Get a copy of the utility bills and other expenses and plug in what you are actually going to pay. 

I mean incompetent, didn't check ages of utilities, didn't go in attics, crawl spaces, test any electrical/plumbing, didn't go on or look at roof...

@Anna Buffkin I utilize Estoppel certificates and RELY on these (they are a term of our contract) for all occupied rental purchases.

I paid $22,500 cash, It is rented for $850.00 tenant pays all utilities.

I'm having trouble estimating rent b/c its dependent on the utility allowance.How do I found out the utility allowance for this property (or for my county/city??)?

They all seem to be in decent repair (and i would obviously get inspections) but what is initially giving me pause is that they are all 80 to 100 years old. 100 year old houses are common in my area, but it begs the question, how old is to old?

The initial draw of about $6500 was out-of-pocket and he said he'd work with 212 Loans this week to get the work "inspected" for the next funds draw.Soon after closing, my contractor told me to get the utilities turned on because they were all disconnected.

We do a walk through within hours of closing and do a hold-back of funds to cure any defects like trash out or eviction.If the parties agree that the seller can stay for a period of time, we execute a "use and occupancy" agreement that details the per diem cost, utilities, insurance, etc. 

I've identified some possible land to build on which is currently used for agriculture but has nearby utilities that it can be linked up to.

@Kristi Kandel No, WF nor anyone else can give a conventional loan to an llc, period.....it is Fannie/Freddie guidelines, not the lender’s choice.....common knoedge.