Maybe the city should have left the parking lot at Spring and Pearl instead of spending millions to turn it into a park.

It sucks, but it works.Also go down to your local courthouse and find a way to obtain lists such as a water shutoff list, a tax delinquent list, etc.

Who has experience switching from one master meter serving a park to converting to individual meters and in the meantime, discovering leaks from a huge web of water lines, any suggestions?

Most of the Sellers I have come across will deduct a few bucks here and there if the water heater is old or the roof has some years on it, but they were solid deals.

I suspect that it's a MF since you are including water and electricity in your projections.

Also the single family house has a septic system and well rather then city water/sewer.

My monthly electric bill ranges from $9 a month in the winter/spring down here to up to $200 in August and September, with a yearly average of $120 per month.

As my underwriting “standards” I figure:CapEx 7.5%Repairs 7.5%Vacancy 8%Management 10%Water/sewer $40/unit/month, then confirm with the town

That said, they are popular with first time buyers who are using all their cash on the downpayment and would be sunk if one of the big things (roof, HVAC, water heater) goes bad right away.

Now, this duplex was turn key and had numerous upgrades such as flooring, painting, hot water heaters, roof.