The first concern is the source of the previous water damage. Was this due to flooding or a pipe burst, etc? Being in Austell, it is possible that this home was flooded in the 2009 floods. Either way, you should determine if the home is in a flood plain or not. Check with your insurance broker who should be able to give you more precise information. Please also be aware that the US Army Corps of Engineers is busy redefining some of these flood plain maps, so even if the property is not currently showing as being in a flood zone, it may fall into a flood zone in the future.
If the property is in a flood zone (or likely to be in a flood zone in the future), then anyone trying to buy the home from you in the future and finance their purchase, will be required to take out flood insurance, which is very costly. This, added to their mortgage payments, may make this an unattractive property to purchase. I would be very wary about buying any properties in flood zones for this reason. Additionally, if the home has previously been flooded, it is possible that the structural integrity of the home has been severely compromised. The force of moving water, even if only a foot or two in depth, should not be under estimated and can cause lateral movement of a home's frame from its foundations and weaken the attachments.
Finally, when you come to re-sell the property, you will be required to disclose any previous damages to the property caused by flooding or other water damage. This is likely to deter potential buyers and may result in you obtaining a lower resale price than otherwise could be obtained.
I know some of these â€˜water damagedâ€™ homes have seemingly very attractive prices, but there are good reasons why the Sellers are seeking to sell these â€˜as isâ€™ and why the prices are sometimes listed so low. My best advice is that you retain a Realtor experienced in advising clients on investment properties and preferably one who is also an investor themselves, and who have experience in these matters. If you would like my help, I would certainly be interested in discussing this further with you.