Rental property opportunities

[Dylan McVey]

I’m looking to get into my first rental property in Binghamton NY, it’s a duplex that just needs some cosmetic updating built after 1980 but it’s in a flood zone. On the scale a 7/10 risk I’m just curious if anybody has any insight on properties in flood zones or is it a silly risk.

[G. Brian Davis]

Flood zone isn’t automatically a deal killer, but it’s something you need to plan for. Check the insurance cost, how often the area actually floods, and whether any previous claims exist. If you can budget for the risk and still cash flow, it’s workable, just don’t ignore it thinking it’s “minor.”