A few days ago, my colleague sent me a listing with one word attached: “Boom!” That kind of reaction from Ken gets my attention. So I pulled the numbers myself. They hold up.
Here’s the deal:
Two fourplexes on the same street in Terrytown, Gretna
917 and 929 W Monterey Court
Both built in 1980, both fully renovated in 2024 (electrical, plumbing, roofing, windows)
Both individually metered
One is fully leased. One has a vacant unit. The vacant one pencils out better.
The numbers
Assumptions: 20% down, 6.70% investor rate, 30-year term, 5% vacancy factor, self-managed at 3% PM, insurance estimated (get a real quote from Riverlands Insurance before you write an offer).
This package sits at 8.82% in place, before anyone touches 917's upside unit!
Why this actually works
Start with the tax bill, because it’s the detail most people skip. Both buildings run identical Jefferson Parish assessments. $4,802.73 for 2025, up a rounding error from 2024. Stable and predictable.
929 is the easier of the two to underwrite. It’s 100% leased today at $4,980/mo. The cash flow above is real, not projected.
917 is the one with upside. One unit just turned over and is sitting at market rent. Jefferson Parish Housing Authority payment standards run $1,983 for a 3 bedroom and $2,328 for a 4 bedroom. Run 917’s unit mix, three 3 beds and one 4 bed, through those numbers and gross rent tops out at $8,277/mo against $5,130 today. That assumes voucher tenants and program participation. It is a ceiling, not a guarantee.
Buy both together and you get 8 doors, roughly 25 beds, for $784,000. That is $67 to $78 per square foot depending on the building. Day one cash flow runs north of $1,700/month. Cap rates in the 6 to 7% range are typical for New Orleans metro multifamily right now. This package sits at 8.82% in place, before anyone touches 917’s upside unit
What I’d check before writing an offer
Confirm leases and actual collections during due diligence, not just the rent roll on the sheet.
The insurance figure above is a placeholder, not a quote.
Get with me to go through the disclosures
And because these are two separate tax parcels, expect your lender to underwrite them as two loans even if you’re buying both at once — that changes your closing costs and timeline versus a single transaction.
So...
If you’re a first-time multifamily buyer: 929 alone is a clean, fully-leased entry point with real numbers, not projections. Start there and grow into 917.
If you already hold rental property in the metro: this is a scale play — 8 doors, one closing (structured right), with upside sitting in-place at 917 that you don’t have to create, just collect.
If you own a comparable Terrytown fourplex: this is your comp. $67-78/sqft and an 8.5-9%+ cap rate is what buyers are paying for renovated, individually-metered product on this block right now.
Want to see what this looks like in your portfolio?
Philip Ewbank
504.335.7481