It appears that the current easement rights are based on a verbal agreement between the two and is secured by their kinship relationship only.

It appear that they bought the tax lien from the City.  

Pending inspection there appears to be little to no immediate deferred maintenance.

One deal, the seller, Bank of America kept hassling me and appeared to want to back out of the deal.... exasperated, I had my lawyer intervene with the sellers broker and got the deal back on track.I think the bank wanted to accept a higher offer as there were 10 offers on it and mine was not the highest offer, but it might have been the only cash offer.

Being a REALTOR, I have full access to my Multiple Listing Service so the research was quickly done.2015 04 30 SF SOLD Analysis appears to show Waltham is a good target to focus on not just because of the # of sold but because the days on market is low(er) and the price point is moderate for this area. 

But the structure appears to be good.

Neal,To be fair with Brian Adams post I am not certain but it appears from his profile that he is a syndicator ( meaning he has investors that are passive partner with him ) to acquire properties.That is a whole other discussion and topic from buying directly as a single purchaser and owner.The dynamics of syndicating and reporting are different than being a direct one person owner and scaling up.

It appears to me that you are being drawn into what could become an ugly situation by focusing on the wrong numbers (low interest rate, low down payment) which is being used to draw your attention away from the short balloon as well as what is going to be marginal cash flow.  

It appears that insurance, taxes, and water are being left out of the analysis. 

I NEED to work on a roof that is only 1/3 done but the raid appears it will continue into next week, (the renter called and it is leaking, tarps are not enough).