New Orleans Shotgun Double

2 Replies

Looking to close on my first investment property, a Central City double, below the asking price as it has been on the market for about 50 days. Recently renovated, on a raised foundation. Currently has 1 tenant in place, who has paid rent on-time paying (based on seller info). I will be looking for another renter after closing to occupy the other side. 

-Currently looking at a 13% CoC ROI with about $140 mo cash flow, what have others in the area seen in comparison?

-Thoughts on the current area and buying in NOLA. 

-Has anybody had issues buying on a block that was not completely developed (some abandoned homes across the street)?

-Thoughts on inheriting a tenant?

-Have others had difficulty finding tenants since Ida?

All replies much appreciated!

Congrats on the deal. It is very common to have run down houses on the block even in good areas. Central city is a mixed area but coming up. I would feel comfortable buying there. In terms of inheriting a tenant I have done this and haven't had a major issue. It is dependent on the landlord before so there is risk. 

There is an increase in rental demand after Ida (particularly shorter leases). You shouldn't have trouble finding a tenant. 

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