I've relocated from Chicago to Naperville and need to rebuild my team out here. 

Complete rebuild of the property

Even if your insurance covers the cost of rebuilding, it may be difficult to find new tenants because people have already moved away.

In my experience, if a house sits vacant for much time at all in this hot flipping market then it’s not worth enough to rebuild it.

My first lender gave a clear to close when he didn't have authorization due to that rebuild issue.

You can still turn SFH into Multifamily: Having 4-6 SFH cluster together in a renter area, then tear those SFH down to reuse the land and to rebuild a condo at the existing land/area.

Purchase price: $6,300 Cash invested: $25,000 This property was purchased under my LLC Apollo & Gaia Investments LLC, through a local program that is helping to rebuild our community.

If you want to do it you need to know the extent of the damage and I would say the future of the area (if others homes were flooded are they rebuilding?)

Assuming your numbers are spot-on, it'll take you 8.3 years to rebuild your investment fund.

If so, insure the property for what you paid for it.If you want to have the replacement money to invest (in rebuilding a house, or in something else) you'll need to pay the extra money for replacement insurance.