This would all be evenly split between us both.

Ideally, I would like to have each unit get a connection metered by the city, but is that even possible?

Even though it's private the sellers note will be recorded as a lien against the home.

or don't even worry about renting it out?

Even when vacant you'll be able to see what's going on with water usage.

Some properties, especially those with Accessory Dwelling Units (ADUs), provide opportunity to break even or cashflow with lower down payments.Out of state (as well as Upstate NY) investing is appealing when taking this all into consideration.

Even bids exceeding the asking price by 30-50k aren't enough, as others are bidding significantly higher, sometimes up to 80-100k above asking.

However, all his offers were so outrageously low that they had absolutely no chance of being accepted, or even countered.  

But again to me, I'd rather accumulate more properties sooner that might break even than have only one property that cash flows a few hundred.

5) Consider meeting with a few agents in your area even if you are just getting started!