In my case, I include water bc it’s paid by the condo association.

All went well until we started to discover things that were not disclosed. to make a long story short, the seller and broker both knew (have proof) of converting a aerobic field into a parking lot and leaving the aerobic system in back of the property which fills up with rain water and leaves my sewage system useless. they literally abandoned the sprinkler and pump system and covered it with material. 

Many lines in the water (especially if you're searching for off market and non-MLS properties and deals) is a great idea!

HVAC, water heater, etc.).

If it already has water and sewer that could change it by a couple thousand, but not much.

Tenant vaguely mentioned some mild condesation in cold corners of walls, but didnt ask for repairs or mention it again later.

It's good there's no water and sewer bills every month but I'd like to know what the expense could be for a well/septic. 

Utilities are in, phase one of the roads, curbs, gutters and water retention has been completed as well.I have received approval from the municipality to build the project as duplexes that will optimize cash flow and raise the number of finished units to approximately 300.I owe 1.25M and need 1.05M to finish the roads, curbs, gutters, and water retention.The first lien(1.25M) is overdue and was intended only as a bridge.The finished value of the subdivision would be 3.4M -4.5M as finished lots, depending on the comparables the appraiser uses.I have also found a lender that will lend to take the first out, but his points are high, it's not hard to get very expensive in points on a loan size like this.I am outside the Phoenix and Tucson markets in a smaller but rapidly growing area.

The three-handle systems are not pressure balanced or thermostatic and so if you run the kitchen faucet's cold water or flush the toilet downstairs in the second bathroom, the shower goes scalding hot.

If he doesn't keep good records, then you have a bit of a problem, and will have to calculate it yourself.Finally, with all the information you've collected, you determine if it is a good deal or not.Based on what you listed above here's an example ballpark monthly budget:Principle & interest: ~$1,000 ($195k loan @ 5%)Taxes & insurance: $300-500/mo (depending on your locality)Utilities: $200/mo for water (most 4-units has the owner paying water)Vacancy: $140 (based on 95% occupancy at $2800/mo)Maintenance/Capital expences: $280 (standard 10%)Management: $280 (10%)Total: ~$2,300-2,500, leaving you with a profit of around $100/door, with only $10k invested.