Rental property in flooded area (Little Falls)

[Maksym Litanin]

I was searching for my first property to buy  for last 6 months, prices are quite high and all my bids were way below of what other offers.

But finally recently i found a property within my budget, a bid, my offer accepted and i rushed to sign the contract. The taxes are super low (~4k) i knew that property has flood insurance (about 2k) but i though it is compensated by low taxes, so all in all it is a relatively good deal.

But after couple of days (in the middle of a deal now) i researched more about the area and found out that on 2011 Irene storm basically flooded the whole area and lots of houses were bought out by the town and demolished, and lots of people living in that area would be happy to have their houses bought out and just leave the place.

I feel i am screwed now with my first deal, can someone please give your pov on having rental property in flooded area? how bad could it turn for me as an investor? i am really stressed about it now as i found out how sever the damages are and it happened just 9 years ago.