On our block of 6 rebuilt houses, 2 have homes in LA & 1 in FL. The other vacant properties maybe 50% have a home elsewhere so no real incentive to rebuild OR TO SELL and 25% didn't have the $$$ to rebuild and the 25% rebuilt elsewhere and are keeping the property as it costs so little in taxes. If you're looking to buy, fix & flip, I don't think that's easily accomplished. If you're looking to settle for a long permanent residence Timber Ridge is great. The TR golf course is totally redone and the clubhouse too with a great restaurant. TR has an active property owners association too. School district is much touted but IMHO alot of this is because the rest of the state is beyond terrible.
Insurance is an issue - if you're new you have no choice as to rates. The wind-pool is state run and is what it is. Flood is cheap though once you have your elevation certificate. Property wise one real problem is city govt will not put any pressure on owners of vacant or still with Katrina blight properties to clean them up and maintain. Other cities have but the Pass just won't do it. So you drive past blight and overgrown all over.
The Harbor is about to get redone and it will be doubled in size, so if you sail it will be great. Yacht club is rebuilt and quite nice. WalMart, PreStress Concrete and the Harbor are the tax base for the city and they aren't going anywhere so the tax base is stable and can only grow. By the next census in 2020 the Pass will probably be much whiter, wealthier, educated and gentrified.