Hi Renata,To gain a clearer understanding of the overall condition of the home—including plumbing, electrical systems, HVAC, and the roof—and to identify any major issues such as asbestos, water damage, mold, foundation concerns, or wood-destroying insects, I strongly recommend having the prospective properties thoroughly inspected.

Quote from @Andrew Kubik: Wow - having one of the only water front properties in the area will be awesome!

But if you did the property up right with killer design and great amenities -- I'm picturing cool wallpaper, a game room, boho/modern furniture and a hot tub -- I can see a place here doing well as an affordable Airbnb/STR option just 10 minutes to downtown Denver.

Access to water, electricity, etc is kind of non negotiable if you want access to most lenders. 

--- One shared water meter or two?

Install landscaping that super low maintenance and reduces water usage and looks nice.

* What are some factors to consider when identifying these hot spots?

Unless you can knock all of those items out in the next week, price competitively in the market and are in a hot area. 

Municipal water.

New roof and gutters, updated vinyl double pane windows, resurfaced parking lot, and upgraded main water line.