2520-22 2nd St · New Orleans, LA 70113

$299,900

4 bd · 2.0 ba · 1,794 sqft · MultiFamily public records · 21 Days on market

Built 1900 3,720 sqft lot $167/sqft · at area comps Est $384k · 22% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0

Multi-family units

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

Listing remarks MLS

This AMAZING fourplex Central City area- a true New Orleans GEM. Comprising four spacious units, Totaling 4 bedrooms and 4 bathrooms this property offers tenants comfortable and roomy living spaces, off street parking and more! Can collect up to $4400 a month in rent, great first time investing! Bring all offers

Key facts

• 3,720 sq ft lot
• Listed 21 days

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $491/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $300k).
• Recommended offer: $295k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.4% 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 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).

Forward outlook

• In year one you build about $32k of equity ($2k loan paydown + $30k 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 $84k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 13y ago; this cycle's ask has dropped $25k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $17k; list at $300k implies a 1664% 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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $295,401 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — 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. 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: 1.65% ✓
• Cap rate: 14.41%
• Cash-on-cash: 28.99%
• DSCR: 2.29
• GRM: 5.0

CMA / ARV

• ARV (median comp): $384,158
• List price: $299,900
• Delta: -21.93%
• 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
2624-2626 Jackson Ave	0.21mi	4/2.0	1,713 (-4%)	6mo	$159,900	$93	78
2233-2235 Josephine St	0.32mi	4/2.0	1,938 (+8%)	8mo	$159,000	$82	65
2219 21 Toledano St	0.44mi	4/2.0	1,640 (-9%)	4mo	$232,000	$141	62
1713 15 8th St	0.66mi	4/2.0	1,750 (-2%)	7mo	$280,000	$160	60
2521 23 Carondelet St	0.57mi	4/2.5	1,873 (+4%)	6mo	$490,000	$262	59
2820-22 Milan St	0.70mi	4/2.0	1,704 (-5%)	0mo	$305,000	$179	59
3020 22 Gen Taylor St	0.65mi	4/2.0	1,717 (-4%)	7mo	$190,000	$111	57
1809 11 Third St	0.50mi	4/2.0	1,585 (-12%)	1mo	$260,000	$164	56
2712 14 S Johnson St	0.56mi	4/4.0	1,870 (+4%)	6mo	$246,200	$132	54
3528 30 Toledano St	0.75mi	5/2.0 (+1)	1,700 (-5%)	2mo	$133,000	$78	50
2700-2702 S Johnson St	0.55mi	4/3.0	1,600 (-11%)	9mo	$315,000	$197	45
3717 S Johnson St	0.71mi	4/2.0	1,605 (-10%)	7mo	$145,000	$90	44

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: 47.3%
• Equity multiple: 4.62×
• Total profit: $303,617
• Equity at exit: $270,174

10-year hold

• IRR: 42.3%
• Equity multiple: 10.89×
• Total profit: $830,885
• Equity at exit: $582,640

Cash invested: $83,972 (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: 20.2×

Monthly cashflow live

• Estimated rent: $4,960 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$192 /mo · $2,307/yr
• Insurance: −$125
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,042
• Net cashflow: $1,962

Break-even live

Break-even rent $2,476

Max offer price $299,900

Occupancy floor 55%

Sensitivity live

Price	-10% $2,132	-5% $2,047	+0% $1,962	+5% $1,877	+10% $1,792
Rent	-10% $1,570	-5% $1,766	+0% $1,962	+5% $2,158	+10% $2,354
Rate	-1.0pp $2,113	-0.5pp $2,038	base $1,962	+0.5pp $1,884	+1.0pp $1,805

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$4,960
Total (4 units)			$4,960

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2608 Magnolia St New Orleans, LA	4.0	2.5	1950	$3,200	$1.64	44d	1	0.09mi
2231 S Liberty St New Orleans, LA	3.0	3.5	1752	$2,000	$1.14	17d	1	0.22mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1232	$2,300	$1.87	24d	1	0.26mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1250	$2,300	$1.84	2d	1	0.26mi
2123 S Liberty St Unit 2125 New Orleans, LA	3.0	2.0	1500	$2,100	$1.40	3d	1	0.28mi
2107 Fourth St New Orleans, LA	3.0	1.0	1292	$1,775	$1.37	17d	1	0.31mi
2403 S Saratoga St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	24d	1	0.32mi
2733 Danneel St New Orleans, LA	4.0	2.0	1350	$1,775	$1.31	24d	1	0.39mi
1944 Jackson Ave New Orleans, LA	3.0	2.5	1572	$2,500	$1.59	44d	1	0.39mi
2722 Martin L King Bl New Orleans, LA	3.0	2.5	1350	$1,800	$1.33	24d	1	0.40mi
2102 Josephine St New Orleans, LA	4.0	2.0	1286	$2,100	$1.63	24d	1	0.40mi
3120 Second St New Orleans, LA	3.0	3.0	1256	$2,050	$1.63	24d	1	0.41mi
1915 Philip St New Orleans, LA	3.0	1.5	1300	$2,450	$1.88	24d	1	0.42mi
2833 S Derbigny St New Orleans, LA	3.0	2.0	1500	$1,795	$1.20	24d	1	0.43mi
2301 Dryades St New Orleans, LA	3.0	3.0	2070	$3,000	$1.45	3d	1	0.45mi
1407 Magnolia St New Orleans, LA	3.0	2.0	1824	$1,500	$0.82	24d	1	0.46mi
2318 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1400	$1,700	$1.21	24d	1	0.46mi
3429 Clara St New Orleans, LA	3.0	2.0	1620	$2,350	$1.45	15d	1	0.46mi
3200 Washington Ave Unit NA New Orleans, LA	4.0	3.0	2490	$3,400	$1.37	3d	1	0.47mi
2539 Amelia St New Orleans, LA	3.0	2.0	1296	$2,200	$1.70	24d	1	0.49mi
2625 Baronne St Unit 1 New Orleans, LA	3.0	1.5	2100	$2,600	$1.24	44d	1	0.50mi
2713 Baronne St New Orleans, LA	3.0	2.5	1600	$2,300	$1.44	24d	1	0.50mi
3044 Louisiana Avenue Pkwy New Orleans, LA	3.0	2.0	1800	$1,900	$1.06	24d	1	0.52mi
3212 Danneel St New Orleans, LA	3.0	2.0	1945	$2,000	$1.03	24d	1	0.54mi
2614 S Johnson St New Orleans, LA	3.0	2.0	1536	$2,079	$1.35	15d	1	0.54mi
3035 Delachaise St New Orleans, LA	3.0	1.0	1968	$1,750	$0.89	2d	1	0.54mi
3218 Jackson Ave New Orleans, LA	3.0	2.0	1267	$1,750	$1.38	24d	1	0.55mi
2600 Peniston St New Orleans, LA	4.0	2.0	2342	$3,500	$1.49	44d	1	0.55mi
3208 Louisiana Avenue Pkwy New Orleans, LA	3.0	2.0	1391	$1,900	$1.37	17d	1	0.57mi
2535 Marengo St New Orleans, LA	3.0	1.0	1300	$1,200	$0.92	15d	1	0.61mi
2717 Milan St New Orleans, LA	3.0	1.5	1850	$1,650	$0.89	15d	1	0.65mi
2606 S Miro St New Orleans, LA	3.0	2.0	1450	$2,016	$1.39	24d	1	0.67mi
4206 S Derbigny St New Orleans, LA	3.0	1.0	1300	$1,600	$1.23	24d	1	0.70mi
3429 Baronne St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	44d	1	0.71mi
3617 Fourth St Unit A New Orleans, LA	3.0	2.0	1225	$1,995	$1.63	17d	1	0.72mi
3514 S Miro St New Orleans, LA	3.0	2.0	1230	$1,950	$1.59	17d	1	0.76mi
4223 S Liberty St New Orleans, LA	3.0	1.5	1509	$2,400	$1.59	3d	1	0.80mi
1201 Baronne St #1 New Orleans, LA	3.0	2.5	1892	$2,700	$1.43	17d	1	0.83mi
1410 6th St New Orleans, LA	3.0	2.0	1400	$5,000	$3.57	16d	1	0.86mi
1636 Peniston St Unit B New Orleans, LA	3.0	2.0	1950	$1,700	$0.87	20d	1	0.91mi

Listing history 20 events

1. 2026-06-18
   days on market $299,900 Active 21 DOM
2. 2026-06-17
   days on market $299,900 Active 20 DOM
3. 2026-06-16
   days on market $299,900 Active 19 DOM
4. 2026-06-15
   days on market $299,900 Active 18 DOM
5. 2026-06-13
   days on market $299,900 Active 16 DOM
6. 2026-06-10
   days on market $299,900 Active 13 DOM
7. 2026-06-09
   days on market $299,900 Active 12 DOM
8. 2026-06-08
   days on market $299,900 Active 11 DOM
9. 2026-06-07
   days on market $299,900 Active 10 DOM
10. 2026-06-05
    days on market $299,900 Active 7 DOM
11. 2026-06-03
    days on market $299,900 Active 6 DOM
12. 2026-06-02
    days on market $299,900 Active 5 DOM
13. 2026-06-01
    days on market $299,900 Active 4 DOM
14. 2026-05-31
    days on market $299,900 Active 3 DOM
15. 2026-04-08
    price $299,900 313-char remark

    Show marketing remark (313 chars)

    This AMAZING fourplex Central City area- a true New Orleans GEM. Comprising four spacious units, Totaling 4 bedrooms and 4 bathrooms this property offers tenants comfortable and roomy living spaces, off street parking and more! Can collect up to $4400 a month in rent, great first time investing! Bring all offers

16. 2026-01-02
    price $320,000 313-char remark

    Show marketing remark (313 chars)

    This AMAZING fourplex Central City area- a true New Orleans GEM. Comprising four spacious units, Totaling 4 bedrooms and 4 bathrooms this property offers tenants comfortable and roomy living spaces, off street parking and more! Can collect up to $4400 a month in rent, great first time investing! Bring all offers

17. 2025-11-25
    listed $325,000 Active 313-char remark

    Show marketing remark (313 chars)

    This AMAZING fourplex Central City area- a true New Orleans GEM. Comprising four spacious units, Totaling 4 bedrooms and 4 bathrooms this property offers tenants comfortable and roomy living spaces, off street parking and more! Can collect up to $4400 a month in rent, great first time investing! Bring all offers

18. 2013-09-10
    listed $14,900 252-char remark

    Show marketing remark (252 chars)

    Traditional style double; potential to be owner occupant or investment property. Lots of activity in the neighborhood; No interior access will be given- property is unsafe to enter. No utilities will be provided. This is a Fannie Mae HomePath property.

19. 1997-11-13
    soldstatus $17,000
20. 1969-01-01
    soldstatus $14,000

ⓘ 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: $2,307 · $192/mo
• Projected year-2 tax: $2,307 · $192/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 · 19 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: $59,520
• − Mortgage interest: −$16,799
• − Property taxes: −$2,307
• − Insurance: −$2,297
• − Repairs & maintenance: −$4,762
• − Management: −$4,762
• − Depreciation: −$8,724
• Taxable income: $19,870
• Est. tax owed @ 24.0%: −$4,769
• After-tax cash flow: $18,776/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

+2042.1% since first listed

6 events — show timeline

• 2026-04-08 Price Changed $299,900 AcadianaMLS
• 2026-01-02 Price Changed $320,000 AcadianaMLS
• 2025-11-25 Listed $325,000 AcadianaMLS
• 2013-09-10 Listed $14,900 AcadianaMLS
• 1997-11-13 Sold (Public Records) $17,000 Public Records
• 1969-01-01 Sold (Public Records) $14,000 Public Records

Property tax history

+1.1%/yr

Latest (2026): $2,307 · +1.1% YoY. Source: county tax records.