Water heater and furnace are both less than 10 years old.

You want a local guy that you have multiple policies with that will go to bat for you with a big insurer, unless they are waaay over priced…I got a great deal through my local Allstate agent and he’s dealt with 2 different $30,000 claims on toilet supply line water damage at 2 different properties.  

Paper wall paper that was glued with wall paper sizing/paste is easy to remove with hot water and rags.

The water heater won't light and there are few more minor problems.

I’ve had this tenant that I already plan on not renewing with, but my city called today needing access to the building (4 unit) to turn off water.

This includes gas, electric, water, sewer, trash etc.

I would ask the owner for the age of the roof, age of utilities (water heater, boiler/oil tank), and ask if/when the most recent upgrades were made to the property.Of course, take the responses with a grain of salt.

Oil tank removal and remediation should be the seller's responsibility, not yours, UNLESS you're a very experienced investor getting a tremendous deal sold strictly "as is" where you've waived all your inspection rights.The worst case could be significant soil contamination requiring thousands of dollars in remediation, followed by soil and ground water tests by the state of NJ.

Not sure if watering helps or hurts, but your tenants are not going to water.Is everything separately metered?   

I then but a Tiny Home on it and set up my PV system and water catchment and lived there off the grid for 4 years.