If you're not lucky and it's not copper coming in, with the age of the building, it's possible/probable you have a malleable soft metal water pipe that you're not exactly sure what it is when it comes to legal disclosures (thus the non-permit work, City would make you replace the malleable metal water line if you pulled a permit).

A crude estimate is 15% to 20% is the total of those three or as I call them soft costs.

That, coupled with soft wood in places, etc.

What can I saw, I have a soft spot for NC.

A sharp colleague of mine calls it a “soft pass”Working towards their motivation is the key to understanding why the price is what it is. 

You can spin it as a way to save taxes, or a better investment than they could get in the stock market (or whatever else they were going to do with the money), or a way to keep getting income from the property without any management hassles.Seller financing is a great example of the principle that you won't get something if you don't ask, but as with most things a soft sell is usually a better approach.

Get the seller to hold a 2nd mortgage -- if you're going after motivated sellers, or even market sellers, many of them may be in a position where they can take a large chunk of the cash now from your primary and hold a soft seller 2nd, at a slightly higher interest rate.  

Is it a hard or soft pull on my credit?

Besides the potential code changes, make sure to carry adequate soft costs for design.

First off, anyone who advocates biking the way he does has a soft spot in my heart.His basic message of frugality fits in with my way of thinking, although in some areas he seems a bit extreme.From a long term buy and hold perspective, the focus on cutting costs and watching and being conscious of your spending is a good thing to take to heart.