1728 Spain St · New Orleans, LA 70117

$210,000

4 bd · 2.0 ba · 2,025 sqft · MultiFamily public records · 65 Days on market

Built 1941 $104/sqft · 16% below area Est $222k · 5% 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 +30.0/30.0
• DSCR +10.0/10.0
• ARV discount +9.9/15.0
• 1% rule +9.2/10.0
• 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

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

1728 Spain Street presents a versatile opportunity in the heart of St. Roch, great for first-time owners or investors looking for a solid addition to their portfolio. This classic New Orleans double is separately metered for gas and electricity, offering an ideal setup for "house hacking" or straightforward property management with low owner overhead. Situated just blocks from St. Roch Market and the Marigny, this property provides the flexibility to move in and update over time or immediately place tenants in a high-demand rental corridor. Whether you're looking to offset your mortgage or capitalize on the 70117's continued growth, this property is a functional and savvy investment in a vibrant neighborhood. Property qualifies for 100% financing and no PMI if used as a primary residence. Reach out for more details.

Key facts

• Built 1941
• Listed 65 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $910 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $210k).
• Recommended offer: $197k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.9% 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 $2,980/mo this rent would consume 78% 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 $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 + 2.5% rent growth), your $59k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $174k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1941 — 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→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $197,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1941 — 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 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: 1.42% ✓
• Cap rate: 11.87%
• Cash-on-cash: 19.93%
• DSCR: 1.89
• GRM: 5.9

CMA / ARV

• ARV (median comp): $221,866
• List price: $210,000
• Delta: -5.35%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1734 Spain St	0.01mi	5/3.0 (+1)	1,985 (-2%)	1mo	$100,000	$50	86
1805 07 St Roch Ave	0.13mi	4/2.0	1,914 (-6%)	1mo	$290,000	$152	84
2117 19 Marais St	0.46mi	4/2.0	2,084 (+3%)	5mo	$295,000	$142	70
1614 16 Annette St	0.57mi	4/2.0	1,998 (-1%)	4mo	$120,000	$60	68
2008 10 Frenchmen St	0.34mi	4/4.0	1,942 (-4%)	6mo	$380,000	$196	64
827-829 St Ferdinand St	0.72mi	4/2.0	2,019 (-0%)	2mo	$450,000	$223	64
2517 N Miro St	0.40mi	4/2.0	1,857 (-8%)	7mo	$50,000	$27	61
1923-25 Pauger St	0.54mi	4/2.0	1,879 (-7%)	4mo	$70,000	$37	60
3129 31 N Claiborne Ave	0.75mi	4/2.0	1,806 (-11%)	3mo	$267,150	$148	45
832 36 Mandeville St	0.62mi	3/3.0 (-1)	1,851 (-9%)	4mo	$294,000	$159	45
2134 Annette St	0.64mi	4/4.0	1,816 (-10%)	3mo	$210,000	$116	43
1345 Saint Anthony St	0.57mi	5/2.5 (+1)	1,776 (-12%)	7mo	$60,000	$34	40

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: 9.7%
• Equity multiple: 1.38×
• Total profit: $22,448
• Equity at exit: $31,312

10-year hold

• IRR: 18.5%
• Equity multiple: 2.50×
• Total profit: $88,163
• Equity at exit: $18,157

Cash invested: $58,800 (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: 11.7×

Monthly cashflow live

• Estimated rent: $2,980 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$189 /mo · $2,268/yr
• Insurance: −$88
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$626
• Net cashflow: $910

Break-even live

Break-even rent $1,828

Max offer price $210,000

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,980
Total (2 units)			$2,980

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2115 Mandeville St New Orleans, LA	3.0	2.0	1400	$1,650	$1.18	23d	1	0.23mi
2107 Elysian Fields Ave New Orleans, LA	4.0	2.0	1794	$1,650	$0.92	3d	1	0.28mi
1837 Touro St New Orleans, LA	3.0	1.0	1994	$2,000	$1.00	23d	1	0.34mi
2228 Arts St New Orleans, LA	3.0	2.0	2270	$1,675	$0.74	3d	1	0.36mi
1938 N Johnson St Unit 38 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	23d	1	0.51mi
1936 N Johnson St Unit 36 New Orleans, LA	3.0	2.0	1844	$2,400	$1.30	23d	1	0.51mi
2920 Pauger St New Orleans, LA	4.0	2.0	1882	$1,995	$1.06	23d	1	0.53mi
2317 N Rampart St Unit 1272378P New Orleans, LA	3.0–6.0	2.0–4.0	1581	$4,154	$2.63	3d	2	0.57mi
2320 N Rampart St New Orleans, LA	3.0	3.0	2317	$3,700	$1.60	43d	1	0.59mi
3228 Pauger St New Orleans, LA	5.0	2.0	1600	$2,100	$1.31	23d	1	0.68mi
1231 Feliciana St New Orleans, LA	3.0	2.5	1869	$2,750	$1.47	43d	1	0.73mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	23d	1	0.74mi
1038 Montegut St New Orleans, LA	3.0	2.5	2250	$4,200	$1.87	43d	1	0.74mi
1831 N Miro St New Orleans, LA	3.0	2.0	1882	$2,500	$1.33	43d	1	0.77mi
1860 Burgundy St New Orleans, LA	4.0	4.0	3000	$3,500	$1.17	23d	1	0.78mi
1245 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	43d	1	0.83mi
1247 Kerlerec St New Orleans, LA	3.0	2.0	1500	$2,500	$1.67	43d	1	0.83mi
1839 Louisa St New Orleans, LA	3.0	2.0	1500	$2,095	$1.40	16d	1	0.85mi
1835 Louisa St New Orleans, LA	3.0	2.5	1800	$2,350	$1.31	3d	1	0.85mi
928 Kerlerec St New Orleans, LA	3.0	3.5	1684	$2,750	$1.63	3d	1	0.85mi
928 Kerlerec St New Orleans, LA	3.0	3.5	1684	$2,750	$1.63	3d	1	0.85mi
5624-5626 Saint Claude ST New Orleans, LA	4.0	3.0	1521	$2,300	$1.51	23d	1	0.92mi
3221 Saint Claude Ave New Orleans, LA	3.0	1.0	1900	$1,650	$0.87	23d	1	0.94mi
1433 Esplanade Ave New Orleans, LA	3.0	2.0	2411	$5,000	$2.07	2d	1	0.95mi
1933 Industry St New Orleans, LA	3.0	2.0	1400	$1,595	$1.14	16d	1	0.96mi
3134 Burgundy St New Orleans, LA	3.0	2.0	1887	$2,900	$1.54	23d	1	0.96mi
1437 Gallier St New Orleans, LA	3.0	2.0	1451	$1,875	$1.29	21d	1	1.02mi
2019 Gallier St New Orleans, LA	4.0	2.0	1400	$2,200	$1.57	23d	1	1.05mi
1021 Henriette Delille St New Orleans, LA	3.0	2.0	2012	$2,250	$1.12	17d	1	1.13mi
1000 Saint Philip St New Orleans, LA	3.0	2.5	2650	$4,800	$1.81	43d	1	1.17mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	1.17mi
1325 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	1.17mi
1323 Pauline St New Orleans, LA	3.0	2.0	1792	$2,250	$1.26	3d	1	1.18mi
2331 Columbus St New Orleans, LA	3.0	1.0	1976	$1,850	$0.94	23d	1	1.19mi
639 Desire St New Orleans, LA	3.0	2.5	2687	$5,500	$2.05	19d	1	1.20mi
839 Dumaine St New Orleans, LA	3.0	4.0	2740	$6,500	$2.37	43d	1	1.23mi
811 Burgundy St New Orleans, LA	4.0	2.5	2059	$5,000	$2.43	43d	1	1.28mi
2739 Bay St Unit B New Orleans, LA	4.0	2.0	1400	$1,800	$1.29	20d	1	1.28mi
527 Saint Ann St Unit 3 New Orleans, LA	3.0	2.0	1687	$3,500	$2.07	43d	1	1.34mi
515 Saint Ann St Unit 3 New Orleans, LA	3.0	2.0	1644	$3,600	$2.19	44d	1	1.35mi

Listing history 19 events

1. 2026-06-18
   days on market $210,000 Active 65 DOM
2. 2026-06-17
   days on market $210,000 Active 64 DOM
3. 2026-06-16
   days on market $210,000 Active 63 DOM
4. 2026-06-15
   days on market $210,000 Active 62 DOM
5. 2026-06-13
   days on market $210,000 Active 60 DOM
6. 2026-06-10
   days on market $210,000 Active 57 DOM
7. 2026-06-09
   days on market $210,000 Active 56 DOM
8. 2026-06-08
   days on market $210,000 Active 55 DOM
9. 2026-06-07
   days on market $210,000 Active 54 DOM
10. 2026-06-05
    days on market $210,000 Active 51 DOM
11. 2026-06-03
    days on market $210,000 Active 50 DOM
12. 2026-06-02
    days on market $210,000 Active 49 DOM
13. 2026-06-01
    days on market $210,000 Active 48 DOM
14. 2026-05-31
    days on market $210,000 Active 47 DOM
15. 2026-04-14
    listed $225,000 Active 837-char remark

    Show marketing remark (837 chars)

    1728 Spain Street presents a versatile opportunity in the heart of St. Roch, great for first-time owners or investors looking for a solid addition to their portfolio. This classic New Orleans double is separately metered for gas and electricity, offering an ideal setup for "house hacking" or straightforward property management with low owner overhead. Situated just blocks from St. Roch Market and the Marigny, this property provides the flexibility to move in and update over time or immediately place tenants in a high-demand rental corridor. Whether you're looking to offset your mortgage or capitalize on the 70117's continued growth, this property is a functional and savvy investment in a vibrant neighborhood. Property qualifies for 100% financing and no PMI if used as a primary residence. Reach out for more details.

16. 2026-04-14
    listed $225,000 Active 837-char remark

    Show marketing remark (837 chars)

    1728 Spain Street presents a versatile opportunity in the heart of St. Roch, great for first-time owners or investors looking for a solid addition to their portfolio. This classic New Orleans double is separately metered for gas and electricity, offering an ideal setup for "house hacking" or straightforward property management with low owner overhead. Situated just blocks from St. Roch Market and the Marigny, this property provides the flexibility to move in and update over time or immediately place tenants in a high-demand rental corridor. Whether you're looking to offset your mortgage or capitalize on the 70117's continued growth, this property is a functional and savvy investment in a vibrant neighborhood. Property qualifies for 100% financing and no PMI if used as a primary residence. Reach out for more details.

17. 2016-04-20
    soldstatus $173,500
18. 2016-03-03
    listed $189,000
19. 2015-02-02
    soldstatus $68,000

ⓘ 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: $2,268 · $189/mo
• Projected year-2 tax: $2,268 · $189/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 · 22 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: $35,760
• − Mortgage interest: −$11,763
• − Property taxes: −$2,268
• − Insurance: −$1,847
• − Repairs & maintenance: −$2,861
• − Management: −$2,861
• − Depreciation: −$6,109
• Taxable income: $8,051
• Est. tax owed @ 24.0%: −$1,932
• After-tax cash flow: $8,988/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

+230.9% since first listed

5 events — show timeline

• 2026-04-14 Listed $225,000 AcadianaMLS
• 2026-04-14 Listed $225,000 GSREIN
• 2016-04-20 Sold (Public Records) $173,500 Public Records
• 2016-03-03 Listed $189,000 AcadianaMLS
• 2015-02-02 Sold (Public Records) $68,000 Public Records

Property tax history

+9.7%/yr

Latest (2026): $2,268 · +1.1% YoY. Source: county tax records.