2912 Philip St · New Orleans, LA 70113

$159,000

2 bd · 2.0 ba · 1,274 sqft · SingleFamily public records · 97 Days on market

Built 1954 2,914 sqft lot $125/sqft · 35% below area Est $240k · 34% 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 +25.4/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +8.4/10.0
• 1% rule +6.1/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0

Listing remarks MLS

Great location! This 2 bed/ 2 bath home is full of opportunity, ready for personal touches. Inside, tall ceilings and a ton of natural light create an open feel and flexible layout. The primary bedroom includes a private bath with ample closet space. The second bedroom is positioned near its own full bath offering flexibility for house guests and is truly the perfect set up for shared living. Gated entry with wrought iron detailing enhances privacy and curb appeal. The backyard equipped with a storage shed is just enough space to enjoy a cookout, relax, and unwind outdoors. Bring your vision to life, to a place where the next chapter is ready to take shape!

Key facts

• Tall ceilings
• Private bath
• Ample closet space

Tags

• TALL CEILINGS
• NATURAL LIGHT
• PRIVATE BATH
• AMPLE CLOSET SPACE
• FULLY FENCED BACKYARD
• STORAGE SHED

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $159k.

Deal economics

• At list price, monthly cash flow is $-59 ($-706/yr) — negative.
• To cash-flow at today's rent, offer at most $149k (6.5% below list).
• Meets the 1% rule at list price ($2k rent vs $159k).
• Recommended offer: $145k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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 fast (+6.0%/yr); 137 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); lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Orleans County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 6.0% rent growth), your $45k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 27y ago; this cycle's ask has dropped $50k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $68k; list at $159k implies a 134% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $144,690 (9.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.11% ✓
• Cap rate: 9.07%
• Cash-on-cash: 9.91%
• DSCR: 1.44
• GRM: 7.5

CMA / ARV

• ARV (median comp): $240,260
• List price: $159,000
• Delta: -33.82%
• 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
2725 Philip St	0.11mi	3/2.0 (+1)	1,404 (+10%)	7mo	$199,000	$142	67
2410 Freret St	0.28mi	3/3.0 (+1)	1,305 (+2%)	11mo	$249,000	$191	64
2015 Martin Luther King Blvd	0.62mi	3/2.0 (+1)	1,332 (+5%)	3mo	$249,000	$187	56
3702 Toledano St	0.65mi	3/2.0 (+1)	1,285 (+1%)	12mo	$240,000	$187	53
3815 Delachaise St	0.70mi	2/2.0	1,189 (-7%)	5mo	$209,000	$176	52
2305 Washington Ave	0.48mi	3/2.0 (+1)	1,382 (+8%)	9mo	$337,000	$244	51
2321 Seventh St	0.56mi	3/2.0 (+1)	1,425 (+12%)	2mo	$325,000	$228	47
1819 Baronne St	0.73mi	3/2.0 (+1)	1,375 (+8%)	5mo	$315,000	$229	44
4119 Clara St	0.69mi	3/2.0 (+1)	1,404 (+10%)	2mo	$400,000	$285	44
2516 Delachaise St	0.66mi	3/2.0 (+1)	1,183 (-7%)	11mo	$104,000	$88	44
3413 S Galvez St	0.58mi	2/2.0	1,105 (-13%)	10mo	$106,000	$96	43
2604 S Dorgenois St	0.64mi	3/2.0 (+1)	1,104 (-13%)	7mo	$80,000	$72	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 5.98% rent growth · sell at horizon

5-year hold

• IRR: 24.5%
• Equity multiple: 2.99×
• Total profit: $88,517
• Equity at exit: $143,240

10-year hold

• IRR: 22.7%
• Equity multiple: 7.21×
• Total profit: $276,507
• Equity at exit: $308,902

Cash invested: $44,520 (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 70113

• Rents YoY: 6.0%
• Active inventory: 137
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,757 high
• Mortgage (P&I): −$834
• Tax from tax record: −$120 /mo · $1,444/yr
• Insurance: −$66
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$369
• Net cashflow: $-59

Break-even live

Break-even rent $1,832

Max offer price $148,613

Occupancy floor 98%

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2818 Saint Andrew St New Orleans, LA	2.0	1.0	900	$1,550	$1.72	23d	1	0.14mi
2702 Felicity St Unit 4 New Orleans, LA	1.0	1.0	1734	$825	$0.48	3d	1	0.17mi
3108 Second St New Orleans, LA	3.0	3.0	1216	$2,100	$1.73	3d	1	0.20mi
2722 Martin L King Bl New Orleans, LA	3.0	2.5	1350	$1,800	$1.33	23d	1	0.21mi
3120 Second St New Orleans, LA	3.0	3.0	1256	$2,050	$1.63	23d	1	0.21mi
3122 2nd St New Orleans, LA	3.0	3.0	1206	$2,075	$1.72	23d	1	0.21mi
2341 S Roman St Unit U New Orleans, LA	3.0	2.0	1000	$1,850	$1.85	23d	1	0.22mi
2628 S Derbigny St New Orleans, LA	3.0	1.0	900	$1,500	$1.67	3d	1	0.25mi
1407 Magnolia St New Orleans, LA	3.0	2.0	1824	$1,500	$0.82	23d	1	0.28mi
2526 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1200	$2,200	$1.83	3d	1	0.29mi
3218 Jackson Ave New Orleans, LA	3.0	2.0	1267	$1,750	$1.38	23d	1	0.30mi
3322 Third St New Orleans, LA	3.0	2.0	950	$1,450	$1.53	23d	1	0.35mi
2614 S Johnson St New Orleans, LA	3.0	2.0	1536	$2,079	$1.35	14d	1	0.37mi
1614 Rev John Raphael Jr Way New Orleans, LA	3.0	2.0	1000	$1,500	$1.50	23d	1	0.37mi
2231 S Liberty St New Orleans, LA	3.0	3.5	1752	$2,000	$1.14	17d	1	0.37mi
2123 S Liberty St Unit 2125 New Orleans, LA	3.0	2.0	1500	$2,100	$1.40	3d	1	0.37mi
2833 S Derbigny St New Orleans, LA	3.0	2.0	1500	$1,795	$1.20	23d	1	0.38mi
2615 S Johnson St New Orleans, LA	2.0	1.0	1200	$1,400	$1.17	23d	1	0.39mi
2615 S Johnson St New Orleans, LA	2.0	1.0	1200	$1,350	$1.12	17d	1	0.39mi
2617 S Johnson St New Orleans, LA	2.0	1.0	1500	$1,300	$0.87	23d	1	0.39mi
2515 Erato St Unit 102 New Orleans, LA	2.0	1.0	1000	$2,100	$2.10	21d	1	0.41mi
2318 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1400	$1,700	$1.21	23d	1	0.41mi
2620 S Galvez St Apt 2B New Orleans, LA	3.0	1.0	1000	$1,100	$1.10	17d	1	0.42mi
2225 2nd St New Orleans, LA	3.0	2.0	1100	$1,800	$1.64	23d	1	0.45mi
2227 Second St New Orleans, LA	2.0	2.0	1100	$1,900	$1.73	23d	1	0.45mi
2606 S Miro St New Orleans, LA	3.0	2.0	1450	$2,016	$1.39	23d	1	0.47mi
3230 Toledano St New Orleans, LA	3.0	2.0	950	$1,750	$1.84	23d	1	0.49mi
2222 Fourth St New Orleans, LA	2.0	1.5	937	$1,550	$1.65	23d	1	0.50mi
3632 First St Unit B New Orleans, LA	3.0	2.0	950	$1,750	$1.84	12d	1	0.50mi
3632 First St Unit A New Orleans, LA	3.0	2.0	950	$1,850	$1.95	12d	1	0.50mi
2119 Josephine St New Orleans, LA	3.0	1.0	1017	$950	$0.93	21d	1	0.50mi
2220 4th St New Orleans, LA	1.0	1.0	937	$1,650	$1.76	23d	1	0.51mi
3044 Louisiana Avenue Pkwy New Orleans, LA	3.0	2.0	1800	$1,900	$1.06	23d	1	0.51mi
3617 Fourth St Unit A New Orleans, LA	3.0	2.0	1225	$1,995	$1.63	17d	1	0.53mi
3208 Louisiana Avenue Pkwy New Orleans, LA	3.0	2.0	1391	$1,900	$1.37	17d	1	0.53mi
3212 Louisiana Avenue Pkwy Unit A New Orleans, LA	2.0	1.0	1209	$1,795	$1.48	3d	1	0.53mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1250	$2,300	$1.84	2d	1	0.54mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1232	$2,300	$1.87	23d	1	0.54mi
2403 S Saratoga St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	23d	1	0.54mi
2032 Saint Andrew St New Orleans, LA	3.0	2.0	1035	$1,830	$1.77	17d	1	0.56mi

Listing history 27 events

1. 2026-06-18
   days on market $159,000 Active 97 DOM
2. 2026-06-17
   days on market $159,000 Active 96 DOM
3. 2026-06-16
   days on market $159,000 Active 95 DOM
4. 2026-06-15
   days on market $159,000 Active 94 DOM
5. 2026-06-13
   days on market $159,000 Active 92 DOM
6. 2026-06-10
   days on market $159,000 Active 89 DOM
7. 2026-06-09
   days on market $159,000 Active 88 DOM
8. 2026-06-08
   days on market $159,000 Active 87 DOM
9. 2026-06-07
   days on market $159,000 Active 86 DOM
10. 2026-06-05
    days on market $159,000 Active 83 DOM
11. 2026-06-03
    days on market $159,000 Active 82 DOM
12. 2026-06-02
    days on market $159,000 Active 81 DOM
13. 2026-06-01
    days on market $159,000 Active 80 DOM
14. 2026-05-31
    days on market $159,000 Active 79 DOM
15. 2026-04-25
    price $159,000 665-char remark

    Show marketing remark (665 chars)

    Great location! This 2 bed/ 2 bath home is full of opportunity, ready for personal touches. Inside, tall ceilings and a ton of natural light create an open feel and flexible layout. The primary bedroom includes a private bath with ample closet space. The second bedroom is positioned near its own full bath offering flexibility for house guests and is truly the perfect set up for shared living. Gated entry with wrought iron detailing enhances privacy and curb appeal. The backyard equipped with a storage shed is just enough space to enjoy a cookout, relax, and unwind outdoors. Bring your vision to life, to a place where the next chapter is ready to take shape!

16. 2026-04-25
    price $159,000 665-char remark

    Show marketing remark (665 chars)

    Great location! This 2 bed/ 2 bath home is full of opportunity, ready for personal touches. Inside, tall ceilings and a ton of natural light create an open feel and flexible layout. The primary bedroom includes a private bath with ample closet space. The second bedroom is positioned near its own full bath offering flexibility for house guests and is truly the perfect set up for shared living. Gated entry with wrought iron detailing enhances privacy and curb appeal. The backyard equipped with a storage shed is just enough space to enjoy a cookout, relax, and unwind outdoors. Bring your vision to life, to a place where the next chapter is ready to take shape!

17. 2026-03-19
    price $184,000 665-char remark

    Show marketing remark (665 chars)

    Great location! This 2 bed/ 2 bath home is full of opportunity, ready for personal touches. Inside, tall ceilings and a ton of natural light create an open feel and flexible layout. The primary bedroom includes a private bath with ample closet space. The second bedroom is positioned near its own full bath offering flexibility for house guests and is truly the perfect set up for shared living. Gated entry with wrought iron detailing enhances privacy and curb appeal. The backyard equipped with a storage shed is just enough space to enjoy a cookout, relax, and unwind outdoors. Bring your vision to life, to a place where the next chapter is ready to take shape!

18. 2026-03-19
    price $184,000 665-char remark

    Show marketing remark (665 chars)

    Great location! This 2 bed/ 2 bath home is full of opportunity, ready for personal touches. Inside, tall ceilings and a ton of natural light create an open feel and flexible layout. The primary bedroom includes a private bath with ample closet space. The second bedroom is positioned near its own full bath offering flexibility for house guests and is truly the perfect set up for shared living. Gated entry with wrought iron detailing enhances privacy and curb appeal. The backyard equipped with a storage shed is just enough space to enjoy a cookout, relax, and unwind outdoors. Bring your vision to life, to a place where the next chapter is ready to take shape!

19. 2026-03-13
    listed $209,000 Active 665-char remark

    Show marketing remark (665 chars)

    Great location! This 2 bed/ 2 bath home is full of opportunity, ready for personal touches. Inside, tall ceilings and a ton of natural light create an open feel and flexible layout. The primary bedroom includes a private bath with ample closet space. The second bedroom is positioned near its own full bath offering flexibility for house guests and is truly the perfect set up for shared living. Gated entry with wrought iron detailing enhances privacy and curb appeal. The backyard equipped with a storage shed is just enough space to enjoy a cookout, relax, and unwind outdoors. Bring your vision to life, to a place where the next chapter is ready to take shape!

20. 2026-03-13
    listed $209,000 Active 665-char remark

    Show marketing remark (665 chars)

    Great location! This 2 bed/ 2 bath home is full of opportunity, ready for personal touches. Inside, tall ceilings and a ton of natural light create an open feel and flexible layout. The primary bedroom includes a private bath with ample closet space. The second bedroom is positioned near its own full bath offering flexibility for house guests and is truly the perfect set up for shared living. Gated entry with wrought iron detailing enhances privacy and curb appeal. The backyard equipped with a storage shed is just enough space to enjoy a cookout, relax, and unwind outdoors. Bring your vision to life, to a place where the next chapter is ready to take shape!

21. 2025-10-08
    price $165,000
22. 2025-10-08
    price $165,000
23. 2025-08-29
    listed $175,000 Active
24. 1999-08-26
    soldstatus $68,000
25. 1999-08-26
    soldstatus $68,000
26. 1999-05-22
    listed $68,500
27. 1999-05-22
    listed $68,500

ⓘ 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: $1,444 · $120/mo
• Projected year-2 tax: $1,444 · $120/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 AE · 77% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥108°F today · 20 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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,086
• − Mortgage interest: −$8,906
• − Property taxes: −$1,444
• − Insurance: −$5,914
• − Repairs & maintenance: −$1,687
• − Management: −$1,687
• − Depreciation: −$4,625
• Taxable loss: −$3,177
• Est. tax savings @ 24.0%: +$763
• After-tax cash flow: $57/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): 9,387
• Household income: $39,333
• Rent vs Own: 75.4% rent · 24.6% own
• Severe rent burden: 714.0

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 0.57)
• Race & ethnicity: Black 61% White 20% Hispanic / Latino 13% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 2% Portuguese 1% Slovak 1%
• Foreign-born: 13% · Canada, Vietnam, China
• Languages at home: 86% English-only · Spanish 11% Other Indo-European 1% Vietnamese 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: ▲ 65.92%
• Current HPI: 229.3968
• Rent YoY: ▲ 5.98%
• 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

+132.1% since first listed

13 events — show timeline

• 2026-04-25 Price Changed $159,000 AcadianaMLS
• 2026-04-25 Price Changed $159,000 GSREIN
• 2026-03-19 Price Changed $184,000 AcadianaMLS
• 2026-03-19 Price Changed $184,000 GSREIN
• 2026-03-13 Listed $209,000 GSREIN
• 2026-03-13 Listed $209,000 AcadianaMLS
• 2025-10-08 Price Changed $165,000 AcadianaMLS
• 2025-10-08 Price Changed $165,000 GSREIN
• 2025-08-29 Listed $175,000 AcadianaMLS
• 1999-08-26 Sold (Public Records) $68,000 Public Records
• 1999-08-26 Sold (MLS) $68,000 GSREIN
• 1999-05-22 Listed $68,500 GSREIN
• 1999-05-22 Listed $68,500 AcadianaMLS

Property tax history

+28.3%/yr

Latest (2026): $1,444 · +1713.2% YoY. Source: county tax records.