Herein we investigate Life Cycle Cost (LCC) and Return on Investment (ROI) as potential decision variables for evaluating the economic performance (ROI) and financial feasibility (LCC) of a set of flood mitigation strategies over time. The main novelty of this work is the application of LCC and ROI analyses at the urban level to an asset portfolio of flood-prone buildings. Reduced flood damage is treated probabilistically as avoided costs (LCC analysis) and returns (ROI analysis), respectively.