The exit strategy worst case scenario determines how far under water this building really is in today's market.

I once knew of a situation where a tenant who had their water cut off ran a water hose with dual female couplings from their neighbor's house to theirs at night and fed their house with water the neighbor was paying for, until the cops caught them one night. 

The inspector pointed out the following:- Clogged gutter(s): one had tree roots growing inside- Caulking and/or cementing needed on outside of the house to seal gaps- Filthy crawlspace with water intrusion (possibly due to clogged gutters).

He also said the roof was leaking because one shingle needed to be replaced, but that did not explain why every room and bathrooms in the upstairs had water marks running down the walls.

Colorado and western investors will also perk up to this: it includes senior water rights.  

As a fix and flip, you may realize a more speedy return on your investment (if your current analysis holds water).

Monthly income is $1,995, PITI is $1,253, water/sewer is $110, and repair/maintenance set is apprx. $30/month.

It is 48 +/- acres zoned C-3 with water and sewer allocated.

If you would like to connect and talk more about Simi Valley or the rest of Ventura County, feel free to shoot me a private message.GuysThe water great out here in Riverside, some of us are making it big on little deals it's become a way of life.  

Does it create water problems inside the home or even a propensity for water problems?