Food, water, shelter.

I'm Rich Kraemer and I am starting to move further into the real estate waters.

So if I could get it for like $65k  it sounds like it may be a better deal That would help the deal, but you really need to see if it is even possible to reslope the lot so that the water does not run towards the house. 

The previous owner drilled a well and no longer pays for city water.2.

In addition, just because items are depreciated for tax purpose over 27.5 years does not imply a life span of 27.5 years any more than replacing a water heater depreciated over 27.5 years implies the water heater has a 27.5 year expected life span. 

But that's all water under the bridge now.

We have a water pump for a pair washing machines and a dehumidifier in the basement.

Still red tape but a definitive end game Pavlov law approach:Food, shelter, water, safety, comfort and I will throw in livelihood.Get your contract out and read it thoroughly.  

Got a water leak down there?

If it's old lead water lines, then yes, I'd replace to pex.