This is almost an urban myth. Less than 2% of homes are flood prone and it is always listed on the title. just don;t buy anything in a flood plain. Very little if any areas where you are likely to be investing are anywhere near flood areas.
I would agree with @Dean Letfus on this as well. I have lived here since 2007 and there was only one time when the water level on the Mississippi River rose very high. Most investors are buying out East and the homes are in basically no danger of flooding like what you would see on TV.
Your insurance company would tell you if the home is in a flood zone.
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