I had a great conversation with @Kay Kay Singh today about the depreciation of gas stations, and thought I would share some relevant information regarding the tax laws for the general benefit of the BP community.Gas Stations (or 'retail motor fuels outlets' as they're called by the IRS) are depreciated over 15 years, and not 39 years like almost all other commercial properties.If any one of the following three criteria are met: It is not larger than 1,400 square feet. 50% or more of the gross revenues generated from the property are derived from petroleum sales. 50% or more of the floor space in the property is devoted to petroleum marketing sales.Here is the link to the IRS publication on this subject where the above words were take from.

Gas furnaces aren't too expensive either.

I estimated gas, electricity, water, sewer, and trash to be $225/month, which could be billed to tenants while I'm house hacking.

@Benjamin Haberman ya of your going to auction every week and hired an assistant it’s probably good to know if there is a valid pending first that isn’t eliminated at auction.

I go up slightly (my initial offer bakes this likelihood in) and if the seller counters again I explain why I can't go any higher (all good reasons - winter's coming and the gas bill will not be low, it'll take at least two months to rehab a unit/units and fill vacancies, etc.). 

PITI: $1,200.5% Down Payment of $163,000 Purchase Price.Property Appraised for $190,000 right out the gate.Originally paid Gas/Water for both units and electric for 1 side, but am in process of switching electric over to new tenant, which should save $140-160/mo. 

One Has to see the option agreement to see if it is still valid......short of that it’s a crap shoot.

I see I made a major deficiency in purchasing my current property with the age of the key items, e.g. gas furnaces, water heaters, washer/dryers, refrigerators, stoves, plumbing, electrical, etc.

@James Wise, that's a valid point, and it's what I've been struggling with.

If either of that is not valid then the lender can't go forward with the loan.If either of that is value then with is going to be difficult to secure Fannie financing with low down payment.