spent around 10K doing some cosmetic updates and new water heater. got it rented two days after a quick renovation.

Your going to need proper sewerage electrical and water setup for that to be legal and get any funding .

For example, often fire damage is water damage--they put the red stuff out with wet stuff.

I would just make sure that it won't put you under water when you move out.I agree with others though that 140 seems too high for the rent it gets.Good luck!

I agree, affordability has impact, although a residence is a fundamental human need, that with water and food.

What's the condition of the roof, water heaters, and furnace/boilers? 

Capex budget should include roof 25 year life span. floors 10 year life span, appliances and hot water heater 12 years, hvac 20 years, bath and kitchen remodel 15-20 years.

A contractor who left before finishing the completion list, lied on major electrical work that wasn't done correctly or up to code, water leaks everywhere.. and just an expensive list of repairs.

The house is generally in very good condition mechanically (newer boiler and on demand hot water heater, PEX supply plumbing, new outlets, switches, light fixtures, updated electrical panel with breakers, fresh flooring, fresh paint, etc).

If the HVAC or water heater breaks, your landlord's policy won't help with any of that.