FEMA's floodsmart.gov website used to let you look up an address and it would tell you the risk factor.

But please get yourself involved with a competent Real Estate CPA.

Is it worth the risk, or are the cards stacked against you?

@Christopher Canning real estate wholesalers generally care about price (i.e. who has the highest net price to them), speed (i.e. who can close the fastest) and certainty (i.e. who has the least risk with their transaction).

However, it is more involved than your usual wholesaling transaction.

Risks and benefits?

Why take all the risk, for such minimal returns? 

depends on your appetite for risk.

Rentals are more predictable and carry less risk.

Interest rates are about risk.