Yup. Just as simple as that. With the pull down in place I get 0-4 on that pin when dry. And between around 50-300 when wet, depending on a few drops of water or cable fully submerged.
Now I just need to piece everything together, both hardware and software. Trying to make a fail safe for my hydroponic system. The only way it can fail catastrophically, and flood my downstairs neighbors place, is if the drains fail and the pump keeps running. I'm using the leak sensor rope to go around my buckets and trigger a relay that will kill the pump at the first sign of any water under the buckets.