Tenants pay utilities ( all electric).

Get a loan to purchase for $60k (or less), put down 25%, amortize over 15 to 20 years, put $15,000 in it for the initial repairs, and rent it out for $900 (or more) per month and have the tenants pay utilities separately.

You're losing $24,000/year which is not sustainable but on the other hand, you'll lost money after commissions and closing costs if you can only sell it for $1.2M.

As to utilities, depends on whether tenants pay for it in the area, or owner.

Credit Score is about 650 for each of the couple. 90k revolving credit card debt..with utilization > 95%.However rental history is good.

I see this as a possible strategy to build a few homes, BUT I still have so much land left to utilize.

What is the best way to charge your tenants for utilities if there's only one meter?

Your input is noted and will be utilized going forward.Much appreciated,Kim Phillips

I'm planning to ask the owner for his utilities bills. 5) I’m not sure how to increase the rents to afford the repairs as time goes on.

Also check with a CPA, I'm not sure you're allowed to depreciate a property that isn't rented, maybe they have a work around.So you're comparing only projected capital gain on a property (including it's holding costs for utilities, insurance, taxes and repairs) vs the state fund.