Flood plane Mix Use Property

[Ryan MacDonald]

Hi all,

So I have started marketing for sellers in my area and have come across an individual who is interested in possibly selling his property.  Some things to note off the bat is that it is a 3/2 home with a detached garage on a half acre lot.  The owner says that it will be or is currently zoned for mix use which is great as I see apartments continuing to be developed in the area.  

However, the issue is that his home flooded twice this year resulting in the area to be rezoned in a flood plain. That being said, since this is one of my first opportunities, I am not sure what to do here. The home is currently being worked on but has a substantial amount of work left to be done. It has to be raised a foot or so in order to be out of the flood plain if one was to keep it as a SFR. With it being zoned for mix use intrigues me as it has a lot of opportunity to the right buyer who can come in and develop the land but it doesn't make too much sense from a fix/flip and wholesale standpoint.

Has anyone ever had any experience with something like this?