All that being said, I think for a scenario like this in which you were interested in putting in a offer,  I would not rely on the 50% rule to determine expenses and do a line by line item expense analysis based on historicals (from a T12 provided by owner) and the "proper" expense base.

I own 20 properties but am an engineer by training and now own a property management company so I'm hyper analytical but definitely not an analysis paralysis guy. 

for the sake of analysis I used $250/month for water and $700/ annually for insurance.Since the water is not separately metered, can I charge the tenants a small fee for water?

I've myself uploaded a few spreadsheets (rental property analysis and house flipping) to help investors analyze their investment properties, it's available in my fileplace: https://www.biggerpockets.com/files/user/NickPeters Please let me know if I can help, and best of luck!

I've myself uploaded a few spreadsheets (rental property analysis and house flipping) to help investors analyze their investment properties, it's available in my fileplace: https://www.biggerpockets.com/files/user/NickPeters Please let me know if I can help, and best of luck!

Any thing you wish someone has told you at this stage?

@Nikki YankowskiI looked at new construction and was even on the waiting list of several during Stage 1 construction.

Champ - Overall, the mechanics of the analysis look good. 

and if you have questions call or PM.Free analysis software

Any guidance will be helpful from current investors as to what locations are ideal to start my market analysis in.I would love to connect with you all.