She proceeds rolling her little red toy around and snapping photos. 

To address some of your other points:- Based on my talks with other investors around here, 1% "rule" is pretty standard unless I want to get into a war zone.- This is in a solid B neighborhood.- The property has been rehabbed recently.

With $500k I recommend a multifamily in an area where zoning an ordinances for running vacation rentals is permissible -- Miami Beach as a City leans on the side of the hotel industry most of the time and imposes fines for un-approved operators of vacation rentals.

There are still ramifications of red-lining consequences in certain areas of STL.

I'm assuming it is zoned for mobile homes already?

My REIT investment are in deep red and I’m hoping they survive.

Just sayingWhen you see an ROI of over 20% it raises lots of red flags. 

Been under contract to acquire a great high density multifamily development site in an Opportunity Zone for several months.

@Eric Lefebvre an I idea on selling a property in a flood zone is to either offer to pay the premium for two years so you take that off the table or you can get an elevation certificate and see if you can get what is called a LOMA (Letter of Map Amendment) that will remove the property from the requirement (by lenders) to purchase flood insurance. 

If you want a low C or D (war zone) location, then yes, this is possible.