The shotgun double is New Orleans' signature rental: two long, narrow units side by side under one roof, often raised on piers, with a shared front porch. Thousands of them line the streets of Mid-City, the Seventh Ward and Uptown.
In short: LendingStreet finances New Orleans area doubles, triplexes and fourplexes with DSCR loans that qualify on the combined rent of all units, with no W-2s or tax returns and LLC borrowers allowed. Loans start at $150,000, purchases go up to 80% LTV and cash-out refinances up to 75% LTV, and the standard minimum DSCR is 1.0x. In this market, wind and flood insurance often decide how much leverage a double can carry, so get quotes before you set your offer.
Shotgun doubles dominate. Many were built between the 1880s and 1930s and range from simple frame doubles to ornate Eastlake and Arts and Crafts versions. Camelback doubles add a second story at the rear. Creole cottage doubles appear in the Marigny, Treme and the Seventh Ward, and raised center-hall doubles and later bungalow doubles are common in Mid-City and Gentilly.
Fourplexes and small apartment houses are scattered through Uptown, Mid-City and along older corridors, including many grand houses that were divided into three to six apartments decades ago. In Jefferson Parish, Metairie and Kenner have brick fourplexes and duplexes from the 1960s and 1970s.
| Building type | Where it is common | What to check |
|---|---|---|
| Shotgun double | Mid-City, Seventh Ward, Bywater, Irish Channel, Uptown | Pier foundation, roof, wind and flood quotes |
| Camelback double | Uptown, Mid-City, Marigny | Stairs and second-floor egress |
| Creole cottage double | Marigny, Treme, Seventh Ward | Historic review for exterior work |
| Converted mansion (3-6 units) | Uptown, Lower Garden District, Esplanade | Legal unit count and fire separation |
| Brick fourplex | Metairie, Kenner, Gentilly | Slab elevation and flood zone |
The city's Comprehensive Zoning Ordinance uses historic urban districts for much of the older city. Two-family districts allow doubles, while multifamily districts allow more units. Many older multi-unit houses sit in districts that now allow fewer units and continue as legal nonconforming uses, so confirm the legal unit count with the city before you count every unit's rent.
Much of the older city is in local historic districts overseen by the Historic District Landmarks Commission, and the French Quarter is overseen by the Vieux Carre Commission. Exterior changes such as windows, siding and porches can need approval, which affects renovation budgets and timelines.
This example is illustrative and not a quote. An investor buys a renovated shotgun double in Mid-City for $435,000. Each two-bedroom side rents for $1,850, for a combined $3,700 a month.
Taxes are budgeted at $545 a month with no homestead exemption. Insurance, including wind, hazard and flood, is $540 a month. At 75% LTV, the loan is $326,250 and estimated principal and interest is about $2,281, for a total payment of about $3,366 and DSCR of about 1.10x.
At 70% LTV, the loan is $304,500, the payment about $3,214 and DSCR about 1.15x. Insurance alone is about a sixth of the payment, so many New Orleans investors choose the lower leverage for the extra margin.
| Item | 75% LTV | 70% LTV |
|---|---|---|
| Loan amount | $326,250 | $304,500 |
| Estimated principal and interest | $2,281 | $2,129 |
| Taxes | $545 | $545 |
| Insurance (wind, hazard, flood) | $540 | $540 |
| Total payment | $3,366 | $3,214 |
| Combined rent | $3,700 | $3,700 |
| DSCR | About 1.10x | About 1.15x |
Raised doubles on piers can sit well above street level, which can help with flood insurance, while slab-on-grade fourplexes from the 1960s and 1970s in lower-lying areas may face higher flood premiums. An elevation certificate shows where the building sits relative to the base flood elevation.
Wind coverage depends heavily on roof age and type. A newer roof, and especially one built to fortified standards, can lower the premium. Get quotes from more than one source, since the market has been volatile. Ask the seller for the current policy and premium too, but do not assume you can get the same terms; a change of ownership often means a fresh quote at today's pricing.
Louisiana assesses residential property at a 10% assessment ratio. Owner-occupants get a homestead exemption that investors do not, so a double bought from a seller who lived in one side will usually carry a higher tax bill afterward. Orleans Parish reassesses every four years.
Rents for doubles vary widely by neighborhood. Renovated sides in Mid-City, the Bywater and the Irish Channel rent for much more than unrenovated sides in Central City or the Seventh Ward. Use leases from comparable buildings on nearby blocks. Tenants in many neighborhoods expect central air, laundry hookups and off-street or easy street parking, and sides without them often rent for noticeably less.
Most doubles are more than 90 years old. Common issues include pier settlement, termite damage, older wiring, cast iron drain lines and roofs near the end of their life. Some sides still share a single water meter. Each of these affects insurance, appraisal or operating costs.
If the building needs work before it will lease or insure well, consider a bridge or fix and flip loan first, then refinance into a DSCR loan once it is stabilized. Renovations in historic districts take longer when exterior approvals are needed, so allow for that in the bridge term. Once both sides are leased and the building is insured at a reasonable cost, the long-term loan is sized on the actual rents.
Converted mansions and small apartment houses with five to eight units are still residential for DSCR purposes, though maximum LTV can be lower and varies by program. See our New Orleans 5-8 unit page. Nine or more units is commercial financing.
Owners with five or more doubles and houses can also consider a blanket loan to combine them under one note.
Residential short-term rental permits in New Orleans are tied to owner occupancy, so an investor-owned double in a residential zone generally should be underwritten on long-term leases. Some owners rent furnished sides for 30 days or more to medical staff and traveling professionals; confirm how local minimum-stay rules apply.
Our investor loans are business-purpose loans on non-owner-occupied property. Send the address, unit count, rents and insurance quotes through the form below, or call (877) 298-1001. For statewide guidance, see our Louisiana 2-4 unit page.
Yes. The loan qualifies on the combined rent of every legal unit.
Wind and flood premiums in New Orleans are high, especially for older frame buildings and properties in low-lying areas.
In local historic districts, exterior changes often need Historic District Landmarks Commission or Vieux Carre Commission approval.
Units must be legal to count. Confirm the legal unit count with the city before you buy.
Investors do not receive the homestead exemption, so taxes are based on the full assessed value.
In residential zones, permits are tied to owner occupancy, so plan on long-term or 30-day-plus leases.
Yes. We finance 2-4 unit rentals across the metro area.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
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