Hey Neil; I feel ya man, the time I spent on the east coast in the AF drove me nuts, I couldn't wait to get back below that Mason Dixon Line. A good job offer in NOLA might not be a bad thing, but I was just curious, have you ever spend any real time in the city outside the French Quarter? It's a very different place for the locals than for a tourist. There are lots of benefits, but some serious drawbacks as well that need to be considered. The sum of the bennies minus the downers is different for every individual, but you wanna be sure you have a good handle on both when you make the calculation.
The problem areas in NOLA got a good flushing a few years back courtesy of Rita, and that seems to have helped, but not solved things completely. There are some deals on property now, but you really gotta trust your agent, and then still get a second and third opinion. Some property is dirt cheap because it will never be habitable again, and some just needs some TLC, and it's not easy to tell the difference.
Not a totally crazy idea, but one that needs some careful background work first. In any case, if you get into east Texas, give me a call and maybe we could get some time in on the 1000 yard range or something.