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.

My principal/interest, escrow, and insurance is 1570, and my HOA is 306 and it includes water.

Who knows, maybe you use that money and invest into a new type of toothpaste that blows any RE investment out of the water.

Water issues are the most common. 

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

Community water, and electric are at the street.

I am a bit concerned about water long term in AZ and NV. 

So you would spend around $25-$30k a month (this was 15 years ago) on police details and require union gate and non union gate if you had non union workforce as well.In DC area, the utility providers are a huge challenge, whether getting permanent power, or water/sewer service etc - good luck.

So multiple eyes and local expert providing local cost and input on lifespan.Here is an example that has a part that is more expensive in my market than other markets (unlike most parts that are the same everywhere, so in this case your cost should be significantly less due to both cheaper part and cheaper labor): $1600 40 gal water heater installed (this is good price for a plumber, a little high for a handyman) with expected life of 12 years (i have some that go 20 years and some that die in less that 10 years (mostly rheem die in less than 10 years), 12 years is fair life expectation