We used an asset based (aka "hard money") lender as we don't have W-2 "income" and my husband is our strong credit arm. 

If you go to the Dr, with your arm hanging at your side, and when the Dr asks you what's wrong you tell him it hurts when you raise your arm. 

Some preliminary numbers are below.Asking price: $149,900Current rent: $1600 with ability to increase to around $2000Tenants pay electric, landlord pays heating oil and water.Taxes: $5300 annuallyI like to keep capex, repairs, and vacancy all at 10% for safety, so with a $1600 rent, they equate to $480 monthlyInsurance I would assume anywhere from $80-120 monthlyI have been looking for a seller financed property because I already used my FHA recently and that is my first property, so conventional lending is a little harder for me to get right now.

Some preliminary numbers are below.Asking price: $149,900Current rent: $1600 with ability to increase to around $2000Tenants pay electric, landlord pays heating oil and water.Taxes: $5300 annuallyI like to keep capex, repairs, and vacancy all at 10% for safety, so with a $1600 rent, they equate to $480 monthlyInsurance I would assume anywhere from $80-120 monthlyI have been looking for a seller financed property because I already used my FHA recently and that is my first property, so conventional lending is a little harder for me to get right now.

Be sure to require renters insurance as a fall and a broken arm will likely result in some sort of claim.

Do your due diligence and budget a healthy safety factor (contingency) for your project.

It is not a health and safety code violation but if the house is of moderate luxury and they are paying market rents I would repair it, but get another plumber quote for the pump 

Fire chiefs have to pass the building for all fire and safety regs, city power has to pass the building for energy efficiency if the tenant pays heat, public works has to flee all permits and outstanding fees.

She and her husband own a company that does safety training for people that work for power companies, the fires, etc.  

It will cost you arm and a leg to service or find maintenance ...