1841-43 Gordon St · New Orleans, LA 70117

$230,000

4 bd · 2.0 ba · 1,488 sqft · MultiFamily public records · 346 Days on market

Built 1970 3,484 sqft lot $155/sqft · 29% above area Est $180k · 28% over

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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 +26.7/30.0
• DSCR +9.2/10.0
• 1% rule +5.8/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Beautifully renovated corner double. 98% completed, each unit has its own identity, making it a great property for an owner-occupant. Let your tenant help pay the mortgage or consider it as an excellent addition to your investment portfolio. One side features elegant ceramic tile throughout, providing a sleek and modern aesthetic, while the other side combines laminate flooring with ceramic accents, offering both style and durability.This property is not just a living space; it's a versatile investment opportunity. With separate entrances and utilities, each unit maintains its privacy while still being part of a cohesive structure. The layout is thoughtfully designed to maximize space and comfort, making it appealing to a wide range of potential tenants.A must-see for anyone looking to invest or settle down, this property is conveniently located no far from amenities and transportation. Schedule a showing today using ShowingTime to experience the charm and potential this double offers firsthand. Don't miss out on this fantastic opportunity!

Key facts

• Laminate flooring
• Separate utilities
• Ceramic tile

Tags

• CERAMIC TILE
• LAMINATE FLOORING
• SEPARATE ENTRANCES
• SEPARATE UTILITIES
• INVESTMENT OPPORTUNITY
• CONVENIENTLY LOCATED

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $230k.

Deal economics

• At list price, monthly cash flow is $557 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $230k).
• Recommended offer: $202k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,492/mo this rent would consume 65% 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 $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 346 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 16329% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• 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 $202,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 346 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 1970 — 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. 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: 1.08% ✓
• Cap rate: 9.54%
• Cash-on-cash: 11.61%
• DSCR: 1.52
• GRM: 7.7

CMA / ARV

• ARV (median comp): $179,930
• List price: $230,000
• Delta: 27.83%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5406 Urquhart St	0.63mi	4/2.0	1,368 (-8%)	12mo	$90,000	$66	47
1001 3 Gordon St	0.65mi	4/2.0	1,580 (+6%)	22mo	$170,000	$108	41

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: -1.3%
• Equity multiple: 0.95×
• Total profit: $-3,154
• Equity at exit: $34,294

10-year hold

• IRR: 7.8%
• Equity multiple: 1.58×
• Total profit: $37,456
• Equity at exit: $19,886

Cash invested: $64,400 (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: 15.4×

Monthly cashflow live

• Estimated rent: $2,492 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$43 /mo · $522/yr
• Insurance: −$96
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$523
• Net cashflow: $557

Break-even live

Break-even rent $1,787

Max offer price $230,000

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,492
Total (2 units)			$2,492

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1901 Tupelo St New Orleans, LA	3.0	2.5	1568	$2,300	$1.47	3d	1	0.05mi
1824 Saint Maurice Ave New Orleans, LA	4.0	2.0	1500	$1,500	$1.00	23d	1	0.10mi
1925 Alabo St Unit A New Orleans, LA	3.0	2.0	1199	$1,500	$1.25	21d	1	0.14mi
5900 N Derbigny St Unit 1 New Orleans, LA	3.0	2.0	1000	$1,950	$1.95	3d	1	0.19mi
1714 Tricou St New Orleans, LA	3.0	2.0	1271	$1,900	$1.49	23d	1	0.20mi
5618 N Tonti St New Orleans, LA	3.0	2.0	1128	$1,550	$1.37	23d	1	0.40mi
1835 Andry St New Orleans, LA	3.0	2.0	918	$1,800	$1.96	23d	1	0.47mi
1314 Lamanche St New Orleans, LA	4.0	1.0	1300	$2,100	$1.62	15d	1	0.49mi
1327 Fats Domino Ave Unit A New Orleans, LA	3.0	2.0	1200	$1,900	$1.58	3d	1	0.49mi
1327 Fats Domino Ave Unit B New Orleans, LA	4.0	2.0	1200	$2,200	$1.83	15d	1	0.49mi
1301 Lamanche St New Orleans, LA	3.0	2.0	1178	$1,600	$1.36	23d	1	0.49mi
1301 Lamanche St New Orleans, LA	3.0	2.0	1090	$1,600	$1.47	2d	1	0.49mi
1301 Lamanche St New Orleans, LA	3.0	2.0	1090	$1,600	$1.47	3d	1	0.49mi
2012 Esteban St Arabi, LA	3.0	2.0	1466	$2,500	$1.71	10d	1	0.50mi
1201 Gordon St New Orleans, LA	3.0	2.5	1367	$1,900	$1.39	16d	1	0.52mi
1333 Angela Ave Arabi, LA	3.0	2.0	1090	$1,850	$1.70	2d	1	0.57mi
2301 Esteban St Arabi, LA	3.0	1.0	1102	$1,800	$1.63	14d	1	0.59mi
2539 Fats Domino Ave New Orleans, LA	3.0	2.0	1184	$1,850	$1.56	20d	1	0.59mi
1422 Andry St New Orleans, LA	3.0	2.0	1100	$1,400	$1.27	3d	1	0.60mi
5461 Saint Claude Ave New Orleans, LA	4.0	2.0	1250	$2,350	$1.88	23d	1	0.69mi
6038 N Rampart St New Orleans, LA	3.0	2.0	1080	$1,795	$1.66	23d	1	0.69mi
5459 Saint Claude Ave Unit 5461 New Orleans, LA	4.0	2.0	1454	$2,350	$1.62	23d	1	0.70mi
906 Flood St New Orleans, LA	3.0	3.0	1174	$1,700	$1.45	1d	1	0.83mi
1529 Schnell Dr Arabi, LA	3.0	2.5	1736	$2,600	$1.50	1d	1	0.91mi
1511 Schnell Dr Arabi, LA	4.0	3.0	1700	$1,850	$1.09	3d	1	0.92mi
7532 Patricia St Arabi, LA	3.0	2.0	1850	$1,900	$1.03	1d	1	1.05mi
7532 Patricia St Arabi, LA	3.0	2.0	1850	$1,900	$1.03	2d	1	1.05mi
6900 Royal St Arabi, LA	3.0	2.0	1579	$5,888	$3.73	2d	1	1.06mi
617 Forstall St New Orleans, LA	3.0	2.0	1262	$2,200	$1.74	3d	1	1.13mi
309 Fawn Dr Arabi, LA	3.0	2.5	1745	$2,500	$1.43	1d	1	1.16mi
310 Lynx Dr Arabi, LA	3.0	2.0	1050	$1,775	$1.69	23d	1	1.16mi
619 Reynes St New Orleans, LA	3.0	2.0	1318	$2,100	$1.59	15d	1	1.17mi
438 Friscoville Ave Arabi, LA	3.0	2.0	1500	$3,200	$2.13	2d	1	1.22mi
424 Chinchilla Dr Arabi, LA	3.0	2.0	1735	$3,500	$2.02	15d	1	1.23mi
4318 N Robertson St New Orleans, LA	3.0	1.0	1250	$1,150	$0.92	3d	1	1.37mi
4318 1/2 N Robertson St New Orleans, LA	3.0	1.0	1250	$1,150	$0.92	2d	1	1.38mi
4230 N Claiborne Ave New Orleans, LA	3.0	2.5	1296	$1,750	$1.35	23d	1	1.40mi
1403 Lesseps St New Orleans, LA	3.0	3.0	1700	$1,800	$1.06	11d	1	1.40mi
4222 N Johnson St New Orleans, LA	3.0	2.0	1100	$1,895	$1.72	23d	1	1.40mi
4317 Urquhart St New Orleans, LA	3.0	2.0	1300	$1,650	$1.27	23d	1	1.41mi

Listing history 16 events

1. 2026-06-18
   days on market $230,000 Active 346 DOM
2. 2026-06-17
   days on market $230,000 Active 345 DOM
3. 2026-06-16
   days on market $230,000 Active 344 DOM
4. 2026-06-15
   days on market $230,000 Active 343 DOM
5. 2026-06-13
   days on market $230,000 Active 341 DOM
6. 2026-06-10
   days on market $230,000 Active 338 DOM
7. 2026-06-09
   days on market $230,000 Active 337 DOM
8. 2026-06-08
   days on market $230,000 Active 336 DOM
9. 2026-06-07
   days on market $230,000 Active 335 DOM
10. 2026-06-05
    days on market $230,000 Active 332 DOM
11. 2026-06-03
    days on market $230,000 Active 331 DOM
12. 2026-06-02
    days on market $230,000 Active 330 DOM
13. 2026-06-01
    days on market $230,000 Active 329 DOM
14. 2026-05-31
    days on market $230,000 Active 328 DOM
15. 2026-05-15
    listed $1,400
16. 2025-06-24
    listed $230,000 Active 1056-char remark

    Show marketing remark (1056 chars)

    Beautifully renovated corner double. 98% completed, each unit has its own identity, making it a great property for an owner-occupant. Let your tenant help pay the mortgage or consider it as an excellent addition to your investment portfolio. One side features elegant ceramic tile throughout, providing a sleek and modern aesthetic, while the other side combines laminate flooring with ceramic accents, offering both style and durability.This property is not just a living space; it's a versatile investment opportunity. With separate entrances and utilities, each unit maintains its privacy while still being part of a cohesive structure. The layout is thoughtfully designed to maximize space and comfort, making it appealing to a wide range of potential tenants.A must-see for anyone looking to invest or settle down, this property is conveniently located no far from amenities and transportation. Schedule a showing today using ShowingTime to experience the charm and potential this double offers firsthand. Don't miss out on this fantastic opportunity!

ⓘ 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: $522 · $43/mo
• Projected year-2 tax: $1,265 · $105/mo
• Expected delta: +$743/yr (+$62/mo · 142.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (shaded) · 77% 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 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,904
• − Mortgage interest: −$12,884
• − Property taxes: −$522
• − Insurance: −$1,948
• − Repairs & maintenance: −$2,392
• − Management: −$2,392
• − Depreciation: −$6,691
• Taxable income: $3,075
• Est. tax owed @ 24.0%: −$738
• After-tax cash flow: $5,943/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

-99.4% since first listed

2 events — show timeline

• 2026-05-15 Listed for Rent $1,400 RAAMLS
• 2025-06-24 Listed $230,000 AcadianaMLS

Property tax history

+9.2%/yr

Latest (2026): $522 · +1.1% YoY. Source: county tax records.