First property in a flood zone

[Kyle Herb]

I'm looking at a fairly cheap property, in great condition, and with great potential cash flow.  However, it's in a flood zone (Zone AE and almost in a Regulatory Floodway).  This would be my first investment but I'd be paying cash. Should I get flood insurance which as I'm sure most of you know, is super expensive?  I called the borough office about flooding in the area and they said it hasn't been bad since 96 since a bottleneck issue with a nearby stream has been fixed.  He did mention that it would still probably flood in a "100 year storm" but the property does sit on the higher side of the area.  Any help would be greatly appreciated.  I know some people won't touch properties in a flood zone but I know this will definitely be a risk/reward property so I'd love to hear everyone's thoughts.