Thoughts on properties in AE Flood zone

[Daniel Younger]

Anyone ever considered investing in a commercial property located in a FEMA designated AE Flood zone?  I've got an opportunity to invest in one now and I'm not sure I want to take the risk.  The seller said the Floor insurance costs them $5,371/year and it has flooded one time in the last 5 years.  Anyone have any experience investing in properties in flood zones that could offer some thoughts on this?

FYI - The flood risk is a creek that runs along the side of the property that has been known to flood into the property on occasion.