2400 02 New Orleans St · New Orleans, LA 70119

$198,900

4 bd · 2.0 ba · 1,392 sqft · MultiFamily public records · 51 Days on market

Built 1930 $143/sqft · 10% above area Est $182k · 10% over

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Why this score? — see what drove the C+ 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
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• Livability +4.0/5.0
• ARV discount +3.2/15.0
• 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

Corner double with strong income potential, currently generating $1,700/month. Well-located multi-family opportunity on a corner lot with separate units and multiple exit strategies for investors or owner-occupants. Convenient access to major corridors, downtown, and neighborhood amenities.

Key facts

• Convenient access
• Separate units
• Corner lot

Tags

• STRONG INCOME POTENTIAL
• MULTI-FAMILY OPPORTUNITY
• CORNER LOT
• SEPARATE UNITS
• CONVENIENT ACCESS

Property features AI

Finance

• Financial info: Two-unit property; Unit 2400 current rent $850 (actual)

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-story building
• Construction: Shingle roof; Raised foundation
• Exterior features: City lot; Rectangular lot; Lot dimensions approximately 35 x 112

Interior

• Bedrooms: Unit 2400: 2 bedrooms
• Bathrooms: 2 full bathrooms total; Unit 2400: 1 full bathroom
• Interior features: Average condition

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $989 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Recommended offer: $193k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.7% 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; 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).
• At $2,934/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 $6k 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 $56k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 31y 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 $34k; list at $199k implies a 494% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1930 — 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 $192,933 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — 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. 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: 1.48% ✓
• Cap rate: 12.66%
• Cash-on-cash: 22.75%
• DSCR: 2.01
• GRM: 5.6

CMA / ARV

• ARV (median comp): $181,548
• List price: $198,900
• Delta: 9.56%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2416 18 Annette St	0.14mi	4/2.0	1,400 (+1%)	23mo	$167,000	$119	73
2118 20 Onzaga St	0.38mi	4/2.0	1,526 (+10%)	1mo	$182,000	$119	65
2132 Touro St	0.38mi	4/2.0	1,550 (+11%)	6mo	$169,000	$109	58
2215 17 N Galvez St	0.59mi	4/2.0	1,300 (-7%)	5mo	$107,000	$82	57
2835-37 Maurepas St	0.73mi	4/2.0	1,464 (+5%)	1mo	$311,000	$212	57
2403 05 Onzaga St	0.39mi	4/2.0	1,455 (+4%)	23mo	$145,000	$100	55
1834 36 Marigny St	0.69mi	4/2.0	1,508 (+8%)	2mo	$215,000	$143	52
2323 Touro St	0.37mi	4/2.0	1,554 (+12%)	15mo	$135,000	$87	51
2245 47 N Galvez St	0.64mi	4/2.0	1,337 (-4%)	20mo	$141,000	$105	47
3022 24 Paris Ave	0.65mi	4/2.0	1,351 (-3%)	23mo	$199,000	$147	46
2657 59 Bruxelles St	0.37mi	5/3.0 (+1)	1,580 (+14%)	16mo	$278,250	$176	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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 10.5%
• Equity multiple: 1.40×
• Total profit: $22,191
• Equity at exit: $29,657

10-year hold

• IRR: 17.0%
• Equity multiple: 2.21×
• Total profit: $67,286
• Equity at exit: $17,197

Cash invested: $55,692 (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: 11.3×

Monthly cashflow live

• Estimated rent: $2,934 high
• Mortgage (P&I): −$1,043
• Tax from tax record: −$136 /mo · $1,635/yr
• Insurance: −$83
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$616
• Net cashflow: $989

Break-even live

Break-even rent $1,682

Max offer price $198,900

Occupancy floor 61%

Sensitivity live

Price	-10% $1,102	-5% $1,046	+0% $989	+5% $933	+10% $877
Rent	-10% $757	-5% $873	+0% $989	+5% $1,105	+10% $1,221
Rate	-1.0pp $1,089	-0.5pp $1,040	base $989	+0.5pp $938	+1.0pp $885

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,934
Total (2 units)			$2,934

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: $49,725
• Closing costs: $5,967
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2338 Annette St Unit 1 New Orleans, LA	3.0	1.0	1150	$1,400	$1.22	20d	1	0.12mi
1996 Hope St New Orleans, LA	3.0	1.0	910	$1,550	$1.70	4d	1	0.22mi
1735 N Tonti St New Orleans, LA	3.0	1.0	1197	$1,650	$1.38	24d	1	0.27mi
2310 George Nick Connor Dr New Orleans, LA	3.0	2.0	1050	$1,600	$1.52	24d	1	0.28mi
3228 Pauger St New Orleans, LA	5.0	2.0	1600	$2,100	$1.31	24d	1	0.30mi
1938 N Johnson St Unit 38 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	24d	1	0.34mi
1936 N Johnson St Unit 36 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	24d	1	0.34mi
2817 Annette St New Orleans, LA	3.0	1.0	1100	$1,350	$1.23	24d	1	0.37mi
1933 Industry St New Orleans, LA	3.0	2.0	1400	$1,595	$1.14	16d	1	0.39mi
1818 Paul Morphy St Unit B New Orleans, LA	3.0	2.0	1065	$1,800	$1.69	24d	1	0.45mi
2632 Oreilly St New Orleans, LA	3.0	1.5	950	$1,450	$1.53	24d	1	0.46mi
2338 40 Annette St New Orleans, LA	3.0	1.0	1150	$1,385	$1.20	21d	1	0.48mi
2329 Laharpe St New Orleans, LA	3.0	1.0	1250	$1,000	$0.80	20d	1	0.52mi
2817 Paris Ave New Orleans, LA	3.0	1.0	1018	$1,700	$1.67	21d	1	0.53mi
2115 Elysian Fields Ave Unit 2115 New Orleans, LA	3.0	1.0	1100	$1,450	$1.32	24d	1	0.54mi
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	4d	1	0.54mi
2910 Bruxelles St New Orleans, LA	3.0	2.0	1074	$1,600	$1.49	4d	1	0.56mi
1910 Elysian Fields Ave New Orleans, LA	3.0	1.0	1000	$1,450	$1.45	24d	1	0.56mi
3021 Republic St New Orleans, LA	4.0	2.0	1125	$2,200	$1.96	24d	1	0.59mi
3023 Bruxelles St New Orleans, LA	3.0	1.0	960	$2,200	$2.29	15d	1	0.62mi
2220 N Prieur St New Orleans, LA	3.0	2.0	1334	$2,000	$1.50	24d	1	0.64mi
2152 Abundance St Unit 2152 New Orleans, LA	3.0	2.0	1100	$1,599	$1.45	4d	1	0.65mi
1525 N Broad St New Orleans, LA	3.0	1.0	1100	$1,600	$1.45	24d	1	0.66mi
2115 Mandeville St New Orleans, LA	3.0	2.0	1400	$1,650	$1.18	24d	1	0.67mi
1923 N Robertson St New Orleans, LA	3.0	2.0	1051	$1,950	$1.86	4d	1	0.68mi
1710 Marigny St New Orleans, LA	3.0	2.0	1120	$1,750	$1.56	24d	1	0.72mi
1472 N Claiborne Ave New Orleans, LA	3.0	1.0	1312	$1,900	$1.45	16d	1	0.72mi
2222 Saint Roch Ave New Orleans, LA	3.0	1.0	900	$1,200	$1.33	24d	1	0.76mi
1601 Marigny St Unit 1603 New Orleans, LA	3.0	2.0	988	$1,099	$1.11	4d	1	0.79mi
1603 Marigny St New Orleans, LA	3.0	2.0	988	$1,099	$1.11	4d	1	0.79mi
2664 Lepage St New Orleans, LA	3.0	2.0	1750	$2,725	$1.56	44d	1	0.80mi
1466 N White St New Orleans, LA	3.0	1.5	1500	$2,250	$1.50	4d	1	0.83mi
1245 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	44d	1	0.89mi
1247 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	44d	1	0.89mi
1809 Saint Roch Ave New Orleans, LA	3.0	1.0	949	$1,195	$1.26	17d	1	0.90mi
2517 Ursulines Ave New Orleans, LA	3.0	2.0	1136	$1,950	$1.72	24d	1	0.91mi
3515 Saint Anthony Ave New Orleans, LA	3.0	2.0	1366	$2,500	$1.83	24d	1	0.91mi
3327 Elysian Fields Ave New Orleans, LA	3.0	1.0	1200	$1,300	$1.08	24d	1	0.92mi
1217 Kerlerec St Unit B New Orleans, LA	3.0	1.0	1300	$2,100	$1.62	4d	1	0.92mi
2556 N Tonti St New Orleans, LA	3.0	2.0	1100	$1,850	$1.68	16d	1	0.94mi

Listing history 33 events

1. 2026-06-18
   days on market $198,900 Active 51 DOM
2. 2026-06-17
   days on market $198,900 Active 50 DOM
3. 2026-06-16
   days on market $198,900 Active 49 DOM
4. 2026-06-15
   days on market $198,900 Active 48 DOM
5. 2026-06-13
   days on market $198,900 Active 46 DOM
6. 2026-06-10
   days on market $198,900 Active 43 DOM
7. 2026-06-09
   days on market $198,900 Active 42 DOM
8. 2026-06-08
   days on market $198,900 Active 41 DOM
9. 2026-06-07
   days on market $198,900 Active 40 DOM
10. 2026-06-05
    days on market $198,900 Active 37 DOM
11. 2026-06-03
    days on market $198,900 Active 36 DOM
12. 2026-06-02
    days on market $198,900 Active 35 DOM
13. 2026-06-01
    days on market $198,900 Active 34 DOM
14. 2026-05-31
    days on market $198,900 Active 33 DOM
15. 2026-04-28
    listed $198,900 Active 291-char remark

    Show marketing remark (291 chars)

    Corner double with strong income potential, currently generating $1,700/month. Well-located multi-family opportunity on a corner lot with separate units and multiple exit strategies for investors or owner-occupants. Convenient access to major corridors, downtown, and neighborhood amenities.

16. 2026-04-28
    listed $198,900 Active 291-char remark

    Show marketing remark (291 chars)

    Corner double with strong income potential, currently generating $1,700/month. Well-located multi-family opportunity on a corner lot with separate units and multiple exit strategies for investors or owner-occupants. Convenient access to major corridors, downtown, and neighborhood amenities.

17. 2024-10-18
    historical $950
18. 2024-10-08
    listed $950
19. 2024-04-10
    historical $950
20. 2024-03-17
    listed $950
21. 2023-11-04
    historical $950
22. 2023-09-27
    listed $950
23. 2023-04-03
    price $189,000
24. 2023-03-21
    price $205,000
25. 2023-03-14
    price $224,900
26. 2023-03-08
    listed $189,000
27. 2022-03-18
    price $950
28. 2012-05-11
    soldstatus $33,500
29. 2011-10-17
    listed $40,000
30. 1995-08-17
    soldstatus $44,500
31. 1995-08-17
    soldstatus $44,500
32. 1995-03-15
    listed $40,000
33. 1995-03-15
    listed $40,000

ⓘ 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: $1,635 · $136/mo
• Projected year-2 tax: $1,635 · $136/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) · 76% 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: $35,208
• − Mortgage interest: −$11,141
• − Property taxes: −$1,635
• − Insurance: −$1,792
• − Repairs & maintenance: −$2,817
• − Management: −$2,817
• − Depreciation: −$5,786
• Taxable income: $9,220
• Est. tax owed @ 24.0%: −$2,213
• After-tax cash flow: $9,658/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

+397.2% since first listed

19 events — show timeline

• 2026-04-28 Listed $198,900 AcadianaMLS
• 2026-04-28 Listed $198,900 GSREIN
• 2024-10-18 Rental Removed $950 APPFOLIO
• 2024-10-08 Listed for Rent $950 APPFOLIO
• 2024-04-10 Rental Removed $950 APPFOLIO
• 2024-03-17 Listed for Rent $950 APPFOLIO
• 2023-11-04 Rental Removed $950 APPFOLIO
• 2023-09-27 Listed for Rent $950 APPFOLIO
• 2023-04-03 Price Changed $189,000 GSREIN
• 2023-03-21 Price Changed $205,000 GSREIN
• 2023-03-14 Price Changed $224,900 GSREIN
• 2023-03-08 Listed $189,000 AcadianaMLS
• 2022-03-18 Price Changed $950 APPFOLIO
• 2012-05-11 Sold (Public Records) $33,500 Public Records
• 2011-10-17 Listed $40,000 AcadianaMLS
• 1995-08-17 Sold (Public Records) $44,500 Public Records
• 1995-08-17 Sold (MLS) $44,500 GSREIN
• 1995-03-15 Listed $40,000 AcadianaMLS
• 1995-03-15 Listed $40,000 GSREIN

Property tax history

+4.9%/yr

Latest (2026): $1,635 · +1.1% YoY. Source: county tax records.