This is a perfect place for you to educate yourself and meet awesome people:)

Does everything need to be completely perfect?

I write down every home that could be interesting and try to stop by estate sales that don't have an Agent sign in the yard.Last year we ran into an estate sale that was perfect for us.

Currently the water heater tanks are 13 and 9 years old, I plan to swap out the 13 year old one as at that age it is a time bomb.I pay for the water and the electricity to heat the water.Is it possible to pass some of the electric bill onto the tenants by installing some type of point of use water heater in the individual units (1 bathroom in each unit).I was thinking it might be possible to keep the water heaters at a very low temperature (say warm water, but not hot enough to have a shower for example). 

Keep looking till the perfect deal comes along, buy below market and renovate to suite your needs.

Apartment complexes also must have smoke detectors in common stairwells.91The implied warranty of habitability is not violated merely because the rental unit is not in perfect, aesthetically pleasing condition.

If it was always filled it would be perfectly fine.

hey old friendGlad to hear from youGrrrrr @stick shiftSo far I have to say I am glad that I did the extrasBut to answer your questionEvery time I fill a vacancy i ask mirror mirror on the wall who has the fairest apartment of them all Usually the answer is "You do you do by far it is the fairest in all the land"But lately others are quickly catching upAnd now that my renovations are four years old I am getting answers There is an abode over yonder that has a nicer bathroom than you It seems my saving grace is my washer dryer But I'mStill in the top ranks for the price point In fact I just recently remodeled an apartment and it had lots of bells and whistles.Have I had perfect tenants?

But if I find the perfect deal but it needs a few big repairs to make it work that may be the route I have to go. 

Perfect, thanks Jeff & Chris!