Also, depending on what flood zone it is in, and how much of the property/structure is in the flood zone, you may be able to obtain an elevation certificate.

in my market rents are going up over 10% this year and I expect this will continue for the next few years to “catch up” with the property appreciation and to compensate for the elevated risk associated with the covid eviction moratorium.  

In general, any permanent structure will require elevation above the base flood elevation identified on the FEMA flood map.

The reason the 10-year profits are close is due to the paydown on the mortgage principal, but then I believe the expenses for the 48-unit are far below what the broker is stating because this property has an elevator underground parking.

People no longer feel safe in hotels where they have to ride an elevator where there have been 300 people in the last hour.

Which would be my main concern... a lot of these hurricane homes are being renovated but not elevated to survive the next flood.

But, the elevations might demonstrate that the building sits above the flood level.If so, it could qualify to have the flood zone designation removed. 

I can see prices are pretty elevated but it seems that’s the case pretty much anywhere these days.

In the past, I noticed that they were an online accounting system with minimum phone contact, if you reach a person they always say it needs to be elevated or simply didn't know the anwser. 

@Mauricio QuintanaThe flood insurance is cheaper if you have a higher base flood elevation. make sure to get a BFE certificate.Our house had a basement so the utilities would need to be on the first floor for it to make any difference for us.