Insurance agent referral for a duplex in 100-year flood plain

[Iman Yu]

So...there is this duplex that I am interested in. I drove around the neighborhood and it looks like this one is at the tail end of 'gentrification.' It's not part of a HOA so it offers less of a curb appeal. Then I noticed there are some trash dumping around the neighborhood.

However, it feels pretty safe in the neighborhood because most part of it has been renovated to a decent shape. 

Turns out, this duplex has gone through two foundation repairs in the past year and once was due to flood. The property is in 100-year flood plain which means it has 2% chance of flooding.

How does this change the prospects of the property? Is this something a newbie can handle? How much trouble can a property in 100-year flood plain be?