Did I Make The Right Call?

[Rob Suhai]

Hi All, 

So biggerpockets is all about learning and sharing experiences so I wanted to share an experience and see what you guys think. I'm a newbie investor and still looking for my first buy and hold property. I found a good single family lakehouse in Sussex County and agreed to a price of 85k for it. The home was move in ready, new roof, hotwater tank, you name it. Everything in the deal was going great until I got back the well test back. Turns out there was lead in the water; the well test read 7.85 which is above NJ EPA standards. The seller wanted to put in a water treatment system which would reduce the lead content in the water and make it EPA acceptable. Since the piping in the home was fairly new the seller determined the lead was coming from the well into the house.  The best "fix" would be to replace the well piping but would obviously cost thousands, and ripping up the driveway etc...

After doing alot of research and talking with alot of people I decided it wasn't worth the liability to have a home that had lead in it. My biggest concern was that obviously tenants would be living there and even if there was a trace of lead in the water, I just didn't want to risk it. 

So what are some thoughts and opinions (go easy on me lol) On the one hand I feel I walked away from a great deal, but on the other hand I did what "felt" right and didn't want to assume responsibility if anything happened with the lead and a tenant.

Thanks in advance everyone I appreciate your thoughts and suggestions very much, and I know I'll grow from this experience.