I would ask for the flood elevation certificate, since it's across the street from the water and request a quote from an insurance company.
Would I buy? After doing my due diligence, yes. I hope, I have answered your questions. If I can be of further assistance, I can be reached at 917-
Homes in a flood zone should be compared to other homes in a flood zone in order to properly determine value. Flood insurance is an added expense that you'll need to research and deciding if you want to risk living in that area is entirely up to you. Millions of people live in flood zones, but every year we disasters strike and people lose valued possessions and their lives are turned upside down. Will it happen to you? No one can guarantee.
What is certain is that someday, you'll want to sell this home and will have to factor the location in when you price it to sell. Expect a lower rate of appreciation and a longer marketing time compared to similar homes outside of a flood zone.