2020 22 Seventh St · New Orleans, LA 70115

$225,000

4 bd · 4.0 ba · 2,138 sqft · MultiFamily public records · 141 Days on market

Built 1920 $105/sqft · 26% below area Est $305k · 26% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Investment opportunity in Central City! This four-unit shotgun-style multiplex has two units occupied, providing immediate rental income. Two vacant units allow for value-add opportunities (one is currently under construction). Located just four blocks from St. Charles Avenue with convenient access to downtown. All four units mirror each other. Limited pictures at this time.

Key facts

• Four unit multiplex
• Built 1920
• Listed 141 days

Tags

• FOUR UNIT MULTIPLEX
• IMMEDIATE RENTAL INCOME
• VALUE ADD OPPORTUNITIES
• CONVENIENT ACCESS TO DOWNTOWN

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $570/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.7% 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 (-1.4%/yr); 278 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $3,409/mo this rent would consume 45% of the median local household income ($90k/yr) (locally 1756% 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $63k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 141 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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 $175k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1920 — 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 $198,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 141 days. Have you received any prior offers? Is the seller open to a 12% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. 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: 1.52% ✓
• Cap rate: 12.73%
• Cash-on-cash: 22.99%
• DSCR: 2.02
• GRM: 5.5

CMA / ARV

• ARV (median comp): $304,894
• List price: $225,000
• Delta: -26.20%
• 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
2315 Peniston St	0.38mi	4/2.0	2,115 (-1%)	7mo	$275,000	$130	67
3505-07 07 Dryades St	0.44mi	5/3.5 (+1)	2,214 (+4%)	2mo	$220,000	$99	65
3301 03 S Saratoga St	0.23mi	4/4.0	2,364 (+11%)	12mo	$475,000	$201	62
2113 15 Fourth St	0.25mi	5/3.0 (+1)	2,379 (+11%)	0mo	$315,000	$132	60
2031-33 General Taylor St	0.40mi	3/2.0 (-1)	2,236 (+5%)	1mo	$387,000	$173	60
1215-1217 Constantinople St	0.71mi	4/2.0	2,155 (+1%)	1mo	$640,000	$297	57
1114 16 Second St	0.75mi	4/2.0	2,168 (+1%)	2mo	$775,000	$357	53
2521 23 Carondelet St	0.38mi	4/2.5	1,873 (-12%)	6mo	$490,000	$262	51
2217 Willow St	0.74mi	4/3.0	2,082 (-3%)	8mo	$189,000	$91	50
2122 24 Rev John Raphel Jr Way	0.60mi	4/4.0	2,369 (+11%)	5mo	$199,900	$84	50
2900 General Taylor St	0.67mi	4/4.0	2,322 (+9%)	8mo	$387,000	$167	48
2233-2235 Josephine St	0.64mi	4/2.0	1,938 (-9%)	8mo	$159,000	$82	40

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: 10.9%
• Equity multiple: 1.42×
• Total profit: $26,240
• Equity at exit: $33,548

10-year hold

• IRR: 17.4%
• Equity multiple: 2.24×
• Total profit: $77,980
• Equity at exit: $19,454

Cash invested: $63,000 (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 70115

• Rents YoY: -1.4%
• Active inventory: 278
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $3,409 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$212 /mo · $2,549/yr
• Insurance: −$94
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$716
• Net cashflow: $1,141

Break-even live

Break-even rent $1,965

Max offer price $225,000

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$3,408
Total (2 units)			$3,409

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3212 Danneel St New Orleans, LA	3.0	2.0	1945	$2,000	$1.03	23d	1	0.06mi
3429 Baronne St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	43d	1	0.24mi
2713 Baronne St New Orleans, LA	3.0	2.5	1600	$2,300	$1.44	23d	1	0.24mi
2625 Baronne St Unit 1 New Orleans, LA	3.0	1.5	2100	$2,600	$1.24	43d	1	0.28mi
2403 S Saratoga St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	23d	1	0.41mi
2301 Dryades St New Orleans, LA	3.0	3.0	2070	$3,000	$1.45	2d	1	0.45mi
1410 6th St New Orleans, LA	3.0	2.0	1400	$5,000	$3.57	16d	1	0.46mi
1636 Peniston St Unit B New Orleans, LA	3.0	2.0	1950	$1,700	$0.87	20d	1	0.46mi
2600 Peniston St New Orleans, LA	4.0	2.0	2342	$3,500	$1.49	43d	1	0.52mi
2608 Magnolia St New Orleans, LA	4.0	2.5	1950	$3,200	$1.64	43d	1	0.53mi
1944 Jackson Ave New Orleans, LA	3.0	2.5	1572	$2,500	$1.59	43d	1	0.53mi
2231 S Liberty St New Orleans, LA	3.0	3.5	1752	$2,000	$1.14	17d	1	0.54mi
3429 Clara St New Orleans, LA	3.0	2.0	1620	$2,350	$1.45	14d	1	0.58mi
4213 Dryades St New Orleans, LA	4.0	2.0	2000	$2,800	$1.40	23d	1	0.61mi
4223 S Liberty St New Orleans, LA	3.0	1.5	1509	$2,400	$1.59	2d	1	0.61mi
2123 S Liberty St Unit 2125 New Orleans, LA	3.0	2.0	1500	$2,100	$1.40	3d	1	0.61mi
1111 6th St New Orleans, LA	3.0	1.5	1425	$2,995	$2.10	43d	1	0.65mi
2717 Milan St New Orleans, LA	3.0	1.5	1850	$1,650	$0.89	14d	1	0.66mi
1907 Napoleon Ave New Orleans, LA	4.0	2.0	2500	$2,800	$1.12	17d	1	0.70mi
2628 Magazine St New Orleans, LA	3.0	2.0	1400	$2,650	$1.89	17d	1	0.72mi
1118 Foucher St New Orleans, LA	3.0	2.5	1620	$2,490	$1.54	17d	1	0.72mi
2608 Magazine St New Orleans, LA	3.0	2.0	1844	$3,100	$1.68	43d	1	0.74mi
929 Eighth St New Orleans, LA	3.0	1.5	1600	$2,250	$1.41	23d	1	0.76mi
3044 Louisiana Avenue Pkwy New Orleans, LA	3.0	2.0	1800	$1,900	$1.06	23d	1	0.77mi
3035 Delachaise St New Orleans, LA	3.0	1.0	1968	$1,750	$0.89	2d	1	0.77mi
4435 Loyola Ave New Orleans, LA	3.0	2.0	1973	$2,900	$1.47	16d	1	0.77mi
2833 S Derbigny St New Orleans, LA	3.0	2.0	1500	$1,795	$1.20	23d	1	0.77mi
2308 Jena St New Orleans, LA	3.0	2.5	2550	$3,300	$1.29	43d	1	0.80mi
4027 S Derbigny St New Orleans, LA	3.0	2.0	2950	$1,950	$0.66	23d	1	0.81mi
1021 1st St New Orleans, LA	4.0	4.0	2621	$4,500	$1.72	3d	1	0.82mi
3200 Washington Ave Unit NA New Orleans, LA	4.0	3.0	2490	$3,400	$1.37	3d	1	0.83mi
4229 Coliseum St New Orleans, LA	3.0	1.0	2000	$1,950	$0.97	17d	1	0.83mi
2318 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1400	$1,700	$1.21	23d	1	0.84mi
1204 Saint Andrew St Unit 1204 New Orleans, LA	3.0	2.0	1600	$2,300	$1.44	23d	1	0.92mi
1407 Magnolia St New Orleans, LA	3.0	2.0	1824	$1,500	$0.82	23d	1	0.92mi
2614 S Johnson St New Orleans, LA	3.0	2.0	1536	$2,079	$1.35	14d	1	0.95mi
1306 Felicity St Unit C New Orleans, LA	3.0	3.0	1500	$2,450	$1.63	17d	1	0.96mi
2028 Magazine St New Orleans, LA	3.0	2.5	2600	$7,000	$2.69	17d	1	0.97mi
617 7th St New Orleans, LA	3.0	2.0	1768	$3,400	$1.92	3d	1	0.98mi
1435 Euterpe St New Orleans, LA	4.0	3.5	2825	$16,000	$5.66	16d	1	1.02mi

Listing history 14 events

1. 2026-06-05
   days on market $225,000 Active 141 DOM
2. 2026-06-03
   days on market $225,000 Active 140 DOM
3. 2026-06-02
   days on market $225,000 Active 139 DOM
4. 2026-06-01
   days on market $225,000 Active 138 DOM
5. 2026-05-31
   days on market $225,000 Active 137 DOM
6. 2026-01-12
   listed $225,000 Active 377-char remark

   Show marketing remark (377 chars)

   Investment opportunity in Central City! This four-unit shotgun-style multiplex has two units occupied, providing immediate rental income. Two vacant units allow for value-add opportunities (one is currently under construction). Located just four blocks from St. Charles Avenue with convenient access to downtown. All four units mirror each other. Limited pictures at this time.

7. 2026-01-12
   listed $225,000 Active 377-char remark

   Show marketing remark (377 chars)

   Investment opportunity in Central City! This four-unit shotgun-style multiplex has two units occupied, providing immediate rental income. Two vacant units allow for value-add opportunities (one is currently under construction). Located just four blocks from St. Charles Avenue with convenient access to downtown. All four units mirror each other. Limited pictures at this time.

8. 2025-01-15
   soldstatus $175,000
9. 2025-01-13
   soldstatus $175,000 Closed
10. 2025-01-03
    status Pending
11. 2024-10-25
    listed $200,000 Active
12. 2024-10-25
    listed $200,000 Active
13. 2000-07-12
    soldstatus $23,000
14. 1994-11-14
    soldstatus $20,000

ⓘ 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: $2,549 · $212/mo
• Projected year-2 tax: $2,549 · $212/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X · 73% 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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,908
• − Mortgage interest: −$12,603
• − Property taxes: −$2,549
• − Insurance: −$1,922
• − Repairs & maintenance: −$3,273
• − Management: −$3,273
• − Depreciation: −$6,545
• Taxable income: $10,742
• Est. tax owed @ 24.0%: −$2,578
• After-tax cash flow: $11,108/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): 31,183
• Household income: $90,182
• Rent vs Own: 45.7% rent · 54.3% own
• Severe rent burden: 1756.0

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 0.58)
• Race & ethnicity: White 59% Black 26% Two or more races 8% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Lithuanian 8% Italian 3% Slovak 3%
• Foreign-born: 5% · Canada, China
• Languages at home: 91% English-only · Spanish 4% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -272.08%
• Current HPI: 287.2138
• Rent YoY: ▼ -1.42%
• 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

+1025.0% since first listed

9 events — show timeline

• 2026-01-12 Listed $225,000 GSREIN
• 2026-01-12 Listed $225,000 AcadianaMLS
• 2025-01-15 Sold (Public Records) $175,000 Public Records
• 2025-01-13 Sold (MLS) $175,000 GSREIN
• 2025-01-03 Pending — GSREIN
• 2024-10-25 Listed $200,000 GSREIN
• 2024-10-25 Listed $200,000 AcadianaMLS
• 2000-07-12 Sold (Public Records) $23,000 Public Records
• 1994-11-14 Sold (Public Records) $20,000 Public Records

Property tax history

+4.3%/yr

Latest (2026): $2,549 · +1.1% YoY. Source: county tax records.