Plumbing piping, hot water heater, etcHVAC?

Housing will cost more due to water and sewer development.  

I dig up all the information I can find(property taxes, sewer/water, closing costs, purchase price, everything.

Here are the particulars....House retail market price:  66K (I think it may sell for 60K)Repairs:  15K maxOwner mortgage left: 36,500     interest: 5.00%Monthly payment: 826.00Est Rent: 900  (minus PM fee: 90, minus water: 50)  ~760 profitWhen working to make the deal I knew they had a monthly mortgage and had one year left (I assumed at worse 2 years.) 

Water, for instance, I pay about $175/month to $225/month in NYC, and yet for a SFR in a neighboring town, in Nassau county, they charge $50 - $60 for a 3 month period, or $20/month.

He is bringing nothing to the table but his dream.

We plan on house hacking the bottom unit while we do the repairs and within the next year or so, purchasing another multi-family property to wash, rinse & repeat.Financing was done through Navy Federal Credit Union, where we were able to put down 15% on a 30yr conventional @ 4.5% interest rate - with closing costs, we're looking bringing ~15k cash to the table.   

I mean I bought my first house with no money down and no money at the table for closing cost.

Average it out over 12 months and increase the rent plus 10% as "utilities included".It is preferred to spend the money to split the utilities and add second meters (hydro, water, gas) to be able to put utilities in the tenants names.

I tell my clients 70% of the time a property is a bad deal, 20% of the time its okay, and 10% of the time they should pull the trigger)and the ability to bring deals to the table (Opportunities that no one else knows about are the lifeblood of a deal-making investor!