The area has seen above inflation rates of appreciation for the last three years, and there is significantly more demand for housing than there is supply, leading some companies to create their own housing for their employees.

There's just too much supply, too little demand right now and the cellar dwellars are sucking up whatever business is out there. 

The report the realtor gave me shows the Sewer system as OK, but under the plumbing it says "water supply tested and functional: No.

its supply demand.. and right now with the FOMO and rush of investor into that area its created again a huge over supply and the market will correct and that means values will drop like your seeing.. 

Up to now I aimed to maximize the Repairs and Supplies categories of my Schedule E, to make sure I have as large a deduction as possible.  

Not to say that weeks before the semester starts you can't get tenants but tenants look well in advance and if you don't secure someone  well before the semester starts you  can run into trouble filling the unit for the year with students,  depending on the area supply of course.

It could be the water supply line dripping on to the floor.

Some things to be mindful of are the added costs of having to facilitate delivery and acceptance of the windows if you are purchasing them yourself rather than go through a contractor who both supplies and installs the windows.

Or at a local real estate meet-up is another great option.3) IMO (duplex, triplex, quadplex) are best, butttt in some areas supply is limited.

Our plumber re-plumbs entire houses for much less than that, and if it's a simple leak you can find, you could be done for a few bucks.The 80's were the era of pinhole copper, so there's always a chance that your supply lines are shot when buying a house from that time period, but it could be something minor too.