Personally, I avoid homes in flood zones because I don't need the hassle and the numbers aren't that appealing.As far as 40213 goes, the zip code encompasses a diverse area.

John's list was pretty encompassing.

Once the construction project is complete, we would restore the property to its 1930s charm and use it as a bed and breakfast since there isn't anything like that in our town either.I know the 1031 wouldn't get us to a full down-payment on the larger home - we'd have to find additional capital - but it would put a dent in it.How early is *too* early to 1031 exchange into a larger property? 

I bought the boxes and plugged the old laundry machines from the property I acquired, they work like a charm.

That's more like the cap I might expect to find on a historic (read 100-year-old) home with lots of charm (aka oddities). 

When you own a condo, you only own the 4 walls that encompass your unit.

The list on BiggerPockets is not an all-encompassing list, so not being listed there isn't a red flag.However, there are some red flags to keep an eye out for.

The Aerotropolis Atlanta development which encompasses both cities also makes the rumblings that much louder.If we're talking about developing areas ITP, all three of these areas would be Top 5 or so on my list (in terms of areas seeing great amounts development and appreciation, rather than areas who have already seen both and are only experiencing marginal changes now).

I thought it would be charming to own an old house with all that character. 

Located in charming Gladstone, Oregon, a suburb of Portland.