The government is getting rid of the heavily subsidized Prefered Risk Policies (PRP) these are policies that were issued in X, X500, B or C flood zones, and the government historically has heavily subsidized these policies making the premium more favorable for the smart few that bought these policies.

Or will they stay near this historic low?

Know before you buy.Insurance Premium Quote: Get one.Utilities: Get the full historically, and ID any upside by installing energy efficient fixtures, etc (LED lights, low flow appliances/fixtures, etc)R&M / Future Capex: Get a PCA inspection done to idea any future capex / deferred maintenance and get on it.

Take the taxable hit now (when taxes are at historic lows) and put it into RE.

You made $160K from the value add which is basically little different in effort from the Ohio value add.The historical appreciation: Case Shiller has San Diego as the number 3 highest return market in the US for this century. 

The home is a historic southern diary farm.

I put mini-splits into historic homes where there is not a way to put in ductwork due to the 100 year old construction methods. 

Is there a market for old historic homes build in the southern states?

Check the city zoning laws, check the future land use, is it in a historic neighborhood?

With the current rates being historically low this has further increased the premiums.