Hello Robin,
I'm a certified water restoration technician and real estate investor out of NYC and Miami who's also looking at flood damaged homes. I'll give you the good, bad and ugly takeaways for our current situation. First the bad, most banks will not fund the loan nor will most home owner insurance companies approve a policy until restoration and remediation is complete. So you'll need cash on hand or find a sympathetic private lender. Now the ugly, water damage is the least of your worries. Black mold which is more than probable in most situations with severe water damage will require substantial amounts of gutting and sanitation. Anything from a few square feet of drywall to entire walls, flooring, fixtures, and ceiling will need to be treated and or discarded. Then remediation of all mold spores, (which must be sanctioned by a state licensed biologist) using dehumidifiers and antifungal agents to treat the area. The entire process can run from $5k-$100k in severe situations (I've only witnessed one such repair cost that high). Not to mention the rebuild cost that can be anything the general contractor sees fit. Also, certain demolition like removals of load bearing walls will require engineers and or an architect. Now the good, if damage is assessed to be to high maybe the city will give you permission to bulldoze the house and start a new. A brand new house a top your plot will instantly be worth the drama. If damage is low you'll still get a very cheap property from an owner who's very anxious to sell. But remember this person just went through a natural disaster is in a very vulnerable state, please be ethical. As they say, big risks may lead to big rewards. Good luck, and be prepared.
