Flood Zone Property?

[Vance Wyly]

First time post here.

I found 3/2 1,700 sqft foreclosure. Asking price is 60k. Comps are 95-100k in the area. House is in good shape and needs a roof and interior paint. I was moving along and preparing my bid when I discovered it is in the Flood Zone (100 year). I am getting pricing for insurance and researching the area (talking to neighbors and the city) about any previous flooding in the area. The neighborhood was built in 1969 and there are no signs of any issues. What else should I consider? Should this impact my bid? Is buying in a flood zone a immediate no go? Any input is appreciated.

[Sean McDonnell]

Wait to see what the flood insurance is. Definitely not a no go.  Being in a flood zone is a major turn off for a lot of investors/buyers but it is not always an issue. We have a rental property that is in the 100 year flood zone and we pay $600 a year for insurance.  Just have to factor that number into your analysis.  During a big hurricane last year, our property did not flood and a lot of houses that are not in a flood zone did..