<prompt> Human: My wife and I are looking to buy a newer more modern home.We purchased our current home in 2009 and owe 46000 still. The home is valued at 66000. We recently were shown a home that was damaged in a flood in 2011 and was given to charity. The charity has offered to hire a professional cleaning service to remove any signs of damage. However there will still be 10000 in work that needs to be done downstairs electrical, new basement insulation, new furnace and water heater along with some small roofing work. Up river from the house a new area was made into a flood plain and some levies were changed to reduce the chances of a flood happening again. Multiple floods happened in the past 40 years that were not to the level to damage this house.t. The property was last valued at about 300000 and the taxes unfortunately reflect that. The charity has listed the house for 94000 along with providing the professional cleaning.Taxes are estimated at 4000 per year with insurance including flood being about 1500 per year. My wife and I have no debt besides our mortgage. I make between 50k-60k per year with overtime. My wife makes between 30k-35k. We have nearly no other expenses besides utilities and cell phones The utilities vary and the cell phones are under 100 per month. We have about 14k in savings and about 26k in our joint retirement accounts. No flood in the past 40 years was to the same level as the one in 2011 so, I believe that we are safe from it happening again. If possible we would like to rent out our current house. We plan on using a building manager so that we would not have to vet applicants or collect rent without experience. Would this be an intelligent investment for my wife and I to make? Due to the property being damaged are their grants that we can file for to assist in paying to restore the house? Also is there a type of petition to file to lower the taxes since the property has been damaged? Lastly, both of our cars are decently low mileage and should be adequate for the next 5 years. Im 31 and my wife is 29. if that matters at all.  <response>: Water damage is the worst kind of damage, mold can grow and not be seen, warped wood, constant replacement of rotten areas. Not sure where you get 2-3 k for materials furnas alone should cost 2k by itself. Water heater another 3-4 hundred. Also you are forgetting your old house. What happens when your first tenant stops paying rent? You have no emergency fund beside retirement accounts. Your probably not ready for this investment. 