The property has 2 electric meters and one water meter.

If the water bill is $100 a month, increase the price by 20% (or whatever you decide is fair) to compensate you for the time required to split and bill and to cover additional use when tenants squander the utility.

We fixed the foundation and the flat roof issues with pooling water, and rents didn't meet the mortgage just yet.In 2023, we finally started to cash flow.

You could easily be $100k in for water/gas/power/sewer if you’re talking 4+ lots. 

Granted this was on plots of land I didn't pay for, and that are already connected to the city's water and sewer, so there's a lot of savings there, but I'm hoping if it turns out to be this good of a deal I can still scoop up land and keep going

I also see your point about avoiding bargain basement properties, especially insofar as tax shielding is easier with an asset of a reasonable size.Your point about barriers to entry is also interesting, since I suppose those barriers can be geography (natural boundaries of mountains/water), but you're probably referring to that which impedes future construction?

Sounds like you stopped water which is most important.

I underestimated utilities in my early years, so I ensure those are properly captured (electricity, gas, water and trash).

What is the speed of the internet, is it hot water (international property holders), is it AC.These basic clear descriptive items are great because if the price is fair and it clearly states the benefits.

All that said, it's water under the bridge.