So it's a pure expense.

This shall apply to single glazing and each pane in multiple glazing.Exception: Glazing that is more than 60 inches (1524 mm), measured horizontally and in a straight line, from the water’s edge of a bathtub, hot tub, spa, whirlpool or swimming pool or from the edge of a shower, sauna or steam room.

First of all, let me pay my respects to the hardworking people in real estate and the treacherous waters they navigate—fronting hours of effort with only the chance of commissions and an abundance of non-forthright people out there.

Like deferred maintenance, (bad roof, worn out water heater/AC Unit, warped flooring, water damage) etc, unpaid utilities,  unpaid taxes, a second loan, unpaid HOA fees, a bad pool, bad reputation, sometimes squatters, sometimes they were drug houses, and so on.

@Alecia Loveless is correct--tenants need access 24/7 to their electric service panel, water and heat, assuming those are individual utilities for each unit. 

Sewer and water in my area is around 10k a unit.

There are very few, good buying opportunities in the Austin metro-plex for pure investors.  

As for the first, yes we'd be able to do that (for example, replacing a water heater which is the mechanical that's closest to the end of its useful life).

So someone who is looking purely to maximize potential return (and has unlimited time) is unlikely to find this a good fit. 

Purchase price: $275,000 Cash invested: $45,000 Sale price: $400,000 Contributors: Adam Schooley This townhouse, which had gone through probate, suffered from significant water damage to the drywall and required updates throughout.