Does this become a lesson in property value?

No, it becomes a lesson about rain.

It should be a lesson in flood insurance.

Rain like this and in 83 are outliers. Somethings you can't prepare for all the time.

This is why no one buys waterfront, beachfront or riparian property. You are a genius!

The reason that property values are sometimes lower on low ground is because those areas are usually much older...because of the reasons folks mentioned already about cities developing near rivers.

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If you were around here in 83 you can prepare.

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It's mostly becoming a lesson in hindsight.

But sure, land that floods is much cheaper than land that doesn't. A large part of it is the cost to build a house in a flood zone. I chose to do it and elevate my house. Acres of cheap land, expensive house.

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Higher land throughout history has shown to be more desired and therefore more valuable...isnt flooding the main reason?

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Yes, that and flood insurance

...and sometimes what seems to be a decent property location decision becomes affected by future development. Where I grew up, there were no flooding problems in the past. However, once the surrounding areas were developed over the years, it created more drainage than the area could handle. Went from never flooding to flooding 4 times in a 5 year period. Improvements in the pumping stations then resulted in no more flooding for the next 20 years.

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It should be a lesson in flood insurance.

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Yep