I am assuming you are planning to model flood regime of a watershed. You can use geomorphology and DEM layer to delineate the boundary for each storm event. Commonly used event is 100-year event. Once you have defined flood plain for each event, you can overlay other layers to find vulnerability. For weights on vulnerability, I recommend surveying experts in the area to identify weights. You could also review literature on relative vulnerability of each factor, but that has to be ground-truthed to your watersheds.
While GIS is useful to develop basic analysis, I recommend using simulation models like HEC-RAS to develop more accurate assessment.
HEC-RAS and its extention with GIS, HEC-GeoRAS are the best tools in this prespective. I am assuming that you already have done flood frequency analysis at different return periods.
Yes both are freely available. You can google it by HEC RAS by USACE and download the latest version og it and for Hec-GeoRAS download it as per the your GIS version. First install HEC-GeoRAS and then add its extention in GIS just like ArcHydro tool.