6219-21 Wadsworth Dr · New Orleans, LA 70122

$245,000

6 bd · 2.0 ba · 1,880 sqft · MultiFamily · 196 Days on market

Built 1940 Good condition $130/sqft · at area comps Est $253k · at est.

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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 +24.7/30.0
• ARV discount +8.9/15.0
• DSCR +8.0/10.0
• 1% rule +6.4/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.3/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This property, located just one block from the University of New Orleans, features two spacious 2 bedroom, 1 bathroom units, each with a versatile bonus room that can be used as an extra bedroom, office, or flex space. Great for investors or owner-occupants, this is a great opportunity to live in one unit and let rental income from the other help cover your mortgage. Each unit has a separate W/D laundry room at the rear, and the large backyard offers plenty of space for outdoor enjoyment. A new roof was installed after Hurricane Ida, adding peace of mind for future owners. Just minutes from the Lakefront, Bayou St. John, and City Park, you'll enjoy easy access to scenic sunsets, outdoor recreation, and everything the area has to offer. Whether you're looking for investment potential or a home in a prime location near UNO, this property is a must-see.

Key facts

• Investment property
• New roof
• Parking

Tags

• INVESTMENT PROPERTY
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $245k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $447 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $245k).
• Recommended offer: $216k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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 (-0.6%/yr); 332 active listings in the ZIP; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,793/mo this rent would consume 68% of the median local household income ($49k/yr) (locally 2150% 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 $2k of loan paydown is wiped out by about $7k 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 196 days — a 12% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 27y ago; this cycle's ask is 20317% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1940 — 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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $215,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 196 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
9. 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.
10. 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.
11. 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: 1.14% ✓
• Cap rate: 8.81%
• Cash-on-cash: 8.98%
• DSCR: 1.40
• GRM: 7.3

CMA / ARV

• ARV (median comp): $252,654
• List price: $245,000
• Delta: -3.03%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6222 24 Waldo Dr	0.12mi	5/2.0 (-1)	1,990 (+6%)	13mo	$263,000	$132	69
5305 Wingate Dr	0.69mi	5/3.0 (-1)	1,800 (-4%)	3mo	$100,000	$56	49

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: -7.9%
• Equity multiple: 0.72×
• Total profit: $-19,341
• Equity at exit: $36,530

10-year hold

• IRR: -2.9%
• Equity multiple: 0.83×
• Total profit: $-11,489
• Equity at exit: $21,183

Cash invested: $68,600 (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 70122

• Rents YoY: -0.6%
• Active inventory: 332
• Price-to-rent: 14.6×

Monthly cashflow live

• Estimated rent: $2,793 high
• Mortgage (P&I): −$1,285
• Tax est. 1.5%: −$306 /mo · $3,675/yr
• Insurance: −$102
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$587
• Net cashflow: $447

Break-even live

Break-even rent $2,227

Max offer price $245,000

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,794
Total (2 units)			$2,793

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $245,000 Active 196 DOM
2. 2026-06-17
   days on market $245,000 Active 195 DOM
3. 2026-06-16
   days on market $245,000 Active 194 DOM
4. 2026-06-15
   days on market $245,000 Active 193 DOM
5. 2026-06-13
   days on market $245,000 Active 191 DOM
6. 2026-06-10
   days on market $245,000 Active 188 DOM
7. 2026-06-09
   days on market $245,000 Active 187 DOM
8. 2026-06-08
   days on market $245,000 Active 186 DOM
9. 2026-06-07
   days on market $245,000 Active 185 DOM
10. 2026-06-05
    days on market $245,000 Active 182 DOM
11. 2026-06-03
    days on market $245,000 Active 181 DOM
12. 2026-06-02
    days on market $245,000 Active 180 DOM
13. 2026-06-01
    days on market $245,000 Active 179 DOM
14. 2026-05-31
    days on market $245,000 Active 178 DOM
15. 2026-04-01
    status Active 862-char remark

    Show marketing remark (869 chars)

    This property, located just one block from the University of New Orleans, features two spacious 2 bedroom, 1 bathroom units, each with a versatile bonus room that can be used as an extra bedroom, office, or flex space. Great for investors or owner-occupants, this is a great opportunity to live in one unit and let rental income from the other help cover your mortgage. Each unit has a separate W/ D laundry room at the rear, and the large backyard offers plenty of space for outdoor enjoyment. A new roof was installed after Hurricane Ida, adding peace of mind for future owners. Just minutes from the Lakefront, Bayou St. John, and City Park, you’ll enjoy easy access to scenic sunsets, outdoor recreation, and everything the area has to offer. Whether you're looking for investment potential or a home in a prime location near UNO, this property is a must-see.

16. 2026-04-01
    status Active 869-char remark

    Show marketing remark (869 chars)

    This property, located just one block from the University of New Orleans, features two spacious 2 bedroom, 1 bathroom units, each with a versatile bonus room that can be used as an extra bedroom, office, or flex space. Great for investors or owner-occupants, this is a great opportunity to live in one unit and let rental income from the other help cover your mortgage. Each unit has a separate W/ D laundry room at the rear, and the large backyard offers plenty of space for outdoor enjoyment. A new roof was installed after Hurricane Ida, adding peace of mind for future owners. Just minutes from the Lakefront, Bayou St. John, and City Park, you’ll enjoy easy access to scenic sunsets, outdoor recreation, and everything the area has to offer. Whether you're looking for investment potential or a home in a prime location near UNO, this property is a must-see.

17. 2026-01-05
    historical 869-char remark

    Show marketing remark (869 chars)

    This property, located just one block from the University of New Orleans, features two spacious 2 bedroom, 1 bathroom units, each with a versatile bonus room that can be used as an extra bedroom, office, or flex space. Great for investors or owner-occupants, this is a great opportunity to live in one unit and let rental income from the other help cover your mortgage. Each unit has a separate W/ D laundry room at the rear, and the large backyard offers plenty of space for outdoor enjoyment. A new roof was installed after Hurricane Ida, adding peace of mind for future owners. Just minutes from the Lakefront, Bayou St. John, and City Park, you’ll enjoy easy access to scenic sunsets, outdoor recreation, and everything the area has to offer. Whether you're looking for investment potential or a home in a prime location near UNO, this property is a must-see.

18. 2025-12-30
    historical $1,200
19. 2025-12-24
    listed $1,200
20. 2025-12-11
    historical $1,200
21. 2025-10-02
    listed $1,200
22. 2025-09-01
    listed $245,000 Active 862-char remark

    Show marketing remark (869 chars)

    This property, located just one block from the University of New Orleans, features two spacious 2 bedroom, 1 bathroom units, each with a versatile bonus room that can be used as an extra bedroom, office, or flex space. Great for investors or owner-occupants, this is a great opportunity to live in one unit and let rental income from the other help cover your mortgage. Each unit has a separate W/ D laundry room at the rear, and the large backyard offers plenty of space for outdoor enjoyment. A new roof was installed after Hurricane Ida, adding peace of mind for future owners. Just minutes from the Lakefront, Bayou St. John, and City Park, you’ll enjoy easy access to scenic sunsets, outdoor recreation, and everything the area has to offer. Whether you're looking for investment potential or a home in a prime location near UNO, this property is a must-see.

23. 2025-09-01
    listed $245,000 Active 869-char remark

    Show marketing remark (869 chars)

    This property, located just one block from the University of New Orleans, features two spacious 2 bedroom, 1 bathroom units, each with a versatile bonus room that can be used as an extra bedroom, office, or flex space. Great for investors or owner-occupants, this is a great opportunity to live in one unit and let rental income from the other help cover your mortgage. Each unit has a separate W/ D laundry room at the rear, and the large backyard offers plenty of space for outdoor enjoyment. A new roof was installed after Hurricane Ida, adding peace of mind for future owners. Just minutes from the Lakefront, Bayou St. John, and City Park, you’ll enjoy easy access to scenic sunsets, outdoor recreation, and everything the area has to offer. Whether you're looking for investment potential or a home in a prime location near UNO, this property is a must-see.

24. 2022-07-05
    listed $250,000
25. 2021-02-02
    listed $240,000
26. 2019-08-03
    listed $216,000
27. 2012-04-16
    listed $159,000
28. 1999-08-21
    listed $89,000

ⓘ 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 (shaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 21 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: $33,516
• − Mortgage interest: −$13,724
• − Property taxes: −$3,675
• − Insurance: −$2,022
• − Repairs & maintenance: −$2,681
• − Management: −$2,681
• − Depreciation: −$7,127
• Taxable income: $1,605
• Est. tax owed @ 24.0%: −$385
• After-tax cash flow: $4,977/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 · 9 photos

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with a fresh roof and well-maintained exterior. Minor updates to paint and appliances would significantly enhance its value for both resale and rental.

Value-add opportunities

• Both Paint fresh coats — Fresh paint enhances curb appeal and interior aesthetics, boosting both resale and rental value.
• Both Replace outdated appliances — Modern appliances improve functionality and appeal, attracting more buyers and renters.
• Both Landscaping improvements — Enhanced landscaping can increase curb appeal and property value.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint fresh coats — Fresh paint enhances curb appeal and interior aesthetics, boosting both resale and rental value. ↑
• Both Replace outdated appliances — Modern appliances improve functionality and appeal, attracting more buyers and renters. ↑
• Both Landscaping improvements — Enhanced landscaping can increase curb appeal and property value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 35,253
• Household income: $49,455
• Rent vs Own: 40.5% rent · 59.5% own
• Severe rent burden: 2150.0

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: Predominantly Black (69%)
• Race & ethnicity: Black 69% White 18% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Lithuanian 4% Italian 2% Slovak 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Chinese 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: ▼ -222.37%
• Current HPI: 231.9921
• Rent YoY: ▼ -0.61%
• 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

-98.7% since first listed

14 events — show timeline

• 2026-04-01 Relisted — AcadianaMLS
• 2026-04-01 Relisted — GSREIN
• 2026-01-05 Listing Removed — GSREIN
• 2025-12-30 Rental Removed $1,200 GSREIN
• 2025-12-24 Listed for Rent $1,200 GSREIN
• 2025-12-11 Rental Removed $1,200 GSREIN
• 2025-10-02 Listed for Rent $1,200 GSREIN
• 2025-09-01 Listed $245,000 GSREIN
• 2025-09-01 Listed $245,000 AcadianaMLS
• 2022-07-05 Listed $250,000 AcadianaMLS
• 2021-02-02 Listed $240,000 AcadianaMLS
• 2019-08-03 Listed $216,000 AcadianaMLS
• 2012-04-16 Listed $159,000 AcadianaMLS
• 1999-08-21 Listed $89,000 AcadianaMLS