Do not turn your water on until you have a tenant.

@Andrew Taxes are roughly $7500 a year, Water/sewer is $1200 a year and snow/lawn maintenance is $800 a year.

3 bed , 1.5 bath, 1 car garage and 1 parking with (trash pickup, water, snow plowing, lawn maintenance included) for $2800  in Greenwich, CT? 

its very close to the water

I assume that even the water is metered separately?  

You will have to get it rezoned, likely recieve a density waiver, do a bunch of dirt work (basically sewer, water, power and legit dirt moving) to create lots at the low end to a full development including building homes.

@Larry Waters  In most states, marketing a property that you don't own is a license-required activity. 

Look at major components like the roof, foundation, HVAC, electrical, plumbing, water heater, water and sewer connections, etc. 

Sometimes municipalities provide sewer, water, garbage, or even electricity and if unpaid bills stack up their become liens as well.Might be easier to spend $200-300 and have a title search done to see what you are facing. 

Right now the current owners pay the tenants water and I would be billing that back to the tenant in their rent.