you may find yourself having to remodel the commercial space if a similar business can't be found to lease it out.You may find some info on a previous post of mine (and some fantastic responses) about what you want to see in a deal where tenants occupy the property you're purchasing.

Similarly if you currently allow smoking you cannot change the least to prohibit smoking. 

------------------------------------------------------------------------Here's our current guess: "The builder's plans and the build may not line up perfectly, so the buyer could sue for breach of contract or a similar claim."

Anyone been in a similar situation?

I'm in a similar place now, so will definitely be watching this post!

I can't speak to the other markets you listed but they are typically compared to our market here so I imagine they're similar.

•I’d compare this deal to similar non-flood-zone properties—if the return is much better, it might be worth the extra risk.

Make sure there is a good number of comps with that similar layout so you know you can sell the property. 

Your property is similar to mine in great Indianapolis suburb with good schools owned since 2013 - worth about $300,000 (possibly could get a little more if in a multiple offer situation), property tax $6249.

Finally, pick up the phone and call any similar complex to yours and see what they're chargingGino