325 27 38th St · New Orleans, LA 70122

$329,900

4 bd · 2.0 ba · 1,776 sqft · MultiFamily public records · 65 Days on market

Built 2007 $186/sqft · 16% below area Est $413k · 20% 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 +16.6/30.0
• ARV discount +15.0/15.0
• DSCR +5.1/10.0
• 1% rule +4.2/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• 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

Fantastic investment opportunity in desirable West Lakeview, just minutes from Lake Pontchartrain! This modular shotgun-style double, built in 2007, features 2 bedrooms and 2 full baths each side, with refrigerator, stove, dishwasher and washer and dryer. One unit is currently occupied by a long-term tenant paying $950/month, offering immediate income stability, while the other unit is vacant and was previously rented for $1,200/month--great for an owner-occupant or the potential to increase rental income. Located in an X flood zone (buyer to verify) and convenient to dining, shopping, and recreation along the lakefront, Veterans Boulevard and the interstate. Just down the street from Fleur De Lis Park - super convenient. Whether you're looking to expand your investment portfolio or live in one side while renting the other, this property presents a versatile and valuable opportunity in a sought-after neighborhood.

Key facts

• Parking
• Built 2007
• Listed 65 days

🏷️ Possibly a rental listed for sale. The $329,900 price doesn't fit this home's estimated sale value (~$412,779) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $330k.

Deal economics

• At list price, monthly cash flow is $131 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $304k (7.8% below list).
• Recommended offer: $304k (7.8% below list) — sets the bar for 1% rule.
• Cap rate 7.0% 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 (-0.6%/yr); 332 active listings in the ZIP; 38 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 $3,041/mo this rent would consume 74% of the median local household income ($49k/yr) (locally 2150% 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 $10k 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 65 days — a 6% lower offer ($310k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 33y ago; this cycle's ask has dropped $45k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $120k; list at $330k implies a 175% 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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $304,100 (7.8% 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 8% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
6. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
7. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
8. 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.
9. 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.
10. 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: 0.92% ✗
• Cap rate: 7.01%
• Cash-on-cash: 2.57%
• DSCR: 1.11
• GRM: 9.0

CMA / ARV

• ARV (median comp): $412,779
• List price: $329,900
• Delta: -20.08%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
337-339 39th St	0.07mi	4/2.0	1,691 (-5%)	14mo	$336,159	$199	78
1635 37 Lake Ave	0.32mi	4/2.0	1,720 (-3%)	20mo	$242,000	$141	64
6569 71 Avenue A	0.25mi	4/2.0	1,917 (+8%)	19mo	$376,000	$196	59
300 02 20th St	0.73mi	4/2.0	1,900 (+7%)	15mo	$357,500	$188	42
6350 Colbert St	0.71mi	4/4.0	1,937 (+9%)	3mo	$422,000	$218	41
6375 Catina St	0.61mi	3/3.0 (-1)	1,985 (+12%)	15mo	$445,000	$224	30

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: -17.0%
• Equity multiple: 0.42×
• Total profit: $-53,958
• Equity at exit: $49,189

10-year hold

• IRR: -15.7%
• Equity multiple: 0.24×
• Total profit: $-70,484
• Equity at exit: $28,524

Cash invested: $92,372 (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 70122

• Rents YoY: -0.6%
• Active inventory: 332
• Price-to-rent: 18.1×

Monthly cashflow live

• Estimated rent: $3,041 high
• Mortgage (P&I): −$1,730
• Tax from tax record: −$337 /mo · $4,044/yr
• Insurance: −$137
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$639
• Net cashflow: $131

Break-even live

Break-even rent $2,875

Max offer price $329,900

Occupancy floor 91%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,042
Total (2 units)			$3,041

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: $82,475
• Closing costs: $9,897
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
422 36th St New Orleans, LA	3.0	2.0	1400	$2,250	$1.61	23d	1	0.17mi
6760 Bellaire Dr New Orleans, LA	4.0	2.5	2000	$2,750	$1.38	44d	1	0.17mi
6819 Fleur de Lis Dr New Orleans, LA	3.0	2.0	1500	$2,595	$1.73	44d	1	0.19mi
6558 Bellaire Dr New Orleans, LA	3.0	2.5	1700	$1,900	$1.12	3d	1	0.22mi
431 Tacoma St New Orleans, LA	3.0	2.0	2019	$4,300	$2.13	16d	1	0.27mi
1421 Carrollton Ave Metairie, LA	3.0	2.0	1300	$1,650	$1.27	44d	1	0.37mi
312 W Esplanade Ave Metairie, LA	3.0	2.5	1400	$1,600	$1.14	44d	1	0.38mi
309 Lilac St Metairie, LA	3.0	2.5	1750	$1,745	$1.00	44d	1	0.42mi
6509 West End Blvd New Orleans, LA	4.0	2.0	1750	$2,600	$1.49	23d	1	0.44mi
6866 Milne Blvd New Orleans, LA	4.0	2.5	1700	$2,795	$1.64	44d	1	0.47mi
6552 Milne Blvd New Orleans, LA	4.0	2.0	2436	$2,400	$0.99	17d	1	0.48mi
400 Metairie-Hammond Hwy Unit 4A Metairie, LA	3.0	2.5	2316	$6,300	$2.72	14d	1	0.58mi
6845 Louisville St New Orleans, LA	4.0	2.0	1600	$3,500	$2.19	16d	1	0.61mi
6256 Bellaire Dr Unit 6254 New Orleans, LA	3.0	2.0	1510	$1,850	$1.23	20d	1	0.63mi
6344 Milne Blvd New Orleans, LA	3.0	2.0	1450	$2,500	$1.72	14d	1	0.64mi
1117 Andrews Ave Metairie, LA	3.0	2.0	1770	$2,600	$1.47	44d	1	0.67mi
318 18th St New Orleans, LA	3.0	2.0	1600	$2,320	$1.45	23d	1	0.75mi
428 16th St New Orleans, LA	3.0	2.0	1682	$2,350	$1.40	17d	1	0.80mi
523 Turquoise St New Orleans, LA	3.0	3.0	1709	$3,300	$1.93	14d	1	0.80mi
6180 Milne Blvd New Orleans, LA	3.0	2.5	1785	$2,400	$1.34	3d	1	0.81mi
1528 Cherokee Ave Metairie, LA	3.0	2.5	2500	$2,800	$1.12	1d	1	0.85mi
6121 W End Blvd New Orleans, LA	3.0	2.0	1350	$1,900	$1.41	20d	1	0.86mi
6369 Canal Blvd New Orleans, LA	3.0	2.0	2000	$2,600	$1.30	14d	1	0.87mi
849 Rosa Ave Unit 1 Metairie, LA	4.0	3.0	2392	$2,650	$1.11	23d	1	0.93mi
1437 Ocean Dr Metairie, LA	3.0	2.0	1850	$2,600	$1.41	44d	1	0.95mi
808 Allen Toussaint Blvd New Orleans, LA	3.0	2.0	1866	$2,550	$1.37	44d	1	0.98mi
6118 Canal Blvd New Orleans, LA	3.0	2.0	1960	$2,800	$1.43	16d	1	1.05mi
6431 Marshal Foch St New Orleans, LA	3.0	2.0	1600	$2,100	$1.31	3d	1	1.06mi
644 Oaklawn Dr Metairie, LA	3.0	2.0	1504	$2,300	$1.53	14d	1	1.10mi
6817 General Haig St New Orleans, LA	3.0	2.5	2281	$3,200	$1.40	44d	1	1.13mi
958 Allen Toussaint Blvd New Orleans, LA	3.0	2.5	2200	$2,600	$1.18	23d	1	1.17mi
6838 Orleans Ave New Orleans, LA	3.0	2.0	1568	$2,400	$1.53	23d	1	1.17mi
6946 Orleans Ave New Orleans, LA	3.0	2.5	1600	$2,150	$1.34	16d	1	1.19mi
1253 Bonnabel Blvd Metairie, LA	3.0	2.5	1660	$2,350	$1.42	23d	1	1.36mi
517 Rosa Ave Metairie, LA	3.0	2.0	1900	$2,100	$1.11	4d	1	1.40mi
1055 Bonnabel Blvd Metairie, LA	3.0	2.0	1581	$2,650	$1.68	3d	1	1.42mi
1055 Bonnabel Blvd Metairie, LA	3.0	2.0	1581	$2,650	$1.68	3d	1	1.42mi
504 Nursery Ave Metairie, LA	3.0	2.0	1267	$2,500	$1.97	14d	1	1.42mi

Listing history 25 events

1. 2026-06-18
   days on market $329,900 Active 65 DOM
2. 2026-06-17
   days on market $329,900 Active 64 DOM
3. 2026-06-16
   days on market $329,900 Active 63 DOM
4. 2026-06-16
   price $329,900 Active 62 DOM
5. 2026-06-15
   days on market $374,900 Active 62 DOM
6. 2026-06-13
   days on market $374,900 Active 60 DOM
7. 2026-06-10
   days on market $374,900 Active 57 DOM
8. 2026-06-09
   days on market $374,900 Active 56 DOM
9. 2026-06-08
   days on market $374,900 Active 55 DOM
10. 2026-06-07
    days on market $374,900 Active 54 DOM
11. 2026-06-05
    days on market $374,900 Active 51 DOM
12. 2026-06-03
    days on market $374,900 Active 50 DOM
13. 2026-06-02
    days on market $374,900 Active 49 DOM
14. 2026-06-01
    days on market $374,900 Active 48 DOM
15. 2026-05-31
    days on market $374,900 Active 47 DOM
16. 2026-04-13
    listed $374,900 Active 927-char remark

    Show marketing remark (932 chars)

    Fantastic investment opportunity in desirable West Lakeview, just minutes from Lake Pontchartrain! This modular shotgun-style double, built in 2007, features 2 bedrooms and 2 full baths each side, with refrigerator, stove, dishwasher and washer and dryer. One unit is currently occupied by a long-term tenant paying $950/month, offering immediate income stability, while the other unit is vacant and was previously rented for $1,200/month—great for an owner-occupant or the potential to increase rental income. Located in an X flood zone (buyer to verify) and convenient to dining, shopping, and recreation along the lakefront, Veterans Boulevard and the interstate. Just down the street from Fleur De Lis Park - super convenient. Whether you're looking to expand your investment portfolio or live in one side while renting the other, this property presents a versatile and valuable opportunity in a sought-after neighborhood.

17. 2026-04-13
    listed $374,900 Active 932-char remark

    Show marketing remark (932 chars)

    Fantastic investment opportunity in desirable West Lakeview, just minutes from Lake Pontchartrain! This modular shotgun-style double, built in 2007, features 2 bedrooms and 2 full baths each side, with refrigerator, stove, dishwasher and washer and dryer. One unit is currently occupied by a long-term tenant paying $950/month, offering immediate income stability, while the other unit is vacant and was previously rented for $1,200/month—great for an owner-occupant or the potential to increase rental income. Located in an X flood zone (buyer to verify) and convenient to dining, shopping, and recreation along the lakefront, Veterans Boulevard and the interstate. Just down the street from Fleur De Lis Park - super convenient. Whether you're looking to expand your investment portfolio or live in one side while renting the other, this property presents a versatile and valuable opportunity in a sought-after neighborhood.

18. 1993-07-06
    soldstatus $120,000
19. 1993-06-30
    soldstatus $120,000
20. 1993-06-30
    soldstatus $120,000
21. 1993-04-30
    listed $139,000
22. 1993-04-30
    listed $139,000
23. 1993-04-30
    listed $139,000
24. 1993-04-30
    listed $139,000
25. 1975-01-01
    soldstatus $49,000

ⓘ 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: $4,044 · $337/mo
• Projected year-2 tax: $4,044 · $337/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: $36,492
• − Mortgage interest: −$18,480
• − Property taxes: −$4,044
• − Insurance: −$2,447
• − Repairs & maintenance: −$2,919
• − Management: −$2,919
• − Depreciation: −$9,597
• Taxable loss: −$3,914
• Est. tax savings @ 24.0%: +$939
• After-tax cash flow: $2,517/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): 35,253
• Household income: $49,455
• Rent vs Own: 40.5% rent · 59.5% own
• Severe rent burden: 2150.0

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: Predominantly Black (69%)
• Race & ethnicity: Black 69% White 18% Two or more races 7% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Lithuanian 4% Italian 2% Slovak 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Chinese 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: ▼ -222.37%
• Current HPI: 231.9921
• Rent YoY: ▼ -0.61%
• 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

+665.1% since first listed

10 events — show timeline

• 2026-04-13 Listed $374,900 GSREIN
• 2026-04-13 Listed $374,900 AcadianaMLS
• 1993-07-06 Sold (Public Records) $120,000 Public Records
• 1993-06-30 Sold (MLS) $120,000 GSREIN
• 1993-06-30 Sold (MLS) $120,000 GSREIN
• 1993-04-30 Listed $139,000 AcadianaMLS
• 1993-04-30 Listed $139,000 GSREIN
• 1993-04-30 Listed $139,000 AcadianaMLS
• 1993-04-30 Listed $139,000 GSREIN
• 1975-01-01 Sold (Public Records) $49,000 Public Records

Property tax history

+3.6%/yr

Latest (2026): $4,044 · +8.5% YoY. Source: county tax records.