It was built in 1900.Should we proceed or not?

How fast will a  town rezone for flooding after flood?  

I dont know anything about the town if it's a good investment I've done minor research.

*Bonus points to the long distance investors willing to share how you located those new markets and built teams there* 

Purchase price: $585,000 Cash invested: $125,000 Bought a 10k sqf lot in a nice neighborhood with a 600sqf cottage built.

I've invested in Old Town, Maine.  

I am in town for a short time only and am hoping to meet some friendly BP family members.

The following home is in an awesome location, built in 2015, and is not in need of any repair (it's basically new condition, so I left the "after repair value" the same as the purchase price).

The house was built in 1938, it's a craftsman style home, original hardwood flooring in good shape, original windows but it very good shape, the walls and ceiling had been filled with blown insulation, had a new roof installed in 2017, and the sellers were willing to pay 5k to have the house painted to the color of your choice.  

I would specifically only want to have single family/townhomes and apartments built.