Flipping a Flooded Property

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Today I was volunteering to clean after Florence. We were cleaning this townhouse who was in a good location. We removed all the lower sheets of the wall,  water was there 3 feet high. I happened to meet the owner and he told me he was interested in selling the house to a flipper. He said he would give me a good deal since I was helping. Has anyone ever bought a flooded house? Can water cause serious damage to the wood framing? Most importantly, how do you feel about investing in a house that is in a flood zone?