I dig up all the information I can find(property taxes, sewer/water, closing costs, purchase price, everything.

Here are the particulars....House retail market price:  66K (I think it may sell for 60K)Repairs:  15K maxOwner mortgage left: 36,500     interest: 5.00%Monthly payment: 826.00Est Rent: 900  (minus PM fee: 90, minus water: 50)  ~760 profitWhen working to make the deal I knew they had a monthly mortgage and had one year left (I assumed at worse 2 years.) 

However if this is purely investment (is no plans to move in after some time), you need to objectively do the math on your expected return given what you think price appreciation will be over the life of your ownership ( @Leo Kotschenreuther makes an excellent point) , weighting the risk of a downturn and your ability to continue to fund this investment, and compare that to using your 500k +2k/month to fund any other investment (Amazon stock, bonds, passive investment in a syndicated deal elsewhere.... ) We are holding our San Jose MF, but I've stopped looking for my next deal in silicon valley... property here is all priced for perfection (ultra low cap rates, neg cash flow, smells like 06-07!)

Water, for instance, I pay about $175/month to $225/month in NYC, and yet for a SFR in a neighboring town, in Nassau county, they charge $50 - $60 for a 3 month period, or $20/month.

Average it out over 12 months and increase the rent plus 10% as "utilities included".It is preferred to spend the money to split the utilities and add second meters (hydro, water, gas) to be able to put utilities in the tenants names.

Water, garbage and heat paid by landlord, with steam heat.

Eventually you might move out and rent the entire thing If it's purely a rental, you could buy and might break even, but can you handle a 10% rent contraction?

The norm in the area for multifamily units is for tenants to pay all utilities except water.

However, if this is an indication of how you are thinking of conducting business, you may be spending that money from jail.I'm not trying to blast you out of the water. 

I don't see any water damage in or around the backyard area but I didn't want to find myself in a bad position if an investment property like this is not a good idea?