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Rent or Buy? $499K Buys, $3,200/Month Rents 301 S Jeff Davis

Within a day of 301 S Jeff Davis hitting the market, its primary apartment hit Craigslist with the same photos and nearly the same description. $3,200 a month gets you a two story three bedroom, two and a half bath apartment with a spacious floor plan and "gourmet" kitchen. Either its previous tenants weren't keen on their place being sold or their lease ended at a rather coincidental time. So, what's in store if you take the big plunge and purchase the entire building?

Another building, for one. 301 S Jeff Davis also offers a two story rear one bedroom apartment to presumably also rent out. Other than the mention that it's there, no interior shots or much of anything else are provided regarding the extra apartment. Other amenities (that were actually listed) include a porch, backyard deck, off-street parking, and loads of storage space. Asking price is $499K or about 13 years of rent.
· 301 S Jefferson Davis Pkwy [Trulia]
· Brand New Renovated Property 2 Blocks From Canal ~ 301 S. Jeff Davis [Craigslist]
· On The Market [Curbed NOLA]