Dive into property investing with the Rainbow Fourplex in Brand 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 extraordinary 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 csts, 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 conver ted 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.

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on 623 Alvar St
in New Orleans, LA
Presented by Elisa A Cool at
Cool Murphy, LLC.


Property MLS #2439133 from NewOrleans

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+ Bedrooms

Bedrooms: 8

+ Bathrooms

Total Bathrooms: 4 / 0
Full Bathrooms: 4

+ Appliances

Laundry Features: In unit

+ Heating and Cooling

Cooling Features: Window Unit
Heating Features: Gas

+ Exterior and Lot Features

Balcony
Fence
Porch

+ Land Info

Lot Description: Regular
Lot Size Acres: 0.0901515
Lot Size Dimensions: 33 X 119
Lot Size Square Feet: 3927

+ Multi-Unit Info

Number of Units: 4

+ Other Property Info

Source Listing Status: Pending
County: Orleans
Source Property Type: Multi-Family
Parcel Number: 39W105705
Property Subtype: 4 Plex
Lot Number: J
Source System Name: C2C
+ Reveal Property Sale History

Listed 2024-03-18
$560,000
NewOrleans

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Listing removed 2023-08-08
$0
NewOrleans

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Relisted 2023-06-19
$630,000
NewOrleans

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Listing removed 2023-06-16
$0
NewOrleans

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Price Changed 2023-05-09
$645,000
NewOrleans

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Listed 2023-04-20
$675,000
NewOrleans

+ Building and Construction

Total Square Feet Living: 3095
Year Built: 1963
Building Exterior Type: Hardy Plank
Foundation Details: Slab
Property Age: 61
Roof: Asphalt, Shingle
Levels or Stories: 2.00000
House Style: Shot Gun
Year Built Details: Resale

+ Utilities

Gas: Gas Paid By: Tenant, Gas Type: Natural
Sewer: City
Water Source: Public

+ Display Complete School Details

Lusher Charter School is a public elementary, middle and high school located approximately 5.2 miles away.
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St. Paul Lutheran School is a private elementary and middle school located approximately 0.9 miles away.
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