6620 Canal Blvd · New Orleans, LA 70124

$435,000

4 bd · 4.0 ba · 3,352 sqft · MultiFamily public records · 421 Days on market

Built 1992 $130/sqft · 19% below area Est $519k · 16% under ↓ 3% since listing

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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 +25.1/30.0
• ARV discount +14.8/15.0
• DSCR +8.2/10.0
• 1% rule +6.5/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Discover an exceptional opportunity in the heart of Lakeview with this impressive double, perfectly positioned just off Canal Boulevard and moments from the vibrant shops and restaurants of Harrison Avenue. This property features two distinct and spacious living units, ideal for investors or those seeking multigenerational living arrangements. The first unit offers a comfortable layout with three private bedrooms and one and a half bathrooms, complemented by an open-concept living area. The larger second unit boasts four private bedrooms and two and a half bathrooms, also featuring a bright and airy open living space and second den or home office. Both units are equipped with central air conditioning and heating systems, all updated in 2006 and maintained in excellent, move-in ready condition. This is a rare chance to secure a significant property in a sought-after New Orleans neighborhood, offering both immediate comfort and long-term potential.

Key facts

• Parking
• Built 1992
• Listed 421 days

Tags

• TWO DISTINCT LIVING UNITS
• OPEN-CONCEPT LIVING AREA
• CENTRAL AIR CONDITIONING
• MOVE-IN READY CONDITION

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $435k.

Deal economics

• At list price, monthly cash flow is $896 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $435k).
• Recommended offer: $383k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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 (-0.4%/yr); 225 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $4,982/mo this rent would consume 49% of the median local household income ($121k/yr) (locally 332% 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 $3k of loan paydown is wiped out by about $13k 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 421 days — a 12% lower offer ($383k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y ago; this cycle's ask has dropped $90k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: 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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $382,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 421 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.15% ✓
• Cap rate: 8.95%
• Cash-on-cash: 9.49%
• DSCR: 1.42
• GRM: 7.3

CMA / ARV

• ARV (median comp): $519,077
• List price: $435,000
• Delta: -16.20%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6427 29 General Diaz St	0.35mi	5/3.5 (+1)	3,378 (+1%)	12mo	$472,700	$140	66
6556-6558 Louisville St	0.15mi	5/4.0 (+1)	3,220 (-4%)	19mo	$477,500	$148	65
6375 Catina St	0.42mi	5/4.0 (+1)	3,459 (+3%)	16mo	$445,000	$129	57
6839 41 General Haig St	0.50mi	5/4.0 (+1)	3,580 (+7%)	5mo	$600,000	$168	56
6652 54 General Diaz St	0.21mi	4/3.0	2,900 (-14%)	10mo	$450,000	$155	55
6535 West End Blvd	0.38mi	5/3.0 (+1)	3,739 (+12%)	6mo	$515,000	$138	48
337 35th St	0.71mi	5/5.0 (+1)	3,648 (+9%)	1mo	$405,000	$111	42
6816 18 Canal Blvd	0.44mi	4/2.0	2,886 (-14%)	16mo	$300,000	$104	35

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: -6.4%
• Equity multiple: 0.77×
• Total profit: $-27,902
• Equity at exit: $64,860

10-year hold

• IRR: -0.9%
• Equity multiple: 0.94×
• Total profit: $-6,818
• Equity at exit: $37,611

Cash invested: $121,800 (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 70124

• Rents YoY: -0.4%
• Active inventory: 225
• Price-to-rent: 15.2×

Monthly cashflow live

• Estimated rent: $4,982 high
• Mortgage (P&I): −$2,281
• Tax from tax record: −$510 /mo · $6,126/yr
• Insurance: −$181
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,046
• Net cashflow: $896

Break-even live

Break-even rent $3,847

Max offer price $435,000

Occupancy floor 77%

Sensitivity live

Price	-10% $1,143	-5% $1,020	+0% $896	+5% $773	+10% $650
Rent	-10% $503	-5% $700	+0% $896	+5% $1,093	+10% $1,290
Rate	-1.0pp $1,115	-0.5pp $1,007	base $896	+0.5pp $784	+1.0pp $669

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

Units	Beds	Baths	Est. rent
1× unit	3	1.5	$2,387
1× unit	4	2.5	$2,595
Total (2 units)			$4,982

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: $108,750
• Closing costs: $13,050
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6721 Louisville St New Orleans, LA	4.0	3.5	3794	$5,500	$1.45	25d	1	0.15mi
6552 Milne Blvd New Orleans, LA	4.0	2.0	2436	$2,400	$0.99	18d	1	0.26mi
6749 General Haig St New Orleans, LA	3.0	3.0	2650	$2,600	$0.98	45d	1	0.48mi
6817 General Haig St New Orleans, LA	3.0	2.5	2281	$3,200	$1.40	45d	1	0.51mi
321 W Harrison Ave New Orleans, LA	3.0	3.0	3000	$3,000	$1.00	45d	1	0.77mi
321 W Harrison Ave New Orleans, LA	3.0	3.0	3000	$2,500	$0.83	17d	1	0.77mi
400 Metairie-Hammond Hwy Unit 4A Metairie, LA	3.0	2.5	2316	$6,300	$2.72	15d	1	1.24mi
849 Rosa Ave Unit 1 Metairie, LA	4.0	3.0	2392	$2,650	$1.11	25d	1	1.45mi

Listing history 11 events

1. 2026-05-31
   days on market $435,000 Active 421 DOM
2. 2026-03-19
   price $435,000 960-char remark

   Show marketing remark (960 chars)

   Discover an exceptional opportunity in the heart of Lakeview with this impressive double, perfectly positioned just off Canal Boulevard and moments from the vibrant shops and restaurants of Harrison Avenue. This property features two distinct and spacious living units, ideal for investors or those seeking multigenerational living arrangements. The first unit offers a comfortable layout with three private bedrooms and one and a half bathrooms, complemented by an open-concept living area. The larger second unit boasts four private bedrooms and two and a half bathrooms, also featuring a bright and airy open living space and second den or home office. Both units are equipped with central air conditioning and heating systems, all updated in 2006 and maintained in excellent, move-in ready condition. This is a rare chance to secure a significant property in a sought-after New Orleans neighborhood, offering both immediate comfort and long-term potential.

3. 2026-03-19
   price $435,000 960-char remark

   Show marketing remark (960 chars)

   Discover an exceptional opportunity in the heart of Lakeview with this impressive double, perfectly positioned just off Canal Boulevard and moments from the vibrant shops and restaurants of Harrison Avenue. This property features two distinct and spacious living units, ideal for investors or those seeking multigenerational living arrangements. The first unit offers a comfortable layout with three private bedrooms and one and a half bathrooms, complemented by an open-concept living area. The larger second unit boasts four private bedrooms and two and a half bathrooms, also featuring a bright and airy open living space and second den or home office. Both units are equipped with central air conditioning and heating systems, all updated in 2006 and maintained in excellent, move-in ready condition. This is a rare chance to secure a significant property in a sought-after New Orleans neighborhood, offering both immediate comfort and long-term potential.

4. 2026-03-11
   price $469,900 960-char remark

   Show marketing remark (960 chars)

   Discover an exceptional opportunity in the heart of Lakeview with this impressive double, perfectly positioned just off Canal Boulevard and moments from the vibrant shops and restaurants of Harrison Avenue. This property features two distinct and spacious living units, ideal for investors or those seeking multigenerational living arrangements. The first unit offers a comfortable layout with three private bedrooms and one and a half bathrooms, complemented by an open-concept living area. The larger second unit boasts four private bedrooms and two and a half bathrooms, also featuring a bright and airy open living space and second den or home office. Both units are equipped with central air conditioning and heating systems, all updated in 2006 and maintained in excellent, move-in ready condition. This is a rare chance to secure a significant property in a sought-after New Orleans neighborhood, offering both immediate comfort and long-term potential.

5. 2026-03-11
   price $469,900 960-char remark

   Show marketing remark (960 chars)

   Discover an exceptional opportunity in the heart of Lakeview with this impressive double, perfectly positioned just off Canal Boulevard and moments from the vibrant shops and restaurants of Harrison Avenue. This property features two distinct and spacious living units, ideal for investors or those seeking multigenerational living arrangements. The first unit offers a comfortable layout with three private bedrooms and one and a half bathrooms, complemented by an open-concept living area. The larger second unit boasts four private bedrooms and two and a half bathrooms, also featuring a bright and airy open living space and second den or home office. Both units are equipped with central air conditioning and heating systems, all updated in 2006 and maintained in excellent, move-in ready condition. This is a rare chance to secure a significant property in a sought-after New Orleans neighborhood, offering both immediate comfort and long-term potential.

6. 2025-09-24
   price $489,900 960-char remark

   Show marketing remark (960 chars)

   Discover an exceptional opportunity in the heart of Lakeview with this impressive double, perfectly positioned just off Canal Boulevard and moments from the vibrant shops and restaurants of Harrison Avenue. This property features two distinct and spacious living units, ideal for investors or those seeking multigenerational living arrangements. The first unit offers a comfortable layout with three private bedrooms and one and a half bathrooms, complemented by an open-concept living area. The larger second unit boasts four private bedrooms and two and a half bathrooms, also featuring a bright and airy open living space and second den or home office. Both units are equipped with central air conditioning and heating systems, all updated in 2006 and maintained in excellent, move-in ready condition. This is a rare chance to secure a significant property in a sought-after New Orleans neighborhood, offering both immediate comfort and long-term potential.

7. 2025-09-24
   price $489,900 960-char remark

   Show marketing remark (960 chars)

   Discover an exceptional opportunity in the heart of Lakeview with this impressive double, perfectly positioned just off Canal Boulevard and moments from the vibrant shops and restaurants of Harrison Avenue. This property features two distinct and spacious living units, ideal for investors or those seeking multigenerational living arrangements. The first unit offers a comfortable layout with three private bedrooms and one and a half bathrooms, complemented by an open-concept living area. The larger second unit boasts four private bedrooms and two and a half bathrooms, also featuring a bright and airy open living space and second den or home office. Both units are equipped with central air conditioning and heating systems, all updated in 2006 and maintained in excellent, move-in ready condition. This is a rare chance to secure a significant property in a sought-after New Orleans neighborhood, offering both immediate comfort and long-term potential.

8. 2025-04-05
   listed $525,000 Active 960-char remark

   Show marketing remark (960 chars)

   Discover an exceptional opportunity in the heart of Lakeview with this impressive double, perfectly positioned just off Canal Boulevard and moments from the vibrant shops and restaurants of Harrison Avenue. This property features two distinct and spacious living units, ideal for investors or those seeking multigenerational living arrangements. The first unit offers a comfortable layout with three private bedrooms and one and a half bathrooms, complemented by an open-concept living area. The larger second unit boasts four private bedrooms and two and a half bathrooms, also featuring a bright and airy open living space and second den or home office. Both units are equipped with central air conditioning and heating systems, all updated in 2006 and maintained in excellent, move-in ready condition. This is a rare chance to secure a significant property in a sought-after New Orleans neighborhood, offering both immediate comfort and long-term potential.

9. 2025-04-05
   listed $525,000 Active 960-char remark

   Show marketing remark (960 chars)

   Discover an exceptional opportunity in the heart of Lakeview with this impressive double, perfectly positioned just off Canal Boulevard and moments from the vibrant shops and restaurants of Harrison Avenue. This property features two distinct and spacious living units, ideal for investors or those seeking multigenerational living arrangements. The first unit offers a comfortable layout with three private bedrooms and one and a half bathrooms, complemented by an open-concept living area. The larger second unit boasts four private bedrooms and two and a half bathrooms, also featuring a bright and airy open living space and second den or home office. Both units are equipped with central air conditioning and heating systems, all updated in 2006 and maintained in excellent, move-in ready condition. This is a rare chance to secure a significant property in a sought-after New Orleans neighborhood, offering both immediate comfort and long-term potential.

10. 2014-07-03
    listed $450,000
11. 2014-07-03
    listed $450,000

ⓘ 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: $6,126 · $510/mo
• Projected year-2 tax: $6,126 · $510/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 (shaded) · 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 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $59,784
• − Mortgage interest: −$24,367
• − Property taxes: −$6,126
• − Insurance: −$2,972
• − Repairs & maintenance: −$4,783
• − Management: −$4,783
• − Depreciation: −$12,655
• Taxable income: $4,099
• Est. tax owed @ 24.0%: −$984
• After-tax cash flow: $9,773/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): 21,778
• Household income: $121,228
• Rent vs Own: 22.4% rent · 77.6% own
• Severe rent burden: 332.0

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 White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 14% Two or more races 13% Black 5% Asian 2%
• Hispanic origin (detail): Mexican 2% Cuban 4%
• Common ancestry: Lithuanian 18% Slovak 2% Italian 2%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 91% English-only · Spanish 4% French/Haitian/Cajun 1% 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: ▼ -227.84%
• Current HPI: 181.5835
• Rent YoY: ▼ -0.37%
• 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

-3.3% since first listed

10 events — show timeline

• 2026-03-19 Price Changed $435,000 AcadianaMLS
• 2026-03-19 Price Changed $435,000 GSREIN
• 2026-03-11 Price Changed $469,900 AcadianaMLS
• 2026-03-11 Price Changed $469,900 GSREIN
• 2025-09-24 Price Changed $489,900 AcadianaMLS
• 2025-09-24 Price Changed $489,900 GSREIN
• 2025-04-05 Listed $525,000 GSREIN
• 2025-04-05 Listed $525,000 AcadianaMLS
• 2014-07-03 Listed $450,000 AcadianaMLS
• 2014-07-03 Listed $450,000 AcadianaMLS

Property tax history

+2.5%/yr

Latest (2026): $6,126 · +1.1% YoY. Source: county tax records.