Do you care more about space or cool location?

@John Chapman @Jd MartinHere are the #'s I have for the first property:Here are the inputs for Property #1:Purchase Price: $171,000Interest Rate: 5.125%Down Payment: 15%Total Amount Brought to Closing (down payment and closing costs): $22,875Gross Rental Income When Bought: $1,050Gross Rental Income 1 Year Later: $2,450Monthly Water Bill I Pay: $83Property Management Fee: Assuming 10%, but I manage this property for now, so for now it is 0%.

The repairs seem extensive including bad insulation, minor roof repairs, faulty structure, floors are uneven (home is a little over 100 years old) galvanized pipes, old water heaters, among other among issues. 

Is it customary in Wisconsin for the renter to pay electricity and water? 

It would have been an "oh cool" factor, though probably not something I would have really used because I already had a counter wine rack.

While there is a chance that the sun, moon, stars, winds and water all lined up on this loan - that is not all that probabilistic or common.  

Are there any water rights?

@Matt Rosales  that's cool that they are predicting more appreciation in California.  

Also, what about utilities (water, electricity...etc.) and trash collection?

Individual window air units in each unit.WATER: One water supply, making water included in rentELECTRIC: Individual meters for the 4 two bedrooms, making each unit responsible to pay electric on their own.CURRENT RENTS: Gross: 3050 -(2 bedrooms:700, 700, 675,and 400 for unit with property manager) 575 for basement unit.