3562 Vespasian Blvd #107 · New Orleans, LA 70114

$16,000

1 bd · 1.0 ba · 604 sqft · Condo public records · 150 Days on market

Built 1975 $204/mo HOA · 19% of rent

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +6.3/30.0
• Livability +4.0/5.0
• 1% rule +3.5/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Schools +1.6/10.0
• DSCR +0.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

2nd floor end unit with balcony. This cozy and quaint condo has a spacious living room and a balcony just through the sliding doors. The galley style kitchen is open to the living room with space for bar stools. There is even a built-in pantry. Inside the primary suite you will find a large closet, additional storage and the well appointed bathroom with garden tub. With some work and upgrades, this will be a welcoming addition to your rental investment portfolio or an interesting pied-a-terre. Just minutes to downtown New Orleans via the Crescent City Connection bridge. CASH ONLY offers This property has been placed in an upcoming event. All bids should be submitted at Xome.com void where prohibited. Please submit any pre-auction offer received through the property details page on Xome.com. Any post-auction offers will need to be submitted directly to the listing agent. Response within 3 business days. All properties are subject to a 5% buyer s premium pursuant to the Auction Participation Agreement and Terms & Conditions minimums will apply. Please contact listing agent for details.

Key facts

• Built-in pantry
• Balcony
• Walk-in closet

Tags

• 2ND FLOOR END UNIT
• BALCONY
• GALLEY STYLE KITCHEN
• BUILT-IN PANTRY
• WALK-IN CLOSET
• GARDEN TUB

🔨 Auction listing. The $16,000 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $127,167 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $16k.

Deal economics

• At list price, monthly cash flow is $-293 ($-4k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $16k).
• Recommended offer: $14k (12.0% below list) — sets the bar for market timing.

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.
• Zoned schools: Benjamin Franklin Elem. Math And Science (math 12% / reading 23%, grade F, #479 of 646 statewide, top 75%, 747 students, 98% FRL, charter) — zoned schools average 98% FRL vs 68% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.7%/yr); 265 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $879 of loan paydown is wiped out by about $4k 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 150 days — a 12% lower offer ($14k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $4k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $8k; list at $16k implies a 88% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 11.9% of price; flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $14,080 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 150 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
7. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
8. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
9. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
10. 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?
11. 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.
12. 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.
13. 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: 0.85% ✗
• Cap rate: 4.16%
• Cash-on-cash: -7.63%
• DSCR: 0.66
• GRM: 9.8

CMA / ARV

• ARV (median comp): $127,167
• List price: $16,000
• Delta: -87.42%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -38.7%
• Equity multiple: -0.19×
• Total profit: $-42,258
• Equity at exit: $18,961

10-year hold

• IRR: -92.0%
• Equity multiple: -1.03×
• Total profit: $-72,357
• Equity at exit: $10,995

Cash invested: $35,607 (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 70114

• Rents YoY: -0.7%
• Active inventory: 265
• Price-to-rent: 1.2×

Monthly cashflow live

• Estimated rent: $1,084 medium
• Mortgage (P&I): −$667
• Tax est. 1.5%: −$159 /mo · $1,907/yr
• Insurance: −$53
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$204
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $-293

Break-even live

Break-even rent $1,455

Max offer price $99,980

Occupancy floor —

Sensitivity live

Price	-10% $-82	-5% $-249	+0% $-293	+5% $-337	+10% $-381
Rent	-10% $-379	-5% $-336	+0% $-293	+5% $-250	+10% $-207
Rate	-1.0pp $-229	-0.5pp $-261	base $-293	+0.5pp $-326	+1.0pp $-359

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: $31,792
• Closing costs: $3,815
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3100 Rue Parc Fontaine #2017 New Orleans, LA	1.0	1.0	576	$895	$1.55	25d	1	0.88mi
3100 Rue Parc Fontaine New Orleans, LA	1.0	1.0	579	$900	$1.55	25d	1	0.90mi

HOA detail condo

• Monthly dues: $204 · $2,448/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-21
   days on market $16,000 Active 150 DOM
2. 2026-06-18
   days on market $16,000 Active 147 DOM
3. 2026-06-17
   days on market $16,000 Active 146 DOM
4. 2026-06-16
   days on market $16,000 Active 145 DOM
5. 2026-06-15
   days on market $16,000 Active 144 DOM
6. 2026-06-13
   days on market $16,000 Active 142 DOM
7. 2026-06-10
   days on market $16,000 Active 139 DOM
8. 2026-06-09
   days on market $16,000 Active 138 DOM
9. 2026-06-08
   days on market $16,000 Active 137 DOM
10. 2026-06-07
    days on market $16,000 Active 136 DOM
11. 2026-06-05
    days on market $16,000 Active 133 DOM
12. 2026-06-03
    days on market $16,000 Active 132 DOM
13. 2026-06-02
    days on market $16,000 Active 131 DOM
14. 2026-06-01
    days on market $16,000 Active 130 DOM
15. 2026-05-31
    days on market $16,000 Active 129 DOM
16. 2026-05-07
    status Pending 1104-char remark

    Show marketing remark (1104 chars)

    2nd floor end unit with balcony. This cozy and quaint condo has a spacious living room and a balcony just through the sliding doors. The galley style kitchen is open to the living room with space for bar stools. There is even a built-in pantry. Inside the primary suite you will find a large closet, additional storage and the well appointed bathroom with garden tub. With some work and upgrades, this will be a welcoming addition to your rental investment portfolio or an interesting pied-a-terre. Just minutes to downtown New Orleans via the Crescent City Connection bridge. CASH ONLY offers This property has been placed in an upcoming event. All bids should be submitted at Xome.com void where prohibited. Please submit any pre-auction offer received through the property details page on Xome.com. Any post-auction offers will need to be submitted directly to the listing agent. Response within 3 business days. All properties are subject to a 5% buyer s premium pursuant to the Auction Participation Agreement and Terms & Conditions minimums will apply. Please contact listing agent for details.

17. 2026-04-16
    price $16,000 1104-char remark

    Show marketing remark (1104 chars)

    2nd floor end unit with balcony. This cozy and quaint condo has a spacious living room and a balcony just through the sliding doors. The galley style kitchen is open to the living room with space for bar stools. There is even a built-in pantry. Inside the primary suite you will find a large closet, additional storage and the well appointed bathroom with garden tub. With some work and upgrades, this will be a welcoming addition to your rental investment portfolio or an interesting pied-a-terre. Just minutes to downtown New Orleans via the Crescent City Connection bridge. CASH ONLY offers This property has been placed in an upcoming event. All bids should be submitted at Xome.com void where prohibited. Please submit any pre-auction offer received through the property details page on Xome.com. Any post-auction offers will need to be submitted directly to the listing agent. Response within 3 business days. All properties are subject to a 5% buyer s premium pursuant to the Auction Participation Agreement and Terms & Conditions minimums will apply. Please contact listing agent for details.

18. 2026-02-27
    status Active 1104-char remark

    Show marketing remark (1104 chars)

    2nd floor end unit with balcony. This cozy and quaint condo has a spacious living room and a balcony just through the sliding doors. The galley style kitchen is open to the living room with space for bar stools. There is even a built-in pantry. Inside the primary suite you will find a large closet, additional storage and the well appointed bathroom with garden tub. With some work and upgrades, this will be a welcoming addition to your rental investment portfolio or an interesting pied-a-terre. Just minutes to downtown New Orleans via the Crescent City Connection bridge. CASH ONLY offers This property has been placed in an upcoming event. All bids should be submitted at Xome.com void where prohibited. Please submit any pre-auction offer received through the property details page on Xome.com. Any post-auction offers will need to be submitted directly to the listing agent. Response within 3 business days. All properties are subject to a 5% buyer s premium pursuant to the Auction Participation Agreement and Terms & Conditions minimums will apply. Please contact listing agent for details.

19. 2026-02-27
    price $18,000 1104-char remark

    Show marketing remark (1104 chars)

    2nd floor end unit with balcony. This cozy and quaint condo has a spacious living room and a balcony just through the sliding doors. The galley style kitchen is open to the living room with space for bar stools. There is even a built-in pantry. Inside the primary suite you will find a large closet, additional storage and the well appointed bathroom with garden tub. With some work and upgrades, this will be a welcoming addition to your rental investment portfolio or an interesting pied-a-terre. Just minutes to downtown New Orleans via the Crescent City Connection bridge. CASH ONLY offers This property has been placed in an upcoming event. All bids should be submitted at Xome.com void where prohibited. Please submit any pre-auction offer received through the property details page on Xome.com. Any post-auction offers will need to be submitted directly to the listing agent. Response within 3 business days. All properties are subject to a 5% buyer s premium pursuant to the Auction Participation Agreement and Terms & Conditions minimums will apply. Please contact listing agent for details.

20. 2025-10-02
    listed $20,000 Active 1104-char remark

    Show marketing remark (1104 chars)

    2nd floor end unit with balcony. This cozy and quaint condo has a spacious living room and a balcony just through the sliding doors. The galley style kitchen is open to the living room with space for bar stools. There is even a built-in pantry. Inside the primary suite you will find a large closet, additional storage and the well appointed bathroom with garden tub. With some work and upgrades, this will be a welcoming addition to your rental investment portfolio or an interesting pied-a-terre. Just minutes to downtown New Orleans via the Crescent City Connection bridge. CASH ONLY offers This property has been placed in an upcoming event. All bids should be submitted at Xome.com void where prohibited. Please submit any pre-auction offer received through the property details page on Xome.com. Any post-auction offers will need to be submitted directly to the listing agent. Response within 3 business days. All properties are subject to a 5% buyer s premium pursuant to the Auction Participation Agreement and Terms & Conditions minimums will apply. Please contact listing agent for details.

21. 1992-12-08
    soldstatus $8,500

ⓘ 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: $239 · $20/mo
• Projected year-2 tax: $239 · $20/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 · 60% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 22 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,008
• − Mortgage interest: −$7,123
• − Property taxes: −$1,907
• − Insurance: −$1,433
• − Repairs & maintenance: −$1,041
• − Management: −$1,041
• − HOA: −$2,448
• − Depreciation: −$3,699
• Taxable loss: −$5,685
• Est. tax savings @ 24.0%: +$1,364
• After-tax cash flow: $-2,151/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): 22,659
• Household income: $43,493
• Rent vs Own: 58.8% rent · 41.2% own
• Severe rent burden: 2240.0

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: Predominantly Black (72%)
• Race & ethnicity: Black 72% White 16% Hispanic / Latino 8% Two or more races 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Lithuanian 3% Slovak 1% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 6% 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: ▼ -98.56%
• Current HPI: 149.0172
• Rent YoY: ▼ -0.72%
• 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

+88.2% since first listed

6 events — show timeline

• 2026-05-07 Pending — AcadianaMLS
• 2026-04-16 Price Changed $16,000 AcadianaMLS
• 2026-02-27 Relisted — AcadianaMLS
• 2026-02-27 Price Changed $18,000 AcadianaMLS
• 2025-10-02 Listed $20,000 AcadianaMLS
• 1992-12-08 Sold (Public Records) $8,500 Public Records

Property tax history

-7.4%/yr

Latest (2026): $239 · +0.0% YoY. Source: county tax records.