By the looks of your photo, you likely have some water damage behind it anyway so demo would be the only way to fly in my book. 

The only exception is WATER WATER EVERYWHERE!!!!

When I graduate I will have this purely as a rental property and have no plans to sell any time soon.  

We used the one salary to invest in pure rentals with our W2 to use as leverage.Even though we waited to get our "building" blocks into "place" we still have been very successful at lease in my "opinion". :) 3.5 year later we have 5 houses with another 2 in the works!

To me that's just not acceptable.In the case of that one offer letter I went to see a property and it was badly damaged by water and had lots of mold.

So we didn't do a 203b.Well actually our income self funded our renovation and that "downpayment" ended up buying our first two pure rentals.

No public water or sewer is available yet on that side.

I'm guessing $250-300 per month for electric and $75 per month for water/sewer, based on public information and experience.  

There are also 3 garages beneath the units that could be rented out as well to get additional income.His monthly bills are (mortgage, insurance, water and interest) are $2590,-He is paying for all utilities which i think should be decided amongst the tenants. 

New water heaters..Plumbing is OK, brass water piping needs replacement.So what I originally thought would make a great deal, has turned somewhat OK to maybe bad.