Town lots usully do not contain the ROW (right of way) as the property described on your deed is for the lot as shown on a plat. The ROW is outside of your lot. Right of ways that have been expropriated typically leave the minerals in the name of the property owner the land has been taken from. You will need to check your deed to see if the description of the land you bought inluded this area or not. Its possible those minerals in the ROW are still with the previous owner.
The Bayou might be even tricker. The State claims all water bottoms of navigable streams and water bodies. The definition of navigable goes back to the 1800's. I would lease it anyway, just check your land description and plat if you have one.
I believe that in the corporate limits of Shreveport, that the City of Shreveport owns the rights-of-way on all city streets. When you get outside the Shreveport corporate limits, then the rules change.
RAY--You got a quarter acre lot, more or less. You have to square up a lot like yours by adding triangles, then make squares out of the triangles, total that square footage , then divide by two and add altogether to get your square footage. Roughly, you got 11,000 square feet. An acre is 43,560 sq ft. About a fourth of an acre. Hope this helps. Don't take my cyphering to the bank.
What does 146' + 127' + 121' + 39' mean? Are those the lengths of the four sides of the lot, or what?
If it's the sides of the lot, there's no answer without some further information, since the area enclosed by those dimensions varies with the angles at the corners. A four sided figure can have more than one shape, given only the lengths of the sides.