We consider a cantilevered (clamped-free) beam in an axial potential flow. Certain flow velocities may bring about a bounded-response instability in the structure, termed flutter. As a preliminary analysis, we employ the theory of large deflections and utilize a piston-theoretic approximation of the flow for appropriate parameters, yielding a nonlinear (Berger/Woinowsky-Krieger) beam equation with a non-dissipative RHS. As we obtain this structural model via a simplification, we arrive at a nonstandard nonlinear boundary condition that necessitates careful well-posedness analysis. We account for rotational inertia effects in the beam and discuss technical issues that necessitate this feature.We demonstrate nonlinear semigroup well-posedness of the model with the rotational inertia terms. For the case with no rotational inertia, we utilize a Galerkin approach to establish existence of weak, possibly non-unique, solutions. For the former, inertial model, we prove that the associated non-gradient dynamical system has a compact global attractor. Finally, we study stability regimes and post-flutter dynamics (non-stationary end behaviors) using numerical methods for models with, and without, the rotational inertia terms.