Why Most New Orleans Doubles Don't Pencil Right Now
April 2026 multifamily data across doubles, triplexes, and fourplexes.
If you ran the Crescent City Classic this weekend, you earned the crawfish. If you didn’t run it, you definitely still had crawfish. Either way, here’s what the multifamily market looks like while you were recovering.
Every month I pull 30 days of small multifamily data across New Orleans and Metairie. Here’s what April is showing.
New Orleans: Doubles
87 homes under contract against 53 closed tells you investor and owner-occupy owner demand is real even in a supply-heavy market. Buyers are clearly active they’re just disciplined.
New Orleans: Triplexes
Small sample on closings but 21 under contract is meaningful. Investors are underwriting carefully and pulling triggers when the numbers work.
New Orleans: Fourplexes
Again, small sample size but 108 median Days on Market for active fourplexes is the highest of any segment. Sellers are holding at aspirational prices while buyers are waiting them out.
Metairie: Doubles
3 days median DOM on closings. That’s the most striking number in this entire report. Metairie doubles that are priced correctly are essentially not hitting the open market before going under contract.
Metairie:Triplexes & Fourplexes
Sample sizes are too small to draw conclusions this month: 3 active triplexes, 1 active fourplex. Worth watching but not enough data to make a narrative.
New Orleans vs Metairie
Same asset class. Completely different urgency.
The Tulane effect still showing up
Doubles in the Uptown and Carrollton corridor continue to feel the impact of Tulane’s on-campus residency requirement through sophomore year. Full breakdown in this week’s Carrollton deep-dive.
What a Gentilly double actually pencils out to right now
A recently listed 2016-built raised double in Gentilly. Separately metered, tenanted, $2,900/mo total rent.
This deal doesn’t work at current rates. A negative monthly cash flow and a cap rate below our 6% floor means this property is priced for a different interest rate environment than the one we’re in.
That’s not a knock on the property, it’s a clean, well-maintained 2016 build with tenants in place. It’s a knock on the math.
For this deal to hit a $500/month cash flow threshold you’d need either:
A purchase price closer to $240,000
Rents at $3,300+/mo
Or a significantly lower interest rate
This is what disciplined underwriting looks like. Knowing when a deal doesn’t work is just as valuable as knowing when it does.
If you want to run numbers on a specific property drop a comment or DM me. I use a deal analyzer for every multifamily I evaluate and happy to walk through the math with you.
Buyers: New Orleans doubles at 9 months MOI give you negotiating room. Metairie doubles at 5 months do not, move fast on correctly priced assets there.
Sellers: 475 active doubles in Orleans Parish is a crowded field. Condition and pricing are your only differentiators.
Investors: The deal math is tight at current rates and insurance costs. Buy on today’s numbers, not projected rent increases. If it doesn’t pencil now it probably won’t pencil later.
Questions on any of these numbers or want to see a specific property analyzed?