This study presents the implementation of a methodology for the formulation of a vulnerability indicator for low-income urban territories in flood-prone areas, for two flood types: Sudden and slow. The methodology developed a computational assessment tool based on the Multiple Correspondence Analysis and the framework for vulnerability analysis in sustainable science. This approach uses participatory mapping and on-site data. The data collection was easily implemented with free software tools to facilitate its use in low-income urban territories. The method combines the evaluation of experts using the of the traditional approach for the qualification of the variables of vulnerability in its three components (exposure, susceptibility, and resilience), and incorporates a computational method of the correspondence analysis family to formulate the indicators of vulnerability. The results showed that the multiple correspondence analysis is useful for the identification of the most representative variables in the vulnerability assessment, used for the construction of spatial disaggregated vulnerability indicators and therefore the development of vulnerability maps that will help in the short term in disaster risk management, urban planning, and infrastructure protection. In addition, the variables of the susceptibility component are the most representative regardless of the type of flooding, followed by the variables of the exposure component, for sudden flood-prone territories, and the resilience component for slow flood-prone territories. Our findings and the computational tool can facilitate the prioritization of improvement projects and flood risk management on a household, neighborhood, and municipal level.