2704/2706 N Dorgenois St · New Orleans, LA 70117

$170,000

4 bd · 2.0 ba · 1,466 sqft · MultiFamily · 134 Days on market

Built 1948 3,001 sqft lot $116/sqft · 10% below area Est $190k · 10% under

---

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 +30.0/30.0
• ARV discount +12.1/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• 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: 2 units. confirmed

Listing remarks MLS

*** $2050 RENTAL INCOME *** PRICE IMPROVED JUST FOR YOU!** Great Investment Property ** Or live on one side while the other side helps pay your mortgage. There are 2 tenants that are month to month paying below market rate. This is a great opportunity to start your investment portfolio with this property right off of Franklin Avenue. Lots of new construction in the block and area. There are 2 bedrooms and 1 bath on each side includes central Air/heat. Rental income should be more than mortgage qualifying this property for a great loan product. Call to view and for info on the loan product.

Key facts

• New construction
• Below market rate
• 3,001 sq ft lot

Tags

• GREAT INVESTMENT PROPERTY
• MONTH TO MONTH TENANTS
• BELOW MARKET RATE
• NEW CONSTRUCTION

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $514 ($6k/yr) — positive. Per door: $257/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $170k).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.9% 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 rising (+2.5%/yr); 581 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,678/mo this rent would consume 70% of the median local household income ($46k/yr) (locally 1988% 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 $1k of loan paydown is wiped out by about $5k 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.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $48k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 134 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $149,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 134 days. Have you received any prior offers? Is the seller open to a 12% 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 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. 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: 1.58% ✓
• Cap rate: 12.93%
• Cash-on-cash: 23.72%
• DSCR: 2.06
• GRM: 5.3

CMA / ARV

• ARV (median comp): $189,588
• List price: $170,000
• Delta: -10.33%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2467/2469 N Tonti St	0.20mi	4/2.0	1,475 (+1%)	2mo	$175,000	$119	88
2755 N Rocheblave St	0.12mi	4/2.0	1,408 (-4%)	8mo	$105,000	$75	81
2105 07 Arts St	0.27mi	4/3.0	1,598 (+9%)	3mo	$265,000	$166	66
1834 36 Marigny St	0.61mi	4/2.0	1,508 (+3%)	2mo	$215,000	$143	65
2421 Feliciana St	0.55mi	4/2.0	1,572 (+7%)	2mo	$113,900	$72	60
2211 13 Mandeville St	0.38mi	4/2.0	1,644 (+12%)	2mo	$195,000	$119	60
2421 Port St	0.30mi	4/4.0	1,344 (-8%)	7mo	$40,000	$30	58
2336 38 Louisa St	0.69mi	4/2.0	1,404 (-4%)	8mo	$214,900	$153	54
2132 Touro St	0.69mi	4/2.0	1,550 (+6%)	6mo	$169,000	$109	53
2215 17 N Galvez St	0.52mi	4/2.0	1,300 (-11%)	5mo	$107,000	$82	52
3025 Saint Roch Ave	0.50mi	3/2.0 (-1)	1,317 (-10%)	5mo	$126,000	$96	50
1506 08 Spain St	0.74mi	4/2.0	1,612 (+10%)	13mo	$205,000	$127	38

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 · 2.49% rent growth · sell at horizon

5-year hold

• IRR: 2.3%
• Equity multiple: 1.09×
• Total profit: $4,141
• Equity at exit: $25,348

10-year hold

• IRR: 11.4%
• Equity multiple: 1.87×
• Total profit: $41,456
• Equity at exit: $14,698

Cash invested: $47,600 (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 70117

• Rents YoY: 2.5%
• Active inventory: 581
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,678 high
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,550/yr
• Insurance: −$71
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$562
• Net cashflow: $514

Break-even live

Break-even rent $2,027

Max offer price $170,000

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,678
Total (2 units)			$2,678

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2556 N Tonti St New Orleans, LA	3.0	2.0	1100	$1,850	$1.68	16d	1	0.14mi
2515 N Galvez St New Orleans, LA	4.0	2.0	1200	$1,200	$1.00	10d	1	0.25mi
2515 N Galvez St Unit 2515 New Orleans, LA	4.0	2.0	1200	$1,900	$1.58	23d	1	0.25mi
2222 Saint Roch Ave New Orleans, LA	3.0	1.0	900	$1,200	$1.33	23d	1	0.26mi
2522 N Galvez St New Orleans, LA	3.0	2.0	1105	$1,675	$1.52	23d	1	0.27mi
2524 N Galvez St New Orleans, LA	3.0	2.5	1102	$1,800	$1.63	17d	1	0.27mi
2003 Almonaster Ave New Orleans, LA	3.0	2.0	988	$1,600	$1.62	23d	1	0.37mi
1922 Painters St New Orleans, LA	3.0	1.0	920	$1,700	$1.85	3d	1	0.37mi
1924 Painters St New Orleans, LA	3.0	1.0	920	$1,700	$1.85	3d	1	0.39mi
2115 Mandeville St New Orleans, LA	3.0	2.0	1400	$1,650	$1.18	23d	1	0.40mi
1809 Saint Roch Ave New Orleans, LA	3.0	1.0	949	$1,195	$1.26	17d	1	0.48mi
2115 Elysian Fields Ave Unit 2115 New Orleans, LA	3.0	1.0	1100	$1,450	$1.32	23d	1	0.51mi
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	3d	1	0.52mi
2519 N Derbigny St New Orleans, LA	3.0	1.0	994	$1,300	$1.31	21d	1	0.53mi
2114 Feliciana St Unit A New Orleans, LA	3.0	2.0	1134	$1,500	$1.32	23d	1	0.56mi
2114 Feliciana St Unit A New Orleans, LA	3.0	2.0	1134	$1,500	$1.32	16d	1	0.56mi
2331 Feliciana St New Orleans, LA	3.0	2.0	1250	$1,850	$1.48	23d	1	0.57mi
1636 Music St New Orleans, LA	3.0	1.0	900	$1,185	$1.32	16d	1	0.58mi
2220 N Prieur St New Orleans, LA	3.0	2.0	1334	$2,000	$1.50	23d	1	0.60mi
1910 Elysian Fields Ave New Orleans, LA	3.0	1.0	1000	$1,450	$1.45	23d	1	0.63mi
1710 Marigny St New Orleans, LA	3.0	2.0	1120	$1,750	$1.56	23d	1	0.67mi
2152 Abundance St Unit 2152 New Orleans, LA	3.0	2.0	1100	$1,599	$1.45	3d	1	0.68mi
3228 Pauger St New Orleans, LA	5.0	2.0	1600	$2,100	$1.31	23d	1	0.70mi
1601 Marigny St Unit 1603 New Orleans, LA	3.0	2.0	988	$1,099	$1.11	3d	1	0.72mi
1603 Marigny St New Orleans, LA	3.0	2.0	988	$1,099	$1.11	3d	1	0.72mi
2739 Bay St Unit B New Orleans, LA	4.0	2.0	1400	$1,800	$1.29	20d	1	0.75mi
2509 Sage St New Orleans, LA	3.0	1.0	1250	$1,650	$1.32	21d	1	0.75mi
2644 Elder St New Orleans, LA	3.0	3.0	1284	$2,200	$1.71	17d	1	0.80mi
2646 Elder St New Orleans, LA	3.0	3.0	1284	$2,200	$1.71	17d	1	0.80mi
1942 Piety St New Orleans, LA	3.0	1.0	1100	$1,500	$1.36	23d	1	0.81mi
1839 Louisa St New Orleans, LA	3.0	2.0	1500	$2,095	$1.40	16d	1	0.81mi
3540 Clermont Dr New Orleans, LA	3.0	2.0	1248	$1,975	$1.58	23d	1	0.81mi
1835 Louisa St New Orleans, LA	3.0	2.5	1800	$2,350	$1.31	3d	1	0.81mi
3327 Elysian Fields Ave New Orleans, LA	3.0	1.0	1200	$1,300	$1.08	23d	1	0.82mi
1938 N Johnson St Unit 38 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	23d	1	0.84mi
1936 N Johnson St Unit 36 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	23d	1	0.85mi
2338 Annette St Unit 1 New Orleans, LA	3.0	1.0	1150	$1,400	$1.22	20d	1	0.85mi
1822 Piety St New Orleans, LA	3.0	1.5	1200	$1,500	$1.25	16d	1	0.85mi
2028 Desire St New Orleans, LA	3.0	1.0	1300	$1,300	$1.00	23d	1	0.85mi
2129 Desire St Unit 1B New Orleans, LA	3.0	1.0	1105	$1,200	$1.09	3d	1	0.86mi

Listing history 21 events

1. 2026-06-18
   days on market $170,000 Active 134 DOM
2. 2026-06-17
   days on market $170,000 Active 133 DOM
3. 2026-06-16
   days on market $170,000 Active 132 DOM
4. 2026-06-15
   days on market $170,000 Active 131 DOM
5. 2026-06-13
   days on market $170,000 Active 129 DOM
6. 2026-06-10
   days on market $170,000 Active 126 DOM
7. 2026-06-09
   days on market $170,000 Active 125 DOM
8. 2026-06-08
   days on market $170,000 Active 124 DOM
9. 2026-06-07
   days on market $170,000 Active 123 DOM
10. 2026-06-05
    days on market $170,000 Active 120 DOM
11. 2026-06-03
    days on market $170,000 Active 119 DOM
12. 2026-06-02
    days on market $170,000 Active 118 DOM
13. 2026-06-02
    price $170,000 Active 117 DOM
14. 2026-06-01
    days on market $175,000 Active 117 DOM
15. 2026-05-31
    days on market $175,000 Active 116 DOM
16. 2026-02-04
    listed $175,000 Active 596-char remark

    Show marketing remark (615 chars)

    * * * $2050 RENTAL INCOME * * * PRICE IMPROVED JUST FOR YOU! * * Great Investment Property * * Or live on one side while the other side helps pay your mortgage. There are 2 tenants that are month to month paying below market rate. This is a great opportunity to start your investment portfolio with this property right off of Franklin Avenue. Lots of new construction in the block and area. There are 2 bedrooms and 1 bath on each side includes central Air/heat. Rental income should be more than mortgage qualifying this property for a great loan product. Call to view and for info on the loan product.

17. 2026-02-04
    listed $175,000 Active 615-char remark

    Show marketing remark (615 chars)

    * * * $2050 RENTAL INCOME * * * PRICE IMPROVED JUST FOR YOU! * * Great Investment Property * * Or live on one side while the other side helps pay your mortgage. There are 2 tenants that are month to month paying below market rate. This is a great opportunity to start your investment portfolio with this property right off of Franklin Avenue. Lots of new construction in the block and area. There are 2 bedrooms and 1 bath on each side includes central Air/heat. Rental income should be more than mortgage qualifying this property for a great loan product. Call to view and for info on the loan product.

18. 2025-11-01
    price $175,000
19. 2025-09-02
    price $195,000
20. 2025-08-02
    listed $215,000 Active
21. 2008-04-18
    listed $53,330

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 78% 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 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,136
• − Mortgage interest: −$9,523
• − Property taxes: −$2,550
• − Insurance: −$5,968
• − Repairs & maintenance: −$2,571
• − Management: −$2,571
• − Depreciation: −$4,945
• Taxable income: $4,008
• Est. tax owed @ 24.0%: −$962
• After-tax cash flow: $5,209/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): 25,652
• Household income: $45,764
• Rent vs Own: 47.8% rent · 52.2% own
• Severe rent burden: 1988.0

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: Majority Black (60%)
• Race & ethnicity: Black 60% White 30% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Lithuanian 5% Italian 1% Romanian 1%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% French/Haitian/Cajun 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: ▼ -177.22%
• Current HPI: 184.6061
• Rent YoY: ▲ 2.49%
• 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

+228.1% since first listed

6 events — show timeline

• 2026-02-04 Listed $175,000 GSREIN
• 2026-02-04 Listed $175,000 AcadianaMLS
• 2025-11-01 Price Changed $175,000 AcadianaMLS
• 2025-09-02 Price Changed $195,000 AcadianaMLS
• 2025-08-02 Listed $215,000 AcadianaMLS
• 2008-04-18 Listed $53,330 GSREIN