138-144 Normandy Ave · Harahan, LA 70123

$630,000

8 bd · 4.0 ba · 3,800 sqft · MultiFamily · 27 Days on market

Built 1975

---

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 +24.0/30.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Rare opportunity to own an investment property in the highly desirable community of Harahan, situated on a primarily single-family, residential street, an uncommon advantage for multifamily ownership. This pristine, turnkey fourplex offers a strong income growth potential. All four units feature 2 bedrooms and 1 full bath, spacious living rooms with large picture windows providing abundant natural light, generously sized kitchens with ample cabinetry and countertop space, central air and heat, in-unit laundry areas, tile and laminate wood flooring throughout, crown molding, and ceiling fans. Outdoor amenities include off-street parking and a gated yard. Ideally nestled near the Mississippi River levee, the property benefits from consistent rental demand, scenic river views, and convenient access to outdoor recreation. With room for future rental optimization, this well-maintained fourplex presents an excellent opportunity for investors seeking both immediate stability and long-term upside.

Key facts

• 3 parking spots
• Built 1975
• Listed 27 days

Property features AI

Finance

• Financial info: Property configured as a 4-unit building; Tenants pay electricity; owner pays water

Exterior

• Parking: Off-street parking with three or more spaces
• Utilities: Public water; Public sewer
• Home design: Two-story property; Brick construction; Shingle roof; Slab foundation; Property in very good condition
• Construction: Built with brick; Shingle roof; Slab foundation
• Exterior features: Fenced yard; City lot with rectangular shape; Lot dimensions approximately 64 x 117

Interior

• Bathrooms: Four full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Elevator

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $630k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $310/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $630k).
• Recommended offer: $621k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 4.2% in Harahan — 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 74/100 on livability (#27 in LA, #4,830 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, housing A+; Watch: amenities F, commute F.
• Jefferson Parish (suburban): math 24% / reading 34% proficiency, ranked #44 of 98 in LA (top 45%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 163 active listings in the ZIP; solid renter incomes; 518 units permitted in Jefferson Parish in 2024 (43 in 5+ unit buildings).
• At $6,322/mo this rent would consume 91% of the median local household income ($84k/yr) (locally 1282% 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 $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($621k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $105k; list at $630k implies a 500% gain — meaningful room to come down on a strong offer.

Recommended offer $620,550 (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 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.00% ✓
• Cap rate: 8.65%
• Cash-on-cash: 8.43%
• DSCR: 1.38
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.12% rent growth · sell at horizon

5-year hold

• IRR: -6.5%
• Equity multiple: 0.77×
• Total profit: $-41,238
• Equity at exit: $93,935

10-year hold

• IRR: -0.4%
• Equity multiple: 0.98×
• Total profit: $-4,364
• Equity at exit: $54,471

Cash invested: $176,400 (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 70123

• Rents YoY: 0.1%
• Active inventory: 163
• Price-to-rent: 33.2×

Monthly cashflow live

• Estimated rent: $6,322 high
• Mortgage (P&I): −$3,304
• Tax from tax record: −$189 /mo · $2,266/yr
• Insurance: −$262
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,328
• Net cashflow: $1,239

Break-even live

Break-even rent $4,753

Max offer price $630,000

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,320
Total (4 units)			$6,322

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: $157,500
• Closing costs: $18,900
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $630,000 Active 27 DOM
2. 2026-06-17
   days on market $630,000 Active 26 DOM
3. 2026-06-16
   days on market $630,000 Active 25 DOM
4. 2026-06-15
   days on market $630,000 Active 24 DOM
5. 2026-06-13
   pricedays on market $630,000 Active 22 DOM
6. 2026-06-10
   days on market $640,000 Active 19 DOM
7. 2026-06-09
   days on market $640,000 Active 18 DOM
8. 2026-06-08
   days on market $640,000 Active 17 DOM
9. 2026-06-07
   days on market $640,000 Active 16 DOM
10. 2026-06-03
    days on market $640,000 Active 12 DOM
11. 2026-06-02
    days on market $640,000 Active 11 DOM
12. 2026-06-01
    days on market $640,000 Active 10 DOM
13. 2026-05-31
    days on market $640,000 Active 9 DOM
14. 2026-05-22
    listed $640,000 Active

    Show marketing remark (1004 chars)

    Rare opportunity to own an investment property in the highly desirable community of Harahan, situated on a primarily single-family, residential street, an uncommon advantage for multifamily ownership. This pristine, turnkey fourplex offers a strong income growth potential. All four units feature 2 bedrooms and 1 full bath, spacious living rooms with large picture windows providing abundant natural light, generously sized kitchens with ample cabinetry and countertop space, central air and heat, in-unit laundry areas, tile and laminate wood flooring throughout, crown molding, and ceiling fans. Outdoor amenities include off-street parking and a gated yard. Ideally nestled near the Mississippi River levee, the property benefits from consistent rental demand, scenic river views, and convenient access to outdoor recreation. With room for future rental optimization, this well-maintained fourplex presents an excellent opportunity for investors seeking both immediate stability and long-term upside.

15. 2026-05-22
    listed $640,000 Active 1004-char remark

    Show marketing remark (1004 chars)

    Rare opportunity to own an investment property in the highly desirable community of Harahan, situated on a primarily single-family, residential street, an uncommon advantage for multifamily ownership. This pristine, turnkey fourplex offers a strong income growth potential. All four units feature 2 bedrooms and 1 full bath, spacious living rooms with large picture windows providing abundant natural light, generously sized kitchens with ample cabinetry and countertop space, central air and heat, in-unit laundry areas, tile and laminate wood flooring throughout, crown molding, and ceiling fans. Outdoor amenities include off-street parking and a gated yard. Ideally nestled near the Mississippi River levee, the property benefits from consistent rental demand, scenic river views, and convenient access to outdoor recreation. With room for future rental optimization, this well-maintained fourplex presents an excellent opportunity for investors seeking both immediate stability and long-term upside.

16. 1992-03-01
    soldstatus $105,000

ⓘ 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: $2,266 · $189/mo
• Projected year-2 tax: $3,465 · $289/mo
• Expected delta: +$1,199/yr (+$100/mo · 52.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $75,864
• − Mortgage interest: −$35,290
• − Property taxes: −$2,266
• − Insurance: −$3,150
• − Repairs & maintenance: −$6,069
• − Management: −$6,069
• − Depreciation: −$18,327
• Taxable income: $4,693
• Est. tax owed @ 24.0%: −$1,126
• After-tax cash flow: $13,745/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: Jefferson Parish
• NCES district ID: 2200840
• Math proficiency: 24% ▼ -36.00%
• Reading proficiency: 34% ▼ -30.00%
• Median HH income: $48,421
• Composite: 25.19/100
• National rank: #7511
• State rank: #44 of 98 in LA

Livability — Harahan

• Score: 74/100
• State rank: #27
• US rank: #4830

Category grades

Amenities F Commute F Cost of living B+ Crime A+ Employment A Housing A+ Health & safety C+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harahan, LA
• County: Jefferson Parish · 426,999 people
• City population: 27,209
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 27,386
• Household income: $83,585
• Rent vs Own: 45.3% rent · 54.7% own
• Severe rent burden: 1282.0

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 451,696 people
• By 2030: 455,451 · +0.8%
• By 2040: 458,308 · +1.5%
• By 2050: 461,031 · +2.1%
• By 2075: 476,351 · +5.5%
• By 2100: 499,377 · +10.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Black 12% Hispanic / Latino 9% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 2% Cuban 1%
• Common ancestry: Lithuanian 17% Slovak 1% Italian 1%
• Foreign-born: 7% · Canada
• Languages at home: 90% English-only · Spanish 4% Other Indo-European 1% Tagalog/Filipino 1%

Political lean MEDSL · Jefferson

• 2024 margin: R (+12.9) · D 42.5% · R 55.5% · Other 2.1%
• 2008→2024 swing: +13.6pp toward D · 2008: -26.6pp · 2024: -12.9pp
• All cycles: 2024: R+12.9 2020: R+11.1 2016: R+14.8 2012: R+18.4 2008: R+26.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -226.09%
• Current HPI: 141.1799
• Rent YoY: ▲ 0.12%
• 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

+509.5% since first listed

3 events — show timeline

• 2026-05-22 Listed $640,000 AcadianaMLS
• 2026-05-22 Listed $640,000 GSREIN
• 1992-03-01 Sold (Public Records) $105,000 Public Records

Property tax history

-0.7%/yr

Latest (2025): $2,266 · -0.5% YoY. Source: county tax records.