I've done renovations with no water or heat (currently doing one now).

Property is in great shape, new roof, vinyl siding, new windows and heating systems are in good condition.

I also put covers over the heat regulators on the common areas as they seemed to be magically turning themselves up too much.

The FHA says that examples of such problems include but are not limited to the following: Missing handrailsCracked or damaged exit doors that are otherwise operableCracked window glassDefective paint surfaces in homes constructed post-1978 (because of lead paint hazards)Minor plumbing leaks (such as dripping faucets)Defective floor finishes or coverings (worn through the finish, badly soiled carpeting)Evidence of previous (non-active) wood-destroying insect/organism damage where there is no evidence of unrepaired structural damageRotten or worn-out counter topsDamaged plaster, sheetrock or other wall and ceiling materials in homes constructed post-1978Poor workmanshipTrip hazards (cracked or partially heaving sidewalks, poorly installed carpeting)Crawl spaces with debris and trashLack of an all-weather driveway surface=================There are many areas, however, where the FHA does require problems to be remedied in order for the sale to close.Electrical and Heating The electrical box should not have any frayed or exposed wires.All habitable rooms must have a functioning heat source (except in a few select cities with mild winters).Roofs and Attics The roofing must keep moisture out.The roofing must be expected to last for at least two more years.The appraiser must inspect the attic for evidence of possible roof problems.The roof cannot have more than three layers of roofing.If the inspection reveals the need for roof repairs and the roof already has three or more layers of roofing, the FHA requires a new roof.Water HeatersThe water heater must meet local building codes and must convey with the property.Hazards and NuisancesA number of conditions fall under this category.

Any drafts or wind will suck the heat out of a building.

Landlord pays heat, water, electrical.Technically, it will cash flow 800-1K if fully occupied. 

Heat bill was outrageous and after my 2nd winter I decided to sell the house to prepare for my marriage.

the 20 is under powered in heat and attitude.. if you were say flying it in states back east with no real terrain.. that's ok.. the ones I flew were 150k true which is not bad for GPH burn.. 

It is baseboard heat.

rents on topsham maine are bit all over map, generally higher than lisbon lewiston but not much lower than Brunswick if inside rt 295 line closer to downtown and river. zillow isnt used much as CL. if you rent section 8 or vouchers look to add price of landlord paid heating, snow ice removal, salt sanding,  which this season has been massive.