8033 Michigan St · New Orleans, LA 70128

$75,000

2 bd · 1.0 ba · 1,335 sqft · SingleFamily public records · 141 Days on market

Built 1985 7,379 sqft lot $56/sqft · 42% below area Est $138k · 46% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Listing remarks MLS

This charming home offers a fantastic chance to restore it to its original beauty. With solid potential to increase its value, it features hardwood flooring and a spacious front lawn on a corner lot, investors or anyone looking to rehab and create their dream home. Owner Financing is available!

Key facts

• Hardwood flooring
• Spacious front lawn
• Corner lot

Tags

• HARDWOOD FLOORING
• SPACIOUS FRONT LAWN
• CORNER LOT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $315 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.4% 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: 105 active listings in the ZIP; 21 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k 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 + 3.0% rent growth), your $21k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 141 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 2y ago; this cycle's ask has dropped $14k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $64k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.6% of price; 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→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $66,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 141 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.74% ✓
• Cap rate: 12.39%
• Cash-on-cash: 21.79%
• DSCR: 1.97
• GRM: 4.8

CMA / ARV

• ARV (median comp): $138,103
• List price: $75,000
• Delta: -45.69%
• 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
7625 Lehigh St	0.41mi	3/2.0 (+1)	1,340 (+0%)	3mo	$189,000	$141	69
7638 Lady Gray St	0.52mi	3/2.0 (+1)	1,338 (+0%)	2mo	$192,500	$144	65
7524 Michigan St	0.42mi	3/2.0 (+1)	1,420 (+6%)	2mo	$183,715	$129	59
7531 Berg Rd	0.41mi	3/2.0 (+1)	1,240 (-7%)	3mo	$163,153	$132	57
7930 Oneida St	0.48mi	3/2.0 (+1)	1,355 (+2%)	12mo	$189,000	$139	56
7552 Michigan St	0.38mi	3/2.0 (+1)	1,254 (-6%)	10mo	$50,000	$40	55
7542 Lehigh St	0.50mi	3/2.0 (+1)	1,375 (+3%)	10mo	$150,000	$109	54
64 Marywood Ct	0.32mi	3/2.0 (+1)	1,450 (+9%)	13mo	$189,000	$130	51
7840 Wave Dr	0.71mi	3/2.0 (+1)	1,272 (-5%)	3mo	$105,000	$83	48
7921 Branch Dr	0.69mi	3/2.0 (+1)	1,477 (+11%)	2mo	$50,000	$34	40
7920 Oneida St	0.48mi	3/2.0 (+1)	1,500 (+12%)	12mo	$175,000	$117	38
10450 Heritage	0.67mi	3/1.5 (+1)	1,138 (-15%)	10mo	$42,000	$37	28

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 9.7%
• Equity multiple: 1.38×
• Total profit: $8,042
• Equity at exit: $11,183

10-year hold

• IRR: 18.9%
• Equity multiple: 2.59×
• Total profit: $33,401
• Equity at exit: $6,485

Cash invested: $21,000 (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 70128

• Home prices YoY: -5.9%
• Active inventory: 105
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,306 high
• Mortgage (P&I): −$393
• Tax from tax record: −$226 /mo · $2,710/yr
• Insurance: −$31
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $315

Break-even live

Break-even rent $907

Max offer price $75,000

Occupancy floor 71%

Sensitivity live

Price	-10% $357	-5% $336	+0% $315	+5% $294	+10% $272
Rent	-10% $212	-5% $263	+0% $315	+5% $366	+10% $418
Rate	-1.0pp $353	-0.5pp $334	base $315	+0.5pp $295	+1.0pp $276

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8038 Lacombe St Apt A New Orleans, LA	2.0	1.5	1000	$1,050	$1.05	4d	1	0.45mi
11967 Curran Rd New Orleans, LA	3.0	2.0	1100	$1,750	$1.59	3d	1	0.46mi
10680 Hayne Blvd Unit A New Orleans, LA	2.0	1.0	1000	$1,050	$1.05	15d	1	0.47mi
10680 Hayne Blvd Apt B New Orleans, LA	2.0	1.5	1000	$1,050	$1.05	15d	1	0.47mi
7937 Read Blvd New Orleans, LA	3.0	2.0	1100	$1,650	$1.50	24d	1	0.64mi
7901 Read Blvd Unit 206 New Orleans, LA	2.0	1.0	950	$1,100	$1.16	3d	1	0.65mi
7800 Read Blvd Unit B New Orleans, LA	2.0	1.5	931	$1,200	$1.29	22d	1	0.73mi
7830 Means Ave Unit D New Orleans, LA	2.0	1.5	900	$1,200	$1.33	24d	1	0.76mi
7861 Symmes Ave Unit 1 New Orleans, LA	2.0	1.5	950	$1,280	$1.35	24d	1	0.77mi
6937 Barrington Ct New Orleans, LA	3.0	2.5	1306	$1,800	$1.38	24d	1	0.78mi
11040 Roger Dr Unit C New Orleans, LA	2.0	2.5	1505	$1,500	$1.00	24d	1	0.84mi
10940 Roger Dr Unit A New Orleans, LA	2.0	2.0	1000	$900	$0.90	24d	1	0.86mi
10821 Roger Dr Unit A New Orleans, LA	2.0	1.5	1200	$1,400	$1.17	24d	1	0.86mi
10704 Roger Dr Unit D New Orleans, LA	2.0	1.5	1050	$950	$0.90	24d	1	0.92mi
8002 Trapier Ave Unit A New Orleans, LA	2.0	1.0	900	$1,050	$1.17	24d	1	1.11mi
9408 Hayne Blvd Unit G New Orleans, LA	2.0	1.0	1200	$1,350	$1.12	24d	1	1.12mi
9411 Dinkins St New Orleans, LA	2.0	1.0	900	$1,250	$1.39	4d	1	1.12mi
12345 I 10 Service Rd New Orleans, LA	1.0–2.0	1.0–2.0	746	$1,125	$1.51	2d	200	1.13mi
9002 Morrison Rd New Orleans, LA	2.0	1.5	1050	$1,150	$1.10	21d	1	1.42mi
7201 Salem Dr New Orleans, LA	3.0	2.5	1764	$1,650	$0.94	24d	1	1.44mi
7501 Briarwood Dr New Orleans, LA	3.0	2.0	1500	$1,850	$1.23	24d	1	1.45mi

Listing history 22 events

1. 2026-05-31
   status $75,000 Pending 141 DOM
2. 2026-02-06
   price $75,000 295-char remark

   Show marketing remark (295 chars)

   This charming home offers a fantastic chance to restore it to its original beauty. With solid potential to increase its value, it features hardwood flooring and a spacious front lawn on a corner lot, investors or anyone looking to rehab and create their dream home. Owner Financing is available!

3. 2026-02-06
   price $75,000 295-char remark

   Show marketing remark (295 chars)

   This charming home offers a fantastic chance to restore it to its original beauty. With solid potential to increase its value, it features hardwood flooring and a spacious front lawn on a corner lot, investors or anyone looking to rehab and create their dream home. Owner Financing is available!

4. 2026-01-09
   listed $89,000 Active 295-char remark

   Show marketing remark (295 chars)

   This charming home offers a fantastic chance to restore it to its original beauty. With solid potential to increase its value, it features hardwood flooring and a spacious front lawn on a corner lot, investors or anyone looking to rehab and create their dream home. Owner Financing is available!

5. 2026-01-09
   listed $89,000 Active 295-char remark

   Show marketing remark (295 chars)

   This charming home offers a fantastic chance to restore it to its original beauty. With solid potential to increase its value, it features hardwood flooring and a spacious front lawn on a corner lot, investors or anyone looking to rehab and create their dream home. Owner Financing is available!

6. 2025-12-16
   price $89,000
7. 2025-12-16
   price $89,000
8. 2025-10-10
   listed $94,999 Active
9. 2025-09-04
   price $95,000
10. 2025-09-04
    price $95,000
11. 2025-08-16
    listed $99,000 Active
12. 2025-07-14
    price $99,000
13. 2025-07-14
    price $99,000
14. 2025-05-29
    listed $100,000 Active
15. 2025-04-15
    soldstatus $64,000
16. 2025-02-05
    listed $20,000 Active
17. 2025-01-12
    price $79,000
18. 2025-01-12
    price $79,000
19. 2025-01-03
    price $84,000
20. 2025-01-03
    price $84,000
21. 2024-12-05
    listed $89,000 Active
22. 2024-10-07
    listed $20,000 Active

ⓘ 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: $2,710 · $226/mo
• Projected year-2 tax: $2,710 · $226/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 · 60% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 19 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,671
• − Mortgage interest: −$4,201
• − Property taxes: −$2,710
• − Insurance: −$1,172
• − Repairs & maintenance: −$1,254
• − Management: −$1,254
• − Depreciation: −$2,182
• Taxable income: $2,899
• Est. tax owed @ 24.0%: −$696
• After-tax cash flow: $3,083/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
• City population: 338,817
• Population (ZIP): 22,973

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 (86%)
• Race & ethnicity: Black 86% Asian 5% White 4% Two or more races 3%
• Foreign-born: 4% · Vietnam, Canada
• Languages at home: 95% English-only · Vietnamese 4% Spanish 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: ▼ -15.51%
• Current HPI: 247.7131
• Rent YoY: —
• Metro: —
• 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

+275.0% since first listed

21 events — show timeline

• 2026-02-06 Price Changed $75,000 AcadianaMLS
• 2026-02-06 Price Changed $75,000 GSREIN
• 2026-01-09 Listed $89,000 GSREIN
• 2026-01-09 Listed $89,000 AcadianaMLS
• 2025-12-16 Price Changed $89,000 AcadianaMLS
• 2025-12-16 Price Changed $89,000 GSREIN
• 2025-10-10 Listed $94,999 AcadianaMLS
• 2025-09-04 Price Changed $95,000 AcadianaMLS
• 2025-09-04 Price Changed $95,000 GSREIN
• 2025-08-16 Listed $99,000 AcadianaMLS
• 2025-07-14 Price Changed $99,000 AcadianaMLS
• 2025-07-14 Price Changed $99,000 GSREIN
• 2025-05-29 Listed $100,000 AcadianaMLS
• 2025-04-15 Sold (Public Records) $64,000 Public Records
• 2025-02-05 Listed $20,000 AcadianaMLS
• 2025-01-12 Price Changed $79,000 AcadianaMLS
• 2025-01-12 Price Changed $79,000 GSREIN
• 2025-01-03 Price Changed $84,000 AcadianaMLS
• 2025-01-03 Price Changed $84,000 GSREIN
• 2024-12-05 Listed $89,000 AcadianaMLS
• 2024-10-07 Listed $20,000 AcadianaMLS

Property tax history

+20.1%/yr

Latest (2026): $2,710 · +1.1% YoY. Source: county tax records.