Four listings under $200K hit MLS in New Orleans and Jefferson Parish this week. Here’s what that budget buys right now.
Pulled today from the MLS. Active listings, $200,000 or less, Orleans and Jefferson Parish, condition rated New or Excellent.
528 Dumaine St #4, New Orleans, LA 70116 · $175,000
· Studio · 1 bath · 204 sqft
French Quarter condo, second floor, private balcony over a shared courtyard. Wood floors, cherry cabinetry, granite counters. Condo fee is $138 a month. Smallest footprint on this list and the only one with an HOA payment attached.
5601 Debore Dr, New Orleans, LA 70126 · $190,000 · 3 beds · 2 baths · 1,350 sqft
Renovated modular home on a corner lot in Pontchartrain Park. The primary suite has a garden tub and separate shower, and the kitchen has stainless steel appliances. Parking for up to four vehicles. Seller will consider owner financing with 20% down, subject to qualification. Vacant and easy to show.
1817 Bartholomew St, New Orleans, LA 70117 · $199,000 · 3 beds · 1 bath · 1,150 sqft
Musician’s Village cottage built in 2009. Fenced yard, covered patio, storage shed, two off street parking spots. Owner occupied, needs 24 hour notice to show. Has an Open House on Sunday.
708 Houma Blvd, Metairie, LA 70001 · $195,000 · 2 beds · 1 bath · 1,060 sqft
Cottage between Airline Drive and West Metairie Avenue. A bonus room with a private entrance works as a home office or guest suite. Granite counters, hardwood floors, fenced backyard with a paver patio and storage shed. New water heater, updated electrical, and re-supported plumbing lines, all pre-inspected before listing. Has an Open House on Saturday.
Three of these four hit the market in the last 48 hours. Square footage runs from a 204 sqft French Quarter studio to a 1,150 sqft cottage in Musician’s Village. Two are fresh listings with no history. One has a documented price cut and a canceled contract behind it.
Below is a hypothetical scenario at $200,000, 3% down conventional vs 3.5% down FHA, courtesy of Cameron Budzius over at The Mortgage Krewe.
Scenario #1: 3% Down Conventional Loan, 30 Year Fixed Rate Mortgage
Sales Price: $200,000
Down Payment: $6,000
Loan Amount: $194,000
Rate: 6.75%
P&I Payment: $1,258
PMI (est.): $60
Homeowners Insurance (est.): $250
Property Taxes with Homestead Exemption (est.): $160
TOTAL MONTHLY PAYMENT (est.): $1,728
Scenario #2: 3.5% Down FHA Loan, 30 Year Fixed Rate Mortgage
Sales Price: $200,000
Down Payment: $7,000
Loan Amount: $196,378 (includes financed upfront MIP)
Rate: 6.078%
P&I Payment: $1,188
MIP (est.): $90
Homeowners Insurance (est.): $250
Property Taxes with Homestead Exemption (est.): $160
TOTAL MONTHLY PAYMENT (est.): $1,688
Closing costs and cash to close aren’t included here since they vary by lender and title company. Cameron can run the exact numbers for whichever property you’re actually looking at.
Philip Ewbank | Realtor Keller Williams Realty New Orleans | 504.335.7481