My model projects these can be without private or individual site water, power, bathrooms, and/ or wifi and still be worthy investments. 

We’ve been tossing around the idea of converting one of our bedrooms into a gym (treadmill, weights, bench, etc with towel and water service).

You aren't "dead in the water" by any means.However, there's a piece here we don't know - how much do you owe on the property?  

@Verna Littleton @Wendy Thurst we rep for NREIG and can share that they will not be able to insure the building if it is owner occupied.If you are living in the property as your primary home, you would get a standard Homeowners policy. 

I Expect not, I expect the water to get to my property even more in the next few years. 

As far as condos, they'll be either warrantable (meaning they conformm to conventional standards) or non-warrantable.

If you go with a standard home, nothing fancy, probably around $200sqft.

A riverfront project is underway to develop the city along the water.

Onboarding new units was a pain when we try to standardize passwords and have to coordinate with the owner for access. 

Add water meters to separate the exterior usage to the building usage (sometimes the water companies will provide a break for that portion).There are a lot of things to consider and utilities are a big part of operational costs associated with apartment ownership and management.Best wishes to you.