HVAC, water heater, etc.).

If it already has water and sewer that could change it by a couple thousand, but not much.

Was there to repair unrelated damage and saw water but was less than a hot shower causes in a bathroom.

It's good there's no water and sewer bills every month but I'd like to know what the expense could be for a well/septic. 

Utilities are in, phase one of the roads, curbs, gutters and water retention has been completed as well.I have received approval from the municipality to build the project as duplexes that will optimize cash flow and raise the number of finished units to approximately 300.I owe 1.25M and need 1.05M to finish the roads, curbs, gutters, and water retention.The first lien(1.25M) is overdue and was intended only as a bridge.The finished value of the subdivision would be 3.4M -4.5M as finished lots, depending on the comparables the appraiser uses.I have also found a lender that will lend to take the first out, but his points are high, it's not hard to get very expensive in points on a loan size like this.I am outside the Phoenix and Tucson markets in a smaller but rapidly growing area.

OK, this is one thing we do in our target area, just outside the 'Burgh.A number of properties in our target area have old tiled tub/showers and the same three-handle water supply control systems with behind-the-wall valves they had when they were first built in the late 1940s, during the second major housing boom of the city's history.

If he doesn't keep good records, then you have a bit of a problem, and will have to calculate it yourself.Finally, with all the information you've collected, you determine if it is a good deal or not.Based on what you listed above here's an example ballpark monthly budget:Principle & interest: ~$1,000 ($195k loan @ 5%)Taxes & insurance: $300-500/mo (depending on your locality)Utilities: $200/mo for water (most 4-units has the owner paying water)Vacancy: $140 (based on 95% occupancy at $2800/mo)Maintenance/Capital expences: $280 (standard 10%)Management: $280 (10%)Total: ~$2,300-2,500, leaving you with a profit of around $100/door, with only $10k invested. 

That's edging in on the 2% rule and those tend to be in less desirable areas. 2) Would the tenants be paying water/sewer? 

If you are cash flowing a few hundred dollars a month and need to replace a water heater is that going to kill your numbers for 6 months?

But if there is water again on the first floor, then whatever they did in the crawl space under the  second floor didn't work.