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623 Alvar Street

New Orleans, LA 70117
  • $560,000
  • STATUS: Active Under Contract
  • ON SITE: 67 Days
  • MLS #: 2439133
Under Contract
UPDATED: 183 min ago
$560,000
  • 8
    BEDS
  • N/A
    ACRES
  • 4
    BATHS
  • 0
    1/2 BATHS
  • 3,095
    SQFT
  • $181
    $/SQFT
Type:
Multi-Family
Built:
1963
County:

School Ratings & Info

Description

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.

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Broker and Associates are licensed in the State of Louisiana, USA.
The Robin Group of Keller Williams Realty Professionals || 985-778-2525 || Slidell, LA.

Terms & Conditions
© 2024 Gulf South Real Estate Information Network. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or The Robin Group of Keller Williams Realty Professionals. Data last updated: 2024-05-25T20:35:03.903.
www.bestlouisianahomes.com/homes/148678776
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623 Alvar Street New Orleans, LA 70117

  • Price: $560,000
  • Status: Active Under Contract
  • On Site: 67 Days
  • Updated: 183 min ago
  • MLS #: 2439133
8
Beds
4
Baths
0
½ Baths
N/A
Acres
3,095
SQFT
$181
$/SQFT
1963
Built
County:
Orleans
Property Description
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.
Exterior Features

Construction Materials HardiPlank Type Exterior Features BalconyFencePorch Foundation Details Slab Lot Features City LotRectangular Lot Lot Size Dimensions 33 X 119 Parking Features None Patio And Porch Features BalconyPorch Pool Features None Roof AsphaltShingle

Interior Features

Cooling Window Unit(s) Heating Gas Heating YN Yes Laundry Features In Unit

Property Features

Cooling YN Yes Home Warranty YN No Levels Two Property Condition Very Good Condition Property Sub Type Quadruplex Sewer Public Sewer Special Listing Conditions None Tenant Pays ElectricityGas Watersource Public

Gulf South Real Estate Information Network Listing courtesy of Gulf South Real Estate Information Network.
Listing provided courtesy of Elisa Cool Murphy of Cool Murphy, LLC: (504) 321-3194.



Broker and Associates are licensed in the State of Louisiana, USA.
The Robin Group of Keller Williams Realty Professionals || 985-778-2525 || Slidell, LA.

Terms & Conditions
© 2024 Gulf South Real Estate Information Network. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or The Robin Group of Keller Williams Realty Professionals. Data last updated: 2024-05-25T20:35:03.903.
 
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The Robin Group of Keller Williams Realty Professionals
5001 Hwy 190 East Service Rd Unit C6
Slidell LA, 70458