4)  Other landlords/property management companies in my local market charge application fees so it doesn't hurt my chances of getting a tenant if I charge one (if no one in my local market charged an application fee than I would probably reconsider charging one as I'm sure it would result in less applicants applying). 

I don’t have much restrictions"You may want to reconsider that statement in light of your resent marriage.

I don't see any:lawn care or snow removal (which may mean snow removal from the roof as well), Trash Pickup90% of the duplex type properties in Maine would have 1 heating system meaning landlord pays (can be substantial depending on the property), electric could be per occupant but checkI assume you would also pay water sewer --  maybe $60 per monthA building like this is Waterville is probably a old converted single family even if it is all redone I would reconsider your repair and capex estimates I don't know local Waterville but double check the property taxes

If not what made you reconsider?

Article courtesy of Bankrate.com Ten years after Bear Stearns, Congress reconsiders Dodd-Frankhttps://www.bankrate.com/banking/bank-reform-rollback-dodd-frank-ten-years-after-bear-stearns/What's everyone elses thoughts on the above article and possibility of changes?

If your goal is use leverage so you can live a better lifestyle then, I would reconsider.  

The seller wasn't motivated to do seller financing and thought he could sell for more than my offer, but the property hasn't sold yet so I will probably go back to him this week and see if he is willing to reconsider my offers.

You may want to reconsider your ultra conservative investment approach in order to grow and actually achieve positive cash flow.If you are buying homes worth 50K or less and renting for $850 + per month you are not doing as badly however you should try to find a way to pull all your dead equity especially before the markets turn and you end up losing it all.Paying off rental properties is not investing it is hoarding of cash and is extreamly expensive.Just food for thought

Anything beyond that, means the margins are perhaps a little too tight and you may want to reconsider doing the deal.If what you’re saying is correct, that 70% ARV does not leave any, or very little money for renovation, than I can already tell the margins on this deal will be tight.

If this is something they can truly not afford, it is unlikely you will convince them to reconsider this chain of events.