Flood zone property

[Michael Russell]

i am new to investing. There is a house that I am looking at that is in a FLOOD ZONE and has flooded once in the past. It is currently listed 30,000 below appraisal. It is a beautiful brick home on a 1\2 acre lot. However, my lack of experience tells me to RUN. I would like ideas of more experienced investors as to how you would value a property like this or, would you even consider it at all?

Thanks,

Michael