Venting alternatives for my gas water heater
#1

I'm buying a house whose chimney is oversized for the hot water heater (the furnace is power vented elsewhere) plus - the chimney is no longer serviceable and being removed for remodel purposes. So I need to reconfigure the venting for the water heater.
The obvious solution is to replace the current gas hot water heater with a power vented version. However, since the current water heater is practically new - and power vented models are very expensive - is there anyway I can buy or configure a double wall flue and termination vent so I can safely vent the current water heater through the exterior wall of the house?
I've installed several direct vent fireplaces (which have double walled flues that vent/terminate through exterior walls) - so the concept sounds reasonable/workable - but I want to be safe. Any ideas?
The obvious solution is to replace the current gas hot water heater with a power vented version. However, since the current water heater is practically new - and power vented models are very expensive - is there anyway I can buy or configure a double wall flue and termination vent so I can safely vent the current water heater through the exterior wall of the house?
I've installed several direct vent fireplaces (which have double walled flues that vent/terminate through exterior walls) - so the concept sounds reasonable/workable - but I want to be safe. Any ideas?
#3

Can you tell me more about the power vent retro kits? Are they widely available and universal or do I need to contact a specific manufatoror? Also, are they worth the cost/effort (any idea of their cost?) - I just found 6yr warrantied 50 gal powervent water heater for $380 at Menards - much less than I expected.
Your thoughts/advice are appreciated!
Ed
Your thoughts/advice are appreciated!
Ed