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Updated almost 3 years ago,
Flood Zone Multi-Family
So we bought a 100 yr old SFH with an attached ADU in a flood zone back in Oct 27th 2021, fast forward Nov 15th 2021 it floods with 36 inches throughout 1800sqft. Not only the main home but the ADU as well is gutted now.
This Half acre (0.49) property is zoned for 6 units on the property because it is in a High density living area. Now because of so much damage (about 200k) the city is requiring all Units now and in the future be 1 ft above base flood elevation which is about 8ft total. Flood Insurance is only paying about 150k to return the property to pre-loss condition, they do not want to pay for the house and ADU to be elevated.
My question is: Should I sell the property and move onto another property , OR hang onto it and rebuild/Lift the 100 year old home on 8ft of concrete and build 5 additional rentals units pretty much on stilts to cash flow in the future. (having flood insurance on all of them as well).