Regardless if you buy a house for 1k,  5k,  or 10k once you are done remodeling it, past due taxes,  water bills,  stolen electricity and what ever else might come up you are into these units for roughly 20k.  

Start off feeling the water before jumping in. =).

It has small stuff like water leakage at sink fixture handles, water leakage in sink drain pipe, water stain beneath sink. 

There is a mortgage on the home but it is not under water.

Delinquent Under Water Home Mortgages Declines http://activerain.trulia.com/blogsview/4687562/delinquent-under-water-home-mortgages-declines#.VYGmiEWf9O0.twitter #REALESTATE

According to analysis by Ben Leybovich you should calculate about $150 - $170 per unit per month for capital expenditures over time (boilers, water heaters, flooring, roofing, siding, etc, etc) for buy & hold properties.If your $600 is missing some of those items you might be in trouble.Hopefully, you've used the BP analysis tools (free!)

By his own admission, one of his three small commercial properties is still under water.

Personally I started as a cold caller but that was when I was 16 and did not have a family to take care of.

At least its a floor... half the houses I go to look at are dirt floors...Does the basement have water issues?

Who is responsible for the water bill?