On Sunday morning, we got a call from the neighbors saying that there was a lot of water coming out of our garage!

Build the system, step away, be a service missionary with my wife and kids (e.g. bring clean water systems to third-world villages, disaster relief, etc.)"

Purchase price: 270kCurrently rented for: 3500/monthExpenses: 600/month (taxes, insurance, utilities < water for one unit)Prop Mgt: 300/month Maintainance: 120/monthCapEx/Rainy day:  230/monthVacancy: 175/ month (5%)Debt service:  1090/ month (@5% interest)Total:  2500 (approx)Cash Flow:  1000/month (200 per door)Downpayment: 70k (25%)Cash on Cash: 17%What are the downsides of such a package against a multifamily unit?

Check with the public works department to find out if city sewer, water, gas and electric are available for a new built.

I don't know a lot about this stuff either but I'm currently working with another investor to buy one of his rentals with seller financing, pretty excited about it good luck, we too are planning on having a lake house right on the water. 

Realize with low interest rates a lot of people are buying but if rates rise in the next few years sales volume will drop off and the market will be flooded with residential agents trying to make a living to survive.

It is on the water with a pier and small community beach - that helps.  

The only things that will be coming up is roofs, main water, sewer lines over the next ten year and of course possible bad tenants tearing up the place.

Comes in a 1.1%7 People, hopefully they pay water

Does it have water rights?