Forget a new KB home as investment grade...the money is already priced into that home.
What kind of Return on Investment are you looking for? 8%? 12%? Be careful with the condo's....those condo fees can eat you alive...but with the right location may be good investment if you can clearly get the rents.
To answer your first question I would suggest that condominiums nearer the college are the better buy. There have been some recent renovation in the downtown area....but I would still say the best positive cash flow would be around the university.
In Riverview you can get condos from 114K to 199K It depends on what you are looking for. I am not familiar with River Place. Neither did it pull anything from an MLS search. KB home and D R Horton homes have both come to the Baton Rouge area since the storms. They have both been represented by agents in our office! We are currently saturated with new construction. That has been a huge factor in our market slowing. It has really been more prominent in the outer lying areas of Baton Rouge like Ascension and Livinston Parishes. If you have any more questions feel free to ask. I work out of the Baton Rouge area. Good luck with your quest. Carrie
River Place & River View are both conversion developments, and are more affordable, quite frankly because they aren't in as great shape as the pictures indicate. At the same time, most locals don't consider them "downtown" either. I'll explain. All of the recent development and nightlife that people want to be near is downtown between North and 3rd Street, for the most part. So, while they are affordable, they are not as desirable as they would be if they were 8 blocks south. I will take a look at the rental rates there for you if you'd like.
There aren't really a lot of condos downtown, and almost no conversions. Over-supply is not an issue and investors seem to be the only people buying condos.
I think you should consider two other options, as well: LSU Property and single family homes downtown.
LSU influenced property can be profitable because anything close to campus has extremely high occupancy rates. I know of three condos that are available right now that are close enough to campus to rent easily. The developer is wanting to sell them quickly because he has them owner-financed, but they are priced a bit higher.
There are also some SFRs closer to the core of downtown that are still affordable, yet could bring more cash-flow monthly.
One way or another, we'd be glad to be your eyes and ears here to see if we can't identify some opportunities worth considering.
Geaux Big Realty