The property needs a new roof, two ceilings have severe water damage and there is some mold.  

The most major appliance it has saved me from was a new water heater.

CAPEX really depends on building, but I find 1%-2% value annually is reasonable if I plan on maintaining things in good order over the long run.Also, most MFR share one water meter, so find out if rent includes water.  

I'll start off by saying believe in the power of CL (craigslist) I don't let a day pass   without utilizing that site.my advice to you would be log on CL search area's within a 2hr distance from you go under real estate fsbo filter your search with we buy house's or I buy ugly house's and investor special,once you find these ads start making phone calls,reason being these investors know their local market and have their hands on the pulse of that farm area.After dissecting all the useful info from local rei,I generally go to google streetview and walk the neighborhoods to have a better understanding of there market.Trust me it works I just closed 3 wholesale deals in Birmingham,Al using those same techniques,I was fortunate enough to find a we buy house's sign on a street corner zoomed in on the sign called the number and almost 2 months later the deal was funded.I hope this post serves you willCheers!

Starting over in NC and feel like a fish out of water and more than a tab bit overwhelmed. 

Could be a water leak in the basement; a blown down section of fence; a water leak under the sink, etc. 

It is water proof and works great on mildly uneven sub-flooring.

My best guess is that because I have 2 bellies holding water and my lateral run is about 40' longer than his, I'm seeing issues and he is not.

So no heat, no hot water.

In some areas well water provided to others must be inspected and tested routinely.What are expenses?