House of the week: Double shotgun on Annunciation Street

Ever since I moved here, I've dreamed of living in and/or owning a double shotgun house. Why a double? I knew that it could be a good investment, the tenant would be paying the majority of my mortgage and well, they just look cool. Plus, I've seen owners remodel their doubles into singles and the results are most often stunning. I am thinking in particular of one house my friend Shalom used to live in that the Preservation Resource Center of New Orleans transformed in the Holy Cross. It was gorgeous! There were four bedrooms, two bathrooms, a huge kitchen, laundry room and family room plus a massive backyard. I think they paid around $110,000 and even after Katrina, this lovely house is still standing. The new owners added wrought iron railing around the front porch and steps, too.

So, since I am now more seriously considering buying a home, I can't help but eye the doubles even though the price might be twice what I can afford. For example, I found this awesome Victorian shotgun double on Annunciation Street and simply fell in love. Each side is decorated a bit differently (especially the kitchens), but each unit had two bedrooms and one bathroom, original hardwood floors, high ceilings, exposed brick fireplaces, transoms, claw foot tubs, floor-to-ceiling windows and even a nice, big backyard with a pagoda in the corner. This house is so damn cute and so perfect for me, it hurts! It's only three blocks from Magazine Street and restaurants like Lilette and Baru Bistro & Tapas, and only 7 blocks from the parade route and Tipitina's! It's listed at a mere $320,000 and with a 5% down payment, it would set us back about $1600 per month and more than half of that would be covered by a tenant. What do you think? Would you take the risk?