FLOOD ZONE Properties - Is there hope?

[Cherry Meekins]

Hi Community!

Houston is the worst when it comes to flood areas. So its no surprise when properties with flood damage come across a wholesalers desk. My question is: Is there hope to turn a buck into a profit with these properties, or just completely steer miles clear??

I have a property that came to me that has flooded before. This house has the potential to be someone's dream home. It sits on over a acre of land. The numbers are actually not that bad although the ARV % is closer to 80%.

The profit potential estimated to be close to $50,000.  

I've done a little research and based on what I've found:

Premiums for flood insurance have increased and are very high.

Not good for anyone seeking conventional financing but could work with unconventional fi.

You can offset costs by raising the monthly payment if you hold it.

And of course the buyer would be required to get flood insurance.  

Does anyone have any advice or information about how an investor could possibly make this work with flood zone properties? Please advise!