2621 23 N Rampart St

New Orleans, LA 70117

$539,000D

4 bd · 5.6 ba · 3,019 sqft · Built 1850 · MultiFamily · Active · 208 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,674/mo
• Mortgage (P&I): −$2,827
• Tax + insurance: −$965
• HOA: −$0
• Vac / Maint / Mgmt: −$982
• Net cashflow: $-99/mo
• Annual: $-1,187/yr
• Cap rate: 6.22%
• Cash-on-cash: -0.26%
• DSCR: 0.99
• 1% rule: 0.87%
• Cash to close: $150,920

Investor read

• This is a 1×2bd/2ba + 1×3bd/2.5ba units multifamily listed at $539k.
• 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).
• It's been on market 208 days — a 12% lower offer ($474k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $467k (13.3% below list) — sets the bar for 1% rule.
• 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.
• 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.
• Watch-outs: flood insurance adds $66/mo; built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Orleans County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.