1124-26 Piety St · New Orleans, LA 70117

$339,000

6 bd · 2.0 ba · 1,944 sqft · MultiFamily public records · 81 Days on market

Built 1900 2,901 sqft lot $174/sqft · 11% below area Est $381k · 11% under

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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 +18.5/30.0
• ARV discount +12.5/15.0
• DSCR +5.8/10.0
• 1% rule +4.2/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• 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 Bywater, 1124-26 Piety Street is a raised double featuring two 2-bedroom, 1-bath units with hardwood floors, high ceilings, and plenty of natural light. Each unit has its own private backyard, offering great outdoor space for relaxing or entertaining. Whether you're looking to live in one side and rent the other, or add a strong property to your portfolio, this double offers charm, functionality, and location. Just blocks from Crescent Park, coffee shops, and neighborhood favorites, it's a great opportunity in one of New Orleans' most vibrant areas.

Key facts

• 2,901 sq ft lot
• Built 1900
• Listed 81 days

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $339k.

Deal economics

• At list price, monthly cash flow is $255 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $311k (8.3% below list).
• Recommended offer: $311k (8.3% below list) — sets the bar for 1% rule.
• Cap rate 7.4% 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 rising (+2.5%/yr); 581 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,110/mo this rent would consume 82% of the median local household income ($46k/yr) (locally 1988% 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 $10k 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 81 days — a 6% lower offer ($319k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 28y 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 $146k; list at $339k implies a 133% gain — meaningful room to come down on a strong offer.

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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $311,000 (8.3% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 8% 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: 0.92% ✗
• Cap rate: 7.43%
• Cash-on-cash: 4.06%
• DSCR: 1.18
• GRM: 9.1

CMA / ARV

• ARV (median comp): $381,188
• List price: $339,000
• Delta: -11.07%
• 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
3146 48 N Rampart St	0.18mi	5/2.0 (-1)	2,098 (+8%)	8mo	$380,000	$181	67
1914-1916 Feliciana St	0.60mi	6/2.0	1,896 (-2%)	3mo	$245,000	$129	65
3135-3137 N Prieur St	0.56mi	6/2.0	1,800 (-7%)	2mo	$319,000	$177	60
3119 Royal St	0.36mi	7/3.0 (+1)	1,770 (-9%)	0mo	$500,000	$282	59
2538 40 Congress St	0.42mi	6/2.5	2,016 (+4%)	20mo	$335,000	$166	56
923-25 Port St	0.48mi	5/3.0 (-1)	2,018 (+4%)	15mo	$490,000	$243	50
2009 11 Desire St	0.64mi	6/3.0	1,824 (-6%)	10mo	$210,000	$115	48
1616 -1618 Painters St	0.67mi	6/4.0	1,976 (+2%)	15mo	$227,000	$115	45
1721 23 France St	0.67mi	6/2.0	1,675 (-14%)	1mo	$135,000	$81	45
1310 12 Lesseps St	0.57mi	6/2.0	2,125 (+9%)	16mo	$435,000	$205	44
5401 03 N Robertson St	0.36mi	6/4.0	2,225 (+14%)	14mo	$149,999	$67	40
705 07 Alvar St	0.48mi	5/4.0 (-1)	2,219 (+14%)	20mo	$275,000	$124	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 · 2.49% rent growth · sell at horizon

5-year hold

• IRR: -11.8%
• Equity multiple: 0.57×
• Total profit: $-40,349
• Equity at exit: $50,546

10-year hold

• IRR: -3.4%
• Equity multiple: 0.78×
• Total profit: $-20,869
• Equity at exit: $29,311

Cash invested: $94,920 (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 70117

• Rents YoY: 2.5%
• Active inventory: 581
• Price-to-rent: 18.2×

Monthly cashflow live

• Estimated rent: $3,110 high
• Mortgage (P&I): −$1,778
• Tax from tax record: −$217 /mo · $2,603/yr
• Insurance: −$141
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$653
• Net cashflow: $255

Break-even live

Break-even rent $2,788

Max offer price $339,000

Occupancy floor 87%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,110
Total (2 units)			$3,110

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: $84,750
• Closing costs: $10,170
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$8,133	$5.14	3d	2	0.77mi

Listing history 40 events

1. 2026-06-18
   days on market $339,000 Active 81 DOM
2. 2026-06-17
   days on market $339,000 Active 80 DOM
3. 2026-06-16
   pricedays on market $339,000 Active 79 DOM
4. 2026-06-15
   days on market $340,000 Active 78 DOM
5. 2026-06-13
   days on market $340,000 Active 76 DOM
6. 2026-06-10
   days on market $340,000 Active 73 DOM
7. 2026-06-09
   days on market $340,000 Active 72 DOM
8. 2026-06-08
   days on market $340,000 Active 71 DOM
9. 2026-06-07
   days on market $340,000 Active 70 DOM
10. 2026-06-05
    days on market $340,000 Active 67 DOM
11. 2026-06-03
    days on market $340,000 Active 66 DOM
12. 2026-06-02
    days on market $340,000 Active 65 DOM
13. 2026-06-01
    days on market $340,000 Active 64 DOM
14. 2026-05-31
    days on market $340,000 Active 63 DOM
15. 2026-03-29
    listed $347,000 Active 583-char remark

    Show marketing remark (601 chars)

    Located in the heart of the Bywater, 1124-26 Piety Street is a raised double featuring two 2-bedroom, 1-bath units with hardwood floors, high ceilings, and plenty of natural light. Each unit has its own private backyard, offering great outdoor space for relaxing or entertaining. Whether you’re looking to live in one side and rent the other, or add a strong property to your portfolio, this double offers charm, functionality, and location. Just blocks from Crescent Park, coffee shops, and neighborhood favorites, it’s a great opportunity in one of New Orleans’ most vibrant areas.

16. 2026-03-29
    listed $347,000 Active 601-char remark

    Show marketing remark (601 chars)

    Located in the heart of the Bywater, 1124-26 Piety Street is a raised double featuring two 2-bedroom, 1-bath units with hardwood floors, high ceilings, and plenty of natural light. Each unit has its own private backyard, offering great outdoor space for relaxing or entertaining. Whether you’re looking to live in one side and rent the other, or add a strong property to your portfolio, this double offers charm, functionality, and location. Just blocks from Crescent Park, coffee shops, and neighborhood favorites, it’s a great opportunity in one of New Orleans’ most vibrant areas.

17. 2025-09-20
    price $347,000
18. 2025-09-20
    price $347,000
19. 2025-06-16
    price $363,000
20. 2025-06-16
    price $363,000
21. 2025-05-24
    price $370,000
22. 2025-05-24
    price $370,000
23. 2025-04-11
    listed $385,000 Active
24. 2024-02-22
    historical $1,350
25. 2024-01-25
    price $1,350
26. 2023-12-16
    listed $1,400
27. 2018-02-15
    soldstatus $145,500
28. 2017-06-14
    soldstatus $172,000
29. 2016-09-12
    listed $199,000
30. 2010-08-16
    listed $129,000
31. 2010-08-16
    listed $129,000
32. 2009-03-14
    listed $181,000
33. 2009-03-14
    listed $181,000
34. 2007-06-26
    soldstatus $77,000
35. 2007-06-20
    soldstatus $75,000
36. 2007-05-23
    listed $79,900
37. 2007-05-23
    listed $79,900
38. 1998-09-04
    soldstatus $27,000
39. 1998-09-04
    listed
40. 1998-09-04
    listed

ⓘ 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: $2,603 · $217/mo
• Projected year-2 tax: $2,603 · $217/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 · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 22 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,320
• − Mortgage interest: −$18,989
• − Property taxes: −$2,603
• − Insurance: −$2,492
• − Repairs & maintenance: −$2,986
• − Management: −$2,986
• − Depreciation: −$9,862
• Taxable loss: −$2,598
• Est. tax savings @ 24.0%: +$623
• After-tax cash flow: $3,678/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): 25,652
• Household income: $45,764
• Rent vs Own: 47.8% rent · 52.2% own
• Severe rent burden: 1988.0

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: Majority Black (60%)
• Race & ethnicity: Black 60% White 30% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Lithuanian 5% Italian 1% Romanian 1%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% French/Haitian/Cajun 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: ▼ -177.22%
• Current HPI: 184.6061
• Rent YoY: ▲ 2.49%
• 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

+1185.2% since first listed

26 events — show timeline

• 2026-03-29 Listed $347,000 GSREIN
• 2026-03-29 Listed $347,000 AcadianaMLS
• 2025-09-20 Price Changed $347,000 AcadianaMLS
• 2025-09-20 Price Changed $347,000 GSREIN
• 2025-06-16 Price Changed $363,000 AcadianaMLS
• 2025-06-16 Price Changed $363,000 GSREIN
• 2025-05-24 Price Changed $370,000 AcadianaMLS
• 2025-05-24 Price Changed $370,000 GSREIN
• 2025-04-11 Listed $385,000 AcadianaMLS
• 2024-02-22 Rental Removed $1,350 GSREIN
• 2024-01-25 Price Changed $1,350 GSREIN
• 2023-12-16 Listed for Rent $1,400 GSREIN
• 2018-02-15 Sold (Public Records) $145,500 Public Records
• 2017-06-14 Sold (Public Records) $172,000 Public Records
• 2016-09-12 Listed $199,000 AcadianaMLS
• 2010-08-16 Listed $129,000 GSREIN
• 2010-08-16 Listed $129,000 AcadianaMLS
• 2009-03-14 Listed $181,000 GSREIN
• 2009-03-14 Listed $181,000 AcadianaMLS
• 2007-06-26 Sold (Public Records) $77,000 Public Records
• 2007-06-20 Sold (MLS) $75,000 GSREIN
• 2007-05-23 Listed $79,900 GSREIN
• 2007-05-23 Listed $79,900 AcadianaMLS
• 1998-09-04 Listed — AcadianaMLS
• 1998-09-04 Listed — GSREIN
• 1998-09-04 Sold (MLS) $27,000 GSREIN

Property tax history

+3.8%/yr

Latest (2026): $2,603 · +1.1% YoY. Source: county tax records.