City water was there and there was a septic. 

Especially here in Canada when it gets cold they will fill that thing with a cigarette smoke smell that never goes away.

You have to have reserve funds for that emergency water heater, HVAC or roof problem that pops up the day after you buy/lease option the property.

They asked for a new roof, furnace be cleaned and certified, water heater repaired, new basement window, blah blah blah.

Question is should I do a cold call to the owner?

If you have a master-meter, you own the water/sewer lines and will have periodic maintenance.  

If they look at what you've provided, they're still obligated to make up their own mind, but, it doesn't hurt to lead the horse to water.. 

Stumbling upon BiggerPockets when I was about 18 felt like trying to drink water from a fire hydrant of real estate information!

However, I think for someone like myself who is just starting out, I get cold feet when I hear "watch-out" for stop work order stuff, when my plan is just minor upgrades, etc.Am I falling short on my analysis?

Pay for a Prelim Title Report - - this is what the bank and title company would be looking at.If a few hundred dollars keeps you dry on the docks, it's better than falling into the water filled with sharks.