If rental income is paramount, your goal should be getting a long term tenant in place. Ultimately look for a triplex, otherwise a duplex that is already renovated that comes with a tenant.
Examples, (but not exclusive) with the best value right now would be:
1) Around City Park
2) Around Rampart St at FQ
3) Areas Uptown
Every 6 months, the markets within neighbourhoods are changing. There are huge changes happening in every part of the city related to infrastructure, restaurants, schools and even parade routes.
To tie down the specifics all depends not what is out there, but how much money you have to leverage a deal, when you are buying and how you are financing. Once we have that defined I can find you something to fit your needs.
Even if it was legal, vacation rentals can be a pain in the alkaida. Leave the vacation drama to the hotels..and focus on slow steady growth that provides you a specific rate of return and enough depreciation to avoid taxes now on your Schedule C, while building equity in your pocket.
Just outside of the FQ are the Marigny and the Warehouse district.
Please take a look at our website, http://www.keytonola.com
We work with clients just like you, interested in this type of investment. We are a turnkey operation.
We can assist you in buying, decorating, leasing and managing your property.
In answer to your inquiry, the City Ordinance, as it stands now, requires a minimum rental in the French Quarter of 60 days and 30 days in other parts of the City. Some condominium associations require 90 days.
I would apprecite the opportunity to speak with you in detail about the pros/cons of single family vs. condo, which neighborhoods are most popular with short term renters, how we could lease and manage your investment and any other questions you may have regarding your long term real estate investment options in New Orleans.
In addition to being a licensed realtor and expert at the short term rental market, I spent nearly 20 years owning/managing a local hotel, so I'm very familiar with the requests of New Orleans visitors and residential investors.
I look forward to the opportunity to speak with you