There looks to be an old water pipe going through the slab as well.  

Lastly, I would build in some replacement reserves into your figures as roofs, HVAC, water heaters, appliances, etc. all wear out over time and need to be replaced. 

Once the whole thing tanks, I would replace with a unit that doesn't have a water dispenser. 

We normally don’t buy investment condos since the cash on cash return is normally low due to the HOA fees but there is something to be said about not needing to worry about the exterior, heat, hot water, snow removal, or landscaping.

You certainly want to ensure that both properties are adequately protected from physical damage (fire, lightning, water, wind, hail, theft, vandalism, etc.). 

You certainly want to ensure that both properties are adequately protected from physical damage (fire, lightning, water, wind, hail, theft, vandalism, etc.).

I am responsible for water, heat (gas or oil), common area electricity. 

The second buyer hasn't paid any real estate taxes, the water bill, or insurance since he took over, so I had to deal with those phone calls and letters, but the extra income was definitely worth it in my opinion.  

Should I expect my PM to handle taking over the service of the electric and water bills and charging that back to me?

So, this 3 bed room, 900 square feet, home I am planning on buying HVAC and water heater is out of warranty.