1156 Merrill St · New Orleans, LA 70131

$120,000

3 bd · 2.0 ba · 1,386 sqft · SingleFamily public records · 213 Days on market

Built 1966 $87/sqft · 21% below area Est $150k · 20% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Rent growth +0.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Algiers investment opportunity awaits. Consistently rented in the last few years. Don't let this money maker pass you by!!

Key facts

• Parking
• Built 1966
• Listed 213 days

Tags

• ALGIERS CORNER COTTAGE
• SHORT DISTANCE TO LEVEE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $496 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.9% 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 falling (-9.2%/yr); 274 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); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• This rent runs 32% of the median local income ($62k/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 $830 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $34k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 213 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 30y ago; this cycle's ask has dropped $30k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $35k; list at $120k implies a 244% gain — meaningful room to come down on a strong offer.

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 $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 213 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 1966 — 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: 1.40% ✓
• Cap rate: 11.91%
• Cash-on-cash: 20.08%
• DSCR: 1.89
• GRM: 6.0

CMA / ARV

• ARV (median comp): $149,546
• List price: $120,000
• Delta: -19.76%
• 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
1236 Southlawn Blvd	0.11mi	3/2.0	1,450 (+5%)	2mo	$145,000	$100	86
1121 Southlawn Blvd	0.08mi	3/2.0	1,288 (-7%)	1mo	$145,000	$113	84
1100 Southlawn Blvd	0.14mi	3/2.0	1,300 (-6%)	1mo	$183,000	$141	83
1761 Pace Blvd	0.67mi	3/2.0	1,390 (+0%)	3mo	$166,300	$120	66
1721 Pace Blvd	0.63mi	3/1.0	1,383 (-0%)	3mo	$70,000	$51	64
1513 Shirley Dr	0.58mi	3/1.0	1,341 (-3%)	2mo	$185,000	$138	62
1327 Shirley Dr	0.44mi	3/2.0	1,274 (-8%)	6mo	$70,000	$55	61
1056 Farragut St	0.49mi	3/1.0	1,279 (-8%)	1mo	$85,000	$66	60
2024 Lamarque St	0.67mi	3/2.0	1,350 (-3%)	6mo	$151,500	$112	59
1518 Elizardi Blvd	0.36mi	2/1.0 (-1)	1,270 (-8%)	3mo	$56,000	$44	58
1509 Shirley Dr	0.57mi	2/1.5 (-1)	1,482 (+7%)	2mo	$45,000	$30	53
1408 General Collins Ave	0.75mi	3/2.0	1,277 (-8%)	5mo	$152,000	$119	48

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: 5.7%
• Equity multiple: 1.22×
• Total profit: $7,231
• Equity at exit: $17,892

10-year hold

• IRR: 12.2%
• Equity multiple: 1.83×
• Total profit: $28,032
• Equity at exit: $10,375

Cash invested: $33,600 (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 70131

• Home prices YoY: -12.0%
• Rents YoY: -9.2%
• Active inventory: 274
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,680 high
• Mortgage (P&I): −$629
• Tax from tax record: −$86 /mo · $1,030/yr
• Insurance: −$50
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$353
• Net cashflow: $496

Break-even live

Break-even rent $1,053

Max offer price $120,000

Occupancy floor 65%

Sensitivity live

Price	-10% $564	-5% $530	+0% $496	+5% $462	+10% $428
Rent	-10% $363	-5% $429	+0% $496	+5% $562	+10% $628
Rate	-1.0pp $556	-0.5pp $526	base $496	+0.5pp $465	+1.0pp $433

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1200 Southlawn Blvd New Orleans, LA	3.0	2.0	950	$1,725	$1.82	24d	1	0.08mi
1227 Flanders St New Orleans, LA	2.0	1.0	900	$1,000	$1.11	24d	1	0.37mi
1565 Murl St Unit B New Orleans, LA	2.0	2.0	1100	$1,100	$1.00	24d	1	0.37mi
1313 Flanders St New Orleans, LA	2.0	1.0	900	$1,295	$1.44	21d	1	0.39mi
3102 Lawrence St New Orleans, LA	2.0	1.0	950	$1,500	$1.58	24d	1	0.40mi
1622 Jo Ann Pl New Orleans, LA	3.0	1.5	1301	$1,500	$1.15	2d	1	0.43mi
3000 Americus St New Orleans, LA	3.0	2.0	1280	$1,400	$1.09	24d	1	0.57mi
1625 Lauradale Dr New Orleans, LA	3.0	2.0	1029	$1,700	$1.65	4d	1	0.59mi
1719 Pace Blvd New Orleans, LA	3.0	1.0	1178	$2,000	$1.70	12d	1	0.61mi
1684 Lauradale Dr New Orleans, LA	4.0	2.0	1571	$2,000	$1.27	24d	1	0.64mi
1774 Pace Blvd New Orleans, LA	4.0	2.5	1574	$2,000	$1.27	24d	1	0.67mi
1402 Behrman Ave New Orleans, LA	2.0	1.0	1673	$1,500	$0.90	24d	1	0.69mi
1418 Behrman Ave New Orleans, LA	2.0	1.0	876	$1,400	$1.60	16d	1	0.70mi
1108 Sumner St New Orleans, LA	3.0	1.5	1197	$1,500	$1.25	12d	1	0.70mi
701 Behrman Ave New Orleans, LA	3.0	2.0	1368	$2,300	$1.68	4d	1	0.71mi
735 Lees Ln Unit 2 New Orleans, LA	2.0	1.0	1000	$1,600	$1.60	24d	1	0.72mi
1414 Sumner St New Orleans, LA	3.0	2.0	1800	$1,450	$0.81	16d	1	0.75mi
1510 Sumner St New Orleans, LA	2.0	1.0	950	$1,474	$1.55	16d	1	0.79mi
1945 Pace Blvd Unit 104 New Orleans, LA	2.0	1.0	1000	$1,250	$1.25	24d	1	0.81mi
1945 Pace Blvd Apt 101 New Orleans, LA	2.0	1.0	1000	$1,250	$1.25	11d	1	0.81mi
2002 Pace Blvd Unit 103 New Orleans, LA	3.0	2.0	1000	$1,500	$1.50	15d	1	0.82mi
810 Whitney Ave New Orleans, LA	2.0	1.0	900	$1,250	$1.39	12d	1	0.88mi
807 Whitney Ave Unit 1 New Orleans, LA	3.0	2.0	1262	$1,500	$1.19	4d	1	0.92mi
617 Forstall St New Orleans, LA	3.0	2.0	1262	$2,200	$1.74	4d	1	0.97mi
619 Reynes St New Orleans, LA	3.0	2.0	1318	$2,100	$1.59	16d	1	0.97mi
2320 Mardi Gras Blvd New Orleans, LA	4.0	2.5	1600	$2,500	$1.56	2d	1	0.97mi
740 Thayer Unit 2A New Orleans, LA	2.0	2.0	950	$1,350	$1.42	24d	1	1.04mi
335 Whitney Ave New Orleans, LA	2.0	1.0	1100	$1,575	$1.43	24d	1	1.04mi
4801 Dauphine St Unit B New Orleans, LA	2.0	1.0	875	$1,100	$1.26	24d	1	1.12mi
5450 Burgundy St New Orleans, LA	2.0	1.0	1474	$1,250	$0.85	24d	1	1.15mi
5109 Burgundy St New Orleans, LA	2.0	1.0	1122	$1,474	$1.31	17d	1	1.16mi
906 Flood St New Orleans, LA	3.0	3.0	1174	$1,700	$1.45	2d	1	1.18mi
543 Atlantic Ave New Orleans, LA	2.0	2.5	1430	$2,200	$1.54	24d	1	1.22mi
527 Atlantic Ave New Orleans, LA	3.0	2.0	1800	$2,050	$1.14	24d	1	1.23mi
716 Delery St Unit 716 New Orleans, LA	2.0	1.0	900	$1,200	$1.33	24d	1	1.23mi
623 France St New Orleans, LA	2.0	2.0	982	$2,600	$2.65	44d	1	1.26mi
718 Majestic Pl New Orleans, LA	3.0	2.0	1164	$1,785	$1.53	22d	1	1.27mi
6038 N Rampart St New Orleans, LA	3.0	2.0	1080	$1,795	$1.66	24d	1	1.31mi
5459 Saint Claude Ave Unit 5461 New Orleans, LA	4.0	2.0	1454	$2,350	$1.62	24d	1	1.33mi
438 Friscoville Ave Arabi, LA	3.0	2.0	1500	$3,200	$2.13	3d	1	1.33mi

Listing history 37 events

1. 2026-06-18
   days on market $120,000 Active 213 DOM
2. 2026-06-17
   days on market $120,000 Active 212 DOM
3. 2026-06-16
   days on market $120,000 Active 211 DOM
4. 2026-06-15
   days on market $120,000 Active 210 DOM
5. 2026-06-13
   days on market $120,000 Active 208 DOM
6. 2026-06-10
   days on market $120,000 Active 205 DOM
7. 2026-06-09
   days on market $120,000 Active 204 DOM
8. 2026-06-08
   days on market $120,000 Active 203 DOM
9. 2026-06-07
   days on market $120,000 Active 202 DOM
10. 2026-06-05
    days on market $120,000 Active 199 DOM
11. 2026-06-03
    days on market $120,000 Active 198 DOM
12. 2026-06-02
    days on market $120,000 Active 197 DOM
13. 2026-06-02
    price $120,000 Active 196 DOM
14. 2026-06-01
    days on market $125,000 Active 196 DOM
15. 2026-05-31
    days on market $125,000 Active 195 DOM
16. 2026-04-27
    price $125,000 122-char remark

    Show marketing remark (122 chars)

    Algiers investment opportunity awaits. Consistently rented in the last few years. Don't let this money maker pass you by!!

17. 2026-04-27
    price $125,000 122-char remark

    Show marketing remark (122 chars)

    Algiers investment opportunity awaits. Consistently rented in the last few years. Don't let this money maker pass you by!!

18. 2026-02-10
    price $130,000 122-char remark

    Show marketing remark (122 chars)

    Algiers investment opportunity awaits. Consistently rented in the last few years. Don't let this money maker pass you by!!

19. 2026-02-10
    price $130,000 122-char remark

    Show marketing remark (122 chars)

    Algiers investment opportunity awaits. Consistently rented in the last few years. Don't let this money maker pass you by!!

20. 2025-12-20
    price $140,000 122-char remark

    Show marketing remark (122 chars)

    Algiers investment opportunity awaits. Consistently rented in the last few years. Don't let this money maker pass you by!!

21. 2025-12-20
    price $140,000 122-char remark

    Show marketing remark (122 chars)

    Algiers investment opportunity awaits. Consistently rented in the last few years. Don't let this money maker pass you by!!

22. 2025-11-16
    listed $150,000 Active 122-char remark

    Show marketing remark (122 chars)

    Algiers investment opportunity awaits. Consistently rented in the last few years. Don't let this money maker pass you by!!

23. 2025-10-16
    listed $150,000 Active 122-char remark

    Show marketing remark (122 chars)

    Algiers investment opportunity awaits. Consistently rented in the last few years. Don't let this money maker pass you by!!

24. 2016-08-05
    soldstatus $34,900 Sold
25. 2016-07-27
    status Under Contract
26. 2016-07-26
    price $34,900
27. 2016-06-27
    price $39,900
28. 2016-06-01
    listed $44,000 Active
29. 2016-05-29
    listed $34,900
30. 2001-02-15
    soldstatus $39,000
31. 2001-02-09
    soldstatus $39,000
32. 2000-08-03
    listed $44,900
33. 2000-08-03
    listed $44,900
34. 1996-06-03
    soldstatus $42,500
35. 1996-05-31
    soldstatus $42,500
36. 1996-05-31
    listed $42,500
37. 1996-05-31
    listed $42,500

ⓘ 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: $1,030 · $86/mo
• Projected year-2 tax: $1,030 · $86/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 · 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: $20,161
• − Mortgage interest: −$6,722
• − Property taxes: −$1,030
• − Insurance: −$1,398
• − Repairs & maintenance: −$1,613
• − Management: −$1,613
• − Depreciation: −$3,491
• Taxable income: $4,295
• Est. tax owed @ 24.0%: −$1,031
• After-tax cash flow: $4,918/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): 25,151
• Household income: $62,389
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 707.0

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 62% White 20% Hispanic / Latino 11% Two or more races 6% Asian 4%
• Hispanic origin (detail): Mexican 2% Dominican 2%
• Common ancestry: Lithuanian 4% Hispanic 1%
• Foreign-born: 8% · Canada, Vietnam, China
• Languages at home: 86% English-only · Spanish 9% Vietnamese 2% 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: ▼ -28.08%
• Current HPI: 206.7552
• Rent YoY: ▼ -9.23%
• 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

+194.1% since first listed

22 events — show timeline

• 2026-04-27 Price Changed $125,000 AcadianaMLS
• 2026-04-27 Price Changed $125,000 GSREIN
• 2026-02-10 Price Changed $130,000 AcadianaMLS
• 2026-02-10 Price Changed $130,000 GSREIN
• 2025-12-20 Price Changed $140,000 AcadianaMLS
• 2025-12-20 Price Changed $140,000 GSREIN
• 2025-11-16 Listed $150,000 AcadianaMLS
• 2025-10-16 Listed $150,000 GSREIN
• 2016-08-05 Sold (MLS) $34,900 GSREIN
• 2016-07-27 Pending — GSREIN
• 2016-07-26 Price Changed $34,900 GSREIN
• 2016-06-27 Price Changed $39,900 GSREIN
• 2016-06-01 Listed $44,000 GSREIN
• 2016-05-29 Listed $34,900 AcadianaMLS
• 2001-02-15 Sold (Public Records) $39,000 Public Records
• 2001-02-09 Sold (MLS) $39,000 GSREIN
• 2000-08-03 Listed $44,900 GSREIN
• 2000-08-03 Listed $44,900 AcadianaMLS
• 1996-06-03 Sold (Public Records) $42,500 Public Records
• 1996-05-31 Listed $42,500 GSREIN
• 1996-05-31 Listed $42,500 AcadianaMLS
• 1996-05-31 Sold (MLS) $42,500 GSREIN

Property tax history

-2.4%/yr

Latest (2026): $1,030 · +0.0% YoY. Source: county tax records.