Buying Homes In Flood Zones

2 Replies

I am looking at buying a VA foreclosed home in Minot, ND. Its in a great location and the numbers are good. However the home flooded 7 years ago and I will have to put in 5k in repairs. Our flood insurance maps will be updated in the next 18 months with a rezoning which the house will be in. Flood insurance as of now would be $750 a year with the possibility of increasing all the way up to 18% per year. Does anyone gamble with flooded homes.

Originally posted by @Austin Hoover :

I am looking at buying a VA foreclosed home in Minot, ND. Its in a great location and the numbers are good. However the home flooded 7 years ago and I will have to put in 5k in repairs. Our flood insurance maps will be updated in the next 18 months with a rezoning which the house will be in. Flood insurance as of now would be $750 a year with the possibility of increasing all the way up to 18% per year. Does anyone gamble with flooded homes.

 I personally wouldn't.  That seems like a significant drain on cash flow.