Flooded house on River front vacation destination
So we have an opportunity (maybe)
We live in a tourist/retirement area. With one of the worlds most famous trout fishing rivers. The White River in Arkansas. There is a property with 225 feet of river frontage. Typically river frontage here is $1000 a foot. There is a 2400 sq ft home. (Shell at the moment and I'm guessing it will need 60-70k to rehab)They want one hundred thousand less than market value for this property. Problem is it is in a flood plain has flooded twice is the last 20 years. And with a flood here it means basically the water rises slowly for a day or 2 and destroys the drywall electrical etc. Then water subsides. The house is a great "shell". No mold, no structural issues etc. Its just that chances are it will flood again someday.
My question is, Is there any opportunity here? This place is a short term rental dream location. Fishing is year round and it's a year round fishing / vacation destination. Any one have thoughts or experiences with this kind of issue?