Property in flood zone anyone apply for LOMA and Elevation Cert?

[Chris Masons]

There is a nice single fam. I am interested in, however it's current flood zone status is what is holding me back and probably plenty of other people back as well..

Just curious has anyone ever gone throught FEMA for a LOMA (Letter of map amendment) This entails getting a elevation certificate as well to see the lowest point of the property in relation to base flood elevation.

Property sits in an AE zone but the line for the X zone
(low to moderate risk) runs directly down property line so it is on border. I will find out how bad or if it flooded at all with sandy hopefully on Saturday.

Do you guys think I am nuts to take on an investment property in a flood zone or if gotten at the right price could be a good investment?

thx in advance,

Chris