Investigate the reasons behind vacancies before proceeding.Unreliable Cash Flow: Inconsistent or declining cash flow projections may suggest unrealistic expectations or hidden expenses.

The 50 year average taking out outlier years for negative inflation and super high inflations is about 2.75% annually.

If the project only cashflows with interest only payments, that isn't a deal to me. there are going to be other costs involved such a cap ex and maintenance, so you will need to bake in a certain amount of expenses beyond jsut the mortgage payment too.

Because of this, they're purchasing their own supplies/materials with very minimal labor expenses.

Ditto on contractors but also construction supplies are an issue, not many home depos uphere and the few mom and pop hardware shops are poorly stacked and are more expensive. 

Their only commonality was "expensive"  

In my area of the state, just drilling a well alone can cost $35-$50k+.Some areas have lots that have adjacent to public water and sewer that you can tap into however usually you'll incur the water tap/sewer tap expense which varies in price but I've never seen less then $10k on the water tap and $5k on the sewer tap and those are lower then usual.

By having tenants pay those bills themselves, we are reducing our expenses, and able to charge less rent than our competitors who are including those expenses in the rent. 

However, my main expenses (furnishing the property, repair and renovation) happened in 2023.

How can I get the business cash flow, revenue, expenses without business being on market.