Restoration of historic articles/structures of the building might also costs way more than replacement but it you can't replace, then you will have to eat up the significant cost upcharge.Utility costs might also be higher than modern, better insulated buildings specially if you get below freezing weather.Historic buildings might be cheap but renovating them usually cost a LOT higher than the usual buildings.

It's just October and we are already getting frost advisories and temps close to freezing at night.  

I'm not sure what type of policy you have but freezing pipes is almost never covered.

Exactly only those who were investors in 07 to 2010  understand what happens when credit freezes.. your average basic first time BP investor will be shut out of the market.. they simply wont be able to get a loan.. so if they have cash for sure.. if not.. they just watch from the side lines. 

"January is not the best time to re-rent"Even worse time to have a non paying freeloading tenant run out of oil, freeze the pipes and have to evict.

I have a foreclosure property under contract however I am afraid that there may be water damage due to freezing temperatures.

I wouldn't separate the utilities but I would try to save some water cost by adding a hot water circulating pump to the hot water heater...that basically makes it so when they turn on the hot water it's instantly hot instead of having to wait a minute for it to get hot....another benefit of the hot water circulating pump is that it helps prevent pipes from freezing in the winter, turn off the outside spigot so people can't steal water, have a plumber go through the 4 plex and look for leaks and replace any toilet flaps...replace any toilets that are water hogs. 

.• Composition roofs require more maintenance than tile roofs• Properties in climates with hard freezes require more maintenance than properties in milder climates.• Properties in locations with a lot of moisture require more maintenance than properties in dryer climates.• Wood siding requires more maintenance than aluminum or stucco siding.• Properties with lush vegetation require more maintenance than properties with little or no vegetation.When you look at the maintenance elements in a residential property you can generally divide the elements into two groups: systems and the structure.• Systems include HVAC, water heater, plumbing and wiring.

If it's a hard freeze like we've had here upstate you can write off the plumbing & HW tank.If it has a dishwasher or washing machine the respective pumps are probably shot.If it has a Boiler there's a good chance that it & any ancillary piping is also damaged. 

On a side note, I had pipes freeze at one of my units last weekend, I spent two hours on my back in a crawl space with a hair dryer.