Values depend on location/gulf access, bridges, water/sewer assessments paid already, etc. 

It had a old oil boiler now putting in a gas boiler, using a new electric water heater for hot water.

Engineering, fire hydrants, water, sewer, office, landscaping, dirt work, water/sewer/electric to property, etc, etc.

I'd get a task rabbit or your PM to take a picture outside every month to help ensure the yard is maintained...watered, weeded, cut.   

When us Houstonian's think hurricane we don't think our homes are going to get swept away, we think about the water levels from the storm. 

I think you have to get creative, have clear goals & work your a$$ off initially - this is not a ‘dip your toe in the water’ kinda strategy.

Can I separate the bills for water and sewer so we both pay our own bills?

At minimum, it should protect you for any recorded liens (tax, water bills) and bogus claims to ownership (aunt Sally coming out of the woodwork to claim ownership).

Electric can easily be metered separate and water can have a sub meter by your plumber (which would require the effort of someone reading that meter each month on behalf of the owner to bill the tenant back.

On top of that people do not loose properties to forclosure anymore; they are not under water, they can just sell it.