It would need holding tanks, though.

Say a water tank lets go, damages the floors and the units below. there goes your ten grand.

My daughter had made and offer and had it accepted on what will hopefully become her first home.... it is a short sale, and the offer was accepted... all good so far.This property, as many rural propitiates on the lakes in our area, has a 'holding tank only' system - meaning there is NO 'drain field' attached to it so it needs to be pumped each time it fills up... about once per month for most people.

We still have to agree upon a price as well, which will depend upon whether the foundation is repairable, is there a septic tank (we think so but aren't sure), is the well in good condition and what is the retail value of the property.

I just bought one around the corner from my personal home here in Lake Oswego... sits within 3 houses of million dollar homes.. just got a bid for 33k to clean it up.. now that include demo of structure and asbestos and lead remediation .. and there is no oil tank. 

Unlike a 20 year old furnace that just stops working, a water heater will flood and cause massive damage when if fails because water heater failure is normally due to the tank rusting out. 

The tenants told me their bill went up by $100-150 and they were just wondering if it was from the leaking hot water tank.

You are a shark among the clownfish! 

@Dan Brewer  I generally agree with you except a few markets that the rental market absolutely tanked with the property values.. and that was PHX area and Vegas...

Why would I want to buy or build in an area that is going in the tank, just to diversify.