907 Clouet St, New Orleans
3 Beds, 2 Baths, 1,856 Sf
$599,000
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623 Alvar St, New Orleans
$560,000
8 Beds
4 Baths
3,095 Sqft
.09 Acres
No Garage
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.
Essential Information
MLS® #2439134
Price$560,000
Bedrooms8
Bathrooms4.00
Full Baths4
Square Footage3,095
Acres0.09
Year Built1963
TypeResidential
Sub-TypeDetached
StatusPending
Community Information
Address623 Alvar St
CityNew Orleans
CountyOrleans
StateLouisiana
Zip Code70117
Amenities
ParkingNone
PoolNone
Interior
Interior FeaturesCeiling Fan(s)
HeatingGas
CoolingWindowUnits
FireplacesNone
Appliances
Dryer, Oven, Range, Refrigerator, Washer
Exterior
ExteriorHardiPlank Type
Exterior FeaturesBalcony, Fence, Porch
Lot DescriptionCity Lot, Rectangular Lot
RoofAsphalt, Shingle
ConstructionHardiPlank Type
FoundationSlab
Additional Information
Days on Market57
HOA Fees0.00
Property History
Status Changed from Active to Pending
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