2544 46 St Philip St · New Orleans, LA 70119

$249,000

4 bd · 2.0 ba · 1,716 sqft · MultiFamily public records · 41 Days on market

Built 1912 $145/sqft · 21% below area Est $302k · 17% 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 +26.7/30.0
• ARV discount +15.0/15.0
• DSCR +9.1/10.0
• 1% rule +6.9/10.0
• 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

Located in a highly walkable New Orleans location, this classic double blends historic character with flexible living space. Just minutes from neighborhood restaurants, bars, music venues, and everyday conveniences, the property offers easy access to some of the city's most popular spots. Both units feature beautiful wood floors, tall ceilings, original fireplaces, transom windows, and abundant natural light throughout. Spacious living areas and generously sized bedrooms reflect the charm of classic New Orleans architecture, while the double layout offers flexibility for owner-occupants or investment potential. Full of character and original details, this is a great renovation opportunity in a strong location.

Key facts

• Transom windows
• Tall ceilings
• Original fireplaces

Tags

• FLEXIBLE LIVING SPACE
• BEAUTIFUL WOOD FLOORS
• TALL CEILINGS
• ORIGINAL FIREPLACES
• TRANSOM WINDOWS
• ABUNDANT NATURAL LIGHT

Property features AI

Finance

• Financial info: Two total units; Unit 2546 rent: $1,125 (actual); Unit 2544 rent: $1,025 (actual)

Exterior

• Utilities: Public water; Public sewer; Tenants pay electricity, gas, and water
• Home design: Single-story building
• Construction: Asbestos shingle roof
• Exterior features: City lot with rectangular shape; Lot dimensions approximately 29' x 101'; Raised foundation

Interior

• Bedrooms: Two 2-bedroom units (Unit 2546 and Unit 2544)
• Bathrooms: Each unit has one full bathroom (total 2 full bathrooms)
• Heating & cooling: Central heating and central air; Window unit heating and window unit air conditioning
• Interior features: Average condition
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $249k.

Deal economics

• At list price, monthly cash flow is $605 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $249k).
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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 $2,955/mo this rent would consume 67% 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 $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

• It's been on market 41 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 15y ago; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $22k; list at $249k implies a 1032% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1912 — 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 $241,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 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 1912 — 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: 1.19% ✓
• Cap rate: 9.53%
• Cash-on-cash: 11.56%
• DSCR: 1.51
• GRM: 7.0

CMA / ARV

• ARV (median comp): $301,631
• List price: $249,000
• Delta: -17.45%
• 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
917 N Prieur St	0.40mi	4/2.0	1,700 (-1%)	4mo	$315,000	$185	77
2216-18 Saint Louis St	0.43mi	4/2.0	1,689 (-2%)	1mo	$335,000	$198	77
2612-2614 St. Philip St	0.05mi	4/2.0	1,517 (-12%)	3mo	$299,000	$197	76
2617 Toulouse St	0.28mi	4/4.0	1,750 (+2%)	1mo	$215,000	$123	75
2643 45 Dumaine St	0.10mi	4/2.0	1,479 (-14%)	3mo	$298,000	$201	70
2912 14 St. Peter St	0.40mi	4/2.0	1,912 (+11%)	2mo	$290,000	$152	61
3150 52 Toulouse St	0.58mi	4/4.0	1,690 (-2%)	3mo	$382,000	$226	60
2013-15 Conti St	0.55mi	4/2.0	1,610 (-6%)	5mo	$65,000	$40	60
2520 22 D'abadie St	0.70mi	4/2.0	1,632 (-5%)	3mo	$278,600	$171	57
1552 54 N Derbigny St	0.74mi	4/3.0	1,681 (-2%)	5mo	$330,000	$196	54
2118 20 Onzaga St	0.66mi	4/2.0	1,526 (-11%)	1mo	$182,000	$119	50
2835-37 Maurepas St	0.63mi	4/2.0	1,464 (-15%)	1mo	$311,000	$212	45

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: -4.1%
• Equity multiple: 0.85×
• Total profit: $-10,408
• Equity at exit: $37,127

10-year hold

• IRR: 1.7%
• Equity multiple: 1.10×
• Total profit: $7,313
• Equity at exit: $21,529

Cash invested: $69,720 (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: 14.0×

Monthly cashflow live

• Estimated rent: $2,955 high
• Mortgage (P&I): −$1,306
• Tax from tax record: −$253 /mo · $3,038/yr
• Insurance: −$104
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$621
• Net cashflow: $605

Break-even live

Break-even rent $2,189

Max offer price $249,000

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,956
Total (2 units)			$2,955

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2517 Ursulines Ave New Orleans, LA	3.0	2.0	1136	$1,950	$1.72	23d	1	0.09mi
2731 Saint Philip St Unit 2733 New Orleans, LA	4.0	2.0	2000	$2,600	$1.30	23d	1	0.19mi
2129 Dumaine St New Orleans, LA	3.0	2.0	1226	$1,850	$1.51	3d	1	0.29mi
824 N Dupre St New Orleans, LA	3.0	2.0	1315	$2,250	$1.71	17d	1	0.32mi
2664 Lepage St New Orleans, LA	3.0	2.0	1750	$2,725	$1.56	43d	1	0.40mi
2331 Columbus St New Orleans, LA	3.0	1.0	1976	$1,850	$0.94	23d	1	0.41mi
1929 Dumaine St New Orleans, LA	3.0	1.0	1293	$1,500	$1.16	3d	1	0.42mi
1525 N Broad St New Orleans, LA	3.0	1.0	1100	$1,600	$1.45	23d	1	0.46mi
2329 Laharpe St New Orleans, LA	3.0	1.0	1250	$1,000	$0.80	19d	1	0.48mi
2320 Conti St New Orleans, LA	3.0	2.0	1125	$2,500	$2.22	23d	1	0.48mi
1466 N White St New Orleans, LA	3.0	1.5	1500	$2,250	$1.50	3d	1	0.49mi
315 N Miro St New Orleans, LA	3.0	3.0	1276	$2,300	$1.80	20d	1	0.52mi
315 N Miro St New Orleans, LA	3.0	3.0	1276	$2,500	$1.96	23d	1	0.52mi
1035 N Derbigny St New Orleans, LA	3.0	1.0	1075	$1,399	$1.30	23d	1	0.52mi
2738 Bienville St New Orleans, LA	4.0	3.0	1671	$2,200	$1.32	23d	1	0.56mi
2033 Conti St New Orleans, LA	3.0	3.0	1249	$2,250	$1.80	14d	1	0.56mi
2105 Bienville St New Orleans, LA	3.0	3.0	1231	$2,350	$1.91	17d	1	0.58mi
1908 Saint Louis St New Orleans, LA	3.0	3.0	1234	$2,300	$1.86	23d	1	0.59mi
2024 Bienville St New Orleans, LA	3.0	2.0	1314	$2,100	$1.60	23d	1	0.63mi
324 N Roman St New Orleans, LA	3.0	3.0	2100	$2,500	$1.19	43d	1	0.67mi
3232 Conti St New Orleans, LA	3.0	2.0	1140	$3,500	$3.07	43d	1	0.70mi
1472 N Claiborne Ave New Orleans, LA	3.0	1.0	1312	$1,900	$1.45	16d	1	0.73mi
1735 N Tonti St New Orleans, LA	3.0	1.0	1197	$1,650	$1.38	23d	1	0.73mi
439 N Norman C Francis Pkwy Unit 1A New Orleans, LA	3.0	1.0	1200	$1,700	$1.42	21d	1	0.78mi
2517 Palmyra St New Orleans, LA	3.0	2.0	1306	$2,100	$1.61	17d	1	0.80mi
326 S Dorgenois St Unit 326 New Orleans, LA	4.0	3.0	1510	$2,300	$1.52	2d	1	0.85mi
1818 Paul Morphy St Unit B New Orleans, LA	3.0	2.0	1065	$1,800	$1.69	23d	1	0.87mi
2615 Banks St New Orleans, LA	3.0	2.0	1200	$1,900	$1.58	2d	1	0.87mi
227 S Gayoso St Unit 2h New Orleans, LA	3.0	2.0	1800	$2,500	$1.39	43d	1	0.87mi
2912 Palmyra St Unit D New Orleans, LA	3.0	2.0	1257	$1,650	$1.31	23d	1	0.88mi
1021 Henriette Delille St New Orleans, LA	3.0	2.0	2012	$2,250	$1.12	17d	1	0.90mi
1247 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	43d	1	0.91mi
1245 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	43d	1	0.91mi
2652 Banks St New Orleans, LA	3.0	3.5	1204	$2,100	$1.74	23d	1	0.91mi
1831 N Miro St New Orleans, LA	3.0	2.0	1882	$2,500	$1.33	43d	1	0.92mi
3700 Orleans Ave New Orleans, LA	1.0–3.0	1.0–2.0	1081	$2,945	$2.72	2d	48	0.93mi
3443 Esplanade Ave New Orleans, LA	3.0	1.0–2.0	997	$2,500	$2.51	2d	30	0.94mi
1217 Kerlerec St Unit B New Orleans, LA	3.0	1.0	1300	$2,100	$1.62	3d	1	0.94mi
325 S Rendon St New Orleans, LA	3.0	2.0	1130	$2,000	$1.77	23d	1	1.01mi
2310 George Nick Connor Dr New Orleans, LA	3.0	2.0	1050	$1,600	$1.52	23d	1	1.03mi

Listing history 25 events

1. 2026-06-18
   days on market $249,000 Active 41 DOM
2. 2026-06-17
   days on market $249,000 Active 40 DOM
3. 2026-06-16
   days on market $249,000 Active 39 DOM
4. 2026-06-16
   price $249,000 Active 38 DOM
5. 2026-06-15
   days on market $269,000 Active 38 DOM

   Show marketing remark (719 chars)

   Located in a highly walkable New Orleans location, this classic double blends historic character with flexible living space. Just minutes from neighborhood restaurants, bars, music venues, and everyday conveniences, the property offers easy access to some of the city's most popular spots. Both units feature beautiful wood floors, tall ceilings, original fireplaces, transom windows, and abundant natural light throughout. Spacious living areas and generously sized bedrooms reflect the charm of classic New Orleans architecture, while the double layout offers flexibility for owner-occupants or investment potential. Full of character and original details, this is a great renovation opportunity in a strong location.

6. 2026-06-13
   days on market $269,000 Active 36 DOM
7. 2026-06-10
   days on market $269,000 Active 33 DOM
8. 2026-06-09
   days on market $269,000 Active 32 DOM
9. 2026-06-08
   days on market $269,000 Active 31 DOM
10. 2026-06-07
    days on market $269,000 Active 30 DOM
11. 2026-06-05
    days on market $269,000 Active 27 DOM
12. 2026-06-03
    days on market $269,000 Active 26 DOM
13. 2026-06-02
    days on market $269,000 Active 25 DOM
14. 2026-06-01
    days on market $269,000 Active 24 DOM
15. 2026-05-31
    days on market $269,000 Active 23 DOM
16. 2026-05-08
    listed $269,000 Active 719-char remark

    Show marketing remark (719 chars)

    Located in a highly walkable New Orleans location, this classic double blends historic character with flexible living space. Just minutes from neighborhood restaurants, bars, music venues, and everyday conveniences, the property offers easy access to some of the city's most popular spots. Both units feature beautiful wood floors, tall ceilings, original fireplaces, transom windows, and abundant natural light throughout. Spacious living areas and generously sized bedrooms reflect the charm of classic New Orleans architecture, while the double layout offers flexibility for owner-occupants or investment potential. Full of character and original details, this is a great renovation opportunity in a strong location.

17. 2026-05-08
    listed $269,000 Active 725-char remark

    Show marketing remark (719 chars)

    Located in a highly walkable New Orleans location, this classic double blends historic character with flexible living space. Just minutes from neighborhood restaurants, bars, music venues, and everyday conveniences, the property offers easy access to some of the city's most popular spots. Both units feature beautiful wood floors, tall ceilings, original fireplaces, transom windows, and abundant natural light throughout. Spacious living areas and generously sized bedrooms reflect the charm of classic New Orleans architecture, while the double layout offers flexibility for owner-occupants or investment potential. Full of character and original details, this is a great renovation opportunity in a strong location.

18. 2016-08-30
    listed $255,000
19. 2014-07-03
    listed $150,000
20. 2011-09-28
    soldstatus $22,000
21. 2011-08-15
    listed $24,500
22. 2011-08-15
    listed $24,500
23. 2011-08-04
    soldstatus $99,594
24. 2011-07-18
    soldstatus $50,000
25. 1973-10-08
    soldstatus $16,500

ⓘ 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: $3,038 · $253/mo
• Projected year-2 tax: $3,038 · $253/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: $35,460
• − Mortgage interest: −$13,948
• − Property taxes: −$3,038
• − Insurance: −$2,042
• − Repairs & maintenance: −$2,837
• − Management: −$2,837
• − Depreciation: −$7,244
• Taxable income: $3,514
• Est. tax owed @ 24.0%: −$843
• After-tax cash flow: $6,420/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

+1409.1% since first listed

12 events — show timeline

• 2026-06-15 Price Changed $249,000 AcadianaMLS
• 2026-06-15 Price Changed $249,000 GSREIN
• 2026-05-08 Listed $269,000 GSREIN
• 2026-05-08 Listed $269,000 AcadianaMLS
• 2016-08-30 Listed $255,000 AcadianaMLS
• 2014-07-03 Listed $150,000 AcadianaMLS
• 2011-09-28 Sold (MLS) $22,000 GSREIN
• 2011-08-15 Listed $24,500 GSREIN
• 2011-08-15 Listed $24,500 AcadianaMLS
• 2011-08-04 Sold (Public Records) $99,594 Public Records
• 2011-07-18 Sold (Public Records) $50,000 Public Records
• 1973-10-08 Sold (Public Records) $16,500 Public Records

Property tax history

+4.6%/yr

Latest (2026): $3,038 · +1.1% YoY. Source: county tax records.