Him " I need a place to stay with electricity and running water, I need money to eat off of and I need a few bills paid off"My offer was to , at closing, pay his past due bills, pay for 1 year lease in an apartment and pay him monthly $500.

This is in Richmond, VAI have already paid a deposit of $1000 on this property but after running the numbers through the calculator on BP and accounting for 10% vacancy, 15% Repair & Cap EX COMBINED and paying for water at $50 this property comes in at 6%-8% cap rate and it seems like it has the potential to be a money pit or at least no returns.My question is am I being overly cautious or should I cut my losses on this one and back out of the deal?

We did get a new-in-box big screen TV (50", but about 15 years old), a new water heater, some tools, a couple 8mm video cameras from the 1960s and other random stuff.  

I do not want to start a fire storm, but the state did recently cut offer the water supply for Mountain House, and last I heard they are struggling to find some alternate sources.So for that fact alone, I would be very careful about buying any properties there until they work our their water supply issue.

I couldn't really live in my home due to the fact I basically do not have any running water (or lack of fixtures to facilitate running water).

Third, in my neck of the woods there would be water credit concerns, etc....

One of the units was partially below grade, and water got in and ruined everything.  

Current useful life left for water heaters and furances ?

You seem motivated which is good, even if you can't keep driving for dollars and cold calling during school, stay tuned on the forums and read topics to learn more and more.

The boiler heats all 3 units and was reconditioned in 2014..the current seller/owner says that the monthly heat and water bills average out to about $250 a month over the course of the year.