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

Utilities (Water/Sewage/Garbage) and Tax.  

You are talking about heat pumps for water heating and space conditioning?

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

This DaVinci overlock system should help a lot of owner/managers lessen some of the work load (if it works as advertised).https://www.prnewswire.com/news-releases/10-federal-announces-the-official-release-of-the-davinci-overlock-system-for-the-self-storage-industry-300624272.html

Isn't there a certain way to kind of "cheat" the FHA system by downgrading from a 4 plex to a single family home? 

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. 

I'm able to push things to 1.7-2.0mil with some additional personal risk, does that clear up the waters a little, or is it "chump change" at this point and not worth the risk? 

You are also welcome for providing you a free opportunity to advertise your system and company without running afoul of BPs rules.