I have posted in other threads, but generally be very careful about purchasing flood damaged homes.

When we mention that we want to make 'low-ball' (albeit carefully calculated with investing in mind) offers and lots of them we don't get the hungry, enthusiastic response we have been looking for haha.Multiple episodes of the BP podcasts have individuals who have casually mentioned getting licensed like it's no big deal.  

Would you hire a property manager to take care of the property?

(Barring HOA complaints.).The management company takes cares of everything.

I don't care if I have to give it away I just want to stop having to pay monthly maintenance fees!

However, be very careful when doing a lease option and have it vetted carefully with your legal team. 

How bad of an area is it?

I suggest not caring, just as i no longer do relative to baltimore city and its corrupt absurdity, fueled by stupidity. 

@Kevin Tyrone wayman srEven if it’s a refi if you can make that much money by doing the work I wouldn’t care - overall cost of business and say it’s $65k with closing and my mortgage goes up several hundred bucks your stoll grossing over $2k on the investmentLook at it that way.

Is it out of your job, vacation fund, retirement money added to a 401k, taking care of aging parents....You determine what the goal is and the answer will become crystal clear.