Space savings, does not have to run as much to keep water hot while not in use, so there is some gas / electric savings and they tend to last a little longer than hot water heaters. they are a little more in cost to install. i do not have any in my rental properties but have one in my personal home and i like them. make sure it is sized for the amount of bathrooms and kitchen it is feeding. mine feeds 3 bathrooms and a kitchen and does just fine - brand is Takagi. 

It currently has separate electric meters but on the AOS and public records it is labeled as a sfr.

Baseboard electric heating.

You need to learn what to look for, or bring someone knowledgeable about building, electric, and plumbing with you to look at the home, to determine if the home is structurally sound.Good Schools.

It's not what you can see, it's what you can't see that will reach out and bite you right in the behind.The only way you can even get close to a realistic cost study is to strip the home down to the bones, thoroughly inspect the foundation, check for adequate drainage away from the structure, thoroughly inspect the infrastructure including the cast iron and/or clay water and sewage plumbing and the electrical and gas lines. 

Electric should not be too difficult to split though.  

I have a job with the electric company (a fortune 500 corp) that gives me the flexibility to do what I love, wrestling. 

Tenants pay electric & gas, owner pays water.Monthly Rents: $625 - $725; $16,391 rent (GSI: $196,692)Laundry Income: $1,106 / Vacancy: 5% ($9,835)Total Net Income $187,963ExpensesProperty Taxes: $16,423Insurance:$5,266Water: $15,618Maintenance & Repairs: $12,000Management Fee: $9,398(5% of rent)On-Site Payroll: $10,000Gas (Laundry) : $658Reserves & Replacement: $6,000Trash: $2,871Electric (Laundry & Common Area)Contract Services: $6,000Total Expenses: $85,720 (46%)NOI: $102,243Downpayment: 25%Years: 30Rate: 4.0%Cap Rate: 7.57%I am roughly estimating $40,000 in improvements though I will get a contractor to provide me with his/her estimate.

Many years ago I was in the automobile business and people would call in and after a brief descripition the would ask how much it was worth.

Use a highly recommended inspector who will be very thorough with all the major systems (HVAC, electrical, etc).