if you are not producing anything for the company of what value are you

We found this out because when unit 2's water heater went out completely and was not producing any hot water, we are still able to get hot water from the faucet, aka we are getting either unit 1 or unit 3's hot water.These are pretty old units, we pay the entire water bill that isn't split up per unit.

As such, they are most commonly used to determine market price for a commercial property that produces a particular NOI in a particular market.

The tenant has a credit rating in the mid 800s and very healthy income, plus strong references.

Very inspiring, good to know that these types of deals in baltimore can produce solid results.

Those expenses you mentioned would have invoices/bills that would come from the city , or utility company...that the seller should have no problem producing for you.

Without a way to deliver the electricity produced, you have no way to sell the electricity produced.If it were me, I'd look into putting in a well (could be as much as the land is worth) and then, over time, put in a cabin with solar to power the cabin. 

I don't care if the law isn't enforced today very strongly, buying a property that only produces income when I break the law is not a good plan in my book.

The property and rent appreciation has produced good ROI for recent purchases but also for long term holds.   

5% is healthy appreciation these days, good going. 8)