Hey buddy-o, you can either fix the electrical and have a handyperson throw some handrails up, or this property is going to someone using fix-n-flip financing, which carries double digit interest rates, meaning the offer must be lowball by necessity.

Water heater, roof, electrical panel?

Separating the units, adding plumbing, electric, bathroom, and kitchen would double the income potential of this good deal.

I'm finishing the book on the electrical code and plan to take the exam soon, I work with a lot of electricians and they guided me to get the license, in my last property I paid $9K to an electrician for work that took 3.5 days and he was the cheapest bid I received.  

In my case, they are electric baseboard heat and each tenant has their own thermostat, but there may be a similar option for your heating source.Here's the one I use: http://controlscentral.com/eCatalog.aspx?

In a rental property, if you need to replace the water heater, which is better: gas operated vs. electricity operated?

I have a person for kitchen cabinet/countertop work, looking for general contractor can put electrical, bathroom together; carpenter/painter as well as on going maintenance.The quotes I got are either ridiculously high or they are booked till next year.

William, Some utility companies have warranty/ service agreements that you pay for every month, i do not know how fast they would come out to repair stuff. i know here in NJ our Gas/ Electric provider, PSEG, has such a program but you pay for it monthly whether you use it or not, i don't know if they do minor stuff, mostly larger appliances. but that may be different with the utility co. by you.

Your electrics will be a mess and the house will mold from the moisture from the plant transpiration.  

I know I need to compensate for electric, water/sewer, property tax, garbage, vacancy %, repairs/maintenance %, and capital expenditures.