The biggest danger is a leaking tank that causes water damage, but it hasn't happened to me yet.

Muddy up the waters more than that and it can become impossible to leverage.  

Here are the numbers I know so far:Rents4 units all currently occupied on one year leases- #1: 1/1 $995 monthly- #2: 1/1 $995 monthly- #3: 1/1 $995 monthly- #4: 2/1 $1,100 monthly- Gross rents: $4,085 monthlyExpenses- $12,070 taxes annually- $350 monthly insurance (my estimate, they have liability only right now)- $175 monthly landscaping- $120 water (electrical on separate meters, tenant pays)- Total expenses: $1,651 monthlyNOI around $2,434 before vacancy, maintenance, and management (although i would likely self-manage these)Property needs about $50K in other repairs and udpates from what I can see.

Even a typical water heat replacement would set you back signficantly.There's plenty to the puzzle that i am unaware of but with what you've outlined here i would consider passing on the property.you know you need managementyou know you need to remove at least one tenantyou know cashflow is meager after considering management.i personally wouldn't recommend a client take on the risk for such a paltry pay out out of state.Even when considering long term appreciation the average amount of headache one assumes with a property will bog you down before the long term play pays off.

Your worry is if the pipes are in tact and if the water and sewage flows out.

Hi William, we're right across the water in Brooklyn! 

Bokuden quickly took over the oars and back-paddled into deep waters, stranding the irate and embarrassed young samurai on the island.

I went there to have the water turned back on and started getting caught up in what the preferred order of operations should be.

LTRs are likely the path to least resistance in PHX and might be a good starting spot. 

Thermostat was off the wall, laundry room filled up to 3ft with dirty clothes trash everywhere, bed frames dissasembled and no water.