@Bryan Noth LOL!

Some of the best cities we've discovered are in the Rust Belt and in the South. 

The $500K exemption might not be enough for a lot of people...this is why this is all so regional  many parts of the rust belt the values peaked 20 to 30 years ago and have been eroding ever since.. so get that they don't have the same upside all the west coast folks have .. nicely bought west coast properties especially if you built them yourselves will be plenty of money you don't need rentals.. you get tax free money when you sell then keep rolling it.. that's what many builders do .. and I know I have done it 6 times since I bought my first home in Silicon valley in the late 70s.. and I am just one of millions of other west coast owners who have done the same.. and of course those that bought rentals on the west coast plus their homes have serious equity.. those in the mid west or rust belt the only value proposition basically is cash flow and number of doors since they really don't get or have gotten meaningful appreciation..  

Is the one that's there rusted/rotted/broken?

galvanized pipe rusts/crusts inward first, so you'll have poor water pressure and hard/gross water over time anyway.

@Bryan C.

@Bryan Bokowy Check the assessor website.

If stain remains, apply rust remover or oxalic acid solution. 6.

Those rust out and corrode over time, then require replace. 

@Bryan Frost good luck to you.