Low impact development (LID) methods have been shown to be efficient in reducing the peak flow and total volume of urban stormwater, which is a top priority for effective urban stormwater management in many municipalities. However, decision-makers need information on the effects of LIDs and their associated costs before allocating limited resources. In this study, the Storm Water Management Model (SWMM) was used to investigate the effects of five different LID scenarios on urban flooding in a district in Tehran, Iran. The LID scenarios included rain barrel (RB) at two sizes, bio-retention cell (BRC), and combinations of the two structures. The results showed that significant node flooding and overflow volume would occur in the study area under the existing conditions, especially for rainfall events with longer return periods. BRC and combinations of BRC and RBs were the most effective options in reducing flooding, while the smaller-size RB was the cheapest alternative. However, normalized cost, obtained through dividing the total cost by the percent reduction in node flooding and/or overflow volume, was smallest for BRC. The results of this study demonstrate how hydraulic modeling can be combined with economic analysis to identify the most efficient and affordable LID practices for urban areas.