Flooded home

[TJ Sayers]

I found a house with an ARV of 36000 and the lady wants 15000 for it. She said that the house has flooded and it is in a flood plain. Is this worth taking a chance on? I do know that flood insurance can be very, very expensive. The seller told me that the house was flooded almost up to the electrical outlets. For something like this, I have no idea how to estimate the cost of repairs. I would expect having to replace all electrical, drywall, plumbing(?). I am scheduled to go look at the property on Thursday, but I'm not sure how much I will be able to estimate repairs to give her an offer.