The water pipes are filled with awful moldy smell so you smell worse after you shower.

I was working for a GC from 1997-2012 and during that time I have seen A LOT of developers go under water and out of business and lose everything.

If you're interested in multi-family, I highly recommend starting out with multi-family with your first VA loan as it will be easier to get a single family residence after that.If you decide to pursue multi-family, you'll want to ensure that each unit is separately metered for utilities (water, gas, heat, electricity, etc.) as this is a requirement under VA financing.  

Any thoughts or advice greatly appreciated.First find out what it is zoned for and if it has water rights. 

If your water supply line is galvanized iron I’d also include that in capex.

Quote from @Rodney Menendez: @Peter Dukaj yes we are still finding lots for around $19k in Lehigh Acres with no issues for construction  still a soft market and utilities are going to run way more than public sewer and water taps. it all ends up being the same. 40-50k for a lot no matter how you skin the cat. plus all the site work required for those lots is more than double what a traditional infill lot requires in miami or columbus for example 

Is the lawn watered and mowed?

The property I got is in the medical center, a $260k, 4 bed, 2.5 bath house, newly replaced roof, 20 year old AC, 20 year old water heater, all old appliances basically, high water pressure, and yeah overall outdated house that needed some touchups.

Cap Ex was relatively high last year due to a water line leak wiped out a good portion of the profits the Cap Ex that year was around 48%of rent since rent was lower.

Just testing the waters.