Southern border of the land is Wilson Creek (a large, well established, full time creek with old growth trees)Approx 1 acre of non-recoverable flood zone along length of creekTwo small ponds on the property, which can be filled in to utilizeSmall neighborhood to East of property line with utilities ready and available for project Currently a couple of older homes and barn structures on property (100% liveable and well maintained)Wilmeth Rd is currently expanding down the block to a 4 lane road which connects to Highway 75 in McKinneyLarge developments are underway within a 1/2 mile to 3 miles out radius<4 miles to Costco, ChickFilA, WholeFoods, Cinemark, major hospitalAT&T Fiber and Atmos Gas at front of propertyA water well can be run, if desired, or tap into the city's water (currently on city water and has large main at front of property)A CE firm has drawn up plans for a small, 12 home, 3/4 acres development.

Of course capex does come into play, but I have a lot of factors on my side including most major components of the property have been replaced already, including roof replaced 2 years ago, water heater replaced 3 years ago, full house was just repiped, septic system is 5 years old, HVAC system replaced in last 7 years, i do not cover appliances with warranty in my rentals, and the tenant I placed in the property is a single dude who works 60 hours a week and just needs a place to sleep.

. - Evidence of water damage in the basement. 

From, "someone ate my food" to "someone takes long showers and uses up all the hot water" and even arguements over parking spots.Who wants to handle all that extra nonsense for "free"?

There are some great deals up in Pensacola where you still buy a 2/2 on the water with a boat slip. 

Do I need to contact the city of Chicago to have the water shut off or is this something I can do myself? 

This includes incentives for green building practices, renewable energy adoption, and water conservation measures.

What is the cost of an HVAC system vs. a heat pump vs. forced hot water vs. baseboard and what is the cost to the tenant? 

Just to add ,  not every inspection covers a visual of the septic tank . if they run the water and all mechanicals, they are working fine . other than a visual there are no signs of it not working . 

Most of your issues sound water related.