1538 40 N Roman St · New Orleans, LA 70116

$385,000

5 bd · 3.5 ba · 2,475 sqft · MultiFamily · 13 Days on market

Built 1957 Est $351k · 10% over

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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 +14.8/30.0
• DSCR +4.5/10.0
• 1% rule +4.1/10.0
• Livability +4.0/5.0
• ARV discount +3.2/15.0
• Rent growth +2.5/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Check out this investment opportunity in the heart of New Orleans' historic 7th Ward! This property was fully renovated in 2021, the property features two spacious units. One side offers 2 bedrooms and 1 full bath, while the other boasts 3 bedrooms and 2.5 baths, providing ample living space and comfortable layouts. Both units are equipped with central air and heat for year-round comfort. The property also includes off-street parking, a highly desirable amenity in this vibrant neighborhood. Conveniently located just minutes from the world-famous French Quarter and the iconic Caesars Superdome. Whether you're looking to expand your investment portfolio or live in one unit while generating re

Key facts

• Fully renovated
• Two spacious units
• Central air and heat

Tags

• FULLY RENOVATED
• TWO SPACIOUS UNITS
• CENTRAL AIR AND HEAT
• OFF-STREET PARKING
• MINUTES FROM FRENCH QUARTER
• ICONIC CAESARS SUPERDOME

Property features AI

Finance

• Financial info: Two-unit property

Exterior

• Parking: Off-street parking with three or more spaces
• Utilities: Public water; Public sewer
• Home design: Two-story property; Raised foundation; HardiPlank exterior
• Construction: Shingle roof
• Exterior features: Porch; City lot; Rectangular lot; Lot dimensions approximately 31 x 75

Interior

• Bathrooms: Three full bathrooms; One half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Very good condition
• Laundry & utility: Tenants pay electricity, gas, and water

What this means for you Summary

Snapshot

• This is a 5-bed/3.5-bath multifamily listed at $385k.

Deal economics

• At list price, monthly cash flow is $40 ($483/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $350k (9.0% below list).
• Recommended offer: $350k (9.0% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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 flat; 350 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,503/mo this rent would consume 80% of the median local household income ($52k/yr) (locally 1001% 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 $3k of loan paydown is wiped out by about $12k 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

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 19y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $13k; list at $385k implies a 2862% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1957 — 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 $350,300 (9.0% below list)

Questions for the listing agent

1. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.91% ✗
• Cap rate: 6.63%
• Cash-on-cash: 1.19%
• DSCR: 1.05
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $351,450
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1809 11 Laharpe St	0.01mi	6/4.0 (+1)	2,503 (+1%)	8mo	$529,000	$211	84
1526 28 Governor Nicholls St	0.39mi	6/3.0 (+1)	2,460 (-1%)	2mo	$350,000	$142	72
1810 Allen St	0.28mi	4/4.0 (-1)	2,390 (-3%)	4mo	$265,000	$111	72
2024 26 St Anthony St	0.49mi	6/4.0 (+1)	2,482 (+0%)	6mo	$350,000	$141	65
1933 Bayou Rd	0.25mi	5/4.0	2,800 (+13%)	3mo	$480,000	$171	62
1636-.5 N Miro St	0.42mi	6/5.0 (+1)	2,459 (-1%)	9mo	$300,000	$122	61
1501-03 Marais St	0.35mi	6/4.0 (+1)	2,680 (+8%)	6mo	$690,000	$257	58
2304 06 Laharpe St	0.36mi	6/3.5 (+1)	2,132 (-14%)	6mo	$275,000	$129	50
1722 24 St Ann St	0.62mi	4/3.5 (-1)	2,240 (-10%)	1mo	$410,000	$183	49
1966 N Prieur St	0.46mi	6/4.0 (+1)	2,166 (-12%)	6mo	$308,000	$142	46
1827 29 Frenchmen St	0.61mi	5/3.0	2,160 (-13%)	9mo	$360,000	$167	40
2329-2331 Saint Anthony St	0.67mi	6/2.0 (+1)	2,156 (-13%)	8mo	$130,000	$60	30

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 · 0.18% rent growth · sell at horizon

5-year hold

• IRR: -18.9%
• Equity multiple: 0.36×
• Total profit: $-69,396
• Equity at exit: $57,405

10-year hold

• IRR: -18.7%
• Equity multiple: 0.13×
• Total profit: $-94,238
• Equity at exit: $33,288

Cash invested: $107,800 (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 70116

• Home prices YoY: -34.5%
• Rents YoY: 0.2%
• Active inventory: 350
• Price-to-rent: 19.7×

Monthly cashflow live

• Estimated rent: $3,503 high
• Mortgage (P&I): −$2,019
• Tax est. 1.5%: −$481 /mo · $5,775/yr
• Insurance: −$160
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$736
• Net cashflow: $40

Break-even live

Break-even rent $3,452

Max offer price $385,000

Occupancy floor 94%

Sensitivity live

Price	-10% $306	-5% $173	+0% $40	+5% $-93	+10% $-226
Rent	-10% $-236	-5% $-98	+0% $40	+5% $179	+10% $317
Rate	-1.0pp $234	-0.5pp $138	base $40	+0.5pp $-60	+1.0pp $-161

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

Units	Beds	Baths	Est. rent
1× unit	2	1.5	$1,630
1× unit	3	2.5	$1,874
Total (2 units)			$3,503

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: $96,250
• Closing costs: $11,550
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2920 Pauger St New Orleans, LA	4.0	2.0	1882	$1,995	$1.06	24d	1	0.61mi
1860 Burgundy St New Orleans, LA	4.0	4.0	3000	$3,500	$1.17	24d	1	0.65mi
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	4d	1	0.76mi
3228 Pauger St New Orleans, LA	5.0	2.0	1600	$2,100	$1.31	24d	1	0.80mi
2731 Saint Philip St Unit 2733 New Orleans, LA	4.0	2.0	2000	$2,600	$1.30	24d	1	0.81mi
811 Burgundy St New Orleans, LA	4.0	2.5	2059	$5,000	$2.43	44d	1	0.83mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$6,144	$3.88	4d	2	0.87mi
2738 Bienville St New Orleans, LA	4.0	3.0	1671	$2,200	$1.32	24d	1	1.19mi
1011 Canal St Unit 1513926P New Orleans, LA	1.0–4.0	1.0–4.0	1016	$12,077	$11.88	2d	2	1.23mi
1011 Canal St Unit 1513939P New Orleans, LA	4.0	4.0	1765	$11,253	$6.38	24d	1	1.23mi
800 Gravier St Unit 1272312P New Orleans, LA	2.0–4.0	2.0–4.0	1673	$6,169	$3.69	15d	2	1.49mi

Listing history 10 events

1. 2026-06-18
   days on market $385,000 Active 13 DOM
2. 2026-06-17
   days on market $385,000 Active 12 DOM
3. 2026-06-16
   days on market $385,000 Active 11 DOM
4. 2026-06-15
   days on market $385,000 Active 10 DOM
5. 2026-06-13
   days on market $385,000 Active 8 DOM
6. 2026-06-10
   days on market $385,000 Active 5 DOM
7. 2026-06-09
   days on market $385,000 Active 4 DOM
8. 2026-06-08
   days on market $385,000 Active 3 DOM
9. 2026-06-07
   remarks 699-char remark
10. 2026-06-07
    listed $385,000 Active 2 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 (shaded) · 75% 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: $42,036
• − Mortgage interest: −$21,566
• − Property taxes: −$5,775
• − Insurance: −$2,722
• − Repairs & maintenance: −$3,363
• − Management: −$3,363
• − Depreciation: −$11,200
• Taxable loss: −$5,953
• Est. tax savings @ 24.0%: +$1,429
• After-tax cash flow: $1,912/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): 10,404
• Household income: $52,306
• Rent vs Own: 52.5% rent · 47.5% own
• Severe rent burden: 1001.0

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: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 45% Black 40% Hispanic / Latino 10% Two or more races 8%
• Hispanic origin (detail): Mexican 1% Cuban 3%
• Common ancestry: Lithuanian 6% Slovak 3% Romanian 3%
• Foreign-born: 5% · Canada
• Languages at home: 90% English-only · Spanish 6% French/Haitian/Cajun 2%

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: ▼ -144.83%
• Current HPI: 275.5453
• Rent YoY: ▲ 0.18%
• 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

+541.7% since first listed

9 events — show timeline

• 2026-06-05 Listed $385,000 GSREIN
• 2025-05-22 Price Changed $395,000 GSREIN
• 2021-12-10 Price Changed $510,000 GSREIN
• 2021-08-16 Price Changed $520,000 GSREIN
• 2010-01-27 Listed $18,900 GSREIN
• 2010-01-27 Sold (MLS) $13,000 GSREIN
• 2009-09-22 Listed $18,500 GSREIN
• 2007-04-13 Sold (MLS) $50,000 GSREIN
• 2007-02-01 Listed $60,000 GSREIN