Tax - 2.6k (6%)Landlord Gas Water Heating - 1.3k (2.9%)Landlord Gas+Oil Heating - 2.8k (6.5%)Landlord Other Utilities - 5.5k (12.6%)Insurance - 1.1k (2.6%)NOI - 11.8kLending costs - 8.6kAs is, cash on cash would be 5.5%Is (eventually) getting 10% cash-on-cash realistic here?  

I would have the system pressure tested before you decide to start repairing.We bought a duplex where the bank had let the oil run out and the heating system froze.  

Just look at Enron, or banks a few years back, oil a year ago ect ect. 

Has things pretty much cooled off from all the oil work out there?

oil based enamel will leave a smoother finish than latex and it does not matter so much whether you roll it or brush it with an economy grade brush because it will level itself out better than latex

Otherwise, I will continue to network on BP.As a quick background of my wife and I -- My wife is an orthopedic nurse practitioner and I am an land manager for an oil & gas company, each with 10 years of experience.  

Texas is number one in In-Migration (Both People and Corporations). that makes economy so diversified that even oil crash is not affecting Texas now.

Other downsides, heater is oil heat, and no central AC (just small window unit), large yard is very overgrown with Himalayan blackberry bushes, and no garage (converted garage to living room space).Upsides: decent condition wood flooring in bedrooms and about half of the living space area, newer vinyl windows in most of the house, outside siding in great shape, roof looks to be in good shape, and the most important upside is the neighborhood, excellent area.FinancialsThere are already multiple offers on the property and they are accepting offers until Monday morning.  

First and second floor are both 3/1, heated by the same oil furnace, third floor is a 2/1 with gas heat.

I will conduct the following inspections: oil tank contamination inspection and appraisal of property.