My 2 cents is prices are crazy inflated right now, but believe it or not I think it will continue because of continued demand pressure for the area from people fleeing higher cost of living areas and moving there, with access to 87/17.

So rather than having the time pressure of finding and purchasing a 3rd property for your 1031. 

Water from the well has sediments and water forms a yellow lining in toilet.

Quote from @Jaron Walling: @Kane Spangler There's a since of pressure to build or buy RE in your post.

I would also look at the availability of public water and public sewer, if not at the site how far away are those services.

That said most folks have price targets and if large complexes are conceding 1 or 2 months on the 1st year lease, itll put downward pressure on your rent to some degree. 

Pay attention to how professional and transparent they are.Avoid Pressure Tactics: Scammers often pressure you to act quickly.

Now the water issue is something.

Economic pressures forcing landlords to adjust rental prices to attract tenants.For renters, this means more flexibility and savings, especially in historically competitive areas.

- Highly unlikely you'll be able to get separate water meters installed and submeter system probably too expensive for this few of units. - So, that leaves electric & gas.