My recommendation is have your cash or financing ready you go and have clarity to exactly what returns you are looking for. 

Thank you for the feedback, the information you are sharing is providing a lot of clarity. 

Looking for some clarity / understand on if/where I'm wrong: 1.

Remember, this is a "below the line" expense, it does not impact NOI.I'd like some more clarity on your numbers, Cap Rate, etc.

Thus, you could purchase at the devalued price, flip the flood zone designation, and gain all that NOI + property value.This particular property doesn't look like that would be possible... but we could also give you some additional insight and clarity on the risk going into a flood zone property.Super flip! 

Look at your current cash position to invest with reserves.Look at your credit scores and your debt ratios.Determine based on asset size that likely you will buy locally.Determine how much time you will have to put into an investment to keep it performing.These are the basics but without answering these questions you will not get a direction and clarity of how to proceed. 

@John Roesler I would like to add some clarity to this situation as you are not accurately describing our business model. 

Hey folks,Would someone please be able to help provide some clarity to the following questions.

That will give yo clarity on what the market demands. 

@Matthew Horn some clarity on what you're getting into with a pre-1940s house:They didn't have much in terms of appliances back in dem ol' days.