2421 23 Onzaga St · New Orleans, LA 70119

$359,000

6 bd · 3.0 ba · 3,752 sqft · MultiFamily public records · 99 Days on market

Built 1900 5,336 sqft lot $96/sqft · at area comps Est $351k · at est. ↓ 5% since listing

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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 +29.1/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +6.4/15.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 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

Located in the heart of the Historic Seventh Ward, this charming raised camelback double is available just in time for the Jazz Festival. The property has been well-loved and is ready for its new owner. * 2421 Side: Offers five spacious bedrooms and one and a half bathrooms, providing ample space for family or guests. * 2423 Side: Features two comfortable bedrooms and one bathroom, for owner occupied or as an income-generating unit. The interior features beautiful hardwood floors, newer HVAC systems ensure comfort year-round, newer roofing provides peace of mind and durability, 8-inch baseboards and 10-foot ceilings contribute to the home's classic architectural charm. There is separate storage area in the backyard. This is a succession property, and the necessary paperwork is nearly complete, making the transaction process straightforward for potential buyers.

Key facts

• 5,336 sq ft lot
• Built 1900
• Listed 99 days

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $359k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $359k).
• Recommended offer: $327k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.4% 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; 2 comparable units currently listed for rent nearby; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $4,599/mo this rent would consume 104% 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 $11k 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 99 days — a 9% lower offer ($327k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $40k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1900 — 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 $326,690 (9.0% below list)

Questions for the listing agent

1. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.28% ✓
• Cap rate: 10.42%
• Cash-on-cash: 14.75%
• DSCR: 1.66
• GRM: 6.5

CMA / ARV

• ARV (median comp): $350,642
• List price: $359,000
• Delta: 2.38%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1612 14 N Broad St	0.16mi	5/3.5 (-1)	3,415 (-9%)	1mo	$215,000	$63	70
2662 64 New Orleans St	0.53mi	6/2.0	3,408 (-9%)	6mo	$75,000	$22	51
2911 13 Castiglione St	0.48mi	7/4.0 (+1)	4,100 (+9%)	7mo	$350,000	$85	47
2433 35 Ursulines Ave	0.55mi	6/4.0	3,237 (-14%)	1mo	$375,000	$116	47
1810 12 Governor Nicholls St	0.70mi	7/7.0 (+1)	3,689 (-2%)	1mo	$699,000	$189	44
1653 55 Treasure St	0.72mi	7/4.0 (+1)	3,200 (-15%)	11mo	$285,000	$89	24

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: 0.8%
• Equity multiple: 1.03×
• Total profit: $2,863
• Equity at exit: $53,528

10-year hold

• IRR: 7.1%
• Equity multiple: 1.46×
• Total profit: $46,520
• Equity at exit: $31,040

Cash invested: $100,520 (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 70119

• Home prices YoY: -34.8%
• Rents YoY: -0.2%
• Active inventory: 381
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $4,599 high
• Mortgage (P&I): −$1,883
• Tax from tax record: −$366 /mo · $4,386/yr
• Insurance: −$150
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$966
• Net cashflow: $1,169

Break-even live

Break-even rent $3,119

Max offer price $359,000

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
1× unit	5	1.5	$2,515
1× unit	2	1	$2,084
Total (2 units)			$4,599

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: $89,750
• Closing costs: $10,770
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1608 Governor Nicholls St Unit D New Orleans, LA	5.0	3.5	5245	$4,000	$0.76	43d	1	0.80mi
1608 Governor Nicholls St Unit D New Orleans, LA	5.0	3.5	5245	$4,000	$0.76	23d	1	0.80mi

Listing history 19 events

1. 2026-06-18
   days on market $359,000 Active 99 DOM
2. 2026-06-17
   days on market $359,000 Active 98 DOM
3. 2026-06-16
   days on market $359,000 Active 97 DOM
4. 2026-06-15
   days on market $359,000 Active 96 DOM
5. 2026-06-13
   days on market $359,000 Active 94 DOM
6. 2026-06-10
   days on market $359,000 Active 91 DOM
7. 2026-06-09
   days on market $359,000 Active 90 DOM
8. 2026-06-08
   days on market $359,000 Active 89 DOM
9. 2026-06-07
   remarks 685-char remark
10. 2026-06-07
    pricedays on market $359,000 Active 88 DOM
11. 2026-06-05
    days on market $379,000 Active 85 DOM
12. 2026-06-03
    days on market $379,000 Active 84 DOM
13. 2026-06-02
    days on market $379,000 Active 83 DOM
14. 2026-06-01
    days on market $379,000 Active 82 DOM
15. 2026-05-31
    days on market $379,000 Active 81 DOM
16. 2026-05-08
    price $379,000 873-char remark

    Show marketing remark (889 chars)

    Located in the heart of the Historic Seventh Ward, this charming raised camelback double is available just in time for the Jazz Festival. The property has been well-loved and is ready for its new owner. • 2421 Side: Offers five spacious bedrooms and one and a half bathrooms, providing ample space for family or guests. • 2423 Side: Features two comfortable bedrooms and one bathroom, for owner occupied or as an income-generating unit. The interior features beautiful hardwood floors, newer HVAC systems ensure comfort year-round, newer roofing provides peace of mind and durability, 8-inch baseboards and 10-foot ceilings contribute to the home’s classic architectural charm. There is separate storage area in the backyard. This is a succession property, and the necessary paperwork is nearly complete, making the transaction process straightforward for potential buyers.

17. 2026-05-08
    price $379,000 889-char remark

    Show marketing remark (889 chars)

    Located in the heart of the Historic Seventh Ward, this charming raised camelback double is available just in time for the Jazz Festival. The property has been well-loved and is ready for its new owner. • 2421 Side: Offers five spacious bedrooms and one and a half bathrooms, providing ample space for family or guests. • 2423 Side: Features two comfortable bedrooms and one bathroom, for owner occupied or as an income-generating unit. The interior features beautiful hardwood floors, newer HVAC systems ensure comfort year-round, newer roofing provides peace of mind and durability, 8-inch baseboards and 10-foot ceilings contribute to the home’s classic architectural charm. There is separate storage area in the backyard. This is a succession property, and the necessary paperwork is nearly complete, making the transaction process straightforward for potential buyers.

18. 2026-03-11
    listed $399,000 Active 873-char remark

    Show marketing remark (889 chars)

    Located in the heart of the Historic Seventh Ward, this charming raised camelback double is available just in time for the Jazz Festival. The property has been well-loved and is ready for its new owner. • 2421 Side: Offers five spacious bedrooms and one and a half bathrooms, providing ample space for family or guests. • 2423 Side: Features two comfortable bedrooms and one bathroom, for owner occupied or as an income-generating unit. The interior features beautiful hardwood floors, newer HVAC systems ensure comfort year-round, newer roofing provides peace of mind and durability, 8-inch baseboards and 10-foot ceilings contribute to the home’s classic architectural charm. There is separate storage area in the backyard. This is a succession property, and the necessary paperwork is nearly complete, making the transaction process straightforward for potential buyers.

19. 2026-03-11
    listed $399,000 Active 889-char remark

    Show marketing remark (889 chars)

    Located in the heart of the Historic Seventh Ward, this charming raised camelback double is available just in time for the Jazz Festival. The property has been well-loved and is ready for its new owner. • 2421 Side: Offers five spacious bedrooms and one and a half bathrooms, providing ample space for family or guests. • 2423 Side: Features two comfortable bedrooms and one bathroom, for owner occupied or as an income-generating unit. The interior features beautiful hardwood floors, newer HVAC systems ensure comfort year-round, newer roofing provides peace of mind and durability, 8-inch baseboards and 10-foot ceilings contribute to the home’s classic architectural charm. There is separate storage area in the backyard. This is a succession property, and the necessary paperwork is nearly complete, making the transaction process straightforward for potential buyers.

ⓘ 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: $4,386 · $366/mo
• Projected year-2 tax: $4,386 · $366/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: $55,188
• − Mortgage interest: −$20,110
• − Property taxes: −$4,386
• − Insurance: −$2,592
• − Repairs & maintenance: −$4,415
• − Management: −$4,415
• − Depreciation: −$10,444
• Taxable income: $8,826
• Est. tax owed @ 24.0%: −$2,118
• After-tax cash flow: $11,910/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

-5.0% since first listed

4 events — show timeline

• 2026-05-08 Price Changed $379,000 AcadianaMLS
• 2026-05-08 Price Changed $379,000 GSREIN
• 2026-03-11 Listed $399,000 GSREIN
• 2026-03-11 Listed $399,000 AcadianaMLS

Property tax history

+44.7%/yr

Latest (2026): $4,386 · +1.1% YoY. Source: county tax records.