2223 Josephine St · New Orleans, LA 70113

$175,000

3 bd · 2.0 ba · 1,792 sqft · SingleFamily public records · 7 Days on market

Built 1920 0.37 ac lot $98/sqft · 47% below area Est $330k · 47% under

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Why this score? — see what drove the A- 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 +28.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.1/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0

Listing remarks MLS

Charming 3 bed, 2 bath New Orleans shotgun-style home in Central City, ideal for investors. Located near shopping, restaurants, parade routes, local festivals, and just minutes from Downtown and the Medical Plaza. This property offers a perfect canvas for customization or a prime investment opportunity. Cash Buyer. Succession and Title work has been completed.

Key facts

• Near shopping
• Near restaurants
• Near local festivals

Tags

• NEW ORLEANS SHOTGUN-STYLE HOME
• NEAR SHOPPING
• NEAR RESTAURANTS
• NEAR PARADE ROUTES
• NEAR LOCAL FESTIVALS
• MINUTES FROM DOWNTOWN

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Single-family detached residence; 1 story
• Construction: Vinyl siding; Wood siding; Composition roof
• Exterior features: Porch; Chain link and wrought iron fencing; Rectangular lot

Interior

• Kitchen: Range; Oven
• Flooring: Tile; Ceramic tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Wall furnace heating; Window unit cooling
• Interior features: Eat-in kitchen; Fireplace (1)
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $481 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Cap rate 10.0% 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 fast (+6.0%/yr); 137 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,293/mo this rent would consume 70% of the median local household income ($39k/yr) (locally 714% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Orleans County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 6.0% rent growth), your $49k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 2y 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 $20k; list at $175k implies a 775% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1920 — 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 $175,000

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.31% ✓
• Cap rate: 10.04%
• Cash-on-cash: 13.40%
• DSCR: 1.60
• GRM: 6.4

CMA / ARV

• ARV (median comp): $329,925
• List price: $175,000
• Delta: -46.96%
• 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
2223 Josephine St	0.00mi	3/2.0	1,792 (0%)	0mo	$175,000	$98	100
2106 Josephine St	0.10mi	3/2.0	1,711 (-4%)	10mo	$339,000	$198	80
2404 Danneel St	0.32mi	3/3.0	1,750 (-2%)	6mo	$389,000	$222	72
2814 Second St	0.45mi	3/3.5	1,805 (+1%)	0mo	$255,000	$141	72
1522 Rev John Raphael Jr Way	0.18mi	3/2.5	1,677 (-6%)	13mo	$240,000	$143	68
2400 Danneel St	0.31mi	3/3.0	1,750 (-2%)	12mo	$390,000	$223	67
2315 4th St	0.37mi	3/3.0	1,900 (+6%)	4mo	$275,000	$145	66
2226 First St	0.23mi	2/2.0 (-1)	1,600 (-11%)	8mo	$285,000	$178	60
2107 Harmony St	0.65mi	4/2.0 (+1)	1,730 (-4%)	1mo	$322,000	$186	58
2517 Baronne St	0.44mi	3/1.0	2,004 (+12%)	1mo	$275,000	$137	55
3205 S Saratoga St	0.67mi	3/2.5	1,677 (-6%)	2mo	$425,000	$253	55
1729 Prytania St	0.57mi	2/2.5 (-1)	2,016 (+12%)	5mo	$585,000	$290	42

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: 34.4%
• Equity multiple: 3.72×
• Total profit: $133,110
• Equity at exit: $157,654

10-year hold

• IRR: 30.8%
• Equity multiple: 8.84×
• Total profit: $384,339
• Equity at exit: $339,987

Cash invested: $49,000 (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 70113

• Rents YoY: 6.0%
• Active inventory: 137
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $2,293 high
• Mortgage (P&I): −$918
• Tax from tax record: −$274 /mo · $3,288/yr
• Insurance: −$73
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$482
• Net cashflow: $481

Break-even live

Break-even rent $1,685

Max offer price $175,000

Occupancy floor 74%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2102 Josephine St New Orleans, LA	4.0	2.0	1286	$2,100	$1.63	23d	1	0.08mi
2123 S Liberty St Unit 2125 New Orleans, LA	3.0	2.0	1500	$2,100	$1.40	3d	1	0.09mi
2231 S Liberty St New Orleans, LA	3.0	3.5	1752	$2,000	$1.14	17d	1	0.15mi
1944 Jackson Ave New Orleans, LA	3.0	2.5	1572	$2,500	$1.59	43d	1	0.16mi
2318 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1400	$1,700	$1.21	23d	1	0.22mi
2403 S Saratoga St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	23d	1	0.24mi
1915 Philip St New Orleans, LA	3.0	1.5	1300	$2,450	$1.88	23d	1	0.25mi
2301 Dryades St New Orleans, LA	3.0	3.0	2070	$3,000	$1.45	3d	1	0.29mi
2722 Martin L King Bl New Orleans, LA	3.0	2.5	1350	$1,800	$1.33	23d	1	0.38mi
2107 Fourth St New Orleans, LA	3.0	1.0	1292	$1,775	$1.37	17d	1	0.38mi
1407 Magnolia St New Orleans, LA	3.0	2.0	1824	$1,500	$0.82	23d	1	0.40mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1250	$2,300	$1.84	2d	1	0.41mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1232	$2,300	$1.87	23d	1	0.41mi
2608 Magnolia St New Orleans, LA	4.0	2.5	1950	$3,200	$1.64	43d	1	0.44mi
2733 Danneel St New Orleans, LA	4.0	2.0	1350	$1,775	$1.31	23d	1	0.46mi
1635 2nd St New Orleans, LA	2.0	1.0	1500	$2,175	$1.45	16d	1	0.47mi
2100 Saint Charles Ave New Orleans, LA	1.0–2.0	1.5–2.0	1077	$3,500	$3.25	3d	2	0.47mi
2625 Baronne St Unit 1 New Orleans, LA	3.0	1.5	2100	$2,600	$1.24	43d	1	0.47mi
2100 Saint Charles Ave Unit 3M New Orleans, LA	2.0	2.0	1425	$3,500	$2.46	43d	1	0.47mi
1201 Baronne St #1 New Orleans, LA	3.0	2.5	1892	$2,700	$1.43	17d	1	0.49mi
1201 Baronne St #2 New Orleans, LA	2.0	2.5	1998	$1,850	$0.93	17d	1	0.49mi
2713 Baronne St New Orleans, LA	3.0	2.5	1600	$2,300	$1.44	23d	1	0.50mi
1908 Washington Ave Unit NA New Orleans, LA	2.0	2.5	1498	$2,100	$1.40	20d	1	0.51mi
1520 Saint Mary St Unit E New Orleans, LA	2.0	2.0	1381	$2,800	$2.03	43d	1	0.51mi
1750 Saint Charles Ave #516 New Orleans, LA	2.0	2.0	1507	$2,600	$1.73	16d	1	0.52mi
2010 Prytania St New Orleans, LA	2.0	2.0	1600	$2,350	$1.47	23d	1	0.56mi
1525 Melpomene St Unit Na New Orleans, LA	3.0	1.5	1700	$4,000	$2.35	43d	1	0.57mi
1426 Urania St New Orleans, LA	2.0	1.0	1270	$1,350	$1.06	2d	1	0.60mi
875 O'Keefe Ave #301 New Orleans, LA	3.0	2.5	2029	$4,500	$2.22	17d	1	0.64mi
822 Howard Ave Unit 1272354P New Orleans, LA	1.0–5.0	1.0–4.0	1749	$6,618	$3.78	1d	3	0.64mi
1330 Saint Mary St New Orleans, LA	2.0	2.0	1486	$2,795	$1.88	23d	1	0.65mi
3120 Second St New Orleans, LA	3.0	3.0	1256	$2,050	$1.63	23d	1	0.66mi
1306 Felicity St Unit C New Orleans, LA	3.0	3.0	1500	$2,450	$1.63	17d	1	0.69mi
1001 Julia St Unit 10B New Orleans, LA	2.0	2.0	1418	$6,650	$4.69	10d	1	0.70mi
3212 Danneel St New Orleans, LA	3.0	2.0	1945	$2,000	$1.03	23d	1	0.70mi
801 Saint Joseph St #1 New Orleans, LA	2.0	2.5	2400	$14,000	$5.83	43d	1	0.71mi
2726 Prytania St #7 New Orleans, LA	2.0	2.0	1436	$2,350	$1.64	23d	1	0.71mi
2726 Prytania St #7 New Orleans, LA	2.0	2.0	1436	$2,500	$1.74	43d	1	0.71mi
1100 Girod St Unit PHF New Orleans, LA	2.0	2.0	1380	$5,800	$4.20	23d	1	0.71mi
1441 Washington Ave Unit A New Orleans, LA	2.0	2.5	2027	$3,500	$1.73	11d	1	0.72mi

Listing history 17 events

1. 2026-05-18
   status Pending 362-char remark

   Show marketing remark (362 chars)

   Charming 3 bed, 2 bath New Orleans shotgun-style home in Central City, ideal for investors. Located near shopping, restaurants, parade routes, local festivals, and just minutes from Downtown and the Medical Plaza. This property offers a perfect canvas for customization or a prime investment opportunity. Cash Buyer. Succession and Title work has been completed.

2. 2026-05-18
   status Pending 362-char remark

   Show marketing remark (362 chars)

   Charming 3 bed, 2 bath New Orleans shotgun-style home in Central City, ideal for investors. Located near shopping, restaurants, parade routes, local festivals, and just minutes from Downtown and the Medical Plaza. This property offers a perfect canvas for customization or a prime investment opportunity. Cash Buyer. Succession and Title work has been completed.

3. 2026-05-08
   listed $175,000 Active 362-char remark

   Show marketing remark (362 chars)

   Charming 3 bed, 2 bath New Orleans shotgun-style home in Central City, ideal for investors. Located near shopping, restaurants, parade routes, local festivals, and just minutes from Downtown and the Medical Plaza. This property offers a perfect canvas for customization or a prime investment opportunity. Cash Buyer. Succession and Title work has been completed.

4. 2026-05-08
   listed $175,000 Active 362-char remark

   Show marketing remark (362 chars)

   Charming 3 bed, 2 bath New Orleans shotgun-style home in Central City, ideal for investors. Located near shopping, restaurants, parade routes, local festivals, and just minutes from Downtown and the Medical Plaza. This property offers a perfect canvas for customization or a prime investment opportunity. Cash Buyer. Succession and Title work has been completed.

5. 2025-09-08
   status Pending
6. 2025-08-12
   status Active
7. 2025-06-16
   status Pending
8. 2025-04-03
   price $150,000
9. 2025-04-03
   price $150,000
10. 2024-12-11
    listed $195,000 Active
11. 2024-12-11
    historical
12. 2024-11-20
    price $195,000
13. 2024-11-20
    price $195,000
14. 2024-08-18
    listed $225,000 Active
15. 2024-08-18
    listed $225,000 Active
16. 1998-10-30
    soldstatus $20,000
17. 1992-05-11
    soldstatus $15,000

ⓘ 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: $3,288 · $274/mo
• Projected year-2 tax: $3,288 · $274/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 · 74% 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: $27,519
• − Mortgage interest: −$9,803
• − Property taxes: −$3,288
• − Insurance: −$1,672
• − Repairs & maintenance: −$2,202
• − Management: −$2,202
• − Depreciation: −$5,091
• Taxable income: $3,262
• Est. tax owed @ 24.0%: −$783
• After-tax cash flow: $4,984/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): 9,387
• Household income: $39,333
• Rent vs Own: 75.4% rent · 24.6% own
• Severe rent burden: 714.0

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 0.57)
• 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%

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

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

+1066.7% since first listed

19 events — show timeline

• 2026-06-15 Sold (MLS) — GBRMLS
• 2026-06-15 Sold (MLS) — AcadianaMLS
• 2026-05-18 Pending — AcadianaMLS
• 2026-05-18 Pending — GBRMLS
• 2026-05-08 Listed $175,000 GBRMLS
• 2026-05-08 Listed $175,000 AcadianaMLS
• 2025-09-08 Pending — GBRMLS
• 2025-08-12 Relisted — GBRMLS
• 2025-06-16 Pending — GBRMLS
• 2025-04-03 Price Changed $150,000 AcadianaMLS
• 2025-04-03 Price Changed $150,000 GBRMLS
• 2024-12-11 Listed $195,000 GBRMLS
• 2024-12-11 Delisted — GBRMLS
• 2024-11-20 Price Changed $195,000 GBRMLS
• 2024-11-20 Price Changed $195,000 AcadianaMLS
• 2024-08-18 Listed $225,000 GBRMLS
• 2024-08-18 Listed $225,000 AcadianaMLS
• 1998-10-30 Sold (Public Records) $20,000 Public Records
• 1992-05-11 Sold (Public Records) $15,000 Public Records

Property tax history

+14.6%/yr

Latest (2026): $3,288 · +1.1% YoY. Source: county tax records.