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400-02 Millaudon St
Score
0
New Orleans, LA

400-02 Millaudon St

699K
4 bd • 4 ba • 3,400 sf

This analysis was generated on 2/22/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

AI Property Analysis

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List Price

$699,000

Price/Sq.Ft

$206

Year Built

1860

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

• Prime Uptown Location: Situated just 2 blocks from St. Charles Avenue, the property offers convenient access to the streetcar line, Audubon Park, and the universities (Loyola and Tulane). Uptown is one of the more desirable areas in the city. • Income Potential: As a duplex with two 2-bed/2-bath units, the property presents an opportunity for rental income. The market rental rates for a two-bedroom apartment in 2023 are $1,210, suggesting a potential gross monthly income of $2,420 if both units are rented. • Historic Charm: The Creole Cottage architecture, hardwood flooring, and unique finishes capture the New Orleans character. This architectural style is highly sought after and adds to the property's appeal. • Off-Street Parking: The presence of off-street driveway parking is a valuable asset in Uptown New Orleans, where parking can be limited. This feature adds convenience and security for residents. • Lifetime Roof: The Vermont natural slate lifetime roof is a significant selling point, as it reduces the likelihood of roof-related maintenance and replacement costs in the future.

The Bad

• High Heat and Wind Risk: The property has an EXTREME heat risk score of 10/10, with a 98th percentile temperature of 109°F and 7 hot days per year. Similarly, the wind risk is also EXTREME (10/10). These factors could lead to higher energy bills and potential property damage during extreme weather events. Insurance costs related to those specific hazards are higher compared to properties in lower-risk zones. • Limited Property and Room Details: The lack of detailed property features and room descriptions makes it difficult to assess the property's specific amenities and layout. This lack of information may deter potential buyers who rely on detailed listings to make informed decisions. • Significant Price Reductions: The property has undergone multiple price reductions, indicating potential issues with its initial pricing or market appeal. The initial listing price was $814,000, and it is now listed at $699,000, a decrease of over 14%. This could signal underlying issues or an overestimation of the property's value.

The Ugly

• SEVERE Flood Risk (7/10): Despite being in Flood Zone X, the property has a SEVERE flood risk score of 7/10. This discrepancy warrants careful investigation, as it could indicate a higher risk than the FEMA zone suggests. Buyers should consider obtaining an elevation certificate and consulting with a flood insurance expert. • Age of the Property: Built in 1860, the property is over 160 years old. While this adds to its historic charm, it also raises concerns about potential structural issues, outdated systems (plumbing, electrical), and the need for ongoing maintenance and renovations. Older homes are more susceptible to foundation problems, termite infestations, and other age-related issues. • Extended Time on Market: The property has been on the market for 222 days, which is significantly longer than the average for similar properties in the area. This extended time on market may indicate underlying issues that are deterring potential buyers, such as needed repairs, overpricing, or other hidden problems. • High Estimated Insurance: The estimated insurance cost is $2,516.4 per year. This relatively high insurance premium is likely due to the property's age, location, and potential risks (flood, wind, etc.). Buyers should factor this cost into their budget and shop around for the best rates.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

• Seasoned Investors: The property is ideally suited to experienced investors looking for a well-located duplex in Uptown New Orleans with the potential for rental income. The location near universities and the St. Charles streetcar line makes it attractive to renters. • Buyers Seeking a Property with Historic Charm: The Creole cottage architecture, hardwood floors, and unique finishes will appeal to those interested in owning a piece of New Orleans history. • Buyers comfortable with potential renovation costs: Given the property's age (built in 1860), buyers who are prepared for potential maintenance and renovation expenses would find this property suitable. • Buyers Seeking Off-Street Parking: Given the limited parking options in Uptown New Orleans, the property is attractive for buyers who value the convenience and security of off-street parking. • Buyers who can manage high total monthly ownership costs: Individuals who have evaluated their budgets and can manage these expenses without exceeding their personal debt-to-income preferences (around 33%)—including mortgage, taxes, insurance, and potential maintenance costs.

Not For

• Buyers Seeking Modern, Move-In Ready Homes: Given the age of the property, buyers seeking a completely renovated and modern home may find this property less appealing. • Buyers on a Strict Budget: The combination of the property's price, potential renovation costs, and estimated insurance may make it unaffordable for buyers on a limited budget. • Risk-Averse Buyers: The SEVERE flood risk (7/10) and the need for potentially high insurance premiums may deter risk-averse buyers. • Buyers Requiring specific amenities: The lack of listed property features and room details may not suit individuals who prioritize immediate access to major retail, healthcare, or entertainment options.
Demographics
Area Median Income

$54,046

Property History

Price History
Ownership Timeline

Sunlight Analysis

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Sunlight Analysis

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Schools

Nearby school quality by education level

Elementary

5.0/10
Average

High

6.0/10
Good

Financials

Monthly Costs
Market Rent (4 bed)

$870

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