Rehab and have 100% rented in April, then get a commercial loan to build additional units.Currently I have a SFR also good location, premium rent, 3 miles from this property.

I have a resident MD in Indpls that has to vacate immediately and will owe me late fees, 2 months rent and cleaning due to his student loan premium increasing. 

Best months to rent are typically May-September because you can charge premium rent.  

if you go with the student rentals route, considering putting in simple furniture - then you can advertise as "furnished units" and charge a nice premium.

In a situation like this the houses are at an age where most have probably not been updated since they were built 15-25 year ago, but they most likely will be soon when the properties turn over.In a $75k-$100k neighborhood, at least in my area, most of them are declining neighborhoods and people don't want to pay a premium to live in a crappy neighborhood just because the house is nice.Hope this helps.

Even if you invest 30k in remodeling the place, you may be able to charge premium rent.  

I would never buy a house in a flood zone for my personal residence or a rental.My FEMA flood premium is just over $400 a year.

Do I have to be a premium member of BP for that features ?

FHA reduced their MIP (Mortgage Insurance Premium) to become more competitive in the market as Fannie Mae reduced their down payment to 3% for conventional mortgages.

I've seen so many "dog" deals with no margin, "wholesalers" trying to re-sell on-market properties at big premiums, and I've also bought one great deal from a wholesaler (had its reasons w/ tenants in tenant-friendly Oakland).