Apparently last spring, there was a freeze and some of the pipes burst causing significant water damage.

As to paypal, what would worry me is that a potential dispute by a tenant might completely freeze your account, including any other rent payments.

He was successful in getting his and his associates money out of Michael Garbers frozen bank account early in 2009 before that freeze was lifted.

I've done freeze test as well and not been able to burst the pipes.  

My current strategy is to: FREEZE

I fussed at one of my tenants recently for waiting until the next day to let me know the heat went out the night before - and it was freezing outside.  

OK - so, you mean to tell me that you would trade $30,000 in exchange for $5,000 which may happen (of the roof doesn't leak, units don't get trashed, tenants don't skip in the night, main water line doesn't freeze, bed-bugs aren't brought in, and a million other things..)  

Just a little north of you, but our water meters are inside the basement ...But some houses have crawl space pipes that freeze. 

Sometimes no matter what you do, pipes will freeze, but many policies do include a stipulation that you do your best to maintain heat or drain the system completely in order to have the water damage from a burst pipe covered.

Depending on how the ROFR is worded, the seller may be required to first negotiate a specific deal with a third-party buyer and then freeze that transaction momentarily while the holder of the ROFR is given a chance, for a specified time, to buy the property upon the same price and terms.