137 39 S Scott St · New Orleans, LA 70119

$495,000

6 bd · 3.0 ba · 3,616 sqft · MultiFamily · 188 Days on market

Built 1913 Poor condition 3,920 sqft lot $137/sqft · 10% below area Est $550k · 10% under

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Why this score? — see what drove the D 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 +13.6/30.0
• ARV discount +12.0/15.0
• DSCR +4.1/10.0
• Livability +4.0/5.0
• 1% rule +3.8/10.0
• Rent growth +2.5/5.0
• Schools +1.6/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

CALLING ALL DESIGNERS, INVESTORS & CONTRACTORS! A rare Mid-City opportunity just one block off the Canal Streetcar line and surrounded by some of New Orleans’ most iconic dining—Venezia, Mandina’s, Angelo Brocato’s, Café Minh, and more. See preliminary drawings in the photos section. This townhouse-style duplex has already undergone the hardest work—full gut, structural updates, framing, and major system upgrades—and is now ready for your vision and finishing touches. Enjoy classic New Orleans architecture with front and rear balconies plus a deep front porch. The interior has been professionally framed with treated lumber, featuring fire blocking on both sides, re-pointed and capped chimneys, new sheet metal around fireplaces, and beautifully salvaged original flooring on the 137 side. Staircases have been reinforced with steel plates and 2x6 mounts, and the foundation was fully repaired with new piers, sills, and 3/4" decking throughout. Additional upgrades include: A+ structural rating 3-year-old roof with new flashings, gutters, and downspouts All new plumbing (water, gas, and sewer) – passed inspection Washer/dryer hookups on each side New electrical throughout Four warrantied 1-ton HVAC units + ductwork in warehouse, ready for install New windows already installed on the 137 side Electric-gate wiring in place Many irreplaceable original elements—doors, mantels, bricks, shutters, and more—have been carefully saved and are included with the sale so you can preserve the property's historic charm. Top-tier craftsmanship everywhere you look. This is a once-in-a-lifetime chance to restore a Mid-City classic and bring this beauty back into commerce. The location is unbeatable—walkable, vibrant, and surrounded by everything that makes New Orleans one of the most sought-after cities to live and invest in. Don’t miss out on this exceptional opportunity!

Key facts

• Deep front porch
• 3,920 sq ft lot
• Garage

Tags

• FRONT AND REAR BALCONIES
• DEEP FRONT PORCH
• PROFESSIONALLY FRAMED INTERIOR
• FIRE BLOCKING ON BOTH SIDES
• RE-POINTED AND CAPPED CHIMNEYS
• SALVAGED ORIGINAL FLOORING

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $495k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $23 ($273/yr) — positive. Per door: $11/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $436k (11.9% below list).
• Recommended offer: $436k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.3% 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.
• Zoned schools: Benjamin Franklin Elem. Math And Science (math 12% / reading 23%, grade F, #479 of 646 statewide, top 75%, 747 students, 98% FRL, charter) — zoned schools average 98% FRL vs 68% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.2%/yr); 381 active listings in the ZIP; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $4,359/mo this rent would consume 98% 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 $3k of loan paydown is wiped out by about $15k 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 188 days — a 12% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y 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 $405k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $435,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 188 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1913 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.88% ✗
• Cap rate: 6.35%
• Cash-on-cash: 0.20%
• DSCR: 1.01
• GRM: 9.5

CMA / ARV

• ARV (median comp): $550,174
• List price: $495,000
• Delta: -10.03%
• 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
231 33 S Telemachus St	0.17mi	6/2.0	3,623 (+0%)	18mo	$390,000	$108	73
422-24 S Clark St	0.38mi	6/6.0	3,490 (-4%)	5mo	$340,000	$97	60
3514 16 Baudin St	0.39mi	6/6.0	3,485 (-4%)	6mo	$520,000	$149	59
855 57 Wilson Dr	0.56mi	6/4.0	3,406 (-6%)	3mo	$650,000	$191	58
124 N Solomon St	0.28mi	5/5.0 (-1)	3,796 (+5%)	12mo	$494,000	$130	56
325 S Lopez St	0.52mi	5/5.0 (-1)	3,520 (-3%)	5mo	$330,000	$94	54
332 33 S Norman C Francis Pkwy	0.42mi	6/4.0	3,200 (-12%)	6mo	$259,000	$81	52
4523-25 Iberville St	0.54mi	7/4.0 (+1)	3,624 (+0%)	17mo	$400,000	$110	51
809 11 Solomon Pl	0.58mi	6/4.0	3,482 (-4%)	18mo	$740,000	$213	48
633-35 N Carrollton Ave	0.43mi	7/4.5 (+1)	3,943 (+9%)	14mo	$720,000	$183	42
3100 02 Palmyra St	0.56mi	6/5.0	4,009 (+11%)	16mo	$575,000	$143	34
4313 St Ann St	0.64mi	5/4.0 (-1)	3,111 (-14%)	19mo	$705,000	$227	22

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: -19.4%
• Equity multiple: 0.34×
• Total profit: $-91,469
• Equity at exit: $73,806

10-year hold

• IRR: -20.1%
• Equity multiple: 0.08×
• Total profit: $-126,883
• Equity at exit: $42,799

Cash invested: $138,600 (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: 18.9×

Monthly cashflow live

• Estimated rent: $4,359 high
• Mortgage (P&I): −$2,596
• Tax est. 1.5%: −$619 /mo · $7,425/yr
• Insurance: −$206
• HOA: −$0
• Vacancy / Maint / Mgmt: −$915
• Net cashflow: $23

Break-even live

Break-even rent $4,330

Max offer price $495,000

Occupancy floor 94%

Sensitivity live

Price	-10% $365	-5% $194	+0% $23	+5% $-148	+10% $-319
Rent	-10% $-322	-5% $-149	+0% $23	+5% $195	+10% $367
Rate	-1.0pp $272	-0.5pp $149	base $23	+0.5pp $-105	+1.0pp $-236

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$4,360
Total (2 units)			$4,359

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: $123,750
• Closing costs: $14,850
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2025-11-20
   listed $499,000 Active 1965-char remark

   Show marketing remark (1965 chars)

   CALLING ALL DESIGNERS, INVESTORS & CONTRACTORS! A rare Mid-City opportunity just one block off the Canal Streetcar line and surrounded by some of New Orleans’ most iconic dining—Venezia, Mandina’s, Angelo Brocato’s, Café Minh, and more. See preliminary drawings in the photos section. This townhouse-style duplex has already undergone the hardest work—full gut, structural updates, framing, and major system upgrades—and is now ready for your vision and finishing touches. Enjoy classic New Orleans architecture with front and rear balconies plus a deep front porch. The interior has been professionally framed with treated lumber, featuring fire blocking on both sides, re-pointed and capped chimneys, new sheet metal around fireplaces, and beautifully salvaged original flooring on the 137 side. Staircases have been reinforced with steel plates and 2x6 mounts, and the foundation was fully repaired with new piers, sills, and 3/4" decking throughout. Additional upgrades include: A+ structural rating 3-year-old roof with new flashings, gutters, and downspouts All new plumbing (water, gas, and sewer) – passed inspection Washer/dryer hookups on each side New electrical throughout Four warrantied 1-ton HVAC units + ductwork in warehouse, ready for install New windows already installed on the 137 side Electric-gate wiring in place Many irreplaceable original elements—doors, mantels, bricks, shutters, and more—have been carefully saved and are included with the sale so you can preserve the property's historic charm. Top-tier craftsmanship everywhere you look. This is a once-in-a-lifetime chance to restore a Mid-City classic and bring this beauty back into commerce. The location is unbeatable—walkable, vibrant, and surrounded by everything that makes New Orleans one of the most sought-after cities to live and invest in. Don’t miss out on this exceptional opportunity!

2. 2023-05-04
   soldstatus $405,000 Closed 521-char remark

   Show marketing remark (521 chars)

   Renovated duplex on a wonderful Mid City block. Near many restaurants, bars, cafes & the Endymion parade route! Perfect layout for owner-occupants & tenants. Unique front-back units instead of side by side, there are fewer shared walls & more privacy. Each unit has, in-unit laundry, open floor plans, ample closets, storage, and central HVAC. Every bedroom has an ensuite bathroom. Corner lot with rear yard off-street parking for two cars, a trailer, or a boat! Owner occupy and collect rent or lease.

3. 2023-04-18
   status Pending 521-char remark

   Show marketing remark (521 chars)

   Renovated duplex on a wonderful Mid City block. Near many restaurants, bars, cafes & the Endymion parade route! Perfect layout for owner-occupants & tenants. Unique front-back units instead of side by side, there are fewer shared walls & more privacy. Each unit has, in-unit laundry, open floor plans, ample closets, storage, and central HVAC. Every bedroom has an ensuite bathroom. Corner lot with rear yard off-street parking for two cars, a trailer, or a boat! Owner occupy and collect rent or lease.

4. 2023-04-02
   price $440,000 521-char remark

   Show marketing remark (521 chars)

   Renovated duplex on a wonderful Mid City block. Near many restaurants, bars, cafes & the Endymion parade route! Perfect layout for owner-occupants & tenants. Unique front-back units instead of side by side, there are fewer shared walls & more privacy. Each unit has, in-unit laundry, open floor plans, ample closets, storage, and central HVAC. Every bedroom has an ensuite bathroom. Corner lot with rear yard off-street parking for two cars, a trailer, or a boat! Owner occupy and collect rent or lease.

5. 2023-03-21
   status Active 521-char remark

   Show marketing remark (521 chars)

   Renovated duplex on a wonderful Mid City block. Near many restaurants, bars, cafes & the Endymion parade route! Perfect layout for owner-occupants & tenants. Unique front-back units instead of side by side, there are fewer shared walls & more privacy. Each unit has, in-unit laundry, open floor plans, ample closets, storage, and central HVAC. Every bedroom has an ensuite bathroom. Corner lot with rear yard off-street parking for two cars, a trailer, or a boat! Owner occupy and collect rent or lease.

6. 2023-03-10
   historical Active Under Contract 521-char remark

   Show marketing remark (521 chars)

   Renovated duplex on a wonderful Mid City block. Near many restaurants, bars, cafes & the Endymion parade route! Perfect layout for owner-occupants & tenants. Unique front-back units instead of side by side, there are fewer shared walls & more privacy. Each unit has, in-unit laundry, open floor plans, ample closets, storage, and central HVAC. Every bedroom has an ensuite bathroom. Corner lot with rear yard off-street parking for two cars, a trailer, or a boat! Owner occupy and collect rent or lease.

7. 2023-02-03
   listed $450,000 Active 521-char remark

   Show marketing remark (521 chars)

   Renovated duplex on a wonderful Mid City block. Near many restaurants, bars, cafes & the Endymion parade route! Perfect layout for owner-occupants & tenants. Unique front-back units instead of side by side, there are fewer shared walls & more privacy. Each unit has, in-unit laundry, open floor plans, ample closets, storage, and central HVAC. Every bedroom has an ensuite bathroom. Corner lot with rear yard off-street parking for two cars, a trailer, or a boat! Owner occupy and collect rent or lease.

8. 2016-05-09
   soldstatus $370,000 Sold
9. 2016-04-22
   status Under Contract
10. 2016-03-22
    price $399,000
11. 2016-02-17
    listed $424,800 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $52,308
• − Mortgage interest: −$27,728
• − Property taxes: −$7,425
• − Insurance: −$2,475
• − Repairs & maintenance: −$4,185
• − Management: −$4,185
• − Depreciation: −$14,400
• Taxable loss: −$8,089
• Est. tax savings @ 24.0%: +$1,941
• After-tax cash flow: $2,215/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.

Condition & rehab AI · 13 photos

Poor 20/100 Gut rehab

This property requires extensive gut renovation to bring it up to code and improve its marketability. Significant repairs and updates are needed to the exterior, interior, and systems.

Repairs flagged

• Major Exterior siding — Peeling paint and missing siding
• Major Roof — Exposed rafters and missing shingles
• Major Flooring — Exposed subfloor and missing flooring
• Major Interior walls — Exposed framing and missing drywall
• Major Systems — Exposed plumbing and electrical, missing fixtures

Value-add opportunities

• Both Exterior siding and paint — Aesthetic improvement and increased curb appeal
• Both Roof replacement — Structural integrity and improved energy efficiency
• Both Flooring and interior walls — Improved living space and increased marketability
• Both Complete systems upgrade — Modernized utilities and increased energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Peeling paint and missing siding	Major	$15,000–50,000
Roof · Exposed rafters and missing shingles	Major	$15,000–50,000
Flooring · Exposed subfloor and missing flooring	Major	$15,000–50,000
Interior walls · Exposed framing and missing drywall	Major	$15,000–50,000
Systems · Exposed plumbing and electrical, missing fixtures	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Exterior siding and paint — Aesthetic improvement and increased curb appeal ↑
• Both Roof replacement — Structural integrity and improved energy efficiency ↑
• Both Flooring and interior walls — Improved living space and increased marketability ↑
• Both Complete systems upgrade — Modernized utilities and increased energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+17.5% since first listed

11 events — show timeline

• 2025-11-20 Listed $499,000 GSREIN
• 2023-05-04 Sold (MLS) $405,000 GSREIN
• 2023-04-18 Pending — GSREIN
• 2023-04-02 Price Changed $440,000 GSREIN
• 2023-03-21 Relisted — GSREIN
• 2023-03-10 Contingent — GSREIN
• 2023-02-03 Listed $450,000 GSREIN
• 2016-05-09 Sold (MLS) $370,000 GSREIN
• 2016-04-22 Pending — GSREIN
• 2016-03-22 Price Changed $399,000 GSREIN
• 2016-02-17 Listed $424,800 GSREIN