The $250K New Orleans Buyer Report April 2026
From a Victorian Tremé shotgun to an 1866 French-Creole renovation two doors from Royal Street: with mortgage math
If you’re shopping around the $250K range, here’s what that budget actually buys in Orleans Parish right now: a Tremé shotgun, an Algiers Point classic, a Gentilly cottage, and two condos sitting right on the edge of the French Quarter.
326 Pacific Ave, New Orleans 70114
$255,000 | 2 bed · 1 bath · 993 sqft Algiers Point
A 1900 shotgun in Historic Algiers Point with a new roof, new HVAC, and new gutters, the three things that matter most at this price point. Twelve-foot ceilings, hardwood floors, clawfoot tub, covered front porch, and a generous backyard. Two blocks from the levee trail and the Canal Street Ferry.
1215 N Villere St , New Orleans 70116
$245,000 | 2 bed · 1 bath · 728 sqft Tremé
A shotgun cottage in the Tremé with 12-ft ceilings, wood floors, gingerbread ornamentation, and a fully updated interior. 2024 HVAC, five-year-old roof are big wins plus Louis Armstrong Park, the French Quarter, and the Jazz Heritage Center are all within walking distance.
4628 Frenchmen St, New Orleans 70122
$249,000 | 2 bed · 2 bath · 1,181 sqft Gentilly
The most square footage in this group by a wide margin. Near the Fairgrounds and minutes from Bayou St. John this home has wood floors, stainless appliances, covered patio, off-street parking, and a detached raised structure out back for a workshop or storage.
633 Esplanade Ave #103, New Orleans 70116
$249,000 | 1 bed · 1 bath · 561 sqft · HOA: $441/mo Marigny
A first-floor unit in an 1866 French-Creole building renovated to Historic Preservation standards, close to brand new inside with a 2025 effective year. Fourteen-foot ceilings, original wide plank pine floors restored, marble counters, new central AC, and both buildings fully sprinkled. Wrought iron courtyard with a sugar kettle fountain. The $441/month HOA needs to be in your underwriting before you fall in love with the payment below.
1030 Kerlerec St #6, New Orleans 70116
$260,000 | 2 bed · 2 bath · 525 sqft · HOA: $430/mo Marigny Triangle
A second-floor carriage house unit in the Marigny Triangle, one block from the French Quarter and walkable to Frenchmen Street. Fully furnished, private balcony, shared courtyard, washer/dryer hookup. The STR angle is real, the listing notes short-term rental possibilities, and the location supports it. At 525 square feet you’re buying location and income potential more than square footage. The $430/month HOA and the $495/sqft price point are the numbers to underwrite carefully. Brand new to market at 1 DOM.
Below are two scenarios based on past estimates from Cameron Budzius at The Mortgage Krewe.
Note: HOA fees for the Esplanade and Kerlerec condos are not included in the scenarios below. Add $441/mo for Esplanade or $430/mo for Kerlerec to get your true monthly carrying cost on those two.
Scenario #1:
3% Down Payment
Conventional Loan 30 Year Fixed Rate
Mortgage $250,000
Sales Price $242,500
Loan Amount Interest Rate: 6.33%
Monthly Payment Breakdown: P&I Payment: $1,507.17
Homeowners Insurance: $167.00
Property Taxes (with Homestead Exemption): $89.69
Mortgage Insurance: $100.96
Total Monthly Payment: $1,864.82
Cash to Close Breakdown:
Closing Costs: $6,500.00
Prepaids and Escrows: $5,000.00
Down Payment: $7,500.00
Total Cash to Close: $19,000.00
Scenario #2:
3.5% Down Payment
FHA Loan 30 Year Fixed Rate Mortgage $250,000
Sales Price $245,472
Loan Amount Interest Rate: 6.10%
Monthly Payment Breakdown:
P&I Payment: $1,489.62
Homeowners Insurance: $167.00 Property
Taxes (with Homestead Exemption): $89.69
Mortgage Insurance: $112.50
Total Monthly Payment: $1,858.81
Cash to Close Breakdown: Closing Costs: $6,500.00
Prepaids and Escrows: $5,000.00
Down Payment: $8,750.00
Total Cash to Close: $20,250.00
These are estimates. For exact figures, contact Cameron Budzius at The Mortgage Krewe and tell him Phil sent you 😉.