2122 Onzaga St · New Orleans, LA 70119

$150,000

2 bd · 2.0 ba · 2,688 sqft · MultiFamily public records · 15 Days on market

Built 1940 4,033 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Investor Special in the Heart of Mid-City! Opportunity awaits at 2122 Onzaga Street! This property is in need of significant repairs and renovation, making it an ideal project for investors, contractors, or buyers looking to restore a home to its former charm. Situated in a desirable Mid-City location, this property offers convenient access to local restaurants, shopping, parks, schools, and all that New Orleans has to offer. Bring your vision and creativity to transform this property into a valuable asset. Whether you're seeking your next fix-and-flip project, rental investment, or redevelopment opportunity, the potential is undeniable. Property is being sold as-is. Seller will make no repairs. Buyer to verify all measurements, zoning, and intended use.

Key facts

• Convenient access
• Local restaurants
• Shopping

Tags

• MID-CITY LOCATION
• CONVENIENT ACCESS
• LOCAL RESTAURANTS
• SHOPPING
• PARKS
• SCHOOLS

Property features AI

Exterior

• Parking: Driveway with two parking spaces
• Utilities: Public water; Public sewer
• Home design: Single-story; Raised foundation
• Construction: Wood siding; Asphalt shingle roof; Built with raised foundation
• Exterior features: City lot; Rectangular lot; Lot dimensions approximately 32 x 126

Interior

• Bathrooms: 2 full bathrooms
• Interior features: Total of 3 rooms; Poor condition

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.2% 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 (-0.2%/yr); 381 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 41% of comp listings sitting > 30 days — soft ceiling on asking rent; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,909/mo this rent would consume 66% of the median local household income ($53k/yr) (locally 3381% 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 $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 $42k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y 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 $66/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• 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 $147,750 (1.5% below list)

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.94% ✓
• Cap rate: 17.21%
• Cash-on-cash: 38.98%
• DSCR: 2.73
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $701,568
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1501-03 Governor Nicholls St	0.66mi	3/4.0 (+1)	2,680 (-0%)	10mo	$700,000	$261	47
2622 Lapeyrouse St	0.41mi	3/3.0 (+1)	2,447 (-9%)	12mo	$375,000	$153	46

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: 29.6%
• Equity multiple: 2.19×
• Total profit: $49,856
• Equity at exit: $22,365

10-year hold

• IRR: 35.2%
• Equity multiple: 3.79×
• Total profit: $116,999
• Equity at exit: $12,969

Cash invested: $42,000 (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 70119

• Home prices YoY: -34.8%
• Rents YoY: -0.2%
• Active inventory: 381
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $2,909 high
• Mortgage (P&I): −$787
• Tax from tax record: −$85 /mo · $1,018/yr
• Insurance: −$62
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$611
• Net cashflow: $1,298

Break-even live

Break-even rent $1,266

Max offer price $150,000

Occupancy floor 50%

Sensitivity live

Price	-10% $1,383	-5% $1,340	+0% $1,298	+5% $1,255	+10% $1,213
Rent	-10% $1,068	-5% $1,183	+0% $1,298	+5% $1,413	+10% $1,528
Rate	-1.0pp $1,373	-0.5pp $1,336	base $1,298	+0.5pp $1,259	+1.0pp $1,220

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2331 Columbus St New Orleans, LA	3.0	1.0	1976	$1,850	$0.94	24d	1	0.25mi
1831 N Miro St New Orleans, LA	3.0	2.0	1882	$2,500	$1.33	44d	1	0.28mi
1936 N Johnson St Unit 36 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	24d	1	0.46mi
1938 N Johnson St Unit 38 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	24d	1	0.46mi
2664 Lepage St New Orleans, LA	3.0	2.0	1750	$2,725	$1.56	44d	1	0.53mi
1433 Esplanade Ave New Orleans, LA	3.0	2.0	2411	$5,000	$2.07	2d	1	0.58mi
1423 N Villere St Unit A New Orleans, LA	2.0	3.0	1964	$2,500	$1.27	44d	1	0.60mi
1837 Touro St New Orleans, LA	3.0	1.0	1994	$2,000	$1.00	24d	1	0.62mi
3024 Esplanade Ave New Orleans, LA	3.0	2.5	2300	$4,500	$1.96	44d	1	0.80mi
1901 Gentilly Blvd New Orleans, LA	3.0	2.5	2205	$4,000	$1.81	44d	1	0.82mi
1301 N Rampart St New Orleans, LA	2.0	2.0–2.5	2929	$7,750	$2.65	20d	2	0.86mi
1136 Frenchmen St New Orleans, LA	2.0	1.0	1800	$1,650	$0.92	24d	1	0.88mi
1021 Henriette Delille St New Orleans, LA	3.0	2.0	2012	$2,250	$1.12	17d	1	0.91mi
3232 Grand Rte Saint John St New Orleans, LA	3.0	3.0	2800	$5,000	$1.79	24d	1	0.95mi
1000 Saint Philip St New Orleans, LA	3.0	2.5	2650	$4,800	$1.81	44d	1	1.05mi
3100 Orleans Ave New Orleans, LA	2.0	1.0	1875	$1,350	$0.72	24d	1	1.08mi
324 N Roman St New Orleans, LA	3.0	3.0	2100	$2,500	$1.19	44d	1	1.10mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$2,165	$1.37	3d	2	1.11mi
2320 N Rampart St New Orleans, LA	3.0	3.0	2317	$3,700	$1.60	44d	1	1.12mi
839 Dumaine St New Orleans, LA	3.0	4.0	2740	$6,500	$2.37	44d	1	1.15mi
2228 Arts St New Orleans, LA	3.0	2.0	2270	$1,675	$0.74	3d	1	1.16mi
618 N Rampart St #204 New Orleans, LA	3.0	2.5	1904	$4,500	$2.36	44d	1	1.18mi
124 N Galvez St Unit 1 New Orleans, LA	2.0	2.0	2200	$2,200	$1.00	24d	1	1.21mi
1928 Franklin Ave New Orleans, LA	2.0	2.5	2840	$2,500	$0.88	11d	1	1.28mi
824 Royal St Unit G New Orleans, LA	2.0	2.0	2080	$3,300	$1.59	44d	1	1.28mi
627 St Peter New Orleans, LA	2.0	2.5	2174	$5,500	$2.53	24d	1	1.36mi
939 Iberville St New Orleans, LA	1.0–3.0	1.0	1502	$3,100	$2.06	12d	7	1.46mi

Listing history 11 events

1. 2026-06-18
   days on market $150,000 Active 15 DOM
2. 2026-06-17
   days on market $150,000 Active 14 DOM
3. 2026-06-16
   days on market $150,000 Active 13 DOM
4. 2026-06-15
   days on market $150,000 Active 12 DOM
5. 2026-06-13
   days on market $150,000 Active 10 DOM
6. 2026-06-10
   days on market $150,000 Active 7 DOM
7. 2026-06-09
   days on market $150,000 Active 6 DOM
8. 2026-06-08
   days on market $150,000 Active 5 DOM
9. 2026-06-07
   days on market $150,000 Active 4 DOM
10. 2026-06-05
    remarks 699-char remark
11. 2026-06-05
    listed $150,000 Active 1 DOM

ⓘ 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: $1,018 · $85/mo
• Projected year-2 tax: $1,018 · $85/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: $34,912
• − Mortgage interest: −$8,402
• − Property taxes: −$1,018
• − Insurance: −$1,547
• − Repairs & maintenance: −$2,793
• − Management: −$2,793
• − Depreciation: −$4,364
• Taxable income: $13,994
• Est. tax owed @ 24.0%: −$3,359
• After-tax cash flow: $12,217/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): 37,253
• Household income: $53,143
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 3381.0

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 0.64)
• Race & ethnicity: Black 44% White 40% Two or more races 10% Hispanic / Latino 9% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Slovak 2% Romanian 1%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 6% French/Haitian/Cajun 1% Other Indo-European 0%

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: ▼ -135.38%
• Current HPI: 253.1929
• Rent YoY: ▼ -0.20%
• 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

+177.8% since first listed

6 events — show timeline

• 2026-06-01 Listed $150,000 AcadianaMLS
• 2026-06-01 Listed $150,000 GSREIN
• 2005-08-01 Sold (MLS) $138,000 GSREIN
• 2005-06-08 Listed $129,000 AcadianaMLS
• 2005-06-08 Listed $129,000 GSREIN
• 1999-04-30 Sold (Public Records) $54,000 Public Records

Property tax history

+25.3%/yr

Latest (2026): $1,018 · +1.0% YoY. Source: county tax records.