Rehabbing in a flood plain
I'm exploring a rehab on a SFH that is in a flood plain and has experienced significant water issues in the basement. I'd like advice if there are options that could make this work.
The house is on a great street, but it’s down the hill and below the “water level line”. Other houses on this block, including next door, are newly rehabbed and selling for $650. I can likely buy this same size house for $115
I’m hoping I can get an engineer to review, move all mechanicals above the “water level line”, get approval from the bank on the after-rehab long term debt before getting into this. I’ll also talk to my insurance broker about those costs. What else do I need to check?
Likely need to rent this since the basement will be non functional. Great rental market BTW.
I’ve never done this level of rehab (I’ve done fix to LTR with standard updates and a few curveballs…but nothing to this degree).
Anyone done this with advice? There must be solutions to monetize a deal like this. Open to all exit strategies.
Thanks in advance.