I've done this from both sides of the table.

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? 

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?

Food, medicine, lights, gas, water, rent.  

If you're bringing multiple doors to the table I can guarantee that someone will negotiate a lower rate. 

I had the opportunity to meet some at the last REIA meetup, that appear to be potential candidates for such a deal.Obviously, cash would not be something I could bring to the table.

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. 

Identify what you bring to the table and determine what you need to fill your gaps.