The actual repair cost is estimated at $6000Similar properties on market right now for $110,000just trying to play it safe and still have the number within the ball park.Let me know your thoughts. 

Get the ball rolling.

The hardware store sells a steel "chair" to set the water heater on, that will meet this requirement.Always get a new temperature and pressure relief valve; don't re-use the one from the old heater. 

I DO have capability of putting down 20%, or somewhere in the ball park of $30-40K, but I of course would rather not.

, just when I was thinking that my offer might have been a low ball one it got accepted 35k under value!.

A lot of things you will still need to improve with theming to make sure it Preforms the best anyways. 80% of these homes are owned by Forign investors and some are willing to negotiate and some are not so make a bunch of offers till you find someone willing to play ball.

As i said, assuming you've educated yourself, you should know the ARV, have a good ball park of repairs, and putting it out there at a great price for another investor.

bank does not want to see me leveraged to the eye balls. 

Everytime I go into the apartment to check it out, it is always warm throughout the house with an average temperature of 75F.

@Michael Morin if you have balls, Newburgh has come along way.