if its on the edge you may be able to get it pulled out, or if its in an unmapped area, they put it in as a precaution, you will need an appropriate surveyor to shoot elevations and submit a LOMA Letter. if you are in and its Non Owner Occupied,  dont Buy it,  or if you own it, Pay it off and Self insure, those rates are ridiculous.

Really the ONLY time a cap rate is appropriate is when the NOI's are distorted by having long term above or below market rate leases in place. 

From a strict tax savings perspective Brrr with 1031s interspersed where appropriate is the way to go.2.

Do you know the appropriate place to post something like that?

Does the 70% rule then also applies for these kind of houses or is there any other quick and dirty method to come up with the appropriate offers for them?

Some are even better.It is in the appropriate zone to be converted to a triplex, if you locked the doors to the stairs each level would be completely private.

Hopefully, you've found a solution to the situation you outlined by now, but if not, I encourage you to re-post it in the form of a new forum question with a relevant headline to get the appropriate response from those who can assist you.  

I was wondering if we could lock in a lease agreement now for a lease starting May 15 with some appropriate caveats and whether anyone in the community had explored this option. 

The adjacent, larger lot, somehow didn't get transferred to her name, yet she has a Will stating her as the heir (all appropriate docs submitted to county, supposedly). 

I understand that it's a way to move yourself up and people gotta do what they gotta do, but OP has a full time income which can get him into his first deal.I don't think that wholesaling is appropriate for everyone.