predominately owner occupied neighborhoods6. residential areas, no commercial or industrial7. public water and sewer, though wells and septics don't scare me8. 

When evaluating properties be sure to make sure they include the basics like: Real Estate Taxes Insurance Gas & Electric Water & Sewage Repairs & Maintenance Unit Turnover Contract Services General & Administrative Payroll & Benefits Marketing & Promotion Legal & Accounting Landscape & Snow Removal Trash Removal Management Fee Reserves for ReplacementsThese items at the very least should be included in any competent underwriting of a property, be it by a broker or the owner directly.  

Water saving ideas was a awesome return on my 24 unit building!

Taxes, insurance sewer and water. 

Be suspicious of replaced plastic  plumbing at the hot water heater and under sinks.

The single property building is most likely one water/sewer/gas/electric service.

After loan of the 52k, which we included mortgage, taxes, insurance, plus the water it looks like about a 20% cash flow about 150.00We did find a house hopefully ,still available, that if I can get for 30k when done will be able to get around appox. 28% and if I can get taxes reduced would be hopefully upwards of 35%.

So be sure that your contract has terms that you can actually meet, so that you don't end up in hot water with the owner.

Since this is not big enough to be seen as a commercial property, they'll be looking at sold comps and won't give you a mortgage on something that appears to be 'under water'.

Miles of bike paths, rentals, a water taxi, and many beaches to choose from.