $230k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1945 — 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 $274,815 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1945 — 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. 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: 1.14% ✓
• Cap rate: 9.64%
• Cash-on-cash: 11.96%
• DSCR: 1.53
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $242,424
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2428 30 A P Tureaud Ave	0.24mi	4/2.0	1,946 (-11%)	9mo	$215,000	$110	63
3340 Saint Anthony Ave	0.62mi	5/3.0 (+1)	2,196 (+0%)	1mo	$120,000	$55	60
2408 10 Saint Anthony St	0.15mi	4/4.0	1,950 (-11%)	10mo	$320,000	$164	59
1682 84 N Dupre St	0.70mi	4/3.0	2,114 (-3%)	2mo	$400,500	$189	56
1827 29 Frenchmen St	0.60mi	5/3.0 (+1)	2,160 (-1%)	9mo	$360,000	$167	54
1668 Paul Morphy St	0.68mi	4/2.0	1,980 (-9%)	0mo	$285,000	$144	52
2649 51 Bruxelles St	0.42mi	4/2.0	1,881 (-14%)	6mo	$142,000	$75	52
1614 16 Annette St	0.68mi	4/2.0	1,998 (-8%)	4mo	$120,000	$60	50
1810 Allen St	0.55mi	4/4.0	2,390 (+9%)	4mo	$265,000	$111	48
2008 10 Frenchmen St	0.49mi	4/4.0	1,942 (-11%)	6mo	$380,000	$196	46
3401 03 Frenchmen St	0.70mi	4/2.0	1,856 (-15%)	10mo	$175,000	$94	34
3407 09 Frenchmen St	0.71mi	5/4.0 (+1)	2,370 (+8%)	11mo	$195,000	$82	31

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: -3.2%
• Equity multiple: 0.88×
• Total profit: $-9,176
• Equity at exit: $41,600

10-year hold

• IRR: 2.9%
• Equity multiple: 1.18×
• Total profit: $14,383
• Equity at exit: $24,123

Cash invested: $78,120 (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: 14.7×

Monthly cashflow live

• Estimated rent: $3,168 high
• Mortgage (P&I): −$1,463
• Tax from tax record: −$145 /mo · $1,737/yr
• Insurance: −$116
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$665
• Net cashflow: $712

Break-even live

Break-even rent $2,267

Max offer price $279,000

Occupancy floor 73%

Sensitivity live

Price	-10% $870	-5% $791	+0% $712	+5% $633	+10% $554
Rent	-10% $462	-5% $587	+0% $712	+5% $837	+10% $962
Rate	-1.0pp $853	-0.5pp $783	base $712	+0.5pp $640	+1.0pp $566

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,168
Total (2 units)			$3,168

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3228 Pauger St New Orleans, LA	5.0	2.0	1600	$2,100	$1.31	24d	1	0.14mi
1933 Industry St New Orleans, LA	3.0	2.0	1400	$1,595	$1.14	16d	1	0.25mi
2920 Pauger St New Orleans, LA	4.0	2.0	1882	$1,995	$1.06	24d	1	0.25mi
1831 N Miro St New Orleans, LA	3.0	2.0	1882	$2,500	$1.33	44d	1	0.28mi
1938 N Johnson St Unit 38 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	24d	1	0.41mi
1936 N Johnson St Unit 36 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	24d	1	0.42mi
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	4d	1	0.49mi
1837 Touro St New Orleans, LA	3.0	1.0	1994	$2,000	$1.00	24d	1	0.52mi
2115 Mandeville St New Orleans, LA	3.0	2.0	1400	$1,650	$1.18	24d	1	0.60mi
2331 Columbus St New Orleans, LA	3.0	1.0	1976	$1,850	$0.94	24d	1	0.77mi
1901 Gentilly Blvd New Orleans, LA	3.0	2.5	2205	$4,000	$1.81	44d	1	0.77mi
2228 Arts St New Orleans, LA	3.0	2.0	2270	$1,675	$0.74	4d	1	0.79mi
3607 Havana St New Orleans, LA	3.0	2.0	1693	$1,488	$0.88	17d	1	0.86mi
2664 Lepage St New Orleans, LA	3.0	2.0	1750	$2,725	$1.56	44d	1	0.96mi
1466 N White St New Orleans, LA	3.0	1.5	1500	$2,250	$1.50	4d	1	0.98mi
1433 Esplanade Ave New Orleans, LA	3.0	2.0	2411	$5,000	$2.07	2d	1	1.00mi
1245 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	44d	1	1.02mi
1247 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	44d	1	1.03mi
3907 Elysian Fields Ave New Orleans, LA	3.0	2.0	1652	$3,000	$1.82	24d	1	1.09mi
3702 Trafalgar St New Orleans, LA	3.0	2.0	1428	$2,350	$1.65	16d	1	1.13mi
1860 Burgundy St New Orleans, LA	4.0	4.0	3000	$3,500	$1.17	24d	1	1.18mi
3024 Esplanade Ave New Orleans, LA	3.0	2.5	2300	$4,500	$1.96	44d	1	1.18mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$4,154	$2.63	4d	2	1.19mi
928 Kerlerec St New Orleans, LA	3.0	3.5	1684	$2,750	$1.63	3d	1	1.20mi
928 Kerlerec St New Orleans, LA	3.0	3.5	1684	$2,750	$1.63	4d	1	1.20mi
2320 N Rampart St New Orleans, LA	3.0	3.0	2317	$3,700	$1.60	44d	1	1.21mi
2731 Saint Philip St Unit 2733 New Orleans, LA	4.0	2.0	2000	$2,600	$1.30	24d	1	1.23mi
2647 Myrtle St Unit 2647 New Orleans, LA	4.0	2.0	1445	$2,550	$1.76	44d	1	1.27mi
2739 Bay St Unit B New Orleans, LA	4.0	2.0	1400	$1,800	$1.29	21d	1	1.29mi
3232 Grand Rte Saint John St New Orleans, LA	3.0	3.0	2800	$5,000	$1.79	24d	1	1.31mi
1021 Henriette Delille St New Orleans, LA	3.0	2.0	2012	$2,250	$1.12	17d	1	1.31mi
4111 Jumonville St New Orleans, LA	3.0	2.5	1543	$2,300	$1.49	11d	1	1.40mi
1000 Saint Philip St New Orleans, LA	3.0	2.5	2650	$4,800	$1.81	44d	1	1.43mi
1486 Mandolin St New Orleans, LA	3.0	2.0	1497	$1,900	$1.27	4d	1	1.43mi
3443 Esplanade Ave New Orleans, LA	3.0	1.0–2.0	997	$2,500	$2.51	3d	30	1.44mi
3570 Gentilly Blvd New Orleans, LA	3.0	2.0	2390	$2,900	$1.21	44d	1	1.49mi

Listing history 31 events

1. 2026-06-18
   days on market $279,000 Active 22 DOM
2. 2026-06-17
   days on market $279,000 Active 21 DOM
3. 2026-06-16
   days on market $279,000 Active 20 DOM
4. 2026-06-15
   days on market $279,000 Active 19 DOM
5. 2026-06-13
   days on market $279,000 Active 17 DOM
6. 2026-06-10
   days on market $279,000 Active 14 DOM
7. 2026-06-09
   days on market $279,000 Active 13 DOM
8. 2026-06-08
   days on market $279,000 Active 12 DOM
9. 2026-06-07
   days on market $279,000 Active 11 DOM
10. 2026-06-05
    days on market $279,000 Active 8 DOM
11. 2026-06-03
    days on market $279,000 Active 7 DOM
12. 2026-06-02
    days on market $279,000 Active 6 DOM
13. 2026-06-01
    days on market $279,000 Active 5 DOM
14. 2026-05-31
    days on market $279,000 Active 4 DOM
15. 2026-05-27
    listed $279,000 Active
16. 2026-01-18
    historical $1,465
17. 2025-07-31
    price $1,465
18. 2025-06-29
    listed $1,650
19. 2024-01-13
    historical $1,800
20. 2023-12-13
    listed $1,800
21. 2021-11-03
    soldstatus $230,000
22. 2020-06-01
    soldstatus $165,000
23. 2016-01-19
    historical
24. 2015-11-23
    status Active
25. 2015-11-10
    status Under Contract
26. 2015-10-12
    listed $119,000 Active
27. 2015-10-12
    listed $119,000
28. 2008-11-04
    listed $159,000
29. 2008-05-14
    soldstatus $30,000
30. 2008-05-08
    soldstatus $30,000
31. 2007-07-29
    listed $47,000

ⓘ 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: $1,737 · $145/mo
• Projected year-2 tax: $1,737 · $145/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) · 78% 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: $38,016
• − Mortgage interest: −$15,628
• − Property taxes: −$1,737
• − Insurance: −$2,192
• − Repairs & maintenance: −$3,041
• − Management: −$3,041
• − Depreciation: −$8,116
• Taxable income: $4,259
• Est. tax owed @ 24.0%: −$1,022
• After-tax cash flow: $7,523/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

+493.6% since first listed

17 events — show timeline

• 2026-05-27 Listed $279,000 GSREIN
• 2026-01-18 Rental Removed $1,465 GSREIN
• 2025-07-31 Price Changed $1,465 GSREIN
• 2025-06-29 Listed for Rent $1,650 GSREIN
• 2024-01-13 Rental Removed $1,800 APPFOLIO
• 2023-12-13 Listed for Rent $1,800 APPFOLIO
• 2021-11-03 Sold (Public Records) $230,000 Public Records
• 2020-06-01 Sold (Public Records) $165,000 Public Records
• 2016-01-19 Listing Removed — GSREIN
• 2015-11-23 Relisted — GSREIN
• 2015-11-10 Pending — GSREIN
• 2015-10-12 Listed $119,000 GSREIN
• 2015-10-12 Listed $119,000 AcadianaMLS
• 2008-11-04 Listed $159,000 GSREIN
• 2008-05-14 Sold (Public Records) $30,000 Public Records
• 2008-05-08 Sold (MLS) $30,000 GSREIN
• 2007-07-29 Listed $47,000 GSREIN

Property tax history

+5.5%/yr

Latest (2026): $1,737 · -5.0% YoY. Source: county tax records.