875 O'keefe Ave #206 · New Orleans, LA 70113

$299,000

1 bd · 1.0 ba · 741 sqft · Condo · 152 Days on market

Built 1969 Excellent condition $404/sqft · 34% below area Est $452k · 34% under $349/mo HOA · 22% of rent ↓ 25% since listing

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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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Condition / age +4.8/5.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Schools +1.8/10.0
• Cash flow +1.5/30.0
• 1% rule +0.3/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Welcome to The O'Keefe, an architectural gem in the heart of New Orleans' dynamic Central Business District. This one-bedroom, one bathroom move-in-ready condominium offers high ceilings and natural light. The open-concept layout includes wide-plank engineered wood flooring, designer lighting, custom cabinetry and walk-in closets. Don't miss this opportunity to be part of an exciting new chapter in the thriving Central Business District. This boutique development offers 14 one-, two-, and three-bedroom residences. The O'Keefe places you walking distance from the Superdome, the Smoothie King Center, and the historic French Quarter. Thoughtfully designed, the building seamlessly integrates an existing structure, featuring high-end commercial space, convenient garage parking, and an expansive rooftop deck with breathtaking city views.

Key facts

• Open-concept layout
• $349 HOA
• Garage

Tags

• CENTRAL BUSINESS DISTRICT
• EXPANSIVE ROOFTOP DECK
• BREATHTAKING CITY VIEWS
• HIGH-END COMMERCIAL SPACE
• CONVENIENT GARAGE PARKING
• OPEN-CONCEPT LAYOUT

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $299k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $121k (59.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $157k (47.4% below list).
• Recommended offer: $121k (59.5% below list) — sets the bar for cash-flow.
• Cap rate 1.6% vs local median 4.4% in New Orleans — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 fast (+6.0%/yr); 156 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 32d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $1,572/mo this rent would consume 48% of the median local household income ($39k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Orleans County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 152 days — a 12% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $100k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; HOA is 22% of rent.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $121,148 (59.5% 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 152 days. Have you received any prior offers? Is the seller open to a 59% concession, seller financing, or rate buy-down credit?
3. Built in 1969 — 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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: 0.53% ✗
• Cap rate: 1.58%
• Cash-on-cash: -16.82%
• DSCR: 0.25
• GRM: 15.8

CMA / ARV

• ARV (median comp): $452,245
• List price: $299,000
• Delta: -33.89%
• 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
330 Julia St #317	0.53mi	1/1.0	760 (+3%)	1mo	$247,000	$325	70
334 Carondelet St #410	0.43mi	1/1.0	683 (-8%)	1mo	$280,000	$410	66
2100 St Charles Ave Unit 3A	0.85mi	1/1.0	750 (+1%)	2mo	$195,000	$260	62
716 Governor Nicholls St Unit C	1.39mi	1/1.0	717 (-3%)	1mo	$445,000	$621	58
415 Manasses Pl	1.38mi	1/1.0	683 (-8%)	1mo	$115,000	$168	51
920 Poeyfarre St #132	0.54mi	1/1.5	857 (+16%)	0mo	$244,200	$285	48
1765 Coliseum St #407	0.74mi	1/1.0	655 (-12%)	1mo	$250,000	$382	46
539 Toulouse St Unit C	1.00mi	1/1.0	652 (-12%)	1mo	$260,000	$399	44
920 Poeyfarre St #187	0.54mi	2/2.0 (+1)	897 (+21%)	1mo	$345,000	$385	40
920 Poeyfarre St #222	0.54mi	2/2.0 (+1)	917 (+24%)	2mo	$363,000	$396	39
533 St Philip St #3	1.29mi	1/1.0	564 (-24%)	1mo	$382,000	$677	39
817 Burgundy St Unit D	1.18mi	1/1.0	620 (-16%)	2mo	$340,000	$548	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 5.98% rent growth · sell at horizon

5-year hold

• IRR: 12.8%
• Equity multiple: 2.07×
• Total profit: $89,689
• Equity at exit: $269,363

10-year hold

• IRR: 13.7%
• Equity multiple: 5.03×
• Total profit: $337,331
• Equity at exit: $580,891

Cash invested: $83,720 (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 →

Active competition Active MLS

• For sale now: 8 active · 4 under contract
• Median asking: $273,750 ($372/sqft)
• Median days on market: 125 d
• This list price: 50% of active listings are priced below it
• ARV vs active asking: +64.2% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 70113

• Rents YoY: 6.0%
• Active inventory: 156
• Price-to-rent: 15.8×

Monthly cashflow live

• Estimated rent: $1,572 high
• Mortgage (P&I): −$1,568
• Tax est. 1.5%: −$374 /mo · $4,485/yr
• Insurance: −$125
• Flood insurance flood zone: −$56 /mo · $670/yr
• HOA: −$349
• Vacancy / Maint / Mgmt: −$330
• Net cashflow: $-1,229

Break-even live

Break-even rent $3,128

Max offer price $121,148

Occupancy floor —

Sensitivity live

Price	-10% $-1,022	-5% $-1,126	+0% $-1,229	+5% $-1,332	+10% $-1,436
Rent	-10% $-1,353	-5% $-1,291	+0% $-1,229	+5% $-1,167	+10% $-1,105
Rate	-1.0pp $-1,079	-0.5pp $-1,153	base $-1,229	+0.5pp $-1,307	+1.0pp $-1,385

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: $74,750
• Closing costs: $8,970
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
875 O'Keefe Ave #208 New Orleans, LA	1.0	1.0	638	$1,595	$2.50	66d	1	0.01mi
835 Julia St New Orleans, LA	1.0	1.0	752	$2,012	$2.67	20d	3	0.14mi
818 Howard Ave Unit 304 New Orleans, LA	1.0	1.0	653	$1,635	$2.50	32d	1	0.17mi
818 Howard Ave Unit 404 New Orleans, LA	1.0	1.0	653	$1,681	$2.57	32d	1	0.17mi
814 Howard Ave Unit 101 New Orleans, LA	1.0	1.0	660	$2,100	$3.18	52d	1	0.18mi
703 Carondelet St New Orleans, LA	1.0–2.0	1.0–2.0	949	$1,350	$1.42	73d	1	0.22mi
930 Poydras St New Orleans, LA	1.0–2.0	1.0–2.0	853	$1,595	$1.87	46d	1	0.29mi
1321 S Rampart St Unit 201 New Orleans, LA	1.0	1.0	690	$1,300	$1.88	20d	1	0.30mi
1306 Simon Bolivar Ave Unit 1/2 New Orleans, LA	1.0	1.0	500	$1,200	$2.40	52d	1	0.31mi
1205 Saint Charles Ave New Orleans, LA	1.0	1.0	524	$1,800	$3.44	69d	6	0.34mi
1205 Saint Charles Ave New Orleans, LA	1.0	1.0	524	$1,800	$3.44	41d	7	0.34mi
1205 Saint Charles Ave New Orleans, LA	1.0	1.0	526	$1,800	$3.42	27d	7	0.34mi
1205 Saint Charles Ave New Orleans, LA	1.0	1.0	526	$1,800	$3.42	16d	6	0.34mi
1824 Martin Luther King Junior Blvd Unit A New Orleans, LA	2.0	1.0	700	$1,400	$2.00	73d	1	0.40mi
1824 Martin Luther King Junior Blvd Unit A New Orleans, LA	1.0	1.0	600	$1,300	$2.17	17d	1	0.40mi
822 Perdido St Unit 1272350P New Orleans, LA	5.0	1.0–5.0	1382	$5,748	$4.16	17d	6	0.40mi
1426 Carondelet St Unit G New Orleans, LA	2.0	1.0	750	$1,500	$2.00	25d	1	0.42mi
1426 Carondelet St Unit E New Orleans, LA	2.0	1.0	700	$1,675	$2.39	25d	1	0.42mi
760 Magazine St #212 New Orleans, LA	1.0	1.0	699	$1,800	$2.58	32d	1	0.44mi
1502 Erato St New Orleans, LA	1.0	1.0	600	$1,300	$2.17	27d	1	0.46mi
402 Julia St #205 New Orleans, LA	1.0	1.0	545	$1,475	$2.71	20d	1	0.50mi
909 Gravier St New Orleans, LA	1.0–2.0	1.0–2.0	1095	$1,419	$1.30	16d	14	0.50mi
234 Loyola Ave New Orleans, LA	1.0–2.0	1.0–2.0	636	$1,444	$2.27	20d	2	0.52mi
1527 Reverend John Raphael Junior Way Unit A New Orleans, LA	1.0	1.0	700	$1,175	$1.68	52d	1	0.52mi
1527 Reverend John Raphael Junior Way Unit A New Orleans, LA	1.0	1.0	700	$1,175	$1.68	61d	1	0.52mi
1522 Melpomene St New Orleans, LA	1.0	1.0	550	$1,300	$2.36	32d	1	0.53mi
210 Baronne St New Orleans, LA	1.0–2.0	1.0–2.5	1530	$1,430	$0.93	17d	24	0.54mi
920 Poeyfarre St New Orleans, LA	1.0–2.0	1.0–2.0	795	$1,300	$1.63	52d	6	0.54mi
920 Poeyfarre St New Orleans, LA	1.0–2.0	1.0–2.0	795	$1,500	$1.89	70d	5	0.54mi
920 Poeyfarre St New Orleans, LA	1.0–2.0	1.0	787	$1,700	$2.16	25d	5	0.54mi
330 Julia St #225 New Orleans, LA	1.0	1.0	730	$1,650	$2.26	52d	1	0.55mi
2528 Martin Luther King Junior Blvd New Orleans, LA	1.0	1.0	600	$1,200	$2.00	52d	1	0.56mi
1121 Thalia St #3 New Orleans, LA	1.0	1.0	600	$1,300	$2.17	30d	1	0.57mi
700 Commerce St #109 New Orleans, LA	2.0	1.5	749	$2,000	$2.67	32d	1	0.57mi
2329 Felicity St New Orleans, LA	1.0	1.0	717	$1,100	$1.53	39d	1	0.57mi
2329 Felicity St New Orleans, LA	1.0	1.0	717	$1,175	$1.64	73d	1	0.57mi
925 Common St New Orleans, LA	2.0	1.0–2.5	840	$1,888	$2.25	20d	47	0.58mi
137 Carondelet St Unit 101 New Orleans, LA	2.0	1.0	713	$1,900	$2.66	65d	1	0.58mi
137 Carondelet St #301 New Orleans, LA	—	1.0	569	$1,500	$2.64	52d	1	0.58mi
2013 S Liberty St Apt 202 New Orleans, LA	2.0	1.0	750	$1,075	$1.43	61d	1	0.61mi

HOA detail $349/mo · $4,188/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-08-08
   days on market $299,000 Active 152 DOM
2. 2026-08-07
   days on market $299,000 Active 151 DOM
3. 2026-08-06
   days on market $299,000 Active 150 DOM
4. 2026-08-05
   days on market $299,000 Active 149 DOM
5. 2026-08-04
   days on market $299,000 Active 148 DOM
6. 2026-08-03
   days on market $299,000 Active 147 DOM
7. 2026-07-31
   days on market $299,000 Active 144 DOM
8. 2026-07-30
   days on market $299,000 Active 142 DOM
9. 2026-07-28
   days on market $299,000 Active 141 DOM
10. 2026-07-24
    days on market $299,000 Active 137 DOM
11. 2026-07-23
    days on market $299,000 Active 136 DOM
12. 2026-07-22
    days on market $299,000 Active 135 DOM
13. 2026-07-21
    days on market $299,000 Active 134 DOM
14. 2026-07-20
    days on market $299,000 Active 133 DOM
15. 2026-07-18
    days on market $299,000 Active 131 DOM
16. 2026-07-18
    days on market $299,000 Active 130 DOM
17. 2026-07-16
    days on market $299,000 Active 129 DOM
18. 2026-07-15
    days on market $299,000 Active 128 DOM
19. 2026-07-14
    days on market $299,000 Active 127 DOM
20. 2026-07-13
    days on market $299,000 Active 126 DOM
21. 2026-07-13
    days on market $299,000 Active 125 DOM
22. 2026-07-11
    days on market $299,000 Active 124 DOM
23. 2026-07-10
    days on market $299,000 Active 123 DOM
24. 2026-07-09
    days on market $299,000 Active 122 DOM
25. 2026-07-07
    days on market $299,000 Active 120 DOM
26. 2026-07-06
    days on market $299,000 Active 119 DOM
27. 2026-07-06
    days on market $299,000 Active 118 DOM
28. 2026-07-03
    days on market $299,000 Active 116 DOM
29. 2026-07-02
    days on market $299,000 Active 115 DOM
30. 2026-07-01
    days on market $299,000 Active 114 DOM
31. 2026-06-30
    days on market $299,000 Active 113 DOM
32. 2026-06-29
    days on market $299,000 Active 112 DOM
33. 2026-06-28
    days on market $299,000 Active 111 DOM
34. 2026-06-27
    days on market $299,000 Active 110 DOM
35. 2026-06-27
    days on market $299,000 Active 109 DOM
36. 2026-06-25
    days on market $299,000 Active 107 DOM
37. 2026-06-22
    days on market $299,000 Active 105 DOM
38. 2026-06-21
    days on market $299,000 Active 104 DOM
39. 2026-06-18
    days on market $299,000 Active 101 DOM
40. 2026-06-17
    days on market $299,000 Active 100 DOM
41. 2026-06-16
    days on market $299,000 Active 99 DOM
42. 2026-06-15
    days on market $299,000 Active 98 DOM
43. 2026-06-13
    days on market $299,000 Active 96 DOM
44. 2026-06-10
    days on market $299,000 Active 93 DOM
45. 2026-06-09
    days on market $299,000 Active 92 DOM
46. 2026-06-08
    days on market $299,000 Active 91 DOM
47. 2026-06-07
    days on market $299,000 Active 90 DOM
48. 2026-06-05
    days on market $299,000 Active 87 DOM
49. 2026-06-03
    days on market $299,000 Active 86 DOM
50. 2026-06-02
    days on market $299,000 Active 85 DOM

ⓘ 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 8/10 Severe FEMA zone X · 26% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,867
• − Mortgage interest: −$16,749
• − Property taxes: −$4,485
• − Insurance: −$2,165
• − Repairs & maintenance: −$1,509
• − Management: −$1,509
• − HOA: −$4,188
• − Depreciation: −$8,698
• Taxable loss: −$20,437
• Est. tax savings @ 24.0%: +$4,905
• After-tax cash flow: $-9,844/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 · 12 photos

Excellent 95/100 None rehab

This move-in-ready condominium in the heart of New Orleans' Central Business District offers modern amenities and a prime location, with no visible repairs or maintenance needed.

Value-add opportunities

• Both Landscaping and rooftop garden maintenance — Enhances curb appeal and adds value for both resale and rental. ↑
• Both Regular HVAC maintenance — Keeps systems running efficiently and adds to the home's value. ↑
• Both Interior paint touch-ups — Maintains the home's fresh and modern look, appealing to both buyers and renters. ↑

F Composite school gradezoned avg 18/100

Zoned Schools

Elementary Benjamin Franklin Elem. Math And Science F LA #479/646 Nat'l #34,936/41,679 High Mcdonogh #35 College Preparatory School

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

A Composite livability gradescore 81/100

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 · 513,025 people
• City population: 338,817
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 9,387
• Household income: $39,333
• Rent vs Own: 75.4% rent · 24.6% own
• Severe rent burden: 13% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 61% White 20% Hispanic / Latino 13% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 2% Portuguese 1% Slovak 1%
• Foreign-born: 13% · Canada, Vietnam, China
• Languages at home: 86% English-only · Spanish 11% Other Indo-European 1% Vietnamese 1%

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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: ▲ 65.92%
• Current HPI: 229.3968
• Rent YoY: ▲ 5.98%
• Metro: New Orleans-Metairie, LA
• State GDP YoY: ▲ 3.29%
• F500 in state: 10

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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

-25.1% since first listed

4 events — show timeline

• 2026-04-08 Price Changed $299,000 AcadianaMLS
• 2026-04-08 Price Changed $299,000 GSREIN
• 2026-03-10 Listed $399,000 GSREIN
• 2026-03-10 Listed $399,000 AcadianaMLS