She had no clue what it was.Texted him and he said the tenant in one of our properties called him because her hot water was out.

Maybe the market is hot enough that you could still turn a profit selling as is, but typically, sellers will ask you to take care of them before closing AND likely pay less for the property simply because there are known defects.

Waynesboro has been hot for a couple years. 

I would definitely invest in a pool heating system OR get a hot tub.

The HOA bill comes with advantages for this population because it also usually comes with some amenities like a pool, hot tub, gym, etc.

Hot water is usually separated it is just the cold water that is often not.For a very large building a flat fee is the move because the back billing and tracking of who paid for what would be hectic, but for a small MF like a duplex it is very easy.I split the bill by the fractional amount of people who live in the unit.In other words, the amount of people that live in the unit divided by the total amount of people living in the builidng.So if there are 3 people upstairs and 2 people downstairs.the upstairs pays 3/5 of the bill, and downstairs pays 2/5.No need to separate anything, you know the tenants will cover 100% of the bill and this approach is fair. 

Needs some new windows in the near future but overall the previous owner had set the home up pretty well with a nice big newer bathroom, solid countertops, hot water heater and recent siding.

Yes, management is more intensive, and 50 units is nearing the size of facility that having a small on-site manager could be a benefit for oversight, management and leasing.

Then I weigh that against potentially living in housing court evicting people, fixing up destroyed units, and the far more intense hands on management required.

Clearly this is a hot topic, but I think the 'feces art gallery' mention has been my favorite part so far...