Check with the public works department to find out if city sewer, water, gas and electric are available for a new built.

I don't know a lot about this stuff either but I'm currently working with another investor to buy one of his rentals with seller financing, pretty excited about it good luck, we too are planning on having a lake house right on the water. 

It is on the water with a pier and small community beach - that helps.  

The only things that will be coming up is roofs, main water, sewer lines over the next ten year and of course possible bad tenants tearing up the place.

Comes in a 1.1%7 People, hopefully they pay water

Does it have water rights?  

If you're tenant thinks its too cold in their apartment, they call 311.

The fact that you have no public sewer and water and can be a big issue down the line.

.- Why buy a house you have to all the work on yourself (mowing the lawn, watering the grass, etc) when you could live in an apartment building with an on-call maintenance man to do the work?

The property is a distressed property , and needs things like new flooring, water heater, appliances, painted inside and out , etc.The AC unit needs replaced too, but I'm not sure if I could get by with Not replacing it, and putting window units in it instead ?