Then if the market tanks, buy even more.

I am also considering going tankless because I have the wiring to do it.The old water heater tank failed so I am serious and ready.  

The lots have septic tanks installed already. 

There is clear evidence of oil tanks previously being present.

Add in the underground oil tank and what looked like a $40-50k rehab probably would have been significantly more.There is a learning curve to walking a house and knowing costs to rehab, but it's all part of the game.

I am not a shark and have absolutely no interest in simply getting into a deal because there's an equity gap where I can recoup my losses.That's a very bad mindset to come from. 

I would suggest that when you go through the property you can look for condensation on any exposed water lines (sometimes you can see on the toilet tank or in the basement) if there is water condensation that seems to indicate there is a slow leak somewhere.You could also call the local water authority and ask them what an average bill is for a 2 bedroom, etc. and they may give you some good info.Good luck!

, spending well over two tanks of gas per week.

Underground heating oil tanks were sometimes used too.Keep doing your homework and know of all of the potential pitfalls.

I wish I had gotten something in writing from his co-worker before we purchased it.I'm currently getting more quotes for sprinkling the house, and I'm going to try to convince the AHJ to allow a 13D pump and tank system rather than bringing in a new 2" line from the street.I'm curious for all new construction of triplexes or larger, is everyone having to put sprinklers in?