In general, I'm curious if this is a good investment opportunity long-term and what other information I should know to help make the decision.Here are some of the numbers:Property Value: Estimating ~$800,000, but it hasn't been officially appraised since it was purchased 10 years at $500,000.Taxes: $4,000Insurance: $2,100Year Built: 19125 Total Units: 2Br/1Ba, 2Br/1Ba, 2Br/1Ba, 1Br/1Ba, StudioUtilities: Owner pays only water and trash.Mortgage: Despite being zoned as a 5-plex, the property has been approved for residential mortgage previously (one unit classified as storage during appraisal).Previous Gross Rents: $45,480 (previous owner was very generous with rent to family/friends)Estimated Gross Rents: $69,600 (based on market value)Previous Annual Expenses: $12,500 = 27% of gross rent. 

When you can, jump in the pool and test the water.A little caution with that water, as unless you have a good idea what's under that surface, going head first is not the choice I would make.Just don't expect to get in the water and jump out clean and dry the first time.

Rough numbers roof 10-15,000, boilers $5,000 each, chimney removal or rebuild, could be $5000, plus kitchen and water infiltration/mold.  

That building will probably be old and have a boiler with no separately metered water. 

- Self-showing applicant loves the property but is worried about noise, opens the second story window to hear how quite it is and then forgets to close it, it rains that night, causing water damage.

Still need to budget for roof 25 year life span, appliances and hot water heater 12 years, hvac 20 years, bath and kitchen remodel 20 year life span.

New metal roof New gravel driveway New shed and pump house New deck Exterior paint New electric panel Rv pad with water sewer and electric hookups Interior: flooring, Sheetrock, paint, painted kitchen cabinets, hearth, windows and doors, bathrooms, walk in tile shower, mowed entire 7 acres.

So now the bill for water and sewer are bundled, and the tenant that has their own water meter and account will pay for water and sewer. 

I've just installed the water sub-meter for my tenants to pay for their water/sewer, I want to make their bills by myself without using any Billing Company.

Personal responsibility needs to rule the day.Meanwhile, I have a $15,000 water drainage issue to repair at one of my STRs.