Watch your financing, some come with restrictions about having to live in the building, especially if it's federal money. Also pay attention to what kind of permit you will need. I am currently working on a renewed Katrina Rebuild, which eases some restrictions, but is limited to non-structural work. I can certainly shore up walls, but not move or remove them.
I think New Orleans is the most underrated and under reported RE market in the country. Especially in the price range this person is talking about.
Go for it.... The worst that can happen is you end up living in an amazing city for a while.
Flipping is restricted to Pancake houses, unless you have $100k-$200k to play with the serious renovators.
Kenner and Slidell are completely different marketplaces from New Orleans.