I always make sure that properties that I look at have separate electric and water meters.

A few days ago, the tenants at a SFH contacted me saying they have no running water and the pump just kept running until they switched off the break.

I ask a number of questions like what is space rent, what are other expenses like garbage, water, and electricity.

(I'm licensed so have MLS access).Pretty easy stuff to do in the 'burbs.If I'm in a city or near water, I definitely ask local agents.

I can tell you that I'm seeing several flips in the Scottsdale areas where Investors are asking $100k to $200k above what the area market is, to me this is pure ignorance and greed, when Investors try to dictate what they think the market should be.

Curtis Waters may be of help also.

If you can't live with them (or are concerned that tenants will keep you in hot water all the time) then don't buy. 

For example, things like a source of heat (furnace) in the wintertime, a working water heater, working plumbing/electrical systems, etc.

Salt water, storm threats, and a snow-bird lifestyle are the driving force behind the need.

@Phelim Lennon I financed the property 20% down conventional by spending money getting the heat/water to run to meet guidelines before actually purchasing the property.