2005 Painters St · New Orleans, LA 70117

$179,000

3 bd · 2.0 ba · 1,680 sqft · SingleFamily public records · 165 Days on market

Built 1971 $107/sqft · 35% below area Est $275k · 35% under

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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 +24.8/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +5.2/10.0
• 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

Listing remarks MLS

NEW PRICE ** MUST SEE ** 100% financing eligible - Just 2 blocks from St Roch Park, this 1680 square foot 3 bed/2 full bath property features 9 foot ceilings throughout the home. You will adore the Over-sized 600 square foot master bedroom with en suite bathroom which features a separate soaking tub and shower. The bedroom also features a large walk-in closet. Convenient off street gated parking if desired. A quintessential NOLA porch and Gas appliances! Check this out today!

Key facts

• En suite bathroom
• 9 foot ceilings
• Large walk-in closet

Tags

• 9 FOOT CEILINGS
• OVER-SIZED MASTER BEDROOM
• EN SUITE BATHROOM
• SEPARATE SOAKING TUB
• LARGE WALK-IN CLOSET
• OFF STREET GATED PARKING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $313 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $179k).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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 rising (+2.5%/yr); 581 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 $1,832/mo this rent would consume 48% 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.

Negotiation context

• It's been on market 165 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 8y ago; this cycle's ask has dropped $16k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; list at $179k implies a 124% 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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $157,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 165 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 1971 — 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: 1.02% ✓
• Cap rate: 8.84%
• Cash-on-cash: 9.09%
• DSCR: 1.40
• GRM: 8.1

CMA / ARV

• ARV (median comp): $275,262
• List price: $179,000
• Delta: -34.97%
• 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
2730 N Prieur St	0.23mi	3/2.0	1,685 (+0%)	6mo	$237,650	$141	83
2112 St. Roch Ave	0.25mi	2/2.5 (-1)	1,625 (-3%)	0mo	$285,000	$175	75
2218 Feliciana St	0.46mi	3/2.5	1,645 (-2%)	8mo	$210,000	$128	67
2534 Franklin Ave	0.40mi	4/2.0 (+1)	1,771 (+5%)	2mo	$50,000	$28	66
1833 Saint Ferdinand St	0.25mi	4/2.5 (+1)	1,551 (-8%)	8mo	$130,000	$84	62
2334 Louisa St	0.65mi	3/2.5	1,645 (-2%)	7mo	$215,000	$131	58
2104 Desire St	0.70mi	3/2.5	1,744 (+4%)	2mo	$258,000	$148	58
1713 Desire St	0.74mi	4/2.0 (+1)	1,654 (-2%)	2mo	$235,000	$142	56
1607 Arts St	0.29mi	4/3.0 (+1)	1,907 (+14%)	6mo	$275,000	$144	50
2827 St Claude Ave	0.67mi	3/2.0	1,880 (+12%)	4mo	$272,500	$145	46
1704 Desire St	0.72mi	3/2.0	1,500 (-11%)	7mo	$200,000	$133	42
1037 Port St	0.69mi	2/1.0 (-1)	1,461 (-13%)	3mo	$395,000	$270	35

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: -5.4%
• Equity multiple: 0.80×
• Total profit: $-10,017
• Equity at exit: $26,689

10-year hold

• IRR: 3.7%
• Equity multiple: 1.26×
• Total profit: $13,034
• Equity at exit: $15,477

Cash invested: $50,120 (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: 8.1×

Monthly cashflow live

• Estimated rent: $1,832 high
• Mortgage (P&I): −$939
• Tax from tax record: −$54 /mo · $652/yr
• Insurance: −$75
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $313

Break-even live

Break-even rent $1,436

Max offer price $179,000

Occupancy floor 78%

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2524 N Galvez St New Orleans, LA	3.0	2.5	1102	$1,800	$1.63	17d	1	0.09mi
2522 N Galvez St New Orleans, LA	3.0	2.0	1105	$1,675	$1.52	23d	1	0.09mi
2515 N Galvez St New Orleans, LA	4.0	2.0	1200	$1,200	$1.00	10d	1	0.12mi
2515 N Galvez St Unit 2515 New Orleans, LA	4.0	2.0	1200	$1,900	$1.58	23d	1	0.12mi
2556 N Tonti St New Orleans, LA	3.0	2.0	1100	$1,850	$1.68	16d	1	0.22mi
2229 Saint Roch Ave New Orleans, LA	2.0	1.5	1200	$1,600	$1.33	20d	1	0.29mi
2115 Mandeville St New Orleans, LA	3.0	2.0	1400	$1,650	$1.18	23d	1	0.37mi
2024 Mandeville St New Orleans, LA	2.0	2.0	1072	$1,950	$1.82	23d	1	0.38mi
2114 Feliciana St Unit A New Orleans, LA	3.0	2.0	1134	$1,500	$1.32	23d	1	0.42mi
2114 Feliciana St Unit A New Orleans, LA	3.0	2.0	1134	$1,500	$1.32	16d	1	0.42mi
2027 Feliciana St New Orleans, LA	2.0	1.0	1104	$1,100	$1.00	16d	1	0.43mi
2220 N Prieur St New Orleans, LA	3.0	2.0	1334	$2,000	$1.50	23d	1	0.47mi
1710 Marigny St New Orleans, LA	3.0	2.0	1120	$1,750	$1.56	23d	1	0.48mi
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	3d	1	0.50mi
2115 Elysian Fields Ave Unit 2115 New Orleans, LA	3.0	1.0	1100	$1,450	$1.32	23d	1	0.51mi
2331 Feliciana St New Orleans, LA	3.0	2.0	1250	$1,850	$1.48	23d	1	0.52mi
3125 Industrial Ct New Orleans, LA	2.0	2.5	1100	$1,450	$1.32	23d	1	0.52mi
1239 Saint Roch Ave New Orleans, LA	2.0	2.0	1500	$2,150	$1.43	3d	1	0.54mi
1839 Louisa St New Orleans, LA	3.0	2.0	1500	$2,095	$1.40	16d	1	0.58mi
1835 Louisa St New Orleans, LA	3.0	2.5	1800	$2,350	$1.31	3d	1	0.58mi
1320 Feliciana St New Orleans, LA	2.0	2.0	1200	$2,000	$1.67	23d	1	0.59mi
1942 Piety St New Orleans, LA	3.0	1.0	1100	$1,500	$1.36	23d	1	0.61mi
1822 Piety St New Orleans, LA	3.0	1.5	1200	$1,500	$1.25	16d	1	0.61mi
1837 Touro St New Orleans, LA	3.0	1.0	1994	$2,000	$1.00	23d	1	0.65mi
1231 Feliciana St New Orleans, LA	3.0	2.5	1869	$2,750	$1.47	43d	1	0.65mi
1904 Desire St New Orleans, LA	3.0	1.0	1200	$1,400	$1.17	10d	1	0.67mi
2028 Desire St New Orleans, LA	3.0	1.0	1300	$1,300	$1.00	23d	1	0.68mi
2421 Louisa St New Orleans, LA	2.0	1.0	1050	$1,300	$1.24	11d	1	0.69mi
2423 Louisa St New Orleans, LA	2.0	1.0	1050	$1,300	$1.24	11d	1	0.69mi
3025 Saint Claude Ave New Orleans, LA	2.0	2.0	1224	$1,950	$1.59	23d	1	0.72mi
2129 Desire St Unit 1B New Orleans, LA	3.0	1.0	1105	$1,200	$1.09	3d	1	0.72mi
2129 Desire St Unit 1B New Orleans, LA	3.0	1.0	1105	$1,200	$1.09	3d	1	0.72mi
1327 Frenchmen St Unit B New Orleans, LA	2.0	2.5	1175	$1,900	$1.62	23d	1	0.73mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	23d	1	0.73mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	43d	1	0.73mi
5624-5626 Saint Claude ST New Orleans, LA	4.0	3.0	1521	$2,300	$1.51	23d	1	0.73mi
1034 Montegut St Unit 1034 New Orleans, LA	2.0	2.0	1415	$3,400	$2.40	43d	1	0.73mi
2019 Gallier St New Orleans, LA	4.0	2.0	1400	$2,200	$1.57	23d	1	0.76mi
1923 N Robertson St New Orleans, LA	3.0	2.0	1051	$1,950	$1.86	3d	1	0.77mi
2509 Piety St New Orleans, LA	2.0	2.0	1056	$1,450	$1.37	23d	1	0.77mi

Listing history 18 events

1. 2026-05-31
   days on market $179,000 Active 165 DOM
2. 2026-03-17
   price $179,000 480-char remark

   Show marketing remark (488 chars)

   NEW PRICE * * MUST SEE * * 100% financing eligible - Just 2 blocks from St Roch Park, this 1680 square foot 3 bed/2 full bath property features 9 foot ceilings throughout the home. You will adore the Over-sized 600 square foot master bedroom with en suite bathroom which features a separate soaking tub and shower. The bedroom also features a large walk-in closet. Convenient off street gated parking if desired. A quintessential NOLA porch and Gas appliances! Check this out today!

3. 2026-03-17
   price $179,000 488-char remark

   Show marketing remark (488 chars)

   NEW PRICE * * MUST SEE * * 100% financing eligible - Just 2 blocks from St Roch Park, this 1680 square foot 3 bed/2 full bath property features 9 foot ceilings throughout the home. You will adore the Over-sized 600 square foot master bedroom with en suite bathroom which features a separate soaking tub and shower. The bedroom also features a large walk-in closet. Convenient off street gated parking if desired. A quintessential NOLA porch and Gas appliances! Check this out today!

4. 2026-02-18
   price $189,000 480-char remark

   Show marketing remark (488 chars)

   NEW PRICE * * MUST SEE * * 100% financing eligible - Just 2 blocks from St Roch Park, this 1680 square foot 3 bed/2 full bath property features 9 foot ceilings throughout the home. You will adore the Over-sized 600 square foot master bedroom with en suite bathroom which features a separate soaking tub and shower. The bedroom also features a large walk-in closet. Convenient off street gated parking if desired. A quintessential NOLA porch and Gas appliances! Check this out today!

5. 2026-02-18
   price $189,000 488-char remark

   Show marketing remark (488 chars)

   NEW PRICE * * MUST SEE * * 100% financing eligible - Just 2 blocks from St Roch Park, this 1680 square foot 3 bed/2 full bath property features 9 foot ceilings throughout the home. You will adore the Over-sized 600 square foot master bedroom with en suite bathroom which features a separate soaking tub and shower. The bedroom also features a large walk-in closet. Convenient off street gated parking if desired. A quintessential NOLA porch and Gas appliances! Check this out today!

6. 2025-12-17
   listed $195,000 Active 480-char remark

   Show marketing remark (488 chars)

   NEW PRICE * * MUST SEE * * 100% financing eligible - Just 2 blocks from St Roch Park, this 1680 square foot 3 bed/2 full bath property features 9 foot ceilings throughout the home. You will adore the Over-sized 600 square foot master bedroom with en suite bathroom which features a separate soaking tub and shower. The bedroom also features a large walk-in closet. Convenient off street gated parking if desired. A quintessential NOLA porch and Gas appliances! Check this out today!

7. 2025-12-17
   listed $195,000 Active 488-char remark

   Show marketing remark (488 chars)

   NEW PRICE * * MUST SEE * * 100% financing eligible - Just 2 blocks from St Roch Park, this 1680 square foot 3 bed/2 full bath property features 9 foot ceilings throughout the home. You will adore the Over-sized 600 square foot master bedroom with en suite bathroom which features a separate soaking tub and shower. The bedroom also features a large walk-in closet. Convenient off street gated parking if desired. A quintessential NOLA porch and Gas appliances! Check this out today!

8. 2023-03-14
   price $184,999
9. 2023-02-22
   price $189,000
10. 2022-12-29
    listed $184,999
11. 2020-05-28
    soldstatus $80,000 Closed
12. 2020-03-26
    status Pending
13. 2020-01-31
    listed $55,000 Active
14. 2020-01-31
    listed $55,000
15. 2019-06-24
    price $99,000
16. 2019-05-31
    price $129,500
17. 2018-09-25
    price $139,500
18. 2018-09-11
    listed $99,000

ⓘ 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: $652 · $54/mo
• Projected year-2 tax: $984 · $82/mo
• Expected delta: +$332/yr (+$28/mo · 50.9%)

ⓘ 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 · 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: $21,987
• − Mortgage interest: −$10,027
• − Property taxes: −$652
• − Insurance: −$1,692
• − Repairs & maintenance: −$1,759
• − Management: −$1,759
• − Depreciation: −$5,207
• Taxable income: $890
• Est. tax owed @ 24.0%: −$214
• After-tax cash flow: $3,547/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

+80.8% since first listed

17 events — show timeline

• 2026-03-17 Price Changed $179,000 AcadianaMLS
• 2026-03-17 Price Changed $179,000 GSREIN
• 2026-02-18 Price Changed $189,000 AcadianaMLS
• 2026-02-18 Price Changed $189,000 GSREIN
• 2025-12-17 Listed $195,000 GSREIN
• 2025-12-17 Listed $195,000 AcadianaMLS
• 2023-03-14 Price Changed $184,999 GSREIN
• 2023-02-22 Price Changed $189,000 GSREIN
• 2022-12-29 Listed $184,999 AcadianaMLS
• 2020-05-28 Sold (MLS) $80,000 GSREIN
• 2020-03-26 Pending — GSREIN
• 2020-01-31 Listed $55,000 AcadianaMLS
• 2020-01-31 Listed $55,000 GSREIN
• 2019-06-24 Price Changed $99,000 GSREIN
• 2019-05-31 Price Changed $129,500 GSREIN
• 2018-09-25 Price Changed $139,500 GSREIN
• 2018-09-11 Listed $99,000 AcadianaMLS

Property tax history

+20.8%/yr

Latest (2026): $652 · +39.8% YoY. Source: county tax records.