However with the market heating up, extremely low inventory, and plenty of cheap money to borrow we've were fortunate to have multiple offers at list price with less than 24 hours on market. 

The house is having trouble getting hot water so it seems The element no longer works.

. $1700 mo gross on a $150k purchase works out fairly good as long as expenses aren't to crazy ie. landlord paying heat, water etc.. 

The reason I am recommending this is so that you can install electric baseboard heating in #1L.

Your business plan should be detailed enough that the only elements missing are a property that fits your acquisition criteria and $X to make it happen.

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.

I'm out of my element as your question is for commercial, not residential, but IMO if owner planned to repaint anyway, just repaint and call it a day.

In terms of markets around us, Pueblo is heating up and there are properties there that can be had cheaper then in the Springs and open to BRRRR.

The real sticking point that I cannot factor is how half the rentals on the market have heat included in the rent.