The returns on most moderately aggressive funds would be far greater than any cash flow you could earn investing in your area.

According to the agent I'm working with buyers in this area are moderate income who need to buy FHA, with younger families who value a fresh look even if it is not new, 3-4 bedrooms, off street parking and fenced yard.

The key is to tell the true lost causes from the minor upheavals and moderate disasters ... and be certain about the area (on the edge of gentrification is always good).Buy theses ones cheap (and already cash flow positive), then upgrade the building and the tenants.

One moderate repair blows that cash flow out each year....  

One last note then I will answer your question the high-risk flood zones will usually be identified as an A or V and can be represented as (A, AE, AO A1-30 exc.) low to moderate will usually be identified as (X, unshaded X, B, C exc) zones.

Our first rehab as a company was a moderate rehab where we didn't have to gut everything, just most everything.

Moderation with backup assets is my policy. 

We then write the offer sight unseen to save time (they cant physically come see the property anyway, and I do not have time to look at every property every client has a slight or moderate interest in).

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