Because of my extensive experience I recommend looking for something with new infrastructure to void excessive costs. 

These are simply moisture shrinkage cracks not settlement cracks.  

When a tenant moves out, transfer the deposit back to Checking so it's ready to apply towards expenses or to refund to the Tenant.If you end up with excess funds in the Checking account, I recommend you transfer it to a third account that is specifically designated for future investments.

Investors do not see reason that Phoenix will not continue to have appreciation is excess of the average market. 

Rent was paid to me on time but excessive wear and tear to the floors (carpets ruined and grout lines black!)

You can carry the excess losses forward so that when you sell the property, it will be a lot less capital gains tax.

You should probably run anything by an attorney, regardless.SNOW REMOVAL: Within 24 hours after the cessation of a weather event which has produced an accumulation of at least three inches of fresh snowfall, we will attempt to remove excess snow from walkways, driveways, and sidewalks.

Quote from @Tim Windhorst: Excessive water use is most commonly due to a running toilet.

My understanding is that flattening a parcel with varying elevations is not all that costly IF (and this is a BIG IF) you can do so without dump trucks...the import and export of material is the greatest cost so if you can simply move the high ground dirt to the low ground and create a happy medium, you can offset a good bit of the costs....And if you do need to export material bc you have too much, a parcel that size might allow you to sell off the material to mitigate your costs...I'd recommend talking with some experienced excavators who are open to the idea of helping you flatten your parcel in exchange for money and the right to "sell" your excess material.... just some ideas to get the ball rolling!