If it really is water-front it will still sell for a high amount because, well, Seattle.

You'll want to verify things such as separate water meters so make sure you account for that. 

New windows, roof, adding central air new furnace. new paint, electrical, water heater etc etc. huge concrete patio and driveway What was the outcome?

As they sat there on their folding chairs, with their poles in the water, looking over the lake, "There are no fish in the lake said the man without fish to the man with a bucket full." ;-)He provides actual deals and actual numbers and actual checks, to those who are sincerely interested in Turnkeys.

I’m looking at a 5 unit property and the water bill is $415, $373, $90, $422, and $515 every 3 months since 01/2019 WTF?!

Taxes and insurance are likely in the mortgage, but what about trash, sewer, water, repairs, CAPEX?

I feel like I'm treading water and the holding costs are adding up. 

I know there are many other options, but they always seem to muddy the waters come tax time and I like to keep things as simple/clean as possible.  

The home is empty and the lights and water are off.

On my first purchase (personal home) inspector went to the water heater and it wasn't lit and inspector didn't even try to light it, so he just checked the box as 'needs addressed' and moved on.The only other time I had an inspection on a purchase: inspector noted a few missing shingles with no more comments other than missing.