Is it a good Idea to Buy a property that flooded & other quest.

[Emanuel Morales]

Hello all, I am a 19 years old investor looking to buy my first rental. I am in the Houston, TX area. I found a foreclosed property (SFR) that flooded during harvey, but I really doubt it will flood again since another hurricane as bad as Harvey is unlikely. Here are some details/questions

-  The property has been in the market for about 200 days (is this a red flag?).

- It looks very updated so I have a feeling it was rehabbed before Harvey. I think this is good because I will have a lot of equity right away. 

- Located in a good school district 

Now here are some of my questions: 

1) is it a bad idea to buy a flooded property, what are some of the possible risks? 

2) I see there are a lot of condos with similar characteristics for about $1,500 while SFR's like the one I am looking at are going for about $1,800 - $2,000. Would this make the property hard to lease since people can rent condos for much less?

3) I have little cash saved up but not enough for a down payment, would hard money lenders be willing to fund 100% of the deal?