523 Romain St · Gretna, LA 70053

$280,000

4 bd · 2.0 ba · 2,331 sqft · SingleFamily · 117 Days on market

Built 1940 3,375 sqft lot $120/sqft · 26% below area Est $380k · 26% 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 +25.9/30.0
• ARV discount +15.0/15.0
• DSCR +8.7/10.0
• 1% rule +5.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Price Improvement! Charming home nestled in the heart of Old Gretna's historic neighborhood. A spacious two story 4 bed/ 2 bath. Located within walking distance from local cafes and a short commute to New Orleans. A must see for lovers of character and unique vintage architecture. Potential for restoration or move in ready with vintage appeal.

Key facts

• Vintage architecture
• 3,375 sq ft lot
• Built 1940

Tags

• SHORT COMMUTE TO NEW ORLEANS
• VINTAGE ARCHITECTURE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $280k.

Deal economics

• At list price, monthly cash flow is $687 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $280k).
• Recommended offer: $255k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 5.2% in Gretna — 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 70/100 on livability (#58 in LA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: crime F, employment D-.
• Jefferson Parish (suburban): math 24% / reading 34% proficiency, ranked #44 of 98 in LA (top 45%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Mcdonogh 26/Homedale Elementary School (math 8% / reading 17%, grade F, #550 of 646 statewide, top 88%, 375 students, 68% FRL); Gretna Middle School (math 9% / reading 24%, grade F, #177 of 218 statewide, top 82%, 574 students, 64% FRL); West Jefferson High School (math 10% / reading 17%, grade F, #229 of 265 statewide, top 86%, 1,524 students, 58% FRL).
• Zoned-school proficiency averages 14% at this address vs 29% district-wide (-15 pts) — the specific schools serving this property underperform the Jefferson Parish average; the district grade overstates school quality for this exact location.
• Market conditions: 113 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 518 units permitted in Jefferson Parish in 2024 (43 in 5+ unit buildings).
• At $3,031/mo this rent would consume 91% of the median local household income ($40k/yr) (locally 1911% 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 $8k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 117 days — a 9% lower offer ($255k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y 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 $20k; list at $280k implies a 1300% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $254,800 (9.0% below list)

Questions for the listing agent

1. It's been on market 117 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.08% ✓
• Cap rate: 9.24%
• Cash-on-cash: 10.51%
• DSCR: 1.47
• GRM: 7.7

CMA / ARV

• ARV (median comp): $380,250
• List price: $280,000
• Delta: -26.36%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21 Holly Dr	0.43mi	3/2.5 (-1)	2,327 (-0%)	7mo	$200,000	$86	67
718 Monroe St	0.47mi	3/2.0 (-1)	2,224 (-5%)	9mo	$379,900	$171	58

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: -0.6%
• Equity multiple: 0.98×
• Total profit: $-1,729
• Equity at exit: $41,749

10-year hold

• IRR: 9.1%
• Equity multiple: 1.69×
• Total profit: $54,431
• Equity at exit: $24,209

Cash invested: $78,400 (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 70053

• Active inventory: 113
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $3,031 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$123 /mo · $1,474/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$637
• Net cashflow: $687

Break-even live

Break-even rent $2,162

Max offer price $280,000

Occupancy floor 72%

Sensitivity live

Price	-10% $845	-5% $766	+0% $687	+5% $607	+10% $528
Rent	-10% $447	-5% $567	+0% $687	+5% $806	+10% $926
Rate	-1.0pp $828	-0.5pp $758	base $687	+0.5pp $614	+1.0pp $540

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
513 Park Blvd New Orleans, LA	3.0	2.0	1600	$2,300	$1.44	5d	1	1.02mi
127 Willow Dr Gretna, LA	3.0	2.0	2250	$2,200	$0.98	45d	1	1.07mi
127 Willow Dr Gretna, LA	3.0	2.0	2250	$2,300	$1.02	25d	1	1.07mi
2320 Mardi Gras Blvd New Orleans, LA	4.0	2.5	1600	$2,500	$1.56	3d	1	1.19mi
2028 Magazine St New Orleans, LA	3.0	2.5	2600	$7,000	$2.69	18d	1	1.38mi
1414 Sumner St New Orleans, LA	3.0	2.0	1800	$1,450	$0.81	17d	1	1.39mi
1050 Annunciation St Unit 1272355P New Orleans, LA	2.0–5.0	2.0–4.0	1544	$3,489	$2.26	5d	3	1.40mi
530 2nd St New Orleans, LA	3.0	2.5	2050	$5,250	$2.56	45d	1	1.43mi
1204 Saint Andrew St Unit 1204 New Orleans, LA	3.0	2.0	1600	$2,300	$1.44	25d	1	1.44mi
515 3rd St New Orleans, LA	3.0	3.0	1687	$2,650	$1.57	46d	1	1.46mi
2517 Saint Thomas St New Orleans, LA	3.0	3.0	2010	$4,000	$1.99	5d	1	1.47mi

Listing history 22 events

1. 2026-06-21
   days on market $280,000 Active 117 DOM
2. 2026-06-18
   days on market $280,000 Active 114 DOM
3. 2026-06-17
   days on market $280,000 Active 113 DOM
4. 2026-06-16
   days on market $280,000 Active 112 DOM
5. 2026-06-15
   days on market $280,000 Active 111 DOM
6. 2026-06-13
   days on market $280,000 Active 109 DOM
7. 2026-06-10
   days on market $280,000 Active 106 DOM
8. 2026-06-09
   days on market $280,000 Active 105 DOM
9. 2026-06-08
   days on market $280,000 Active 104 DOM
10. 2026-06-07
    days on market $280,000 Active 103 DOM
11. 2026-06-03
    days on market $280,000 Active 99 DOM
12. 2026-06-02
    days on market $280,000 Active 98 DOM
13. 2026-06-01
    days on market $280,000 Active 97 DOM
14. 2026-05-31
    days on market $280,000 Active 96 DOM
15. 2026-04-10
    price $280,000 345-char remark

    Show marketing remark (346 chars)

    Price Improvement! Charming home nestled in the heart of Old Gretna's historic neighborhood. A spacious two story 4 bed/ 2 bath. Located within walking distance from local cafes and a short commute to New Orleans. A must see for lovers of character and unique vintage architecture. Potential for restoration or move in ready with vintage appeal.

16. 2026-04-10
    price $280,000 346-char remark

    Show marketing remark (346 chars)

    Price Improvement! Charming home nestled in the heart of Old Gretna's historic neighborhood. A spacious two story 4 bed/ 2 bath. Located within walking distance from local cafes and a short commute to New Orleans. A must see for lovers of character and unique vintage architecture. Potential for restoration or move in ready with vintage appeal.

17. 2026-02-24
    listed $300,000 Active 345-char remark

    Show marketing remark (346 chars)

    Price Improvement! Charming home nestled in the heart of Old Gretna's historic neighborhood. A spacious two story 4 bed/ 2 bath. Located within walking distance from local cafes and a short commute to New Orleans. A must see for lovers of character and unique vintage architecture. Potential for restoration or move in ready with vintage appeal.

18. 2026-02-24
    listed $300,000 Active 346-char remark

    Show marketing remark (346 chars)

    Price Improvement! Charming home nestled in the heart of Old Gretna's historic neighborhood. A spacious two story 4 bed/ 2 bath. Located within walking distance from local cafes and a short commute to New Orleans. A must see for lovers of character and unique vintage architecture. Potential for restoration or move in ready with vintage appeal.

19. 2015-09-04
    historical
20. 2015-06-24
    listed $163,000 Active
21. 2015-06-24
    listed $163,000
22. 1996-03-01
    soldstatus $20,000

ⓘ 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: $1,474 · $123/mo
• Projected year-2 tax: $1,540 · $128/mo
• Expected delta: +$66/yr (+$5/mo · 4.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $36,373
• − Mortgage interest: −$15,684
• − Property taxes: −$1,474
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,910
• − Management: −$2,910
• − Depreciation: −$8,145
• Taxable income: $3,850
• Est. tax owed @ 24.0%: −$924
• After-tax cash flow: $7,317/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: Jefferson Parish
• NCES district ID: 2200840
• Math proficiency: 24% ▼ -36.00%
• Reading proficiency: 34% ▼ -30.00%
• Median HH income: $48,421
• Composite: 25.19/100
• National rank: #7511
• State rank: #44 of 98 in LA

Livability — Gretna

• Score: 70/100
• State rank: #58
• US rank: #7679

Category grades

Amenities C Commute C Cost of living A+ Crime F Employment D- Housing B+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gretna, LA
• County: Jefferson Parish · 426,999 people
• City population: 56,969
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 16,621
• Household income: $39,950
• Rent vs Own: 53.4% rent · 46.6% own
• Severe rent burden: 1911.0

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 451,696 people
• By 2030: 455,451 · +0.8%
• By 2040: 458,308 · +1.5%
• By 2050: 461,031 · +2.1%
• By 2075: 476,351 · +5.5%
• By 2100: 499,377 · +10.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 36% Black 34% Hispanic / Latino 23% Two or more races 15% Asian 2%
• Hispanic origin (detail): Mexican 4% Cuban 2%
• Common ancestry: Lithuanian 7% Iranian 1% Slovak 1%
• Foreign-born: 19% · Canada, Vietnam, China
• Languages at home: 76% English-only · Spanish 20% Vietnamese 1% German/W. Germanic 1%

Political lean MEDSL · Jefferson

• 2024 margin: R (+12.9) · D 42.5% · R 55.5% · Other 2.1%
• 2008→2024 swing: +13.6pp toward D · 2008: -26.6pp · 2024: -12.9pp
• All cycles: 2024: R+12.9 2020: R+11.1 2016: R+14.8 2012: R+18.4 2008: R+26.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -115.90%
• Current HPI: 121.765
• Rent YoY: —
• 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

+1300.0% since first listed

8 events — show timeline

• 2026-04-10 Price Changed $280,000 AcadianaMLS
• 2026-04-10 Price Changed $280,000 GSREIN
• 2026-02-24 Listed $300,000 GSREIN
• 2026-02-24 Listed $300,000 AcadianaMLS
• 2015-09-04 Listing Removed — GSREIN
• 2015-06-24 Listed $163,000 GSREIN
• 2015-06-24 Listed $163,000 AcadianaMLS
• 1996-03-01 Sold (Public Records) $20,000 Public Records

Property tax history

+2.2%/yr

Latest (2025): $1,474 · -0.2% YoY. Source: county tax records.