I already owned a home not on the water.

The character of a wo/man shows when the ship is taking on water.

Check on storm sewers, storm ponds, water runoff direction. 

Test the waters with the sponsor for 3-5 years as they hold the properties in the DST, then decide if you want to align with them as a part of your long estate plan.Last (and best) recommendation: Ask your broker what the funds from operations (FFO) ratio is.

I'm told a permit is required to replace a water heater.

things missing in your list (everyone manages differently, so take it with a grain of salt)Vacancy rateTurn overbad debt legal fees (evictions as needed)accounting fees for professional tax prepmaintenanceProperty TaxesSales Tax on PM fees (In NM, this is charged, not sure about where you are)Reserves for replacement CAPEX - furnace, water heaters, ac, roof, parking lot, etc.Admin, software, advertising, etc.Cost segregation study for accelerated depreciation captureAs for your loan. 

If you can hang on into next spring/summer I bet you'll get better rents or be able to sell.How about asking your lender to push a monthly payment to the end of your term for the purpose of fixing the asset?

Utility Costs (Water, Gas, Electricity):- Paid monthly by the tenant unless included in rent.

I've been debating on sticking my piny toe in the Bham water... lol. 

for example when changing cabinets, addressing trim, door pulls. hot water tank replacement: place a pan under it.