Flooded Houses in Louisiana

[Ralph Dicharry]

Hi BP community!  Just looking to get a little help on flooded houses in Baton Rouge and surrounding areas.  I've been presented with 2 really good opportunities on flooded homes that took on 7' of water but I think I can get them at really low prices.   My question is would investors be interested in flooded homes that took on this much water or should I pass on them.  Repairs on both of them are well below 50% of the homes value.  

I welcome any advice on what to do with these 2 properties!

[Robert Leonard]

The key questions @Ralph Dicharry are:

1. What flood zone? Flood zone (FZ) = X, I'm interested.  FZ = AE I'm not interested.

2. For those who will buy in AE,

a. Do you have an elevation certificate?

b. What is the lowest floor elevation of the house in relation the the base flood elevation (BFE)?

NOTE: if the lowest floor is below BFE, a determination of substantial damage by FEMA may require elevation! The lowest floor elevation is also used to determine the insurance rates on the property. So this is a critical piece of information for anyone considering buying flood damaged properties.

Any buyer needs to know the FEMA guidelines as well as the local ordinances that may add to FEMA requirements.