The answer Tim is most definitely YES! However, I wouldn't look exclusively downtown or at condos. While the market downtown is quite robust, more so than other areas, most condos downtown are a bit pricey for investing for immediate positive cash flow.
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