Flood Insurance yay or nay

[Mark Fagan]

I came across a deal in Virginia that I am very interested in. I think the neighborhood is soon going to go through an general improvement and the schools are top notch! It is a well maintained duplex that I could get into for $190K owner is willing to finance 75% and I have the cash to put down. 

The rents are low, $700 and $800, they should be at $900/side which gets us close to .9%. With some inexpensive upgrades I believe the rents could be $1000-1100 in a couple of years. 

All of this makes it a go, until I got a $2400/year flood insurance quote. This ruins the deal. 

the general renters policy is $850/year 

Would any of you risk going ahead without flood insurance? Recent storms have made me nervous but this neighborhood has never flooded. 

Flood insurance ruins the deal. 

Let me know your thoughts