I realize that a full feasibility study will most likely be required if I move forward with an LOI and purchase contract.

Any advice on what typical seller financing rates look like in the current market?

Access to quick capital allows you to take advantage of cost-saving opportunities, like bulk purchases, without stalling your project.

They have a water leak and it’s been about 2 weeks. it’s going directly underneath my house to the point that it looks like a lake under my house.

Desirables: 8 min walk to trains to NYC and 2 parking spaces.I feel the property was not built well and future leaks are inevitable. 

If you buy a polluted property, it's highly likely that the cost of cleanup is yours.I've represented a few gas stations in Massachusetts, so from experience I can tell you that you'll need a current environmental survey. 

Put the want need wish emotion down and step on it like it was cockroach.  

We have seen this first hand in the Chicago market as well.

Would it just be like a condo at that point?

Personally, when I see numbers like those given, I start questioning assumptions and class treatments so I can rule out the alternative if possible.