Porthill is nice, nice walk/cycle through the quarry park to the town centre, pricy tho. Close to Dave Mellor cycles.
You might find something nice around Frankwell too, which is where Dave has his shop, need to be careful here as this probably has the highest flood risk.
Castlefields is close to the station, mostly terrace houses but quite nice and quiet.
Herongate is new (12 years old) and next to Castlefields, I lived there for a while, boring but ok.
Bellevue has some nice town houses and is close to the river, don't recollect it flooding here but it could be an issue.
A bit further out is Copthorne, nice large semis, popular with families.
Avoid Monkmoor, Sundorne, Ditherington and Meole Brace. Mount Pleasant isn't anything special either.
There have been quite a few developments of flats in and around the town which might be worth looking at, at Bagley there is Ellesmere Grange for instance, the surrounding area (Coton Hill etc) isn't great, probably better to go out towards Castlefields or Herongate