Any suggestion on water properties vs not on water?

That said, with the limited information you've given, there is still probably some meat on the bone.I can't do accurate math for you because a lot of it is very case by case, but major expenditures you should add in are vacancy, roof, HVAC, property management, and any concessions you give tenants such as free water, cable, yard maintenance, etc.

Not sit around and paint with water colors or join your local golf course, but then again, you can if you want. 

If you can do a 30k renovation for 20k, that 10k difference is pure gain in your pocket.

You have to know what your are going to do for water and sewer.

Second, I was concerned that they would move out and take the oven/water softener/light fixtures etc. with them and say 'those weren't part of the deal'.

For example, if I can run water/sewer and electricity out there, insulate the walls, add some windows, drywall, finishes, and appliances for $30k-$50k, that's less than any unit you could buy anywhere in Portland.  

I'm not trying to get on your case...these are questions I take all my clients through so that when they do buy they know where they are at...they've done their due diligence and always figure worse case scenario...that way anything better is pure gravy!

Some of the issues brought to our attention by current tenant would need to be addressed by the seller before acquisition.There is a potential piping issue or cracked pipe somewhere as the tenant complained about some water level problems.  

Your roof (or water heater if you will:)) will cost the same, so that $20,000.00 property with a $600 rent all of a sudden looks like a pretty crappy deal compared to a 200,000.00 property with a $4500 rent even though the percentages is way higher.