If the water bill is $100 a month, increase the price by 20% (or whatever you decide is fair) to compensate you for the time required to split and bill and to cover additional use when tenants squander the utility.

As I posted recently on BP, some of the units that I've owned included heat and hot water in the condo fee, which increased the condo fee such their fee was in the $380 monthly range. 

Most MTRs in my market are including wifi, water, electric, etc.

Utilities such as water, sewer, gas, electric, trash, etc (utilities are usually split with tenants, you’ll need to estimate your portion).

I have about 250k USD to allocate to this venture, but I may want to dip my toes into the market with a single-family residence in an area like Parma Heights and test the waters.

There are also a lot of hidden surveys that must be completed to get an idea what you are buying (under the water).

If they pay for the water there is a good chance they will turn it off.

What our clients generally do is take the average gas billing for the year while occupied. give themselves a little wiggle room,  and build it into the rent as a flat rate, similar to water or electric with a single entrance. 

Always happy to pass over a warm referral if needed!

A clean food and clean water source are.