I would absolutely buy a salvage if it was for "my" vehicle. I would NOT buy a flood. I grew up in Houston and have tons of family still there, and any time I've looked at cars, if a Houston one comes up I have to really research. I know that one major flood made a lot of news with the Harvery Hurricane, but it's called the Bayou City for a reason. The place floods all the time.
My experience, find the lowest car speaker you can find, take off the cover and look for a water mark, ha.
The electrical issues from flood cars are miserable, and they can come in random, mind boggling fashion. You can actually repair mechanical, rebuild and new fluids etc, but every sensor in the vehicle the clock ticks faster than before. I think flood is categorized differently here in Texas than Salvage, but I can't recall.
I agree that getting salvage in the South, fixing and selling up north with no rust....heck yeah. A salvage can be fixed all day, and an inexpensive RC lift and a BL lift and some tires, it's not MOAB cool, but it's a solid first Jeep for a lot of folks.