2638 40 Louisiana Ave · New Orleans, LA 70115

$475,000

5 bd · 2.0 ba · 1,924 sqft · MultiFamily public records · 171 Days on market

Built 1946 3,484 sqft lot $247/sqft · 45% above area Est $359k · 32% 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 +27.1/30.0
• DSCR +9.4/10.0
• 1% rule +6.9/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Beautifully renovated triplex in the heart of uptown offering the perfect blend of modern comfort and classic New Orleans charm. This fully updated property features three income-producing units, new roof, HVAC tankless water heaters, updated electrical. and plumbing, fresh drywall, paint and stylish interior finishes. Each unit includes modern upgrades such granite counters, stainless steel appliances, updated baths, vinyl plank floors and preserved architectural details like exposed brick and pocket doors. Current rental amount is $3750. There is a rental potential of $5,200 per month. This property is for investors or owners looking to live in one unit and rent the others. Located steps from St. Charles Avenue, universities, dining, shopping, and public transit, this home sits in a high-demand rental area with HU-MU zoning for added flexibility. Turn-key, fully renovated, and ready for it's next owner- an exceptional uptown opportunity. Co-listing agent has owner interest in the property.

Key facts

• Renovated triplex
• Updated electrical
• New roof

Tags

• RENOVATED TRIPLEX
• THREE INCOME PRODUCING UNITS
• NEW ROOF
• HVAC TANKLESS WATER HEATERS
• UPDATED ELECTRICAL
• UPDATED PLUMBING

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $428/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $475k).
• Recommended offer: $418k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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 (-1.4%/yr); 278 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals lingering (median 44d 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 $5,663/mo this rent would consume 75% 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 $14k 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 171 days — a 12% lower offer ($418k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y 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 $200k; list at $475k implies a 138% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1946 — 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 $418,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 171 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.19% ✓
• Cap rate: 9.70%
• Cash-on-cash: 12.18%
• DSCR: 1.54
• GRM: 7.0

CMA / ARV

• ARV (median comp): $359,104
• List price: $475,000
• Delta: 32.27%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4617 19 Clara St	0.45mi	6/2.0 (+1)	2,037 (+6%)	0mo	$140,000	$69	64
2820-22 Milan St	0.28mi	4/2.0 (-1)	1,704 (-11%)	0mo	$305,000	$179	63
2315 Peniston St	0.26mi	4/2.0 (-1)	2,115 (+10%)	7mo	$275,000	$130	60
4617-19 Clara St	0.58mi	6/2.0 (+1)	2,036 (+6%)	0mo	$140,000	$69	58
3020 22 Gen Taylor St	0.32mi	4/2.0 (-1)	1,717 (-11%)	7mo	$190,000	$111	57
1917 Jena St	0.70mi	4/2.0 (-1)	1,857 (-4%)	1mo	$215,000	$116	56
2219 21 Toledano St	0.32mi	4/2.0 (-1)	1,640 (-15%)	4mo	$232,000	$141	53
2712 14 S Johnson St	0.54mi	4/4.0 (-1)	1,870 (-3%)	6mo	$246,200	$132	52
3528 30 Toledano St	0.66mi	5/2.0	1,700 (-12%)	2mo	$133,000	$78	49
1713 15 8th St	0.64mi	4/2.0 (-1)	1,750 (-9%)	7mo	$280,000	$160	44
2624-2626 Jackson Ave	0.60mi	4/2.0 (-1)	1,713 (-11%)	6mo	$159,900	$93	44
3619-25 Delachaise St	0.65mi	4/4.0 (-1)	2,162 (+12%)	7mo	$315,000	$146	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: -2.4%
• Equity multiple: 0.91×
• Total profit: $-11,790
• Equity at exit: $70,824

10-year hold

• IRR: 3.7%
• Equity multiple: 1.23×
• Total profit: $30,977
• Equity at exit: $41,069

Cash invested: $133,000 (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: 278
• Price-to-rent: 21.0×

Monthly cashflow live

• Estimated rent: $5,663 medium
• Mortgage (P&I): −$2,491
• Tax from tax record: −$435 /mo · $5,219/yr
• Insurance: −$198
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,189
• Net cashflow: $1,284

Break-even live

Break-even rent $4,038

Max offer price $475,000

Occupancy floor 72%

Sensitivity live

Price	-10% $1,552	-5% $1,418	+0% $1,284	+5% $1,149	+10% $1,015
Rent	-10% $836	-5% $1,060	+0% $1,284	+5% $1,507	+10% $1,731
Rate	-1.0pp $1,523	-0.5pp $1,404	base $1,284	+0.5pp $1,160	+1.0pp $1,035

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$5,664
Total (3 units)			$5,663

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: $118,750
• Closing costs: $14,250
• 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	44d	1	0.12mi
2608 Magnolia St New Orleans, LA	4.0	2.5	1950	$3,200	$1.64	44d	1	0.39mi
3200 Washington Ave Unit NA New Orleans, LA	4.0	3.0	2490	$3,400	$1.37	4d	1	0.43mi
2733 Danneel St New Orleans, LA	4.0	2.0	1350	$1,775	$1.31	24d	1	0.57mi
4213 Dryades St New Orleans, LA	4.0	2.0	2000	$2,800	$1.40	24d	1	0.60mi
1907 Napoleon Ave New Orleans, LA	4.0	2.0	2500	$2,800	$1.12	17d	1	0.64mi
2625 Jefferson Ave New Orleans, LA	4.0	2.0	2000	$2,600	$1.30	44d	1	0.79mi
2102 Josephine St New Orleans, LA	4.0	2.0	1286	$2,100	$1.63	24d	1	0.82mi
2519 Octavia St New Orleans, LA	4.0	2.0	1600	$3,900	$2.44	44d	1	0.86mi
5718 Cucullu St New Orleans, LA	4.0	3.0	1873	$2,500	$1.33	17d	1	0.94mi
2229 Joseph St New Orleans, LA	4.0	2.0	1830	$4,000	$2.19	17d	1	0.96mi
5819 Clara St New Orleans, LA	4.0	2.0	1596	$2,500	$1.57	44d	1	1.02mi
2117 S Lopez St New Orleans, LA	5.0	2.0	1920	$2,000	$1.04	24d	1	1.03mi
5832 Willow St New Orleans, LA	4.0	3.5	1400	$3,295	$2.35	44d	1	1.03mi
2322 Nashville Ave New Orleans, LA	4.0	2.0	2249	$2,750	$1.22	44d	1	1.04mi
5830 Clara St Unit 1 New Orleans, LA	4.0	2.0	2100	$4,500	$2.14	44d	1	1.05mi
2325 State St New Orleans, LA	5.0	3.0	1800	$4,000	$2.22	24d	1	1.07mi
2703 Palmer Ave New Orleans, LA	5.0	2.0	2349	$5,500	$2.34	44d	1	1.09mi
3737 Nashville Ave New Orleans, LA	4.0	2.0	2000	$3,400	$1.70	22d	1	1.10mi
2211 State St New Orleans, LA	4.0	4.0	1650	$4,200	$2.55	17d	1	1.10mi
2715 Palmer Ave New Orleans, LA	5.0	2.0	2184	$4,900	$2.24	44d	1	1.10mi
2832 Palmer Ave Unit Up New Orleans, LA	4.0	2.0	1720	$2,900	$1.69	44d	1	1.12mi
2818 Palmer Ave New Orleans, LA	5.0	2.0	1832	$4,900	$2.67	44d	1	1.12mi
2738 Calhoun St New Orleans, LA	4.0	2.0	1900	$4,800	$2.53	4d	1	1.17mi
6326 S Johnson St Unit 1 New Orleans, LA	5.0	2.0	2013	$3,950	$1.96	44d	1	1.18mi
6321 S Prieur St New Orleans, LA	6.0	2.0	1900	$4,200	$2.21	44d	1	1.19mi
2227 29 Joseph St New Orleans, LA	4.0	2.0	1830	$4,000	$2.19	44d	1	1.22mi
4 Cromwell Pl New Orleans, LA	5.0	2.0	2600	$7,000	$2.69	44d	1	1.26mi
1021 1st St New Orleans, LA	4.0	4.0	2621	$4,500	$1.72	4d	1	1.30mi
2308 Audubon St New Orleans, LA	4.0	1.5	1480	$3,050	$2.06	16d	1	1.41mi
822 Howard Ave Unit 1272354P New Orleans, LA	1.0–5.0	1.0–4.0	1749	$11,882	$6.79	2d	3	1.42mi
7011 Jeannette St Unit A New Orleans, LA	5.0	3.0	2200	$5,000	$2.27	44d	1	1.43mi
2201 Broadway St Unit 2 New Orleans, LA	4.0	2.0	2000	$3,000	$1.50	44d	1	1.44mi
7015 Willow St New Orleans, LA	5.0	3.0	2000	$4,200	$2.10	44d	1	1.44mi
2010 Broadway St New Orleans, LA	4.0	2.0	1600	$2,400	$1.50	24d	1	1.47mi
2651 Poydras St New Orleans, LA	1.0–4.0	1.0–2.0	1095	$2,545	$2.32	2d	16	1.47mi
1609 Broadway St New Orleans, LA	5.0	2.0	1776	$5,000	$2.82	44d	1	1.47mi
1700 Broadway St New Orleans, LA	4.0	2.0	1500	$3,600	$2.40	17d	1	1.49mi

Listing history 20 events

1. 2026-06-18
   days on market $475,000 Active 171 DOM
2. 2026-06-17
   days on market $475,000 Active 170 DOM
3. 2026-06-16
   days on market $475,000 Active 169 DOM
4. 2026-06-15
   days on market $475,000 Active 168 DOM
5. 2026-06-13
   days on market $475,000 Active 166 DOM
6. 2026-06-10
   days on market $475,000 Active 163 DOM
7. 2026-06-09
   days on market $475,000 Active 162 DOM
8. 2026-06-08
   days on market $475,000 Active 161 DOM
9. 2026-06-07
   days on market $475,000 Active 160 DOM
10. 2026-06-05
    days on market $475,000 Active 157 DOM
11. 2026-06-03
    days on market $475,000 Active 156 DOM
12. 2026-06-02
    days on market $475,000 Active 155 DOM
13. 2026-06-01
    days on market $475,000 Active 154 DOM
14. 2026-05-31
    days on market $475,000 Active 153 DOM
15. 2025-12-10
    listed $475,000 Active 1007-char remark

    Show marketing remark (1005 chars)

    Beautifully renovated triplex in the heart of uptown offering the perfect blend of modern comfort and classic New Orleans charm. This fully updated property features three income-producing units, new roof, HVAC tankless water heaters, updated electrical. and plumbing, fresh drywall, paint and stylish interior finishes. Each unit includes modern upgrades such granite counters, stainless steel appliances, updated baths, vinyl plank floors and preserved architectural details like exposed brick and pocket doors. Current rental amount is $3750. There is a rental potential of $5,200 per month. This property is for investors or owners looking to live in one unit and rent the others. Located steps from St.Charles Avenue, universities, dining, shopping, and public transit, this home sits in a high-demand rental area with HU-MU zoning for added flexibility. Turn-key, fully renovated, and ready for it's next owner- an exceptional uptown opportunity. Co-listing agent has owner interest in the property.

16. 2025-12-10
    listed $475,000 Active 1005-char remark

    Show marketing remark (1005 chars)

    Beautifully renovated triplex in the heart of uptown offering the perfect blend of modern comfort and classic New Orleans charm. This fully updated property features three income-producing units, new roof, HVAC tankless water heaters, updated electrical. and plumbing, fresh drywall, paint and stylish interior finishes. Each unit includes modern upgrades such granite counters, stainless steel appliances, updated baths, vinyl plank floors and preserved architectural details like exposed brick and pocket doors. Current rental amount is $3750. There is a rental potential of $5,200 per month. This property is for investors or owners looking to live in one unit and rent the others. Located steps from St.Charles Avenue, universities, dining, shopping, and public transit, this home sits in a high-demand rental area with HU-MU zoning for added flexibility. Turn-key, fully renovated, and ready for it's next owner- an exceptional uptown opportunity. Co-listing agent has owner interest in the property.

17. 2022-10-28
    listed $499,000
18. 2022-03-23
    soldstatus $200,000
19. 2022-01-17
    listed $225,000
20. 1977-08-29
    soldstatus $18,000

ⓘ 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: $5,219 · $435/mo
• Projected year-2 tax: $5,219 · $435/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 · 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: $67,956
• − Mortgage interest: −$26,607
• − Property taxes: −$5,219
• − Insurance: −$3,172
• − Repairs & maintenance: −$5,436
• − Management: −$5,436
• − Depreciation: −$13,818
• Taxable income: $8,266
• Est. tax owed @ 24.0%: −$1,984
• After-tax cash flow: $13,418/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

+2538.9% since first listed

6 events — show timeline

• 2025-12-10 Listed $475,000 AcadianaMLS
• 2025-12-10 Listed $475,000 GSREIN
• 2022-10-28 Listed $499,000 AcadianaMLS
• 2022-03-23 Sold (Public Records) $200,000 Public Records
• 2022-01-17 Listed $225,000 AcadianaMLS
• 1977-08-29 Sold (Public Records) $18,000 Public Records

Property tax history

+32.1%/yr

Latest (2026): $5,219 · +1.1% YoY. Source: county tax records.