2709 11 3rd St · New Orleans, LA 70113

$259,000

4 bd · 4.0 ba · 1,220 sqft · MultiFamily · 107 Days on market

Built 1950 Good condition 7,866 sqft lot $212/sqft · 29% above area Est $201k · 29% over ↓ 2% since listing

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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 +20.2/30.0
• Appreciation +10.0/10.0
• DSCR +6.4/10.0
• 1% rule +4.8/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Beautiful Historic Duplex in Central City Renovated to the studs in 2018, New Electric, New Plumbing, New HVAC, New Roof, New Hot Water Heaters. This is a Perfect Owner Occupied or Turn Key Investment property offering, hard wood floors and high end finishes. Each Unit Contains Washer and Dryer, Granite Counter Tops, and high ceilings. A MUST SEE! Can be Sold as package deal with 2713-15 Third St and 2705-07 Third St. All measurements approximate not guaranteed

Key facts

• New plumbing
• New hvac
• New electric

Tags

• HISTORIC DUPLEX
• RENOVATED TO THE STUDS
• NEW ELECTRIC
• NEW PLUMBING
• NEW HVAC
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $259k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $329 ($4k/yr) — positive. Per door: $165/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $253k (2.5% below list).
• Recommended offer: $236k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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 fast (+6.0%/yr); 137 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,526/mo this rent would consume 77% 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 $28k of equity ($2k loan paydown + $26k 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 $73k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($236k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $235,690 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% 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 1950 — 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: 0.98% ✗
• Cap rate: 7.82%
• Cash-on-cash: 5.45%
• DSCR: 1.24
• GRM: 8.5

CMA / ARV

• ARV (median comp): $200,637
• List price: $259,000
• Delta: 29.09%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 29.3%
• Equity multiple: 3.34×
• Total profit: $169,800
• Equity at exit: $233,328

10-year hold

• IRR: 26.3%
• Equity multiple: 7.91×
• Total profit: $501,307
• Equity at exit: $503,180

Cash invested: $72,520 (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: 137
• Price-to-rent: 17.1×

Monthly cashflow live

• Estimated rent: $2,526 high
• Mortgage (P&I): −$1,358
• Tax from tax record: −$200 /mo · $2,400/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$530
• Net cashflow: $329

Break-even live

Break-even rent $2,109

Max offer price $259,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$2,526
Total (2 units)			$2,526

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: $64,750
• Closing costs: $7,770
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2628 S Derbigny St New Orleans, LA	3.0	1.0	900	$1,500	$1.67	3d	1	0.27mi
3108 Second St New Orleans, LA	3.0	3.0	1216	$2,100	$1.73	3d	1	0.30mi
2225 2nd St New Orleans, LA	3.0	2.0	1100	$1,800	$1.64	23d	1	0.31mi
3120 Second St New Orleans, LA	3.0	3.0	1256	$2,050	$1.63	23d	1	0.32mi
3122 2nd St New Orleans, LA	3.0	3.0	1206	$2,075	$1.72	23d	1	0.32mi
2123 S Liberty St Unit 2125 New Orleans, LA	3.0	2.0	1500	$2,100	$1.40	3d	1	0.34mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1232	$2,300	$1.87	23d	1	0.34mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1250	$2,300	$1.84	1d	1	0.34mi
2833 S Derbigny St New Orleans, LA	3.0	2.0	1500	$1,795	$1.20	23d	1	0.35mi
3204 2nd St New Orleans, LA	3.0	2.0	850	$1,295	$1.52	23d	1	0.36mi
2341 S Roman St Unit U New Orleans, LA	3.0	2.0	1000	$1,850	$1.85	23d	1	0.38mi
2722 Martin L King Bl New Orleans, LA	3.0	2.5	1350	$1,800	$1.33	23d	1	0.38mi
2107 Fourth St New Orleans, LA	3.0	1.0	1292	$1,775	$1.37	16d	1	0.40mi
2526 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1200	$2,200	$1.83	3d	1	0.42mi
1614 Rev John Raphael Jr Way New Orleans, LA	3.0	2.0	1000	$1,500	$1.50	23d	1	0.43mi
3435 Magnolia St New Orleans, LA	3.0	1.0	1050	$1,500	$1.43	23d	1	0.43mi
3322 Third St New Orleans, LA	3.0	2.0	950	$1,450	$1.53	23d	1	0.44mi
2119 Josephine St New Orleans, LA	3.0	1.0	1017	$950	$0.93	21d	1	0.46mi
3218 Jackson Ave New Orleans, LA	3.0	2.0	1267	$1,750	$1.38	23d	1	0.47mi
2102 Josephine St New Orleans, LA	4.0	2.0	1286	$2,100	$1.63	23d	1	0.47mi
2733 Danneel St New Orleans, LA	4.0	2.0	1350	$1,775	$1.31	23d	1	0.47mi
2539 Amelia St New Orleans, LA	3.0	2.0	1296	$2,200	$1.70	23d	1	0.48mi
3208 Louisiana Avenue Pkwy New Orleans, LA	3.0	2.0	1391	$1,900	$1.37	16d	1	0.49mi
2318 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1400	$1,700	$1.21	23d	1	0.49mi
1915 Philip St New Orleans, LA	3.0	1.5	1300	$2,450	$1.88	23d	1	0.51mi
3230 Toledano St New Orleans, LA	3.0	2.0	950	$1,750	$1.84	23d	1	0.51mi
2620 S Galvez St Apt 2B New Orleans, LA	3.0	1.0	1000	$1,100	$1.10	16d	1	0.51mi
2032 Saint Andrew St New Orleans, LA	3.0	2.0	1035	$1,830	$1.77	16d	1	0.53mi
2606 S Miro St New Orleans, LA	3.0	2.0	1450	$2,016	$1.39	23d	1	0.58mi
2535 Marengo St New Orleans, LA	3.0	1.0	1300	$1,200	$0.92	14d	1	0.59mi
2232 Amelia St New Orleans, LA	3.0	2.0	900	$1,800	$2.00	16d	1	0.61mi
3617 Fourth St Unit A New Orleans, LA	3.0	2.0	1225	$1,995	$1.63	16d	1	0.62mi
4206 S Derbigny St New Orleans, LA	3.0	1.0	1300	$1,600	$1.23	23d	1	0.63mi
3632 First St Unit B New Orleans, LA	3.0	2.0	950	$1,750	$1.84	11d	1	0.64mi
3632 First St Unit A New Orleans, LA	3.0	2.0	950	$1,850	$1.95	11d	1	0.64mi
2931 Baronne St New Orleans, LA	3.0	1.0	1145	$1,510	$1.32	23d	1	0.66mi
3514 S Miro St New Orleans, LA	3.0	2.0	1230	$1,950	$1.59	16d	1	0.67mi
3511 S Miro St New Orleans, LA	3.0	1.0	802	$1,000	$1.25	23d	1	0.69mi
4305 S Johnson St Unit 4305 New Orleans, LA	3.0	1.0	1175	$1,595	$1.36	11d	1	0.75mi
2033 General Taylor St New Orleans, LA	3.0	1.0	908	$2,400	$2.64	23d	1	0.75mi

Listing history 16 events

1. 2026-06-18
   days on market $259,000 Active 107 DOM
2. 2026-06-17
   days on market $259,000 Active 106 DOM
3. 2026-06-16
   days on market $259,000 Active 105 DOM
4. 2026-06-15
   days on market $259,000 Active 104 DOM
5. 2026-06-13
   days on market $259,000 Active 102 DOM
6. 2026-06-10
   days on market $259,000 Active 99 DOM
7. 2026-06-09
   days on market $259,000 Active 98 DOM
8. 2026-06-08
   days on market $259,000 Active 97 DOM
9. 2026-06-07
   days on market $259,000 Active 96 DOM
10. 2026-06-05
    days on market $259,000 Active 93 DOM
11. 2026-06-03
    days on market $259,000 Active 92 DOM
12. 2026-06-02
    days on market $259,000 Active 91 DOM
13. 2026-06-01
    days on market $259,000 Active 90 DOM
14. 2026-05-31
    days on market $259,000 Active 89 DOM
15. 2026-04-23
    price $259,000 465-char remark

    Show marketing remark (465 chars)

    Beautiful Historic Duplex in Central City Renovated to the studs in 2018, New Electric, New Plumbing, New HVAC, New Roof, New Hot Water Heaters. This is a Perfect Owner Occupied or Turn Key Investment property offering, hard wood floors and high end finishes. Each Unit Contains Washer and Dryer, Granite Counter Tops, and high ceilings. A MUST SEE! Can be Sold as package deal with 2713-15 Third St and 2705-07 Third St. All measurements approximate not guaranteed

16. 2026-02-23
    listed $265,000 Active 465-char remark

    Show marketing remark (465 chars)

    Beautiful Historic Duplex in Central City Renovated to the studs in 2018, New Electric, New Plumbing, New HVAC, New Roof, New Hot Water Heaters. This is a Perfect Owner Occupied or Turn Key Investment property offering, hard wood floors and high end finishes. Each Unit Contains Washer and Dryer, Granite Counter Tops, and high ceilings. A MUST SEE! Can be Sold as package deal with 2713-15 Third St and 2705-07 Third St. All measurements approximate not guaranteed

ⓘ 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: $2,400 · $200/mo
• Projected year-2 tax: $2,400 · $200/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $30,312
• − Mortgage interest: −$14,508
• − Property taxes: −$2,400
• − Insurance: −$1,295
• − Repairs & maintenance: −$2,425
• − Management: −$2,425
• − Depreciation: −$7,535
• Taxable loss: −$275
• Est. tax savings @ 24.0%: +$66
• After-tax cash flow: $4,019/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 · 10 photos

Good 80/100 Cosmetic rehab

This renovated duplex is in excellent condition with new finishes and systems, making it a turn-key investment property. Additional smart home features and landscaping improvements can further enhance its value.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances curb appeal and can attract more buyers/renters.
• Both Add smart home features — Improves convenience and can be a selling point for buyers.
• Both Add a smart thermostat — Enhances energy efficiency and can be a selling point for buyers.
• Both Add a smart security system — Enhances safety and can be a selling point for buyers.
• Both Add a smart lighting system — Enhances energy efficiency and can be a selling point for buyers.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances curb appeal and can attract more buyers/renters. ↑
• Both Add smart home features — Improves convenience and can be a selling point for buyers. ↑
• Both Add a smart thermostat — Enhances energy efficiency and can be a selling point for buyers. ↑
• Both Add a smart security system — Enhances safety and can be a selling point for buyers. ↑
• Both Add a smart lighting system — Enhances energy efficiency and can be a selling point for buyers. ↑

ⓘ 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

-2.3% since first listed

2 events — show timeline

• 2026-04-23 Price Changed $259,000 GSREIN
• 2026-02-23 Listed $265,000 GSREIN

Property tax history

-0.2%/yr

Latest (2026): $2,400 · +1.1% YoY. Source: county tax records.