3522 24 Leonidas St · New Orleans, LA 70118

$225,000

4 bd · 2.0 ba · 1,634 sqft · MultiFamily public records · 7 Days on market

Built 1968 7,501 sqft lot Est $237k · 5% 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 +27.4/30.0
• ARV discount +9.8/15.0
• DSCR +9.6/10.0
• 1% rule +7.6/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• 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

Income producing duplex in the desirable Hollygrove area of New Orleans! Excellent opportunity for investors seeking cash flow with upside potential or owner occupancy. This tenant occupied multifamily property features off street parking and is situated in a neighborhood experiencing ongoing revitalization and growth. Property offers strong investment potential with some TLC and cosmetic updates. Conveniently located schools, shopping, public transportation, and major roadways. Tenants currently occupy the property please do not disturb tenants or walk the property without a confirmed appointment. Property is being sold as is. All measurements and information are deemed reliable but not guaranteed and should be independently verified by the purchaser.

Key facts

• Off street parking
• Multifamily property
• Cosmetic updates

Tags

• OFF STREET PARKING
• MULTIFAMILY PROPERTY
• STRONG INVESTMENT POTENTIAL
• COSMETIC UPDATES
• CONVENIENTLY LOCATED SCHOOLS
• PUBLIC TRANSPORTATION

Property features AI

Finance

• Financial info: Two-unit property (multi-family). Tenants pay electricity, gas, and water.

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer
• Home design: Single-story; Raised foundation; Wood siding construction; Shingle roof
• Construction: Built with wood siding; Raised foundation; Shingle roof
• Exterior features: Porch; City lot; Rectangular lot; Lot dimensions approximately 50 x 150

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Window heating units; Window cooling units
• Interior features: Very good condition

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $589 ($7k/yr) — positive. Per door: $295/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Cap rate 9.8% 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 flat; 279 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $2,845/mo this rent would consume 54% of the median local household income ($64k/yr) (locally 2237% 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 $2k of loan paydown is wiped out by about $7k 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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 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.
• Current owner paid $170k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $225,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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: 1.26% ✓
• Cap rate: 9.79%
• Cash-on-cash: 12.49%
• DSCR: 1.56
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $236,930
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8517 19 Forshey St	0.16mi	4/2.0	1,512 (-8%)	8mo	$219,000	$145	74
3316 18 Joliet St	0.16mi	4/2.0	1,512 (-8%)	8mo	$220,000	$146	73
8839-37 Colapissa St	0.34mi	4/2.0	1,568 (-4%)	10mo	$120,000	$77	69
4127 29 Hollygrove St	0.46mi	4/2.0	1,760 (+8%)	4mo	$131,500	$75	62
4528-30 Baudin St	0.62mi	4/2.0	1,716 (+5%)	2mo	$310,000	$181	61
2717 A Cherry St	0.70mi	4/2.0	1,704 (+4%)	2mo	$187,000	$110	59
8628 30 Apple St	0.65mi	4/2.0	1,558 (-5%)	6mo	$205,000	$132	57
4101-03 Hamilton St	0.47mi	4/2.0	1,464 (-10%)	6mo	$209,000	$143	56
424-426 S Hennessey St	0.71mi	4/2.0	1,696 (+4%)	7mo	$345,000	$203	55
4228-30 Ulloa St	0.55mi	4/2.0	1,780 (+9%)	9mo	$225,000	$126	52
531-33 S Murat St	0.59mi	4/2.0	1,500 (-8%)	10mo	$335,000	$223	50
505 S Alexander St	0.64mi	4/2.0	1,820 (+11%)	8mo	$339,000	$186	44

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 · 0.97% rent growth · sell at horizon

5-year hold

• IRR: -1.9%
• Equity multiple: 0.93×
• Total profit: $-4,524
• Equity at exit: $33,548

10-year hold

• IRR: 5.3%
• Equity multiple: 1.36×
• Total profit: $22,373
• Equity at exit: $19,454

Cash invested: $63,000 (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 70118

• Rents YoY: 1.0%
• Active inventory: 279
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $2,845 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$318 /mo · $3,819/yr
• Insurance: −$94
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$597
• Net cashflow: $589

Break-even live

Break-even rent $2,099

Max offer price $225,000

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,844
Total (2 units)			$2,845

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8502 Edinburgh St New Orleans, LA	3.0	2.0	1456	$1,800	$1.24	3d	1	0.10mi
8815 Palm St New Orleans, LA	3.0	2.0	1195	$2,100	$1.76	24d	1	0.13mi
8816 Olive St New Orleans, LA	3.0	2.0	1200	$1,800	$1.50	24d	1	0.20mi
8816 Olive St Unit A-B New Orleans, LA	3.0	2.0	1200	$1,800	$1.50	16d	1	0.20mi
8929 Colapissa St New Orleans, LA	3.0	1.0	1300	$1,400	$1.08	24d	1	0.38mi
9107 Fig St New Orleans, LA	3.0	3.0	1230	$2,000	$1.63	3d	1	0.50mi
8405 Apricot St New Orleans, LA	3.0	2.0	1058	$1,795	$1.70	3d	1	0.52mi
8405 Apricot St New Orleans, LA	3.0	2.0	1058	$1,795	$1.70	3d	1	0.52mi
7922 Colapissa St New Orleans, LA	4.0	2.0	1848	$2,400	$1.30	10d	1	0.57mi
9438 Forshey St New Orleans, LA	3.0	2.0	1274	$2,000	$1.57	24d	1	0.60mi
9528 Stroelitz St New Orleans, LA	3.0	2.0	1174	$2,100	$1.79	12d	1	0.63mi
2616 Cambronne St Unit 2618 New Orleans, LA	3.0	1.0	1200	$1,475	$1.23	24d	1	0.63mi
2527 Eagle St New Orleans, LA	3.0	2.0	1571	$2,200	$1.40	24d	1	0.68mi
8812 Apple St New Orleans, LA	3.0	2.0	1085	$1,650	$1.52	16d	1	0.68mi
647 S Pierce St New Orleans, LA	3.0	2.0	1550	$3,175	$2.05	15d	1	0.70mi
337 S Murat St Unit 4501 New Orleans, LA	3.0	2.0	1150	$2,000	$1.74	24d	1	0.72mi
7933 Belfast St Unit Upper New Orleans, LA	3.0	2.0	1500	$2,400	$1.60	24d	1	0.73mi
613 S Pierce St New Orleans, LA	3.0	1.0	1200	$1,500	$1.25	17d	1	0.74mi
615 S Pierce St New Orleans, LA	3.0	1.0	1200	$1,500	$1.25	17d	1	0.74mi
4020 Baudin St New Orleans, LA	3.0	2.0	1100	$1,550	$1.41	3d	1	0.78mi
2835 Pine St Unit 2835 New Orleans, LA	3.0	2.0	1219	$2,995	$2.46	44d	1	0.83mi
2833 Pine St Unit 2833 New Orleans, LA	3.0	2.0	1219	$3,200	$2.63	20d	1	0.83mi
2305 Joliet St New Orleans, LA	3.0	2.0	1451	$2,500	$1.72	44d	1	0.87mi
2251 Cambronne St Unit A New Orleans, LA	3.0	1.5	1945	$2,495	$1.28	24d	1	0.88mi
4702 Euphrosine St New Orleans, LA	3.0	1.0	1100	$1,850	$1.68	3d	1	0.88mi
3825 Baudin St New Orleans, LA	3.0	3.5	1680	$2,000	$1.19	24d	1	0.89mi
4814 Thalia St Unit B New Orleans, LA	3.0	2.0	1218	$1,850	$1.52	24d	1	0.90mi
4816 Thalia St New Orleans, LA	3.0	2.0	1218	$1,850	$1.52	24d	1	0.90mi
109 Avenue E Metairie, LA	3.0	3.5	2068	$3,000	$1.45	44d	1	0.90mi
4600 S Carrollton Ave Unit 2B New Orleans, LA	4.0	2.0	2097	$2,850	$1.36	24d	1	0.90mi
3804 Banks St New Orleans, LA	3.0	2.0	1353	$2,250	$1.66	17d	1	0.95mi
2308 Short St New Orleans, LA	3.0	2.0	1600	$2,800	$1.75	3d	1	0.96mi
2231 S Carrollton Ave Unit D New Orleans, LA	3.0	2.0	1600	$2,495	$1.56	24d	1	0.97mi
2741 Audubon St New Orleans, LA	3.0	2.0	1100	$1,800	$1.64	3d	1	0.98mi
7909 Sycamore St New Orleans, LA	3.0	2.0	2000	$2,400	$1.20	3d	1	1.04mi
2102 S Carrollton Ave New Orleans, LA	3.0	2.0	1800	$2,250	$1.25	12d	1	1.05mi
2102 S Carrollton Ave Unit NA New Orleans, LA	3.0	2.0	1800	$2,250	$1.25	10d	1	1.05mi
7902 Sycamore St New Orleans, LA	4.0	2.0	1991	$3,200	$1.61	44d	1	1.07mi
2101 S Carrollton Ave New Orleans, LA	4.0	2.0	1800	$2,400	$1.33	24d	1	1.07mi
4117 State Street Dr New Orleans, LA	3.0	1.0	1678	$1,550	$0.92	12d	1	1.08mi

Listing history 6 events

1. 2026-06-18
   days on market $225,000 Active 7 DOM
2. 2026-06-17
   days on market $225,000 Active 6 DOM
3. 2026-06-16
   days on market $225,000 Active 5 DOM
4. 2026-06-15
   days on market $225,000 Active 4 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $225,000 Active 2 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: $3,819 · $318/mo
• Projected year-2 tax: $3,819 · $318/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) · 77% 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: $34,140
• − Mortgage interest: −$12,603
• − Property taxes: −$3,819
• − Insurance: −$1,922
• − Repairs & maintenance: −$2,731
• − Management: −$2,731
• − Depreciation: −$6,545
• Taxable income: $3,787
• Est. tax owed @ 24.0%: −$909
• After-tax cash flow: $6,161/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): 36,072
• Household income: $63,750
• Rent vs Own: 51.5% rent · 48.5% own
• Severe rent burden: 2237.0

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 0.65)
• Race & ethnicity: White 47% Black 34% Hispanic / Latino 11% Two or more races 11% Asian 4%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 8% Italian 2% Romanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 86% English-only · Spanish 7% French/Haitian/Cajun 2% Other Indo-European 2%

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: ▼ -210.46%
• Current HPI: 282.9629
• Rent YoY: ▲ 0.97%
• 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

+542.9% since first listed

12 events — show timeline

• 2026-06-11 Listed $225,000 GSREIN
• 2026-06-11 Listed $225,000 AcadianaMLS
• 2018-07-19 Sold (Public Records) $170,000 Public Records
• 2018-06-01 Listed $180,000 AcadianaMLS
• 2012-10-18 Sold (Public Records) $147,000 Public Records
• 2011-08-19 Listed $155,000 AcadianaMLS
• 2008-05-14 Sold (Public Records) $172,000 Public Records
• 2008-05-05 Sold (MLS) $172,000 GSREIN
• 2008-03-23 Listed $175,000 GSREIN
• 2008-03-23 Listed $175,000 AcadianaMLS
• 2006-06-16 Sold (Public Records) $28,000 Public Records
• 1999-12-30 Sold (Public Records) $35,000 Public Records

Property tax history

+11.5%/yr

Latest (2026): $3,819 · +1.1% YoY. Source: county tax records.