Semi-detached properties - buy both sides to create value?

[Troy Robin]

In my community, we have an area that has nice housing around a particular area that was developed with semi-detached housing. This area been flooded a number of times, Property values in this 2-3 block radius are lower than others. My thought is to buy one side, rehab it, then try to buy the other side and do the same thing. The interesting part comes from rehabing the exterior with new siding, windows and roof. Some have separate siding and half done shingles, because separate owners live on each side. We all know how the different siding and roofing happens...Has anyone tried this strategy before? Is it worth my while to give it a go? 

Another issue is that this area has been plagued by flooding. Water comp is expensive but eventually, the issue should be rectified by the city, I would assume...This is where I am thinking I would cash in...We can talk insurance claims and risk involved with flooding, but my thought it to create a mini student rental market in a nice suburb of my community. 

Thoughts? Lessons learned? Suggestions?