@Mark S. - looks really promising, and I think your numbers are pretty realistic.

Thanks @Mark Mahuex I look forward to meeting you at CT REIA

We have always had a water softener (10g/g) but like clockwork our 9 yr warranty 50 gal Hi Eff tanks fail around the 6 yr mark.

Anthony Cosgrove hey you don't have that much equity in the place, but I'll throw out the following ideas to spark your brainstorm:1. are you able to make a clean sell and move your equity tax free?

The issue you have as Mark said a 40 year contract for deed is not an attractive instrument.

Originally posted by @Mark Albano:Here is the description:"... this the perfect investment property ..."

I'm not sure there is any particular "rule of thumb" nationwide but from what I've seen Greg H is pretty on the mark.  

@Anthony Crecco  & @Bill Jacobsen  - Thanks for the input.

Once over that 50% mark, financing dries up and sellers get clocked.

Yep, that's the deal @Mark Ferguson He's been really easy to deal with so far, but being a newbie I wonder if it would have been better to use a buyer's agent.