That sounds good until you factor in dealing with 15 different low income families , 15 hot water heaters , 15 roofs , property tax and water bills .

From what I've seen it looks about 40k in Portland. 10-15k in rural Washington county, but Im not sure I found all the fees and I haven't found info for rural Multnomah county or any other city yet. rural means no city water or sewer so well and septic and if you don't have those U can spend at least 10 to 15k on a well and water system and septic 15k to 50k.. depending on soil.plus your 5 to 10 k in building permits.. then your ready for vertical.. so city fee's are usually cheaper.now place like Yamhill or Carlton you can find little funky infill and fee's there will be less than 20k.. maybe Banks Gaston etc.its tough for land here. 

If they are happy to take your expert estimate on ARV, that's cool.

That would be muddying the waters between the HOAs books and your books.

He charged me $2k to purchase and install a 75 gal gas water heater, and dispose of the old.

We tend to attract recent university or college grads to out unit, young people that are still looking for a less expensive place but are sick of living in houses with 4 other people.For the last 7 years we have had a nice chocolate brown laminate flooring down there but there's been some water damage in one room.

Tenants pay all utilities except for the water bill.

@Jonathan Pendleton Each unit needs it's own source/meter for electric/water/gas.

Super-priority liens are created by statute... so things like X months of HOA dues, taxes, water, etc. can be given priority pursuant to local law. 

I vaguely remember that I thought there was central air in this one because I had glanced at the thermostat and it had a "cool" option (yeah, they all start to blend together) and that I mentioned this on a couple of the tours.I must have mentioned it when the people who became my tenants took the place, because I just got a text saying the central air isn't working.