3131 33 Dauphine St · New Orleans, LA 70117

$749,000

4 bd · 2.0 ba · 2,325 sqft · MultiFamily public records · 29 Days on market

Built 1923

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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 +27.0/30.0
• DSCR +9.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• 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: 4 units. confirmed

Listing remarks

Historic Bywater 4 plex circa 1923, located on a charming stretch of Dauphine Street surrounded by classic New Orleans architecture. This property reflects the neighborhood’s rich history and classic multi-unit design, offering timeless character in one of the city’s most vibrant and areas with a walk score of 75. Conveniently located within blocks of local dining, music, and the Mississippi River corridor.

Key facts

• Walk score 75
• Historic bywater
• Local dining

Tags

• HISTORIC BYWATER
• WALK SCORE 75
• LOCAL DINING
• MISSISSIPPI RIVER CORRIDOR

Property features AI

Finance

• Financial info: Four-unit property; Unit 1: 1 bed, 1 bath, ~400 area, actual rent $1,800; Unit 2: 1 bed, 1 bath, ~400 area, actual rent $1,800; Unit 3: 1 bed, 1 bath, ~650 area, actual rent $950; Unit 4: 1 bed, 1 bath, ~875 area, actual rent $2,800

Exterior

• Utilities: Public water; Public sewer; Owner pays electricity, gas, and water
• Home design: Single-story building; Raised foundation; Frame construction with wood siding; Asphalt shingle roof; City lot with a rectangular 30x145 parcel
• Construction: Built with frame construction and wood siding; Asphalt shingle roof; Raised foundation
• Exterior features: Courtyard; Porch

Interior

• Bedrooms: Four 1-bedroom units (unit counts per unit shown below)
• Bathrooms: Four full bathrooms (one per unit)
• Heating & cooling: Ductless cooling; Wall unit cooling; Ductless heating; Wall furnace heating
• Interior features: Excellent condition; Common area laundry
• Laundry & utility: Shared laundry in a common area

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $749k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $509/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $749k).
• Recommended offer: $738k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.7% 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; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $8,623/mo this rent would consume 226% 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 $5k of loan paydown is wiped out by about $22k 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 29 days — a 2% lower offer ($738k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 32y 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 $125k; list at $749k implies a 499% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major 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 $737,765 (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 1923 — 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: 1.15% ✓
• Cap rate: 9.66%
• Cash-on-cash: 12.03%
• DSCR: 1.54
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $348,750
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
939 Piety St	0.17mi	4/2.5	2,022 (-13%)	1mo	$409,000	$202	68
3146 48 N Rampart St	0.11mi	5/2.0 (+1)	2,098 (-10%)	8mo	$380,000	$181	67
827-829 St Ferdinand St	0.30mi	4/2.0	2,019 (-13%)	2mo	$450,000	$223	62
113 15 Vallette St	0.71mi	4/2.0	2,384 (+2%)	6mo	$355,000	$149	58
2814 St Claude Ave	0.34mi	4/2.0	2,000 (-14%)	10mo	$300,000	$150	52
1220 22 Mazant St	0.64mi	3/2.0 (-1)	2,184 (-6%)	5mo	$325,000	$149	51
3913 15 N Rampart St	0.49mi	5/2.0 (+1)	2,530 (+9%)	8mo	$350,000	$138	51
4023 25 Dauphine St	0.54mi	4/3.5	2,168 (-7%)	11mo	$489,000	$226	48
4029 Royal St	0.55mi	3/3.0 (-1)	2,056 (-12%)	5mo	$487,000	$237	41
3932-34 North Robertson St	0.69mi	4/2.0	2,098 (-10%)	12mo	$215,000	$102	41
3900 Royal St	0.46mi	4/4.0	2,600 (+12%)	12mo	$170,000	$65	41
1740 Louisa St	0.72mi	5/5.0 (+1)	2,500 (+8%)	2mo	$340,000	$136	36

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: 0.5%
• Equity multiple: 1.02×
• Total profit: $3,774
• Equity at exit: $111,678

10-year hold

• IRR: 9.6%
• Equity multiple: 1.72×
• Total profit: $151,898
• Equity at exit: $64,760

Cash invested: $209,720 (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: 29.0×

Monthly cashflow live

• Estimated rent: $8,623 medium
• Mortgage (P&I): −$3,928
• Tax from tax record: −$470 /mo · $5,640/yr
• Insurance: −$312
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,811
• Net cashflow: $2,036

Break-even live

Break-even rent $6,046

Max offer price $749,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$8,624
Total (4 units)			$8,623

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: $187,250
• Closing costs: $22,470
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3134 Burgundy St New Orleans, LA	3.0	2.0	1887	$2,900	$1.54	23d	1	0.07mi
639 Desire St New Orleans, LA	3.0	2.5	2687	$5,500	$2.05	19d	1	0.18mi
3400 Royal St New Orleans, LA	4.0	3.5	3300	$6,900	$2.09	43d	1	0.19mi
3221 Saint Claude Ave New Orleans, LA	3.0	1.0	1900	$1,650	$0.87	23d	1	0.27mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	43d	1	0.28mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	23d	1	0.28mi
1231 Feliciana St New Orleans, LA	3.0	2.5	1869	$2,750	$1.47	43d	1	0.37mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	0.56mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	0.56mi
1323 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	0.56mi
2320 N Rampart St New Orleans, LA	3.0	3.0	2317	$3,700	$1.60	43d	1	0.69mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$4,154	$2.63	3d	2	0.70mi
249 Vallette St New Orleans, LA	4.0	2.0	1734	$2,500	$1.44	16d	1	0.79mi
1403 Lesseps St New Orleans, LA	3.0	3.0	1700	$1,800	$1.06	11d	1	0.81mi
1835 Louisa St New Orleans, LA	3.0	2.5	1800	$2,350	$1.31	3d	1	0.81mi
527 Atlantic Ave New Orleans, LA	3.0	2.0	1800	$2,050	$1.14	23d	1	0.96mi
1860 Burgundy St New Orleans, LA	4.0	4.0	3000	$3,500	$1.17	23d	1	1.00mi
928 Kerlerec St New Orleans, LA	3.0	3.5	1684	$2,750	$1.63	3d	1	1.07mi
928 Kerlerec St New Orleans, LA	3.0	3.5	1684	$2,750	$1.63	3d	1	1.07mi
729 Elmira Ave New Orleans, LA	4.0	2.0	2000	$2,000	$1.00	16d	1	1.13mi
515 Saint Ann St Unit 3 New Orleans, LA	3.0	2.0	1644	$3,600	$2.19	44d	1	1.18mi
527 Saint Ann St Unit 3 New Orleans, LA	3.0	2.0	1687	$3,500	$2.07	43d	1	1.19mi
2228 Arts St New Orleans, LA	3.0	2.0	2270	$1,675	$0.74	3d	1	1.22mi
751 Chartres St New Orleans, LA	2.0–3.0	2.0	1461	$3,450	$2.36	43d	1	1.23mi
839 Dumaine St New Orleans, LA	3.0	4.0	2740	$6,500	$2.37	43d	1	1.27mi
1837 Touro St New Orleans, LA	3.0	1.0	1994	$2,000	$1.00	23d	1	1.27mi
1000 Saint Philip St New Orleans, LA	3.0	2.5	2650	$4,800	$1.81	43d	1	1.29mi
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	3d	1	1.30mi
535 Decatur St Unit 3 New Orleans, LA	3.0	2.0	1600	$2,800	$1.75	11d	1	1.31mi
811 Burgundy St New Orleans, LA	4.0	2.5	2059	$5,000	$2.43	43d	1	1.37mi
1021 Henriette Delille St New Orleans, LA	3.0	2.0	2012	$2,250	$1.12	17d	1	1.38mi
1936 N Johnson St Unit 36 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	23d	1	1.43mi
1938 N Johnson St Unit 38 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	23d	1	1.43mi
1433 Esplanade Ave New Orleans, LA	3.0	2.0	2411	$5,000	$2.07	2d	1	1.45mi

Listing history 25 events

1. 2026-06-18
   days on market $749,000 Active 29 DOM
2. 2026-06-17
   days on market $749,000 Active 28 DOM
3. 2026-06-16
   days on market $749,000 Active 27 DOM
4. 2026-06-15
   days on market $749,000 Active 26 DOM
5. 2026-06-13
   days on market $749,000 Active 24 DOM
6. 2026-06-10
   days on market $749,000 Active 21 DOM
7. 2026-06-09
   days on market $749,000 Active 20 DOM
8. 2026-06-08
   days on market $749,000 Active 19 DOM
9. 2026-06-07
   days on market $749,000 Active 18 DOM
10. 2026-06-05
    days on market $749,000 Active 15 DOM
11. 2026-06-03
    days on market $749,000 Active 14 DOM
12. 2026-06-02
    days on market $749,000 Active 13 DOM
13. 2026-06-01
    days on market $749,000 Active 12 DOM
14. 2026-05-31
    days on market $749,000 Active 11 DOM
15. 2026-05-20
    listed $749,000 Active
16. 2013-07-18
    listed $329,000
17. 2002-10-20
    soldstatus $125,000
18. 2002-10-16
    soldstatus $130,000
19. 2002-07-05
    listed $125,000
20. 2002-07-05
    listed $125,000
21. 2002-07-05
    listed $125,000
22. 1994-11-14
    soldstatus $47,000
23. 1994-11-14
    soldstatus $47,000
24. 1994-06-28
    listed $49,900
25. 1978-06-15
    soldstatus $32,500

ⓘ 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: $5,640 · $470/mo
• Projected year-2 tax: $5,640 · $470/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 7/10 Severe FEMA zone X · 74% 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: $103,476
• − Mortgage interest: −$41,956
• − Property taxes: −$5,640
• − Insurance: −$4,542
• − Repairs & maintenance: −$8,278
• − Management: −$8,278
• − Depreciation: −$21,789
• Taxable income: $12,993
• Est. tax owed @ 24.0%: −$3,118
• After-tax cash flow: $21,312/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

+2204.6% since first listed

11 events — show timeline

• 2026-05-20 Listed $749,000 GSREIN
• 2013-07-18 Listed $329,000 GSREIN
• 2002-10-20 Sold (MLS) $125,000 GSREIN
• 2002-10-16 Sold (MLS) $130,000 GSREIN
• 2002-07-05 Listed $125,000 GSREIN
• 2002-07-05 Listed $125,000 GSREIN
• 2002-07-05 Listed $125,000 AcadianaMLS
• 1994-11-14 Sold (Public Records) $47,000 Public Records
• 1994-11-14 Sold (MLS) $47,000 GSREIN
• 1994-06-28 Listed $49,900 GSREIN
• 1978-06-15 Sold (Public Records) $32,500 Public Records

Property tax history

+5.1%/yr

Latest (2026): $5,640 · +1.1% YoY. Source: county tax records.