1032 Michael St · New Orleans, LA 70114

$149,900

3 bd · 2.0 ba · 1,040 sqft · SingleFamily public records · 146 Days on market

Built 1978 6,150 sqft lot $144/sqft · at area comps Est $147k · at est.

---

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 +23.5/30.0
• DSCR +7.6/10.0
• ARV discount +6.6/15.0
• 1% rule +5.5/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

PRICE TO SELL RENOVATED HOME IN NICE AREA WITH HUGE BACK YARD

Key facts

• Renovated home
• Huge back yard
• 6,150 sq ft lot

Tags

• RENOVATED HOME
• HUGE BACK YARD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $215 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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 (-0.7%/yr); 265 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).
• This rent runs 43% of the median local income ($43k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k 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 146 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 19y 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 $18k; list at $150k implies a 757% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major 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 $131,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 146 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.05% ✓
• Cap rate: 8.54%
• Cash-on-cash: 8.04%
• DSCR: 1.36
• GRM: 8.0

CMA / ARV

• ARV (median comp): $147,042
• List price: $149,900
• Delta: 1.94%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1148 Southlawn Blvd	0.39mi	3/1.5	1,013 (-3%)	4mo	$137,700	$136	72
1220 Terry St	0.13mi	3/2.0	1,134 (+9%)	9mo	$55,000	$49	71
3308 Lamarque St	0.21mi	2/1.0 (-1)	1,128 (+8%)	10mo	$42,453	$38	58
1522 Tita St	0.45mi	3/1.0	1,050 (+1%)	21mo	$125,000	$119	56
1616 Tita St	0.50mi	3/1.0	936 (-10%)	1mo	$130,000	$139	56
1416 Pace Blvd	0.59mi	3/1.0	1,118 (+8%)	1mo	$140,000	$125	55
1240 Merrill St	0.45mi	3/1.0	1,192 (+15%)	9mo	$150,000	$126	44
1340 General Collins Ave	0.34mi	3/1.0	1,150 (+11%)	24mo	$165,000	$143	43

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: -10.2%
• Equity multiple: 0.64×
• Total profit: $-15,197
• Equity at exit: $22,351

10-year hold

• IRR: -5.7%
• Equity multiple: 0.68×
• Total profit: $-13,328
• Equity at exit: $12,961

Cash invested: $41,972 (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: 8.0×

Monthly cashflow live

• Estimated rent: $1,569 high
• Mortgage (P&I): −$786
• Tax from tax record: −$110 /mo · $1,320/yr
• Insurance: −$62
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$330
• Net cashflow: $215

Break-even live

Break-even rent $1,297

Max offer price $149,900

Occupancy floor 81%

Sensitivity live

Price	-10% $300	-5% $257	+0% $215	+5% $172	+10% $130
Rent	-10% $91	-5% $153	+0% $215	+5% $277	+10% $339
Rate	-1.0pp $290	-0.5pp $253	base $215	+0.5pp $176	+1.0pp $136

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1227 Flanders St New Orleans, LA	2.0	1.0	900	$1,000	$1.11	24d	1	0.20mi
1313 Flanders St New Orleans, LA	2.0	1.0	900	$1,295	$1.44	21d	1	0.24mi
1200 Southlawn Blvd New Orleans, LA	3.0	2.0	950	$1,725	$1.82	24d	1	0.40mi
3102 Lawrence St New Orleans, LA	2.0	1.0	950	$1,500	$1.58	24d	1	0.48mi
1565 Murl St Unit B New Orleans, LA	2.0	2.0	1100	$1,100	$1.00	24d	1	0.54mi
735 Lees Ln Unit 2 New Orleans, LA	2.0	1.0	1000	$1,600	$1.60	24d	1	0.55mi
1622 Jo Ann Pl New Orleans, LA	3.0	1.5	1301	$1,500	$1.15	2d	1	0.63mi
3000 Americus St New Orleans, LA	3.0	2.0	1280	$1,400	$1.09	24d	1	0.71mi
5434 Chartres St New Orleans, LA	2.0	1.0	800	$1,150	$1.44	24d	1	0.85mi
1719 Pace Blvd New Orleans, LA	3.0	1.0	1178	$2,000	$1.70	12d	1	0.85mi
6019 Royal St New Orleans, LA	2.0	1.0	790	$1,200	$1.52	24d	1	0.89mi
438 Friscoville Ave Arabi, LA	3.0	2.0	1500	$3,200	$2.13	3d	1	0.90mi
6530 Royal St Arabi, LA	2.0	2.0	860	$1,550	$1.80	44d	1	0.91mi
716 Delery St Unit 716 New Orleans, LA	2.0	1.0	900	$1,200	$1.33	24d	1	0.92mi
6608 Dauphine St Arabi, LA	2.0	1.0	989	$1,395	$1.41	11d	1	0.99mi
6608 Dauphine St Unit 6608 Arabi, LA	2.0	1.0	989	$1,325	$1.34	3d	1	0.99mi
2002 Pace Blvd Unit 103 New Orleans, LA	3.0	2.0	1000	$1,500	$1.50	15d	1	0.99mi
617 Forstall St New Orleans, LA	3.0	2.0	1262	$2,200	$1.74	4d	1	0.99mi
1625 Lauradale Dr New Orleans, LA	3.0	2.0	1029	$1,700	$1.65	4d	1	0.99mi
1945 Pace Blvd Unit 104 New Orleans, LA	2.0	1.0	1000	$1,250	$1.25	24d	1	0.99mi
1945 Pace Blvd Apt 101 New Orleans, LA	2.0	1.0	1000	$1,250	$1.25	11d	1	1.00mi
619 Reynes St New Orleans, LA	3.0	2.0	1318	$2,100	$1.59	17d	1	1.02mi
616 Lebeau St Unit A Arabi, LA	2.0	1.0	1205	$1,650	$1.37	44d	1	1.03mi
5450 Burgundy St New Orleans, LA	2.0	1.0	1474	$1,250	$0.85	24d	1	1.04mi
1812 River Oaks Dr New Orleans, LA	3.0	1.0	1148	$1,700	$1.48	4d	1	1.05mi
1812 River Oaks Dr New Orleans, LA	3.0	1.0	1148	$1,700	$1.48	3d	1	1.05mi
906 Flood St New Orleans, LA	3.0	3.0	1174	$1,700	$1.45	2d	1	1.07mi
6038 N Rampart St New Orleans, LA	3.0	2.0	1080	$1,795	$1.66	24d	1	1.07mi
505 Center St Unit A Arabi, LA	3.0	1.0	811	$1,300	$1.60	44d	1	1.11mi
1421 Numa St Unit 1421 New Orleans, LA	3.0	2.0	861	$1,400	$1.63	24d	1	1.11mi
1421 23 Numa St New Orleans, LA	3.0	2.0	861	$1,400	$1.63	15d	1	1.11mi
1421 23 Numa St New Orleans, LA	3.0	2.0	861	$1,400	$1.63	2d	1	1.11mi
816 Forstall St New Orleans, LA	3.0	1.0	850	$1,600	$1.88	24d	1	1.12mi
713 Community St Arabi, LA	2.0	1.0	850	$1,200	$1.41	3d	1	1.14mi
713 Community St Arabi, LA	2.0	1.0	850	$1,200	$1.41	4d	1	1.14mi
5109 Burgundy St New Orleans, LA	2.0	1.0	1122	$1,474	$1.31	18d	1	1.15mi
1418 Behrman Ave New Orleans, LA	2.0	1.0	876	$1,400	$1.60	17d	1	1.16mi
6002 Saint Claude Ave New Orleans, LA	2.0	2.0	965	$1,275	$1.32	22d	1	1.16mi
1015 Government St Unit 11 Arabi, LA	2.0	1.0	720	$999	$1.39	44d	1	1.16mi
701 Behrman Ave New Orleans, LA	3.0	2.0	1368	$2,300	$1.68	4d	1	1.17mi

Listing history 26 events

1. 2026-06-18
   days on market $149,900 Active 146 DOM
2. 2026-06-17
   days on market $149,900 Active 145 DOM
3. 2026-06-16
   days on market $149,900 Active 144 DOM
4. 2026-06-15
   days on market $149,900 Active 143 DOM
5. 2026-06-13
   days on market $149,900 Active 141 DOM
6. 2026-06-10
   days on market $149,900 Active 138 DOM
7. 2026-06-09
   days on market $149,900 Active 137 DOM
8. 2026-06-08
   days on market $149,900 Active 136 DOM
9. 2026-06-07
   days on market $149,900 Active 135 DOM
10. 2026-06-05
    days on market $149,900 Active 132 DOM
11. 2026-06-03
    days on market $149,900 Active 131 DOM
12. 2026-06-02
    days on market $149,900 Active 130 DOM
13. 2026-06-01
    days on market $149,900 Active 129 DOM
14. 2026-05-31
    days on market $149,900 Active 128 DOM
15. 2026-01-23
    listed $149,900 Active 61-char remark

    Show marketing remark (61 chars)

    PRICE TO SELL RENOVATED HOME IN NICE AREA WITH HUGE BACK YARD

16. 2026-01-23
    listed $149,900 Active 61-char remark

    Show marketing remark (61 chars)

    PRICE TO SELL RENOVATED HOME IN NICE AREA WITH HUGE BACK YARD

17. 2013-12-31
    soldstatus $17,500
18. 2013-07-13
    listed $28,900
19. 2013-07-13
    listed $28,900
20. 2013-03-21
    soldstatus $46,667
21. 2013-03-09
    listed $28,900
22. 2013-03-09
    listed $28,900
23. 2007-06-28
    soldstatus $117,900
24. 2007-06-20
    soldstatus $117,900
25. 2007-02-02
    listed $117,900
26. 2007-02-02
    listed $117,900

ⓘ 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: $1,320 · $110/mo
• Projected year-2 tax: $1,320 · $110/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 7/10 Severe FEMA zone X · 60% 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,831
• − Mortgage interest: −$8,397
• − Property taxes: −$1,320
• − Insurance: −$1,547
• − Repairs & maintenance: −$1,507
• − Management: −$1,507
• − Depreciation: −$4,361
• Taxable income: $194
• Est. tax owed @ 24.0%: −$47
• After-tax cash flow: $2,530/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

+27.1% since first listed

12 events — show timeline

• 2026-01-23 Listed $149,900 GSREIN
• 2026-01-23 Listed $149,900 AcadianaMLS
• 2013-12-31 Sold (MLS) $17,500 GSREIN
• 2013-07-13 Listed $28,900 AcadianaMLS
• 2013-07-13 Listed $28,900 GSREIN
• 2013-03-21 Sold (Public Records) $46,667 Public Records
• 2013-03-09 Listed $28,900 GSREIN
• 2013-03-09 Listed $28,900 AcadianaMLS
• 2007-06-28 Sold (Public Records) $117,900 Public Records
• 2007-06-20 Sold (MLS) $117,900 GSREIN
• 2007-02-02 Listed $117,900 AcadianaMLS
• 2007-02-02 Listed $117,900 GSREIN

Property tax history

-0.2%/yr

Latest (2026): $1,320 · +0.0% YoY. Source: county tax records.