This sounds like a "no-brainer?" 

Sounds like if you can’t afford/or do not want to incur that large cost of replacing the water main, then it is a deal breaker, especially if the seller will not do or cover the expense.

It sounds like you've done a good job of getting your ducks in a row.

I had a good experience with Paul Hoffman at Hoffman Building - busy but knowledgeable - and yes a French drain also sounds like that could help

sounds like you need an agent

It sounds like the tenants have already self-selected that building, so it may not be feasible to change tenant type now.

-The house Is in New York has- he has a fire extinguisher company and won't list it because he actually services many of the real estate companies and is afraid to favor one or the other and inturn lose a client- he has nine houses in Pennsylvania - original loan was 660k 760k if I remember correctly - has paid 250k- has all floors ( basement, 1st and 2nd) rented only top floor has a lease total rent colle is 5500- supposed market value is 1.1 million - he's willing to take 960k- might be open to terms since he's already renting.As long as he keeps the title-sounds like the house doesn't need many repairs but i have a friend that is a contractor and he can Help me assess any repairs Hes a savvy new yorker so  I rather give him options instead of just 1 cash offerCan anyone help me figure this out ?

It sounds like you do not charge more for a monthly rental, either. 

It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees.

Those sound like pretty good markets for out of state investing.