That does seem high.Best practice to avoid surprise water bills like this in the future would be to request copies of the recent water bills while under contract for due diligence.

Wish you the best! 

But, for future reference, in Ohio there is a little used approach to always get your money back.

Quote from @Daryna Misechko: Hello, my name is Daryna and I am a sophomore in high school and I have been interested in real estate for a very long time.

How much of what YOU learned in college have you actually applied in your career?

As a seasoned real estate agent and investor across Indiana and Florida, your expertise is impressive!

Alicia,Generally, I would be concerned about a policy that is not in the name of the Property owner.  

Maybe selling is the best option stop the bleeding and do something that is more risk adverse. 

I have a rental in Philly (Point Breeze area) that is not renting.

Another downside is you loose on the advantages, of the Federal Tax Code, by not closing in the name of a LLC (you can elect to have a LLC taxed, as a S Corporation which is a whole other conversation).If you want to close in the name of a LLC, Mortgage Lenders will offer you Commercial Loan Terms (25-30% down, a 15-25 year amortization, and a ballon due in 5-7 years).