• 623 Alvar Street New Orleans, LA 70117

  • $560,000
  • 8
    Bed(s)
  • 4
    Baths
  • 3,095
    Sq Ft
  • 0.09
    Acre

Dive into property investing with the Rainbow Fourplex in New Orleans' Bywater, perfect for those entering the game. This opportunity merges living with investing through house hacking, allowing you to cover your mortgage while enhancing a property you'll be proud to own. Situated in a stable area with lower flood risk, it's an ideal start. The great news is that you can now start with a conventional loan with as little as 5% down if you live on-site, making it easier to step into property ownership. The previous owner has already invested over $100,000 in key upgrades, including a brand-new fortified roof that significantly reduced insurance costs, hardy plank siding for durability, and tankless water heaters in each unit to cut down water expenses. Importantly, separate gas and electric meters mean tenants cover their utility bills, easing your costs. The property is mostly occupied, with one unit freshly updated, ready for you to move in or rent out at market rate. Located within an easy commute to the French Quarter, it attracts a mix of individuals and stands in a neighborhood known for its artistic and hospitable vibe. While the building is currently low maintenance, future enhancements like cosmetic upgrades could further increase tenant satisfaction and your income. This strategy allows your investment to boost equity and rental income, paving the way to your next property venture. The rear shed could also be converted to a 5th rental unit, renting at an estimated $1000/month for an upfront investment estimated at under $30,000. Investing in Rainbow Fourplex offers a straightforward path to property ownership in a community where you can enjoy both your investment and your lifestyle.

Property Type :

Residential

Parish :

Orleans

Style :

Residential

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Property Details

 

Bedroom Information

Total Bedrooms : 8

Bathroom Information

Total Baths: 4

Full Baths: 4

Half Baths: 0

Water/Sewer

Water Source : Public

Sewer : Septic Tank

Room Information

Total Square Feet Living :3095

Total Rooms: 4

Interior Features

Roof : Asphalt,Shingle

Exterior Property Features : Balcony,Fence,Porch

Interior Features: Ceiling Fan(s)

Property Appliances: Dryer,Oven,Range,Refrigerator,Washer

Fireplace: None

Cooling Features: Window Unit(s)

Heating Features: Gas

Laundry Features: Washer Hookup,Dryer Hookup

Building Information

Year Built: 1963

Roof: Asphalt,Shingle

Exterior Features

Balcony,Fence,Porch

Lot Information

Lot Features: City Lot,Rectangular Lot

Property Information

SQ ft: 3,095

Source Listing Status: Pending

Property Subtype: Detached,Single Family Residence

Building Exterior Type: HardiPlank Type

Foundation Details: Slab

Property Age: 61

Property Condition: Very Good Condition

Levels or Stories: Two

Total Area Sqft: 3095

Listing Price Information

Original List Price: $560,000

Tax Information

Parcel Number: 39W105705

Nearby Home Value

Address Estimate Bed Bath Sq. Ft Lot Size
2976 Law Street, New Orleans, LA,70117 $20,500 -- -- 5,060 0.1162 Acre
5307 Saint Claude Avenue, New Orleans, LA,70117 $99,000 -- -- 7,080 --
3009 N Rocheblave Street, New Orleans, LA,70117 $23,500 -- -- 4,170 0.0957 Acre
5622 Royal Street, New Orleans, LA,70117 $73,000 -- -- -- 0.119 Acre
1323 25 Deslonde Street, New Orleans, LA,70117 $350,000 4 4 1,807 --
6034 N Rampart Street, New Orleans, LA,70117 $345,000 3 2 1,757 0.0992 Acre
6012 N Miro Street, New Orleans, LA,70117 $15,900 -- -- -- --
1002 Delery St, New Orleans, LA,70117 $280,000 4 3 3,107 0.21 Acre
1323-25 Pauline St, New Orleans, LA,70117 $295,000 -- -- PUBLIC RECORD 0.17 Acre
5340 42 Marais Street, New Orleans, LA,70117 $262,000 4 2 2,494 0.1065 Acre

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ByOwner last updated this listing 04/29/2024 @ 03:03

MLS: 2439134
LISTED BY: Elisa Cool Murphy, Cool Murphy, LLC
SOURCE: NOMAR
Buyer Agency Compensation: 3%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.

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