918 20 Montegut St · New Orleans, LA 70117

$239,900

4 bd · 2.0 ba · 1,890 sqft · MultiFamily · 81 Days on market

Built 1850 Est $327k · 27% under

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Why this score? — see what drove the B- 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 +25.9/30.0
• ARV discount +15.0/15.0
• DSCR +8.7/10.0
• 1% rule +6.9/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Historic 1850's shotgun double, priced for restoration and full of New Orleans charm. This 2-unit property offers 2 bedrooms and 1 bath per side with tall ceilings, decorative mantels, transoms, and the classic shotgun layout that allows for flexible living and dining spaces. Each unit includes an eat-in style kitchen with cabinet storage and gas range, plus an interior laundry area with washer/dryer hookups for added convenience. The home does have some deferred maintenance and needs updating, presenting an excellent opportunity for investors or owner-occupants to bring a historic façade and interiors back to life. A fenced rear yard provides green space for gardening, outdoor enter

Key facts

• Tall ceilings
• Decorative mantels
• Eat-in style kitchen

Tags

• HISTORIC SHOTGUN DOUBLE
• TALL CEILINGS
• DECORATIVE MANTELS
• TRANSOMS
• EAT-IN STYLE KITCHEN
• INTERIOR LAUNDRY AREA

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $590 ($7k/yr) — positive. Per door: $295/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Recommended offer: $226k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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.

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); 587 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,846/mo this rent would consume 75% 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 81 days — a 6% lower offer ($226k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $225,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.19% ✓
• Cap rate: 9.25%
• Cash-on-cash: 10.55%
• DSCR: 1.47
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $326,970
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3129 31 N Claiborne Ave	0.15mi	4/2.0	1,806 (-4%)	3mo	$267,150	$148	83
1537-1539 Louisa St	0.23mi	4/2.0	1,778 (-6%)	6mo	$329,000	$185	74
1805 07 St Roch Ave	0.49mi	4/2.0	1,914 (+1%)	1mo	$290,000	$152	74
3313 15 St Claude Ave	0.47mi	4/3.0	1,850 (-2%)	1mo	$320,000	$173	70
2517 N Miro St	0.60mi	4/2.0	1,857 (-2%)	7mo	$50,000	$27	63
827-829 St Ferdinand St	0.57mi	4/2.0	2,019 (+7%)	2mo	$450,000	$223	60
939 Piety St	0.55mi	4/2.5	2,022 (+7%)	1mo	$409,000	$202	60
2630 N Rampart St	0.52mi	4/2.0	1,680 (-11%)	4mo	$387,500	$231	54
1734 Spain St	0.60mi	5/3.0 (+1)	1,985 (+5%)	1mo	$100,000	$50	54
1727 29 Marigny St	0.70mi	4/2.0	1,716 (-9%)	1mo	$285,000	$166	51
727 Montegut St	0.63mi	4/2.0	1,670 (-12%)	4mo	$155,000	$93	48
720 Port St	0.67mi	4/4.0	1,700 (-10%)	6mo	$365,000	$215	39

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: -1.1%
• Equity multiple: 0.96×
• Total profit: $-2,679
• Equity at exit: $35,770

10-year hold

• IRR: 8.1%
• Equity multiple: 1.60×
• Total profit: $40,364
• Equity at exit: $20,742

Cash invested: $67,172 (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: 587
• Price-to-rent: 14.0×

Monthly cashflow live

• Estimated rent: $2,846 high
• Mortgage (P&I): −$1,258
• Tax est. 1.5%: −$300 /mo · $3,598/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$598
• Net cashflow: $590

Break-even live

Break-even rent $2,099

Max offer price $239,900

Occupancy floor 74%

Sensitivity live

Price	-10% $756	-5% $673	+0% $590	+5% $508	+10% $425
Rent	-10% $366	-5% $478	+0% $590	+5% $703	+10% $815
Rate	-1.0pp $711	-0.5pp $651	base $590	+0.5pp $528	+1.0pp $465

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,846
Total (2 units)			$2,846

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1231 Feliciana St New Orleans, LA	3.0	2.5	1869	$2,750	$1.47	45d	1	0.25mi
5624-5626 Saint Claude ST New Orleans, LA	4.0	3.0	1521	$2,300	$1.51	25d	1	0.29mi
1835 Louisa St New Orleans, LA	3.0	2.5	1800	$2,350	$1.31	5d	1	0.29mi
1839 Louisa St New Orleans, LA	3.0	2.0	1500	$2,095	$1.40	17d	1	0.29mi
1437 Gallier St New Orleans, LA	3.0	2.0	1451	$1,875	$1.29	23d	1	0.39mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	25d	1	0.39mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	45d	1	0.39mi
3221 Saint Claude Ave New Orleans, LA	3.0	1.0	1900	$1,650	$0.87	25d	1	0.40mi
2028 Desire St New Orleans, LA	3.0	1.0	1300	$1,300	$1.00	25d	1	0.45mi
2019 Gallier St New Orleans, LA	4.0	2.0	1400	$2,200	$1.57	25d	1	0.50mi
3134 Burgundy St New Orleans, LA	3.0	2.0	1887	$2,900	$1.54	25d	1	0.55mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	5d	1	0.55mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	4d	1	0.55mi
1323 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	5d	1	0.56mi
2331 Feliciana St New Orleans, LA	3.0	2.0	1250	$1,850	$1.48	25d	1	0.57mi
2228 Arts St New Orleans, LA	3.0	2.0	2270	$1,675	$0.74	5d	1	0.68mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$4,154	$2.63	5d	2	0.75mi
2320 N Rampart St New Orleans, LA	3.0	3.0	2317	$3,700	$1.60	45d	1	0.75mi
1411 France St New Orleans, LA	3.0	2.0	1525	$2,000	$1.31	25d	1	0.77mi
2115 Mandeville St New Orleans, LA	3.0	2.0	1400	$1,650	$1.18	25d	1	0.79mi
2322 Burgundy St Unit C New Orleans, LA	3.0	2.0	1250	$2,200	$1.76	25d	1	0.79mi
4230 N Claiborne Ave New Orleans, LA	3.0	2.5	1296	$1,750	$1.35	25d	1	0.79mi
2220 N Prieur St New Orleans, LA	3.0	2.0	1334	$2,000	$1.50	25d	1	0.80mi
1403 Lesseps St New Orleans, LA	3.0	3.0	1700	$1,800	$1.06	13d	1	0.83mi
4318 N Robertson St New Orleans, LA	3.0	1.0	1250	$1,150	$0.92	5d	1	0.84mi
4318 1/2 N Robertson St New Orleans, LA	3.0	1.0	1250	$1,150	$0.92	4d	1	0.84mi
632 Mandeville St Unit 2B New Orleans, LA	4.0	4.5	1337	$4,500	$3.37	18d	1	0.85mi
4317 Urquhart St New Orleans, LA	3.0	2.0	1300	$1,650	$1.27	25d	1	0.86mi
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	5d	1	0.89mi
1837 Touro St New Orleans, LA	3.0	1.0	1994	$2,000	$1.00	25d	1	0.97mi
1418 Royal St Unit 1418 New Orleans, LA	4.0	2.0	1300	$2,450	$1.88	25d	1	1.12mi
1938 N Johnson St Unit 38 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	25d	1	1.14mi
1936 N Johnson St Unit 36 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	25d	1	1.14mi
2920 Pauger St New Orleans, LA	4.0	2.0	1882	$1,995	$1.06	25d	1	1.16mi
928 Kerlerec St New Orleans, LA	3.0	3.5	1684	$2,750	$1.63	4d	1	1.18mi
928 Kerlerec St New Orleans, LA	3.0	3.5	1684	$2,750	$1.63	5d	1	1.18mi
1217 Kerlerec St Unit B New Orleans, LA	3.0	1.0	1300	$2,100	$1.62	5d	1	1.26mi
3228 Pauger St New Orleans, LA	5.0	2.0	1600	$2,100	$1.31	25d	1	1.27mi
1245 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	45d	1	1.28mi
1247 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	45d	1	1.28mi

Listing history 4 events

1. 2026-06-21
   days on market $239,900 Active 81 DOM
2. 2026-06-18
   days on market $239,900 Active 78 DOM
3. 2026-06-17
   remarks 692-char remark
4. 2026-06-17
   listed $239,900 Active 77 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $34,152
• − Mortgage interest: −$13,438
• − Property taxes: −$3,598
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,732
• − Management: −$2,732
• − Depreciation: −$6,979
• Taxable income: $3,473
• Est. tax owed @ 24.0%: −$833
• After-tax cash flow: $6,252/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