2621 23 N Rampart St · New Orleans, LA 70117

$539,000

4 bd · 5.6 ba · 3,019 sqft · MultiFamily · 208 Days on market

Built 1850 $179/sqft · 11% below area Est $603k · 11% 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 +13.0/30.0
• ARV discount +12.3/15.0
• Livability +4.0/5.0
• DSCR +3.9/10.0
• 1% rule +3.7/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Historic Marigny camelback duplex just right as an owner-occupied home with rental income or as an investment. The front apartment has 2 bedrooms and 2 baths, 12 foot high ceilings, beautiful wood floors, kitchen with an open floor plan to the living room. The back apartment has 3 bedrooms and 2 and half baths, high ceilings, kitchen that leads into the living room and dining room areas, with a second floor balcony overlooking the backyard area. The backyard has plenty room for relaxing, gardening, and entertaining, with a shed for extra storage. Solar panels come with the purchase of the property. The back apartment is currently rented for $1600.00 per month which will help with financial payments for the home. Ideally located to the French Quarter, Crescent Park, restaurants and coffee shops. X food zone. Make an appointment right away before it is too late.

Key facts

• Open floor plan
• Historic marigny
• Camelback duplex

Tags

• HISTORIC MARIGNY
• CAMELBACK DUPLEX
• OPEN FLOOR PLAN
• SECOND FLOOR BALCONY
• BACKYARD AREA
• SHED FOR EXTRA STORAGE

What this means for you Summary

Snapshot

• This is a 1×2bd/2ba + 1×3bd/2.5ba units multifamily listed at $539k.

Deal economics

• At list price, monthly cash flow is $-99 ($-1k/yr) — negative. Per door: $-49/mo.
• To cash-flow at today's rent, offer at most $525k (2.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $467k (13.3% below list).
• Recommended offer: $467k (13.3% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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.
• 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 rising (+2.5%/yr); 587 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $4,674/mo this rent would consume 123% 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 $4k of loan paydown is wiped out by about $16k 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 208 days — a 12% lower offer ($474k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 27y ago; this cycle's ask has dropped $60k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $44k; list at $539k implies a 1125% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1850 — 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 $467,400 (13.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 208 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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.
11. 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.
12. 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: 0.87% ✗
• Cap rate: 6.22%
• Cash-on-cash: -0.26%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

• ARV (median comp): $602,830
• List price: $539,000
• Delta: -10.59%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
813 15 Spain St	0.21mi	4/3.5	3,031 (+0%)	4mo	$843,500	$278	78
1741 43 Marigny St	0.44mi	5/2.5 (+1)	2,950 (-2%)	2mo	$205,000	$69	57
2519 21 Burgundy St	0.11mi	4/3.5	2,712 (-10%)	16mo	$413,000	$152	56
2535-37 N Rampart St	0.08mi	5/2.0 (+1)	2,700 (-11%)	7mo	$350,000	$130	54
710 12 Marigny St	0.38mi	4/3.0	2,775 (-8%)	16mo	$550,000	$198	45
2237 Royal St	0.39mi	5/5.0 (+1)	3,400 (+13%)	16mo	$700,000	$206	40
3623 25 Dauphine St	0.72mi	5/3.5 (+1)	3,252 (+8%)	23mo	$747,500	$230	21
1618 20 Touro St	0.74mi	4/2.0	2,624 (-13%)	10mo	$92,500	$35	21

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: -18.2%
• Equity multiple: 0.36×
• Total profit: $-95,916
• Equity at exit: $80,367

10-year hold

• IRR: -11.4%
• Equity multiple: 0.33×
• Total profit: $-100,873
• Equity at exit: $46,603

Cash invested: $150,920 (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: 587
• Price-to-rent: 19.7×

Monthly cashflow live

• Estimated rent: $4,674 high
• Mortgage (P&I): −$2,827
• Tax est. 1.5%: −$674 /mo · $8,085/yr
• Insurance: −$225
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$982
• Net cashflow: $-99

Break-even live

Break-even rent $4,799

Max offer price $524,688

Occupancy floor 97%

Sensitivity live

Price	-10% $274	-5% $87	+0% $-99	+5% $-285	+10% $-471
Rent	-10% $-468	-5% $-284	+0% $-99	+5% $86	+10% $270
Rate	-1.0pp $173	-0.5pp $38	base $-99	+0.5pp $-239	+1.0pp $-381

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

Units	Beds	Baths	Est. rent
1× unit	2	2	$2,281
1× unit	3	2.5	$2,393
Total (2 units)			$4,674

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: $134,750
• Closing costs: $16,170
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	25d	1	0.23mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	45d	1	0.23mi
2320 N Rampart St New Orleans, LA	3.0	3.0	2317	$3,700	$1.60	45d	1	0.29mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$4,154	$2.63	5d	2	0.29mi
639 Desire St New Orleans, LA	3.0	2.5	2687	$5,500	$2.05	21d	1	0.64mi
1860 Burgundy St New Orleans, LA	4.0	4.0	3000	$3,500	$1.17	25d	1	0.64mi
3400 Royal St New Orleans, LA	4.0	3.5	3300	$6,900	$2.09	45d	1	0.64mi
2228 Arts St New Orleans, LA	3.0	2.0	2270	$1,675	$0.74	5d	1	0.87mi
1000 Saint Philip St New Orleans, LA	3.0	2.5	2650	$4,800	$1.81	45d	1	1.01mi
839 Dumaine St New Orleans, LA	3.0	4.0	2740	$6,500	$2.37	45d	1	1.02mi
1433 Esplanade Ave New Orleans, LA	3.0	2.0	2411	$5,000	$2.07	3d	1	1.05mi

Listing history 20 events

1. 2026-06-21
   days on market $539,000 Active 208 DOM
2. 2026-06-18
   days on market $539,000 Active 205 DOM
3. 2026-06-17
   days on market $539,000 Active 204 DOM
4. 2026-06-16
   days on market $539,000 Active 203 DOM
5. 2026-06-15
   days on market $539,000 Active 202 DOM
6. 2026-06-13
   days on market $539,000 Active 200 DOM
7. 2026-06-10
   days on market $539,000 Active 197 DOM
8. 2026-06-09
   days on market $539,000 Active 196 DOM
9. 2026-06-08
   days on market $539,000 Active 195 DOM
10. 2026-06-07
    days on market $539,000 Active 194 DOM
11. 2026-06-05
    days on market $539,000 Active 191 DOM
12. 2026-06-03
    days on market $539,000 Active 190 DOM
13. 2026-06-02
    days on market $539,000 Active 189 DOM
14. 2026-06-01
    days on market $539,000 Active 188 DOM
15. 2026-05-31
    days on market $539,000 Active 187 DOM
16. 2026-05-04
    price $539,000 872-char remark

    Show marketing remark (872 chars)

    Historic Marigny camelback duplex just right as an owner-occupied home with rental income or as an investment. The front apartment has 2 bedrooms and 2 baths, 12 foot high ceilings, beautiful wood floors, kitchen with an open floor plan to the living room. The back apartment has 3 bedrooms and 2 and half baths, high ceilings, kitchen that leads into the living room and dining room areas, with a second floor balcony overlooking the backyard area. The backyard has plenty room for relaxing, gardening, and entertaining, with a shed for extra storage. Solar panels come with the purchase of the property. The back apartment is currently rented for $1600.00 per month which will help with financial payments for the home. Ideally located to the French Quarter, Crescent Park, restaurants and coffee shops. X food zone. Make an appointment right away before it is too late.

17. 2026-02-10
    price $559,000 872-char remark

    Show marketing remark (872 chars)

    Historic Marigny camelback duplex just right as an owner-occupied home with rental income or as an investment. The front apartment has 2 bedrooms and 2 baths, 12 foot high ceilings, beautiful wood floors, kitchen with an open floor plan to the living room. The back apartment has 3 bedrooms and 2 and half baths, high ceilings, kitchen that leads into the living room and dining room areas, with a second floor balcony overlooking the backyard area. The backyard has plenty room for relaxing, gardening, and entertaining, with a shed for extra storage. Solar panels come with the purchase of the property. The back apartment is currently rented for $1600.00 per month which will help with financial payments for the home. Ideally located to the French Quarter, Crescent Park, restaurants and coffee shops. X food zone. Make an appointment right away before it is too late.

18. 2025-11-06
    listed $599,000 Active 872-char remark

    Show marketing remark (872 chars)

    Historic Marigny camelback duplex just right as an owner-occupied home with rental income or as an investment. The front apartment has 2 bedrooms and 2 baths, 12 foot high ceilings, beautiful wood floors, kitchen with an open floor plan to the living room. The back apartment has 3 bedrooms and 2 and half baths, high ceilings, kitchen that leads into the living room and dining room areas, with a second floor balcony overlooking the backyard area. The backyard has plenty room for relaxing, gardening, and entertaining, with a shed for extra storage. Solar panels come with the purchase of the property. The back apartment is currently rented for $1600.00 per month which will help with financial payments for the home. Ideally located to the French Quarter, Crescent Park, restaurants and coffee shops. X food zone. Make an appointment right away before it is too late.

19. 2001-02-19
    soldstatus $44,000
20. 1999-12-02
    listed $52,900

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 60% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 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: $56,088
• − Mortgage interest: −$30,192
• − Property taxes: −$8,085
• − Insurance: −$3,492
• − Repairs & maintenance: −$4,487
• − Management: −$4,487
• − Depreciation: −$15,680
• Taxable loss: −$10,336
• Est. tax savings @ 24.0%: +$2,481
• After-tax cash flow: $1,294/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

+918.9% since first listed

5 events — show timeline

• 2026-05-04 Price Changed $539,000 GSREIN
• 2026-02-10 Price Changed $559,000 GSREIN
• 2025-11-06 Listed $599,000 GSREIN
• 2001-02-19 Sold (MLS) $44,000 GSREIN
• 1999-12-02 Listed $52,900 GSREIN