As I mentioned above, there is limited data available here in which to frame the numbers you did provide (the water/sewer alone could be another $5K/yr) and we know nothing of the economic vacancy, tenant population, asset condition/obsolescence, level of performance or room for improvement.You should be underwriting a property like this to (M)IRR (with a time horizon to your exit) and weight the cash component of the return based upon the nature of the property and its location.   

I would advise ensuring that he/she has adequate cash reserves going into the investment in preparation for any rehab or unexpected expenses.

The nature of our business makes it imperative that we have happy, satisfied clients who will bring us repeat business and referrals.

If it is done improperly or insufficiently sized piping is used, it can not adequately vent CO.  

This business is a little like professional sports in that some people just have natural talent for it and others don't.  

I am a natural problem solver and would love to help those who can give me advice.    

I consider my conservative nature and commitment to doing much of my own work as an asset. 

In a long term lease of this nature getting to value is only part of the equation.

The nature of the business has changed so much over the past 8 years since I started, that only those who are smart and savy enough (and well capitalized) to adapt and change to evolving market conditions are still around (and those that have treated their clients with their clients interest in front of their own).  

Leverage cuts both ways and you need to make sure you have adequate liquidity to service debt across many projects along with capex set-asides.