The interior is finished with pine paneling to give a warm and inviting feeling of cozy comfort. 

For interior alterations, The City's website states that I can submit a RAAC Document (attached), Residential Automatic Approval Certificate, acknowledging that no plan review will be conducted since the drawings will bear my stamp and signature.

We've also done all the maintenance and repairs all these years, we put new linoleum in the kitchen, painted the interior, built a new fence/gate, stained all cabinets, much more all without reimbursement as the owner is a tightwad and had never wanted to pay for upgrades.

Oy, I have to remember to measure the interior sill height, from the pictures it looks like less than 2' probably 23" lolDid I mention I'm considering installing a 30" deck under the window to make it less than 20'.But I would still have to deal with the other side. 

We replaced floors, repainted every inch of the interior, and fixed everything that needed attention.

Purchase price: $125,000 Interior rehab.

All in, I believe the entire build will be ~$300,000 (I haven't tallied lately) but we've been able to keep it cheap because we're doing a lot of the interior finishes ourselves.

So is interior and exterior finishes. 

The reality that neither view is realistic or probable.The best advice I can give would be to underwrite for long-term leases as that can be an acceptable exit strategy, but be prepared to execute well on your MTR strategy (great interior design along with profesisonal photos and concierge servive). 

Another could be if you have a pinhole leak in the supply line...I'd be less inclined to assume supply just because it would probably be so wet that you'd have interior damage and a much higher water bill.