1824 Oretha Castle Haley Blvd #203 · New Orleans, LA 70113

$149,000

1 bd · 1.0 ba · 700 sqft · Condo · 365 Days on market

Built 1925 Good condition $213/sqft · 42% below area Est $257k · 42% under $250/mo HOA · 19% of rent

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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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Cash flow +6.4/30.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• 1% rule +3.7/10.0
• Schools +1.8/10.0
• DSCR +0.7/10.0

Listing remarks MLS

Welcome to the Handelman Condominiums! This freshly renovated condo features stainless steel appliances, a skylight, and balcony access. Centrally located on Oretha Castle Haley Boulevard, this unit offers easy access to the best of New Orleans. For qualified buyers, we are pleased to offer exceptional financing opportunities, including a zero minimum down payment, up to a 20% grant for the down payment, and a $5,000 credit toward closing costs.

Key facts

• Easy access
• Balcony access
• Centrally located

Tags

• STAINLESS STEEL APPLIANCES
• SKYLIGHT
• BALCONY ACCESS
• CENTRALLY LOCATED
• EASY ACCESS

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $149k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-323 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $102k (31.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $130k (13.1% below list).
• Recommended offer: $102k (31.4% below list) — sets the bar for cash-flow.

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 rising fast (+6.0%/yr); 176 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 79d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 70% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• This rent runs 40% of the median local income ($39k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Orleans County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 3, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 365 days — a 12% lower offer ($131k) 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major 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 $102,287 (31.4% 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 365 days. Have you received any prior offers? Is the seller open to a 31% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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: 0.87% ✗
• Cap rate: 4.23%
• Cash-on-cash: -7.37%
• DSCR: 0.67
• GRM: 9.6

CMA / ARV

• ARV (median comp): $257,356
• List price: $149,000
• Delta: -42.10%
• 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
1765 Coliseum St #309	0.41mi	1/1.0	655 (-6%)	2mo	$237,000	$362	69
1765 Coliseum St #407	0.41mi	1/1.0	655 (-6%)	2mo	$250,000	$382	68
334 Carondelet St #410	1.05mi	1/1.0	683 (-2%)	3mo	$280,000	$410	59
920 Poeyfarre St #383	0.77mi	1/1.0	659 (-6%)	1mo	$249,900	$379	54
1205 St Charles Ave #803	0.46mi	1/1.0	850 (+21%)	1mo	$210,500	$248	52
4007 Saint Charles Ave #221	1.26mi	1/1.0	635 (-9%)	1mo	$240,000	$378	49
330 Julia St #317	0.96mi	1/1.0	760 (+9%)	2mo	$247,000	$325	49
760 Magazine St #117	0.90mi	1/1.0	626 (-11%)	0mo	$225,000	$359	47
1020 General Taylor St #1020	1.36mi	1/1.0	772 (+10%)	3mo	$327,500	$424	45
1461 Annunciation Unit B	0.71mi	1/1.0	813 (+16%)	1mo	$300,000	$369	41
920 Poeyfarre St #138	0.77mi	1/1.0	582 (-17%)	2mo	$180,000	$309	39
920 Poeyfarre St #132	0.77mi	1/1.5	857 (+22%)	2mo	$244,200	$285	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 5.98% rent growth · sell at horizon

5-year hold

• IRR: 18.8%
• Equity multiple: 2.55×
• Total profit: $64,802
• Equity at exit: $134,231

10-year hold

• IRR: 18.3%
• Equity multiple: 6.19×
• Total profit: $216,580
• Equity at exit: $289,474

Cash invested: $41,720 (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 →

Active competition Active MLS

• For sale now: 6 active · 6 under contract
• Median asking: $236,750 ($372/sqft)
• Median days on market: 119 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -1.1% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 70113

• Rents YoY: 6.0%
• Active inventory: 176
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,295 high
• Mortgage (P&I): −$781
• Tax est. 1.5%: −$186 /mo · $2,235/yr
• Insurance: −$62
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$250
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $-323

Break-even live

Break-even rent $1,704

Max offer price $102,287

Occupancy floor —

Sensitivity live

Price	-10% $-220	-5% $-271	+0% $-323	+5% $-374	+10% $-426
Rent	-10% $-425	-5% $-374	+0% $-323	+5% $-272	+10% $-220
Rate	-1.0pp $-248	-0.5pp $-285	base $-323	+0.5pp $-361	+1.0pp $-401

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: $37,250
• Closing costs: $4,470
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2103 Baronne St Apt 1D New Orleans, LA	2.0	1.0	615	$1,450	$2.36	99d	1	0.08mi
1709 Saint Andrew St Unit 1D New Orleans, LA	1.0	1.0	422	$1,100	$2.61	78d	1	0.12mi
1709 Saint Andrew St Unit 1709 1711 New Orleans, LA	1.0	1.0	422	$1,100	$2.61	6d	1	0.12mi
1711 Saint Andrew St Apt A1 New Orleans, LA	1.0	1.0	422	$1,100	$2.61	78d	1	0.12mi
1711 Saint Andrew St Apt A1 New Orleans, LA	1.0	1.0	422	$1,050	$2.49	7d	1	0.12mi
1711 Saint Andrew St Unit 1B New Orleans, LA	1.0	1.0	422	$1,100	$2.61	110d	1	0.12mi
2115 Danneel St Unit 201 New Orleans, LA	1.0	1.0	377	$1,150	$3.05	73d	1	0.13mi
2115 Danneel St Unit 102 New Orleans, LA	—	1.0	377	$900	$2.39	66d	1	0.13mi
1643 Josephine St New Orleans, LA	1.0–3.0	1.5–2.0	946	$1,587	$1.68	0d	16	0.17mi
1824 Martin Luther King Junior Blvd Unit A New Orleans, LA	1.0	1.0	600	$1,300	$2.17	63d	1	0.24mi
1824 Martin Luther King Junior Blvd Unit A New Orleans, LA	2.0	1.0	700	$1,400	$2.00	119d	1	0.24mi
2127 Simon Bolivar Ave New Orleans, LA	2.0	1.0	625	$1,800	$2.88	112d	1	0.25mi
2309 Baronne St #103 New Orleans, LA	1.0	1.0	570	$1,050	$1.84	6d	1	0.26mi
2100 Saint Charles Ave New Orleans, LA	1.0–2.0	1.5–2.0	1077	$1,750	$1.62	99d	2	0.27mi
2233 Saint Charles Ave New Orleans, LA	1.0	1.0–2.0	626	$2,172	$3.47	4d	1	0.28mi
1532 Saint Andrew St #302 New Orleans, LA	1.0	1.0	556	$1,750	$3.15	63d	1	0.29mi
1520 Saint Mary St Unit B New Orleans, LA	1.0	1.0	632	$1,800	$2.85	7d	1	0.29mi
2013 S Liberty St Apt 202 New Orleans, LA	2.0	1.0	750	$1,075	$1.43	107d	1	0.29mi
2013 S Liberty St Unit 304 New Orleans, LA	2.0	1.0	700	$1,050	$1.50	74d	1	0.29mi
1426 Carondelet St Unit G New Orleans, LA	2.0	1.0	750	$1,500	$2.00	71d	1	0.30mi
1426 Carondelet St Unit E New Orleans, LA	2.0	1.0	700	$1,675	$2.39	71d	1	0.30mi
2255 Saint Charles Ave Unit 207 New Orleans, LA	1.0	1.0	750	$1,395	$1.86	112d	1	0.31mi
2255 Saint Charles Ave Unit 203 New Orleans, LA	1.0	1.0	719	$1,395	$1.94	7d	1	0.31mi
1524 Euterpe St New Orleans, LA	1.0	1.0	650	$1,600	$2.46	110d	1	0.31mi
1321 S Rampart St Unit 201 New Orleans, LA	1.0	1.0	690	$1,100	$1.59	7d	1	0.34mi
1818 Prytania St Unit 104 New Orleans, LA	1.0	1.0	650	$1,095	$1.68	7d	1	0.34mi
2001 Reverend John Raphael Junior Way Unit 2003 New Orleans, LA	1.0	1.0	750	$1,175	$1.57	117d	1	0.34mi
2003 Rev John Raphael Jr Way New Orleans, LA	1.0	1.0	750	$1,175	$1.57	119d	1	0.35mi
2124 Reverend John Raphael Junior Way Unit B New Orleans, LA	1.0	1.0	511	$1,150	$2.25	87d	1	0.35mi
2135 2nd St New Orleans, LA	1.0	1.0	580	$1,200	$2.07	6d	4	0.36mi
1522 Melpomene St New Orleans, LA	1.0	1.0	550	$1,300	$2.36	78d	1	0.37mi
1431 Saint Andrew St Unit H New Orleans, LA	1.0	1.0	452	$1,100	$2.43	7d	1	0.37mi
2429 Josephine St New Orleans, LA	1.0	1.0	600	$950	$1.58	119d	1	0.37mi
2429 Josephine St New Orleans, LA	1.0	1.0	600	$950	$1.58	78d	1	0.37mi
1629 Second St Unit UPM New Orleans, LA	1.0	1.0	495	$1,200	$2.42	107d	1	0.38mi
1427 Saint Mary St Unit D New Orleans, LA	1.0	1.0	500	$1,350	$2.70	74d	1	0.38mi
1306 Simon Bolivar Ave Unit 1/2 New Orleans, LA	1.0	1.0	500	$1,200	$2.40	99d	1	0.39mi
1401 Saint Andrew St New Orleans, LA	1.0	1.0	675	$1,400	$2.07	7d	1	0.39mi
1527 Reverend John Raphael Junior Way Unit A New Orleans, LA	1.0	1.0	700	$1,175	$1.68	99d	1	0.39mi
1527 Reverend John Raphael Junior Way Unit A New Orleans, LA	1.0	1.0	700	$1,175	$1.68	107d	1	0.39mi

HOA detail $250/mo · $3,000/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 35 events

1. 2026-07-14
   days on market $149,000 Active 365 DOM
2. 2026-07-13
   days on market $149,000 Active 364 DOM
3. 2026-07-13
   days on market $149,000 Active 363 DOM
4. 2026-07-11
   days on market $149,000 Active 362 DOM
5. 2026-07-10
   days on market $149,000 Active 361 DOM
6. 2026-07-09
   days on market $149,000 Active 360 DOM
7. 2026-07-07
   days on market $149,000 Active 358 DOM
8. 2026-07-06
   days on market $149,000 Active 357 DOM
9. 2026-07-06
   days on market $149,000 Active 356 DOM
10. 2026-07-03
    days on market $149,000 Active 354 DOM
11. 2026-07-02
    days on market $149,000 Active 353 DOM
12. 2026-07-01
    days on market $149,000 Active 352 DOM
13. 2026-06-30
    days on market $149,000 Active 351 DOM
14. 2026-06-29
    days on market $149,000 Active 350 DOM
15. 2026-06-28
    days on market $149,000 Active 349 DOM
16. 2026-06-27
    days on market $149,000 Active 348 DOM
17. 2026-06-27
    days on market $149,000 Active 347 DOM
18. 2026-06-25
    days on market $149,000 Active 345 DOM
19. 2026-06-21
    days on market $149,000 Active 342 DOM
20. 2026-06-18
    days on market $149,000 Active 339 DOM
21. 2026-06-17
    days on market $149,000 Active 338 DOM
22. 2026-06-16
    days on market $149,000 Active 337 DOM
23. 2026-06-15
    days on market $149,000 Active 336 DOM
24. 2026-06-13
    days on market $149,000 Active 334 DOM
25. 2026-06-10
    days on market $149,000 Active 331 DOM
26. 2026-06-09
    days on market $149,000 Active 330 DOM
27. 2026-06-08
    days on market $149,000 Active 329 DOM
28. 2026-06-07
    days on market $149,000 Active 328 DOM
29. 2026-06-05
    days on market $149,000 Active 325 DOM
30. 2026-06-03
    days on market $149,000 Active 324 DOM
31. 2026-06-02
    days on market $149,000 Active 323 DOM
32. 2026-06-01
    days on market $149,000 Active 322 DOM
33. 2026-05-31
    days on market $149,000 Active 321 DOM
34. 2025-07-14
    listed $149,000 Active 449-char remark

    Show marketing remark (449 chars)

    Welcome to the Handelman Condominiums! This freshly renovated condo features stainless steel appliances, a skylight, and balcony access. Centrally located on Oretha Castle Haley Boulevard, this unit offers easy access to the best of New Orleans. For qualified buyers, we are pleased to offer exceptional financing opportunities, including a zero minimum down payment, up to a 20% grant for the down payment, and a $5,000 credit toward closing costs.

35. 2025-07-14
    listed $149,000 Active 449-char remark

    Show marketing remark (449 chars)

    Welcome to the Handelman Condominiums! This freshly renovated condo features stainless steel appliances, a skylight, and balcony access. Centrally located on Oretha Castle Haley Boulevard, this unit offers easy access to the best of New Orleans. For qualified buyers, we are pleased to offer exceptional financing opportunities, including a zero minimum down payment, up to a 20% grant for the down payment, and a $5,000 credit toward closing costs.

ⓘ 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 7/10 Severe FEMA zone X · 75% 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,544
• − Mortgage interest: −$8,346
• − Property taxes: −$2,235
• − Insurance: −$1,542
• − Repairs & maintenance: −$1,244
• − Management: −$1,244
• − HOA: −$3,000
• − Depreciation: −$4,335
• Taxable loss: −$6,401
• Est. tax savings @ 24.0%: +$1,536
• After-tax cash flow: $-2,338/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.

Condition & rehab AI · 9 photos

Good 80/100 Cosmetic rehab Est. rehab $3,500–$10,500 screening

This freshly renovated condo in Handelman Condominiums offers modern amenities and a prime location. With a good condition score and minimal updates needed, it's ready for a new owner.

Value-add opportunities

• Both Landscaping — Enhances curb appeal and adds value ↑
• Both Painting — Fresh paint can make a significant difference in appearance ↑
• Both Lighting — Modern lighting can improve the ambiance and increase value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 18/100

Zoned Schools

Elementary Benjamin Franklin Elem. Math And Science F LA #479/646 Nat'l #34,936/41,679 High Mcdonogh #35 College Preparatory School

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

A Composite livability gradescore 81/100

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 · 513,025 people
• City population: 338,817
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 9,387
• Household income: $39,333
• Rent vs Own: 75.4% rent · 24.6% own
• Severe rent burden: 13% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 61% White 20% Hispanic / Latino 13% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 2% Portuguese 1% Slovak 1%
• Foreign-born: 13% · Canada, Vietnam, China
• Languages at home: 86% English-only · Spanish 11% Other Indo-European 1% Vietnamese 1%

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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: ▲ 65.92%
• Current HPI: 229.3968
• Rent YoY: ▲ 5.98%
• Metro: New Orleans-Metairie, LA
• State GDP YoY: ▲ 3.29%
• F500 in state: 10

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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

+0.0% since first listed

2 events — show timeline

• 2025-07-14 Listed $149,000 AcadianaMLS
• 2025-07-14 Listed $149,000 GSREIN