So I'm looking for help from anyone that would be so kind to provide their opinion.I'm looking at a 2 family (8 beds / 2 baths)My son will be one of studentsCan get $450 / bd (all included) heat, HW, cable, internet7 Students x $450 = $3150 monthly; $37,800.00 yrlyListing price $199,000.00, asking price currently is $159,000.00Assessed @ $107,000.00 (weird it this low)Full market value @ $103,000.00Taxes per year @ $4000.00 I'm looking at Insurance (Idea's) should it be insured for the purchase price or replacement cost(?)

If an emergency ( water pipe, heat etc) occurs you can call me after hours, other then that I hope you can peacefully live your life and I live mine... 

I figured the bank will not take that into consideration  and might appraise the property  Lot lower than asking  price.The building is about 90 years old its a really nice brick historic building with new electric and heating.

I'm waiting for the heat and electric "right"  argument next.  

We did have to upgrade the panel to 200 amp and have the heat pump serviced and repaired, but everything else was in good shape, just outdated.

In my area I can add a simple bedroom and extend the heating system to cover if (assuming that system is already adequately sized) for about $30k.  

I am in agreement with @Derek Carroll and @Paul Ortiz I personally play basketball... but I also lift weights, run, swim, and yoga.

What you don't want to do is buy and hold in an over heated market.  

Hi AllMy Central Boiler in my 8 unit building died March 2014I had a central boiler and converted all the units to individual forced air units in each apartment (they now control their own heat and pay their own gas bill)How do I deduct this $30000 ($3750 each unit) purchase this year.Or How do I deduct the majority of the purchase this year.   

I have a 3 bedrm seasonal cottage upstate NY,which has electric heat, a well , and a huge tank in the ground (new , but not a legit septic).