217 N Miro St · New Orleans, LA 70119

$185,000

3 bd · 1.0 ba · 1,140 sqft · SingleFamily public records · 72 Days on market

Built 1930 4,321 sqft lot $162/sqft · 36% below area Est $291k · 36% 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 +22.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +5.8/10.0
• 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

Listing remarks MLS

Original New Orleans shotgun on a generously sized lot offering strong upside for investors or homeowners with vision. This 2-bedroom, 1-bath property features classic architectural charm and a functional layout, ready for updates and customization. Ideal as a fixer-upper or income-producing rental, with ample outdoor space for expansion, landscaping, or added amenities. Great opportunity to restore a piece of New Orleans character while building equity or generating cash flow.

Key facts

• Ample outdoor space
• Generously sized lot
• Functional layout

Tags

• GENEROUSLY SIZED LOT
• CLASSIC ARCHITECTURAL CHARM
• FUNCTIONAL LAYOUT
• AMPLE OUTDOOR SPACE
• PIECE OF NEW ORLEANS CHARACTER

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $229 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $174k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $1,993/mo this rent would consume 45% 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 $1k of loan paydown is wiped out by about $6k 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 72 days — a 6% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $42k; list at $185k implies a 346% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1930 — 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→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $173,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — 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 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: 1.08% ✓
• Cap rate: 8.21%
• Cash-on-cash: 6.84%
• DSCR: 1.30
• GRM: 7.7

CMA / ARV

• ARV (median comp): $290,654
• List price: $185,000
• Delta: -36.35%
• 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
326 N Tonti St	0.09mi	3/2.0	1,137 (-0%)	3mo	$262,500	$231	88
2512 Saint Ann St	0.40mi	3/1.0	1,153 (+1%)	3mo	$110,000	$95	77
223 S Rocheblave St	0.26mi	2/2.0 (-1)	1,100 (-4%)	2mo	$295,000	$268	71
2715 Palmyra St	0.42mi	2/1.0 (-1)	1,095 (-4%)	5mo	$180,000	$164	65
2525 Banks St	0.36mi	2/1.0 (-1)	1,235 (+8%)	6mo	$157,500	$128	59
3023 Iberville St	0.57mi	3/2.0	1,204 (+6%)	2mo	$295,000	$245	58
1022 N Derbigny St	0.67mi	2/2.0 (-1)	1,169 (+2%)	0mo	$232,500	$199	55
1715 Ursulines Ave	0.73mi	2/1.0 (-1)	1,172 (+3%)	6mo	$240,000	$205	52
820 N Prieur St	0.48mi	2/2.0 (-1)	1,279 (+12%)	5mo	$254,000	$199	44
412 S Gayoso St	0.65mi	3/2.0	1,250 (+10%)	7mo	$298,000	$238	44
935 N White St	0.67mi	2/1.0 (-1)	974 (-15%)	5mo	$320,000	$329	36
1217 N Roman St	0.75mi	3/2.0	1,005 (-12%)	11mo	$105,000	$104	32

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: -11.6%
• Equity multiple: 0.59×
• Total profit: $-21,182
• Equity at exit: $27,584

10-year hold

• IRR: -7.8%
• Equity multiple: 0.58×
• Total profit: $-21,972
• Equity at exit: $15,995

Cash invested: $51,800 (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: 7.7×

Monthly cashflow live

• Estimated rent: $1,993 high
• Mortgage (P&I): −$970
• Tax from tax record: −$232 /mo · $2,786/yr
• Insurance: −$77
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $229

Break-even live

Break-even rent $1,704

Max offer price $185,000

Occupancy floor 84%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
315 N Miro St New Orleans, LA	3.0	3.0	1276	$2,300	$1.80	20d	1	0.06mi
315 N Miro St New Orleans, LA	3.0	3.0	1276	$2,500	$1.96	24d	1	0.06mi
2320 Conti St New Orleans, LA	3.0	2.0	1125	$2,500	$2.22	24d	1	0.10mi
209 N Johnson St New Orleans, LA	2.0	1.0	725	$1,400	$1.93	16d	1	0.13mi
2105 Bienville St New Orleans, LA	3.0	3.0	1231	$2,350	$1.91	17d	1	0.13mi
2024 Bienville St New Orleans, LA	3.0	2.0	1314	$2,100	$1.60	24d	1	0.16mi
2408 10 Oak Pl New Orleans, LA	2.0	1.0	1000	$1,700	$1.70	17d	1	0.16mi
22 N Johnson St New Orleans, LA	2.0	2.0	1500	$2,000	$1.33	14d	1	0.17mi
2033 Conti St New Orleans, LA	3.0	3.0	1249	$2,250	$1.80	14d	1	0.20mi
1908 Saint Louis St New Orleans, LA	3.0	3.0	1234	$2,300	$1.86	24d	1	0.29mi
2517 Palmyra St New Orleans, LA	3.0	2.0	1306	$2,100	$1.61	17d	1	0.30mi
1801 Bienville St New Orleans, LA	2.0	2.5	1368	$2,500	$1.83	44d	1	0.33mi
2545 Saint Peter St New Orleans, LA	2.0	1.0	900	$2,000	$2.22	16d	1	0.37mi
2615 Banks St New Orleans, LA	3.0	2.0	1200	$1,900	$1.58	3d	1	0.40mi
2017 Saint Ann St New Orleans, LA	2.0	1.0	960	$1,095	$1.14	17d	1	0.44mi
2424 Tulane Ave New Orleans, LA	1.0–2.0	1.0–2.0	820	$1,882	$2.29	3d	10	0.44mi
2214 Dumaine St New Orleans, LA	2.0	1.0	1176	$1,600	$1.36	24d	1	0.44mi
2543 Saint Ann St New Orleans, LA	2.0	2.0	880	$1,650	$1.88	3d	1	0.44mi
2543 Saint Ann St New Orleans, LA	2.0	2.0	880	$1,650	$1.88	3d	1	0.44mi
2230 Dumaine St New Orleans, LA	2.0	2.0	983	$2,000	$2.03	24d	1	0.45mi
2652 Banks St New Orleans, LA	3.0	3.5	1204	$2,100	$1.74	24d	1	0.46mi
2502 Dumaine St New Orleans, LA	2.0	1.0	966	$1,195	$1.24	3d	1	0.47mi
2502 Dumaine St New Orleans, LA	2.0	1.0	966	$1,195	$1.24	24d	1	0.47mi
2615 Saint Ann St New Orleans, LA	2.0	1.0	950	$1,400	$1.47	24d	1	0.47mi
2516 Dumaine St Unit C New Orleans, LA	2.0	1.0	825	$1,200	$1.45	24d	1	0.47mi
2321 Gravier St Unit 2321 New Orleans, LA	2.0	1.0	985	$1,500	$1.52	16d	1	0.47mi
2129 Dumaine St New Orleans, LA	3.0	2.0	1226	$1,850	$1.51	3d	1	0.47mi
2300 Gravier St Unit 2300 New Orleans, LA	2.0	1.0	1078	$1,395	$1.29	17d	1	0.49mi
1831 Saint Ann St Unit A New Orleans, LA	3.0	2.0	900	$2,000	$2.22	3d	1	0.49mi
1831 Saint Ann St Unit A New Orleans, LA	3.0	2.0	900	$1,650	$1.83	24d	1	0.49mi
2304 Gravier St Unit 2304 New Orleans, LA	3.0	2.0	1112	$1,800	$1.62	16d	1	0.50mi
1929 Dumaine St New Orleans, LA	3.0	1.0	1293	$1,500	$1.16	3d	1	0.52mi
1535 Canal St New Orleans, LA	1.0–2.0	1.0–2.0	922	$2,847	$3.09	2d	13	0.52mi
2426 Saint Philip St New Orleans, LA	2.0	1.0	849	$1,450	$1.71	24d	1	0.53mi
2915 Conti St New Orleans, LA	2.0	1.0	750	$1,450	$1.93	24d	1	0.53mi
2539 Gravier St Unit 2541 New Orleans, LA	3.0	1.0	1115	$1,495	$1.34	16d	1	0.53mi
2506 Saint Philip St New Orleans, LA	2.0	2.0	1020	$1,450	$1.42	20d	1	0.54mi
2506 Saint Philip St New Orleans, LA	2.0	2.0	1020	$1,450	$1.42	2d	1	0.54mi
2032 Saint Philip St New Orleans, LA	2.0	2.0	800	$1,600	$2.00	24d	1	0.54mi
916 N Broad St New Orleans, LA	2.0	2.5	1100	$1,900	$1.73	3d	1	0.57mi

Listing history 4 events

1. 2026-05-31
   days on market $185,000 Active 72 DOM
2. 2026-03-19
   listed $185,000 Active 482-char remark

   Show marketing remark (482 chars)

   Original New Orleans shotgun on a generously sized lot offering strong upside for investors or homeowners with vision. This 2-bedroom, 1-bath property features classic architectural charm and a functional layout, ready for updates and customization. Ideal as a fixer-upper or income-producing rental, with ample outdoor space for expansion, landscaping, or added amenities. Great opportunity to restore a piece of New Orleans character while building equity or generating cash flow.

3. 2026-03-19
   listed $185,000 Active 482-char remark

   Show marketing remark (482 chars)

   Original New Orleans shotgun on a generously sized lot offering strong upside for investors or homeowners with vision. This 2-bedroom, 1-bath property features classic architectural charm and a functional layout, ready for updates and customization. Ideal as a fixer-upper or income-producing rental, with ample outdoor space for expansion, landscaping, or added amenities. Great opportunity to restore a piece of New Orleans character while building equity or generating cash flow.

4. 1988-11-02
   soldstatus $41,500

ⓘ 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: $2,786 · $232/mo
• Projected year-2 tax: $2,786 · $232/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 · 20 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: $23,917
• − Mortgage interest: −$10,363
• − Property taxes: −$2,786
• − Insurance: −$1,722
• − Repairs & maintenance: −$1,913
• − Management: −$1,913
• − Depreciation: −$5,382
• Taxable loss: −$163
• Est. tax savings @ 24.0%: +$39
• After-tax cash flow: $2,783/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

+345.8% since first listed

3 events — show timeline

• 2026-03-19 Listed $185,000 AcadianaMLS
• 2026-03-19 Listed $185,000 GSREIN
• 1988-11-02 Sold (Public Records) $41,500 Public Records

Property tax history

+45.3%/yr

Latest (2026): $2,786 · +7967.5% YoY. Source: county tax records.