We have enough of a down payment to go up to $300k, but we were looking to stay in the $200-250k range.

Longer term goals include:Building wealthMonetizing what I hope will be a passionGain some residual incomeBuild a business of my own Ultimately provide financial independencePersonal fulfillmentLooking forward to expanding my knowledge and dipping my toes in the water with the hopes of someday being fully immersed.

It appears to be old parging that water has gone under and frozen.

Utilities (Water/Sewage/Garbage) and Tax.  

The heat pump units require more space, but there would likely be a savings in the range of $500k for the project.

I understand Maryland / Pennsylvania is a big areas, but I am looking properties within 2 to 3 hours driving range of Ellicott City, MD.

if you renting this house you might have to put a least 20% down + 5%-6% closing cost,insurance is going to be expensive near the water, check property taxes, vacancy, repair property maintenance, like snow removal, garbage, landscaping,etc

OK, I have a few actually. 1) Do you happen to know of a reliable contact at PWB that can assist us with gaining approval to remove a water service line?

The beauty of it is that it's on a road that has access and water rights to Lake Mendota. 

My realtor told me the market value of the property would be in the range of $290 to 310K.