Everything seemed to be going well and then... the water main burst at the property. 

Sewer and water systems are not designed for 8 adults taking showers and excreting waste. 

This Water Street property in Delphi, IN, was an attractive investment due to its low purchase price of $21,000 and the potential for significant value addition through targeted renovations.

I would advise to separate the water and power meters.

I probably profit about $0.50/load based on my cost of water and electricity.

; No water/sewer/storm pond or drain.Segregate the analysis of the house and the storage. 

Make sure tenant knows how to flip breakers, turn off the water main, relight water heater pilot, etc.

I wouldn't limit it to roof as wind and water can damage other areas of the home..what if a window was left open and the interior now has water damage etc...Did you already bind your insurance (likely not if you are two weeks out) So there may not be a reason for them to dictate you get it reinspected. 

Tenants pay for gas and electric, owner pays for water.

Home Warranty: My bathroom sink is clogged and I'm too stupid to know how to pop the water stopper out and clean it.