Currently, I am looking to better understand the real estate market in Southern California. 

Though DSCR gives you a better picture of how the property is projected to perform vs debt service, you can't rely solely on one measure to make a purchase decision. 

Sometimes being able to pivot and adapt is better than holding strong to your buy box. 

Institutional investors and hedge funds may allocate more capital to private lending platforms, leading to better loan products and increased liquidity.

You'd kick yourself if the seller got a better offer in the interim.

I would find a loan officer that does both conventional and FHA renovation loans to compare which has better rates and terms for your situation.

Also, living in a better area of NB is still much cheaper than the rent in the suburban towns that surround NB which will always be an advantage of owning there.

But since there are 10's of thousands of units here, bigger is typically better because there are fewer of them than smaller condos and towns.

If there is even a small chance, I would disclose.If I remediated the water issue and confirmed it's no longer an issue, then I would not feel the need to disclose that.Talk to a Chicago attorney to get the best answer....who would ultimately be the one who would defend you in court...when in doubt, disclose, and you'll be better off.

Honestly is better spent as a down payment on a second building.