So last night I dried up water then waited to see if I can catch where the leak was coming from.

Why do I always start second guessing myself when it comes time to pull the trigger?!?

With two shop vacs going, and and several industrial fans drying the ground, we were able to lower the water levels to fine puddles.

Once the stuff dries it's not volatile.

NYC is saturated with investors and the market has dried out.

I think I can get it for $20,000 to $27,000 (either # appears to still make for a good ARV)I plan on putting in at least $30,000 (I have more I can allocate if I run into unforeseen problems) into the property ( both purchase and rehab will be with cash no financing)I believe that after what I envision for the property, after rehab ( possibly adding another bath) and comps, it can bring conservatively $75,000, I think more but think I will stay conservative.I personally feel that the numbers make sense to pull the trigger and generally feel RE is a good investment no matter what.  

Someone always wants a piece of the deal, but as long as your numbers co-inside with your desires...pull the offer trigger!

Even if the market value of my property goes down 50%, I'll still be making money.The lack of liquidity could also work in my favor during a downturn assuming I have dry powder available. 

The information is actually enlightening.Anyway congratulations again and you might consider the line of credit on the house you pay off as a money saving alternative and still keep your gunpowder available if you want to pull the trigger on another property. 

The joists are dry-rotted, could be all of them due to no moisture barrier between the dirt floor and subfloor.