The pipes have to be dewinterized so I would have a plumbing professional there prior and when the water gets turned back on just in case.

The big deals will be vacancy, capex and appliances. (3 water heaters, stoves, fridges, microwaves?

Unfortunately, you said some magic words that chum's the waters so que the "please contact me PLEASE CONTACT ME" replies vs actually answering to what you posted...... 

Year 2 had some large expenses, including some CapEx items (water heater, roof).

IE at the time if you built on all the hundreds of thousands of lots there you would have perpetual grid lock not to mention water quality etc etc.

PRELIM LAND PLANNING- do a preliminary layout, please remember stream buffers, specimen trees, ANY jurisdictional waters (its a good idea to have you county water systems guy come walk your property with you to verify any jurisdictional water systems and what the required state and county buffers are for those systems).

I have had a home destroyed by fire; never by water.

Inherited tenants are usually a negative, however in that area leaving the duplex totally vacant makes it a target for thieves to come in and steal your pipes, furnace, and hot water tanks.

Don't forget about paying to start electrical, gas, water and internet services.

My extensive real estate experience consists of 1 flip.I have an idea and I'd like to test the waters here in the forums.