Hey All, I am looking to buy an investment property (this would be my first property) and I finally found one that I like but just found out that it’s in flood zone. Given it’s my first big investment, would you guys suggest me to look for another property or go ahead with this one and just buy flood insurance? What else should I be taking into consideration here?

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Climate change and how long your investment horizon is

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If the numbers still work with the added cost of flood insurance, then I don’t see the need to look elsewhere. Plenty of rentals are in flood zones(a good % of STR on the beach).

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Agree with this. My two investment properties are both in flood zones.

Budget at least $750-1000 additional per year out of your profit

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Not with appreciation or even equity. $25k a year increase in equity on top of the 100k. Place also happened to appreciate $500k in 2 years but I got lucky buying beachfront pre COVID.

As someone who lives in a house in a flood zone now I WOULD PASS. Flood insurance is a hassle. Things you think are covered aren’t. They make you jump through hoops to get the money on things that are covered. It’s all great getting a property for a “steal” until it’s filling up with water.

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I am just looking to generate rental income from this investment

I’d get a quote on insurance ahead of time. Some insurance companies may flat out decline to offer coverage, and any remaining options might be greatly overpriced. That will drastically affect your profitability.

Yes agree with this as well. If the current owners have flood insurance they can usually transfer it to you so your premium doesn’t go up. However If they own the property outright they are not required to pay flood insurance so many don’t. Also keep in mind flood insurance typically just protects you for $250k as that’s the minimum you need. Most people don’t go higher as it’s cost prohibitive.

Don’t buy in a flood zone your insurance premiums will make profitability on the investment more challenging. FEMA changed the requirement for flood insurance after Katrina.

Thanks for all great inputs! Really appreciate it! Thanks!

Which flood zone? People may be overreacting if it's a low probability zone

Also, what city

AE - Lubbock,TX

Load up on insurance

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