As I mentioned above, there is limited data available here in which to frame the numbers you did provide (the water/sewer alone could be another $5K/yr) and we know nothing of the economic vacancy, tenant population, asset condition/obsolescence, level of performance or room for improvement.You should be underwriting a property like this to (M)IRR (with a time horizon to your exit) and weight the cash component of the return based upon the nature of the property and its location.   

I prefer to do all rocks because they'll never go bad 

The nature of our business makes it imperative that we have happy, satisfied clients who will bring us repeat business and referrals.

@Tim Booz you rock!

Landscaping is usually desert style - rocks with a few hardy plants.

These tanks, and direct vent gas furnaces/boilers, can be plumbed directly through the side of the building (foundation wall, sill plate, etc) provide the exhaust exists the required distance from an operable window, door, or other air intake.From an energy efficiency stand-point, direct vented fixtures are preferable as they are not taking their supply of combustion air from the conditioned space of the building (are you have already heated), causing colder, external air to be drawn into the building.Additionally, as Pat has pointed out, direct vented fixtures reduce the risk of natural gas/propane or CO being drawn back into the conditioned space of the home. 

Two separate duplexes, each built on separate parcels initially, county just combined to one. 1/2 acre parcel, new roofs, exterior paint, garage doors, windows, base rocked driveways, surveyed.

This business is a little like professional sports in that some people just have natural talent for it and others don't.  

-To make matters worse the cabin had no proper foundation or footer, it was simply hand cut timber that was 6"wx15"hx20'long sitting on piles of rocks.

I am a natural problem solver and would love to help those who can give me advice.