2229 31 Baronne St · New Orleans, LA 70113

$350,000

6 bd · 3.0 ba · 2,848 sqft · MultiFamily · 360 Days on market

Built 1900 Poor condition $123/sqft · 27% below area Est $478k · 27% under ↓ 21% since listing

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Why this score? — see what drove the A- 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
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.8/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Schools +1.6/10.0
• Condition / age +1.0/5.0

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

Uptown Investor Alert – Classic Camelback Double in Historic Central City. Packed with historic charm and strong income potential, this classic New Orleans camelback-style double is a rare opportunity. Timeless architecture, it’s the perfect canvas for savvy investors to restore and maximize value. The first floor features a traditional shotgun layout with the kitchen located at the rear, while the second floor offers two independent bedrooms and a full bath. Soaring ceilings and wood floors add timeless appeal to both units. Each residence includes a private, fenced yard and is separately metered—tenants are responsible for their own water, electric, and gas. Conveniently located just blocks from St. Charles Avenue, with easy access to the streetcar line, parade routes, Downtown, the French Quarter, and vibrant Uptown. Two Adjacent properties for sale as well. Motivated Seller open to discounted package pricing for buyers acquiring all three properties. Lots of potential here. Start your investment portfolio today and buy all three properties! See 2225-27 Baronne St. , 2233-35 Baronne St. Vacant since IDA. Zoned HU-RM1—Historic Urban Multi-Family Residential District. Needs work. Desirable Flood Zone X. All three of these properties may be approved for Federal and State Historic Tax Credits, to be verified by Buyer. See attached MLS Documents for more information.

Key facts

• Income potential
• Historic charm
• Private fenced yard

Tags

• HISTORIC CHARM
• INCOME POTENTIAL
• CAMELBACK STYLE DOUBLE
• TRADITIONAL SHOTGUN LAYOUT
• PRIVATE FENCED YARD
• SEPARATELY METERED

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $350k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $350k).
• Recommended offer: $308k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.1% vs local median 4.3% 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 fast (+6.0%/yr); 134 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $4,830/mo this rent would consume 147% of the median local household income ($39k/yr) (locally 714% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $37k of equity ($2k loan paydown + $35k appreciation (10.0% local appreciation)).
• Orleans County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 6.0% rent growth), your $98k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$60k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 360 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y ago; this cycle's ask has dropped $25k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; list at $350k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $308,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 360 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.38% ✓
• Cap rate: 11.08%
• Cash-on-cash: 17.11%
• DSCR: 1.76
• GRM: 6.0

CMA / ARV

• ARV (median comp): $477,934
• List price: $350,000
• Delta: -26.77%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5460 54 N Rampart St	0.14mi	6/4.0	3,058 (+7%)	4mo	$385,000	$126	74
2029 31 Conti St	0.43mi	6/6.0	2,502 (-12%)	3mo	$485,000	$194	45
2310 12 Magazine St	0.29mi	7/3.5 (+1)	3,206 (+13%)	22mo	$760,000	$237	40
904-906 Dumaine St	0.57mi	7/4.0 (+1)	2,532 (-11%)	15mo	$800,000	$316	34
1908-10 St. Louis St	0.74mi	6/6.0	2,468 (-13%)	7mo	$438,000	$177	26

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 5.98% rent growth · sell at horizon

5-year hold

• IRR: 38.5%
• Equity multiple: 4.01×
• Total profit: $294,577
• Equity at exit: $315,308

10-year hold

• IRR: 34.3%
• Equity multiple: 9.49×
• Total profit: $831,789
• Equity at exit: $679,973

Cash invested: $98,000 (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 70113

• Rents YoY: 6.0%
• Active inventory: 134
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $4,830 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,014
• Net cashflow: $1,397

Break-even live

Break-even rent $3,062

Max offer price $350,000

Occupancy floor 66%

Sensitivity live

Price	-10% $1,639	-5% $1,518	+0% $1,397	+5% $1,276	+10% $1,155
Rent	-10% $1,015	-5% $1,206	+0% $1,397	+5% $1,588	+10% $1,778
Rate	-1.0pp $1,573	-0.5pp $1,486	base $1,397	+0.5pp $1,306	+1.0pp $1,214

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,830
Total (2 units)			$4,830

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
822 Perdido St Unit 1272370P New Orleans, LA	1.0–5.0	1.0–5.0	1447	$7,361	$5.09	4d	4	0.24mi
822 Howard Ave Unit 1272354P New Orleans, LA	1.0–5.0	1.0–4.0	1749	$11,882	$6.79	2d	3	0.71mi
1050 Annunciation St Unit 1272355P New Orleans, LA	2.0–5.0	2.0–4.0	1544	$4,490	$2.91	4d	3	0.94mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$8,133	$5.14	4d	2	1.35mi

Listing history 23 events

1. 2026-06-21
   days on market $350,000 Active 360 DOM
2. 2026-06-18
   days on market $350,000 Active 357 DOM
3. 2026-06-17
   days on market $350,000 Active 356 DOM
4. 2026-06-16
   days on market $350,000 Active 355 DOM
5. 2026-06-15
   days on market $350,000 Active 354 DOM
6. 2026-06-13
   days on market $350,000 Active 352 DOM
7. 2026-06-10
   days on market $350,000 Active 349 DOM
8. 2026-06-09
   days on market $350,000 Active 348 DOM
9. 2026-06-08
   days on market $350,000 Active 347 DOM
10. 2026-06-07
    days on market $350,000 Active 346 DOM
11. 2026-06-05
    days on market $350,000 Active 343 DOM
12. 2026-06-03
    days on market $350,000 Active 342 DOM
13. 2026-06-02
    days on market $350,000 Active 341 DOM
14. 2026-06-01
    days on market $350,000 Active 340 DOM
15. 2026-05-31
    days on market $350,000 Active 339 DOM
16. 2025-10-07
    price $350,000 1412-char remark

    Show marketing remark (1412 chars)

    Uptown Investor Alert – Classic Camelback Double in Historic Central City. Packed with historic charm and strong income potential, this classic New Orleans camelback-style double is a rare opportunity. Timeless architecture, it’s the perfect canvas for savvy investors to restore and maximize value. The first floor features a traditional shotgun layout with the kitchen located at the rear, while the second floor offers two independent bedrooms and a full bath. Soaring ceilings and wood floors add timeless appeal to both units. Each residence includes a private, fenced yard and is separately metered—tenants are responsible for their own water, electric, and gas. Conveniently located just blocks from St. Charles Avenue, with easy access to the streetcar line, parade routes, Downtown, the French Quarter, and vibrant Uptown. Two Adjacent properties for sale as well. Motivated Seller open to discounted package pricing for buyers acquiring all three properties. Lots of potential here. Start your investment portfolio today and buy all three properties! See 2225-27 Baronne St. , 2233-35 Baronne St. Vacant since IDA. Zoned HU-RM1—Historic Urban Multi-Family Residential District. Needs work. Desirable Flood Zone X. All three of these properties may be approved for Federal and State Historic Tax Credits, to be verified by Buyer. See attached MLS Documents for more information.

17. 2025-06-26
    listed $375,000 Active 1412-char remark

    Show marketing remark (1412 chars)

    Uptown Investor Alert – Classic Camelback Double in Historic Central City. Packed with historic charm and strong income potential, this classic New Orleans camelback-style double is a rare opportunity. Timeless architecture, it’s the perfect canvas for savvy investors to restore and maximize value. The first floor features a traditional shotgun layout with the kitchen located at the rear, while the second floor offers two independent bedrooms and a full bath. Soaring ceilings and wood floors add timeless appeal to both units. Each residence includes a private, fenced yard and is separately metered—tenants are responsible for their own water, electric, and gas. Conveniently located just blocks from St. Charles Avenue, with easy access to the streetcar line, parade routes, Downtown, the French Quarter, and vibrant Uptown. Two Adjacent properties for sale as well. Motivated Seller open to discounted package pricing for buyers acquiring all three properties. Lots of potential here. Start your investment portfolio today and buy all three properties! See 2225-27 Baronne St. , 2233-35 Baronne St. Vacant since IDA. Zoned HU-RM1—Historic Urban Multi-Family Residential District. Needs work. Desirable Flood Zone X. All three of these properties may be approved for Federal and State Historic Tax Credits, to be verified by Buyer. See attached MLS Documents for more information.

18. 2022-06-24
    soldstatus $140,000 Closed 202-char remark

    Show marketing remark (202 chars)

    Blank canvas for this gutted double ready for renovation in Historic Holy Cross. New roof, exterior siding, electric and plumbing rough ins. already done. Ready for sheetrock and your finishing touches.

19. 2022-06-10
    status Pending 202-char remark

    Show marketing remark (202 chars)

    Blank canvas for this gutted double ready for renovation in Historic Holy Cross. New roof, exterior siding, electric and plumbing rough ins. already done. Ready for sheetrock and your finishing touches.

20. 2022-06-08
    listed $155,000 Active 202-char remark

    Show marketing remark (202 chars)

    Blank canvas for this gutted double ready for renovation in Historic Holy Cross. New roof, exterior siding, electric and plumbing rough ins. already done. Ready for sheetrock and your finishing touches.

21. 2016-09-30
    soldstatus $437,500 Sold
22. 2016-08-15
    status Under Contract
23. 2016-07-28
    listed $445,000 Active

ⓘ 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: $57,960
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$4,637
• − Management: −$4,637
• − Depreciation: −$10,182
• Taxable income: $11,899
• Est. tax owed @ 24.0%: −$2,856
• After-tax cash flow: $13,907/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 · 12 photos

Poor 20/100 Gut rehab

This multi-family property requires extensive renovations to bring it up to modern standards and improve its value. The home is in poor condition and requires major repairs and updates to its kitchen, bathrooms, exterior, and landscaping.

Repairs flagged

• Major Kitchen cabinets — Dated and in poor condition
• Major Kitchen countertops — Dirty and in poor condition
• Major Kitchen flooring — Dirty and worn-out
• Major Bathroom fixtures — Dirty and outdated
• Major Exterior siding — Peeling paint
• Major Exterior windows — Dirty and outdated
• Major Interior walls/paint — Dirty and peeling
• Unknown HVAC system — No visible damage
• Major Landscaping — Overgrown yard and unkempt appearance

Value-add opportunities

• Both New kitchen cabinets and countertops — Modernizes the kitchen and improves functionality
• Both New flooring in kitchen and bathrooms — Enhances the overall appearance and functionality
• Both Painting and landscaping — Improves curb appeal and enhances the home's value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Dated and in poor condition	Major	$15,000–50,000
Kitchen countertops · Dirty and in poor condition	Major	$15,000–50,000
Kitchen flooring · Dirty and worn-out	Major	$15,000–50,000
Bathroom fixtures · Dirty and outdated	Major	$15,000–50,000
Exterior siding · Peeling paint	Major	$15,000–50,000
Exterior windows · Dirty and outdated	Major	$15,000–50,000
Interior walls/paint · Dirty and peeling	Major	$15,000–50,000
HVAC system · No visible damage	Unknown	$500–3,000
Landscaping · Overgrown yard and unkempt appearance	Major	$15,000–50,000
Total estimated repair cost · 9 items		$120,500–403,000

Value-add ROI direction

• Both New kitchen cabinets and countertops — Modernizes the kitchen and improves functionality ↑
• Both New flooring in kitchen and bathrooms — Enhances the overall appearance and functionality ↑
• Both Painting and landscaping — Improves curb appeal and enhances the home's 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): 9,387
• Household income: $39,333
• Rent vs Own: 75.4% rent · 24.6% own
• Severe rent burden: 714.0

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 0.57)
• Race & ethnicity: Black 61% White 20% Hispanic / Latino 13% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 2% Portuguese 1% Slovak 1%
• Foreign-born: 13% · Canada, Vietnam, China
• Languages at home: 86% English-only · Spanish 11% Other Indo-European 1% Vietnamese 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: ▲ 65.92%
• Current HPI: 229.3968
• Rent YoY: ▲ 5.98%
• 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

-21.3% since first listed

8 events — show timeline

• 2025-10-07 Price Changed $350,000 GSREIN
• 2025-06-26 Listed $375,000 GSREIN
• 2022-06-24 Sold (MLS) $140,000 GSREIN
• 2022-06-10 Pending — GSREIN
• 2022-06-08 Listed $155,000 GSREIN
• 2016-09-30 Sold (MLS) $437,500 GSREIN
• 2016-08-15 Pending — GSREIN
• 2016-07-28 Listed $445,000 GSREIN